The New Year Opened With a Market Surprise and a Tightening Crackdown

Today's talking points:

Solana, which was walloped by the FTX collapse (and the bear market) in the fourth quarter rebounded 36% in the first week of 2023 — why?

The broader crypto market also had a good week, with ETH up 4% and other DeFi names posting double-digit jumps. What's going on?

It isn't just the Feds cracking down on crypto — now New York state authorities are taking a bite out of the industry. This week the NY attorney general and the NY Department of Financial Services initiated actions against Celsius' CEO Alex Mashinsky and Coinbase, respectively. Does this mean regulatory pressure on crypto is going to intensify?

Crypto has long been a stormy space but the Winklevoss brothers salvo on Barry Silbert truly raises the bar on disputes. In a blistering tweet, Gemini founder Cameron Winklevoss accused Silbert, the CEO of DCG and Genesis, of mismanaging customer assets and demanded his company pay back $900M in deposits to Gemini clients. Is this a sign of the stress in crypto?

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