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The Hang Seng Tech Index fell more than 4%, while the Hang Seng Index is currently down 2.77%. Gold stocks, optical communications, non-ferrous metals, chips, building materials and cement are among the biggest losers.1. Market Dynamics: Platinum and palladium futures contracts both hit their daily limit down, falling by 16% to 552.15 yuan/gram and 413.7 yuan/gram respectively; Shanghai gold futures fell by over 11%, and Shanghai silver futures hit their daily limit down; precious metals experienced a sell-off across the board. 2. Core Drivers: US President Trump nominated the hawkish Warsh as Federal Reserve Chairman, coupled with the unexpected rise in US December PPI inflation (annual rate of 3%, higher than expected), shaking market expectations for aggressive easing, easing concerns about the Feds independence, and shifting macroeconomic expectations. 3. Risk Control Pressure: CME significantly raised margin requirements for silver, platinum, and palladium futures for the second time this year, with gold margin also increasing (from 6% to 8% for non-high-risk accounts), significantly raising holding costs and intensifying liquidity tightening pressure. 4. Fund Flows: Speculative funds mainly flowed out; as of January 30, gold, silver, and palladium recorded reductions for 6, 2, and 3 consecutive days respectively, and the North American gold mining index fell sharply. 5. Nanhua Futures: Short-term "tightening trading" expectations do not change the medium-to-long-term "easing trend," and the foundation for a platinum and palladium bull market remains; however, the Warsh nomination brings concerns about a potential disruption of the underlying logic, and caution is advised against opening gaps due to high volatility. Position control is also crucial. 6. Yide Futures: The sharp decline disrupted the upward trend, but undoubtedly opened up opportunities for allocation trading. 7. Guoxin Futures: The trend of platinum group metals is anchored to the macro sentiment of the gold and silver sector. The Warsh nomination shakes the easing narrative, and CMEs increased protection measures exacerbate liquidity tightening; platinum and palladium may exhibit a weak and volatile situation, and a wait-and-see approach is recommended. 8. Other news: Parts of the US government face the risk of a shutdown, and House members need to return in two days to review the spending bill; Federal Reserve official Milan stated that he will continue to serve as a governor until Congress confirms a successor, emphasizing that current interest rates are still too restrictive. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)JPMorgan Chase raised its price target for Regeneron Pharmaceuticals (REGN.O) from $850 to $950.Samsung SDI: We expect strong annual sales growth of battery energy storage systems by 2030, driven by demand from data centers.The SC crude oil futures contract hit its daily limit down, falling 7.02% to 449 yuan per barrel.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

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Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.

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