Solana Brushes Off FTX Crash
Plus, real estate's 23% decline?
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Solana Brushes Off FTX Crash
Most cryptocurrency prices surged on Thursday, but it was the price of Solana which stood out after a 20% boost in the middle of the day.
Details: The Solana Foundation made sure that a record 31 million Solana tokens were unstaked on Thursday while also postponing a plan to unstake an additional 28.5 million tokens, according to CoinDesk. The original plan called for 63 million Solana tokens to be unstaked. This decision to postpone is why the price surged on Thursday.
Background: Solana, which has lost over 90% of its value in the past year, is a unique digital coin. Thanks to its proof of history, Solana has many applications that most other cryptos can’t do.
Big Picture: All cryptos, Solana included, plummeted on Tuesday and Wednesday this week thanks to the financial crash of the crypto trading platform FTX. In many ways, Solana and other cryptos were due for a good day on Thursday. In fact, positive inflation data on Thursday also helped increase the prices of cryptos.
Final Thoughts: For those investors who are bullish about the long-term prospects of crypto, now is a good time to buy the dip because so many crypto prices have fallen. This includes Solana, which has many applications. However, for those investors who don’t want to take on any risk, then it may not be wise to add crypto to a portfolio.
Notable Earnings Today: Algonquin Power & Utilities (TSE: AQN), Innovid (NYSE: CTV), Chemomab Therapeutics (Nasdaq: CMB), Star Equity Holdings (Nasdaq: STRR), Addex Therapeutics (Nasdaq: ADXN), Spectrum Brands (NYSE: SPB).
Notable IPOs Today: Acrivon Therapeutics, Inc. Common Stock (Nasdaq: ACRV), KWESST Micro Systems Inc. (Nasdaq: KWE), Atour Lifestyle Holdings Limited American Depositary Shares (Nasdaq: ATAT).
Notable Equity Crowdfunding Campaigns Ending Today: Ouragins (Rialto Markets), Delivered (Mainvest), ScanHash (Netcapital), Stonehedge (Mainvest), Backbeat Brewing Company (Mainvest), Cloudfarming (Mainvest).
Notable Economic Events Today: Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).
Compass Sees Market Decline up to 23%
Real estate broker Compass (NYSE: COMP) reported disappointing financial earnings on Thursday and the stock dropped 7.41% in after-hours trading.
Financials: Compass reported a loss of 36 cents per share and revenue of $1.49 billion; both were below estimates.
Big Drop: Revenues declined 14% year-over-year. During the same period last year, the company reported positive earnings results. Compass blamed challenges in the housing market that included lower volumes and lower market activity.
Outlook: During the earnings call on Thursday, Compass CEO Robert Reffkin said that the company is seeing an industry forecast of plus 1% to negative 23% for the full year 2023.
Final Thoughts: While Compass is trying to mitigate these challenges with a new national agent platform, this is a tough time to trust any housing company. The stock is down 74% this year.
Equity Crowdfunding Spotlight: Sona Labs
Briefly describe your business. Sona Labs is a digital therapeutics company that’s using the power of restorative music to improve mental health. Sona Labs produces original music that is based on scientific research and delivered through mobile devices and virtual reality.
What are the terms of the investment for your campaign? Launched: October 6th, 2022. $20 price per share. The deadline is Jan. 4. Valuation is $20 million. See StartEngine for details.
What makes your startup special? The digital therapeutics market is predicted to increase from $3.2 billion in 2021 to $14.5 billion by 2028. Our clinical trial plans have been approved by the FDA and we're positioned to be the first FDA-approved sound therapy solution for anxiety.
Trends to Watch
Blocked: Crypto Lender BlockFi Pauses Withdrawals in Wake of FTX Collapse (CoinDesk)
Another Record: Mortgage rates rise back above 7% (CNN)
Good Times Return: Stocks Stage Biggest Rally Since 2020 (The Wall Street Journal)
Still Not Profitable: WeWork Is Closing 40 Offices in a Bid to Actually Make Money (Gizmodo)
Hopeful: Goldman Sachs CEO says he expects a ‘reopening’ in capital markets next year (CNBC)
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