Crypto Pre-drink: May 8, 2024

Crypto Pre-drink


  1. Crypto market remains volatile; Bitcoin faces resistance, Ethereum offers potential upside with calculated risk, and Worldcoin shows bullish momentum.
  2. Bybit exchange expands its derivatives offerings by listing Ethena's USDe stablecoin as collateral, signaling increased trust in the asset and potential growth for Ethena.
  3. FTX's new reorganization plan aims to repay creditors 118% of their claims, leveraging liquidated assets and regulatory settlements.


In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.




Please use this as a reference point while forming your own opinions.


  • Bitcoin: Currently faces multiple resistance levels and risks remaining within its large adjustment range after a failed breakout. Failure to recover may lead to a pessimistic outlook.
  • Ethereum: Consider increasing long-term Ethereum holdings if price breaks and stabilizes above 3,300. However, if the price falls below this threshold, positions should be cut to prevent further losses.

     Key factors to consider include:

  1. Further bottom adjustments remain possible as no clear reversal has been confirmed.
  2. A confirmed breakout above 3,300 provides a strong buy signal, with profits from earlier positions potentially offsetting losses if prices drop after establishing new ones.
  • Worldcoin: Strong performance recently, nearly 30% maximum unrealized profit. A double-bottom breakout could lead to higher highs.




Bybit has integrated Ethena’s USDe token as a collateral asset for derivatives trading and listed spot Bitcoin (BTC) and Ether (ETH) pairs against it, propelling Ethena’s ENA governance token up by 8%. The endorsement positions Ethena as a significant bridge between centralized and decentralized finance. Bybit’s adoption reduces risk for traders and enhances the token’s utility, according to Joshua Lim, co-founder of derivatives firm Arbelos.


Ethena’s USDe, which has drawn scrutiny for risk concerns, operates as a “synthetic dollar” backed by ETH derivatives and short futures positions to maintain stability at $1. The innovative approach has attracted over $2 billion in deposits, while ENA remains resilient in a mostly flat market.




Bankrupt cryptocurrency exchange FTX has proposed a reorganization plan promising 98% of creditors a 118% payout in cash within 60 days of court approval. This payout includes the original claims plus 9% interest, pending approval by a Delaware bankruptcy court. The estate expects to distribute $14.5-$16.3 billion, gathered from global asset recovery and liquidation efforts.


The estate will also settle claims from regulators like the IRS, agreeing to a $200 million cash payment and a subordinated claim. The U.S. Commodity Futures Trading Commission (CFTC) and other government agencies have agreed to defer their claims until all creditors are fully compensated. Special funds will be allocated for “supplemental restitution,” though details are yet to be finalized.


Former FTX CEO Sam Bankman-Fried’s attempts to use this plan to argue he caused “zero” harm were refuted by the estate, citing extensive efforts required to recover assets. Bankman-Fried was sentenced to 25 years for fraud and intends to appeal.


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