Crypto News: FTX collapse, Bitcoin crash
In the past week, the crypto-market showed a bearish trend, still keeping favorable positions for entry into long-term investing. The current rate of bitcoin is $16,750 and Ether is fluctuating at $1,250. The global cryptocurrency market capitalization decreased to $837.87 billion. Bitcoin’s dominance is currently 38.35%. The average daily total cryptocurrency market volume is $70.77 billion.
Today’s latest news:
Binance declines to buy crypto exchange FTX
FTX issued a press release stating that Sam Bankman-Fried, who is under investigation by the SEC, is stepping down as CEO of FTX and the company is declaring Chapter 11 bankruptcy. Over the past week, many national regulators have decided to shut down FTX and freeze its assets.
Sam Bankman-Fried’s fortune dropped from $15.6 billion to $992 million overnight. According to Bloomberg and WSJ, the hole in FTX’s balance sheet was $8 billion.
Changpeng Zhao warned of a “cascading” crisis in the crypto industry
According to Mr. Zhao, the situation in the crypto world now resembles the financial crisis of 2008, and more companies may soon fall down. The reason, of course, is the collapse of FTX, one of the largest exchanges in the world. This will especially hit those who are close to the ecosystem associated with the exchange Alameda Research. That said, Changpeng Zhao believes that the crypto industry will recover, though not too quickly. More certainty awaits us in the coming weeks.
Circle to release Euro Coin on Solana
USDC issuer Circle has announced plans to add Solana blockchain support for its Euro Coin stablecoin. The introduction of support is scheduled for the first half of next year.
Twitter not moving to Web3 anytime soon
Aave CEO Stani Kuleshov believes that despite Twitter’s recent purchase by Ilon Musk, the platform will not be implementing on Web3 features anytime soon.
Black week for Bitcoin
In the past week, Bitcoin updated its price low for 2 years, dipping momentarily below $16,000. However, many onchain metrics, including the Pewell Multiplier, RHODL Ratio and Reserve Risk suggest that BTC is oversold – so the bottom of the decline has been reached or will be reached soon. Some indicators show that there is a risk of a new wave of falling, but not too much, and for the long-term holders such fall is acceptable even from the current level. Well, maybe investors should think about buying some amount of digital gold right now.
Briefly on other news of the week:
Miners sell out their equipment en masse
Its price has fallen by 77%, Luxor Technology experts report
Binance has increased its risk insurance fund to $1 billion
In addition, last week Binance reaffirmed its $70 billion in assets.
Annual inflation in the U.S. slowed to 7.7% from a forecast of 8.0%
It should be recalled that the lower-than-expected numbers indicate a negative/bear market, which has only added to the market’s pessimism this week.
This is what the crypto news has been like this past week.
Remember: now could be a golden time for you to break into the crypto world and to get all benefits of the new era trend!
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