come every saturday Hodler’s Digest helps you keep track of all the important news stories that happened this week. Check out his week on Cointelegraph, including the best (and worst) quotes, adoption and regulation highlights, major coins, and predictions, in one link.
Top news of the week
An earthquake rocked the cryptocurrency industry this week. Its impact was felt in numerous related articles on FTX, Alameda Research, and Binance. Despite the bad news this week, the allegations regarding his FTX status appear to have started on November 2nd. The concern is that a large number of his FTX tokens (FTT) by Alameda (Sam Bankman-Fried, aka SBF, who founded Alameda and co-founded FTX). By November 6th, Binance decided to sell Its considerable position in the FTT. On November 7th, he saw signs of a bank run when FTX withdrawal problems surfaced. Binance expressed interest in buying his FTX, declined the purchaseciting concerns of 9 November.
Includes other developments for the entire week SBF Reportedly Asking for $8 Billion Covering news of exchange exits and situations affecting other major players Sequoia Capital etc.even as Relevant regulatory headlines.
Nov. 11 Saw the resignation of SBF FTX, Alameda and FTX US have also filed for Chapter 11 bankruptcy in the United States. About 130 companies under the FTX Group have filed for bankruptcy.
On November 10, FTX had its assets frozen and its registration suspended by the Securities Commission of the Bahamas. This is due to suspicions that the customer’s funds have been mishandled. With an interim liquidator selected by the Supreme Court of the Bahamas, FTX must obtain permission to touch its assets. FTX is primarily based in and under the jurisdiction of the Bahamas.situation regarding Withdrawal for FTX users Touch and Go seems to have approved some withdrawals and the funds are leaving the exchange. Additionally, FTX has negotiated with Tron to allow holders of TRX, BTT, JST, SUN, and HT to exchange assets from his FTX to external wallets without penalty.
Given the situation with FTX, there have been discussions about requiring cryptocurrency exchanges to submit reserves. Chainlink Labs has developed a product aimed at facilitating the process of exchange. multiple crypto exchanges We have moved forward with the intention of providing some kind of proof-of-booking system (not necessarily Chainlink’s product, but a general type of system), including Binance. already moving forward In the retention system.
This week’s turmoil has prompted the administration of US President Joe Biden, with the help of US regulators, to oversee the cryptocurrency space. “management […] White House Press Secretary Carine Jean-Pierre has consistently argued at a Nov. 10 press conference that without proper oversight, cryptocurrencies risk harming everyday Americans. is required for “
The US midterm elections took place on November 8th. The crypto space had an electoral presence, with politicians involved taking a wide range of stances and positions regarding regulation of the industry. Among them, his JD Vance, known as the owner of Bitcoin, won the seat in the Ohio Senate. Crypto advocates Tom Emmer and Patrick McHenry also retained their positions in Minnesota and North Carolina, respectively. But Brad Sherman, who isn’t very fond of the crypto space, won re-election in California.
winner and loser
Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are PAX Gold (PAXG) 5.69%, Gemini dollar (GUSD) 0.71% and Dai (Big) at 0.14%.
FTX Token Is This Week’s Top 3 Altcoin Losers (FTT) -89.18%, Solana (sol) Loopring at -50.30% (LRC) -38.47%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
most memorable quotes
“If the global economy is a circular system, it’s stagnant. Parts are dead.”
“Upon closer inspection, fractional NFTs represent the essence of the Web3 concept.”
“A common misconception is that Web3 is not an exclusive new Internet. Within Web3 is Web2, just as we found the former World Wide Web within Web2.”
“Global MiCA [Markets in Crypto-Assets regulatory framework], the FTX crash wouldn’t have happened. “
“All cryptocurrency exchanges must do Merkle Tree Proof of Reserve.”
“FTX.com was an offshore exchange not regulated by the SEC. ) has moved offshore, and it makes no sense to punish U.S. companies for this.”
Forecast for the week
According to Cointelegraph’s BTC Price Index, Bitcoin was above $21,000 at the beginning of the week, but after the FTX news broke, the asset dropped significantly, hitting $16,000 on Nov. 9. fell below BTC then recovered to his $18,000 level, but fell again.
Filbfilb, co-founder of the pseudonymous Decentrader, explained why the FTX situation is such a big industry event. His explanation was basically that all was well during the recent crypto industry bull market, but players overextended. Then came the bear market, with falling prices punching holes in corporate balance sheets. He explained that a healthy recovery can take years of effort.
FUD of the week
Based on blockchain observations by Whale Alert on Nov. 10, stablecoin issuer Tether Limited appears to have frozen approximately $46 million worth of USDT held in FTX’s Tron blockchain wallet. is. Accompanied by regulatory investigations. In a statement to Cointelegraph, a Tether spokesperson did not confirm the alleged freeze, but said the company is in regular contact with law enforcement.
The bear market casualties continued this week as news surfaced of financial difficulties for renewable bitcoin mining business Iris Energy. In total, he is reportedly owed $103 million, according to a default notice issued by mining rig maker Bitmain Technologies. Multiple factors appear to be contributing to Iris Energy’s deteriorating financial situation, including falling Bitcoin prices and rising electricity bills.
BlockFi said withdrawals and other functions have been suspended, while the digital asset lending platform is awaiting clarification on the FTX trials. Additionally, BlockFi said customers should refrain from depositing into his BlockFi wallet or its interest platform. BlockFi and FTX US previously struck a deal that included his $400 million credit line given to BlockFi.
“At the early Bitcoin meetups I attended, there were a lot of cypherpunks.”
So far, at least four countries have abolished or suspended CBDC plans, and each central bank has its own reasons for not starting CBDC plans.
The Internet, Elliptic Curve Cryptography, and even the Merkle Trees and PoW protocols all made Bitcoin “technically possible” in 1994.
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