Crypto News: How the mighty are fallen as Sam Bankman-Fried goes from hero to zero, DOGE dealing in Turkey outstrips עטהערעום און ביטקאָין combined, and the XRP Army goes on maneuvers.
FTX CEO Down to His Last Billion
Hubris. Arrogance. Self-important. Some of the epithets directed towards Sam Bankman-Fried following the demise of FTX.
די אַנראַוואַלינג of an empire can be traced back to a tweet sent by influencer Ben Armstrong, alias BitBoy. Armstrong, not one to shy away from controversy himself, let rip with this tweet.
But the cracks began to show last אָפּרוטעג when Binance CEO CZ startled the crypto market by announcing he was liquidating his exchange’s position in FTT. That, of course, is the native token of FTX.
Reports had revealed that FTX’s sister company Alameda had assets worth $14.6 billion.
The trading firm’s biggest asset was revealed to be $3.66 billion in locked FTT, while $2.16 billion worth of FTT collateral is the third-largest asset. This meant over $5 billion of Alameda’s assets was is FTT, raising קאַנסערנז וועגן די סאָלוואַנסי פון די פירמע.
There has long been suspicion of the true relationship between FTX and Alameda Research. These suspicions have now been borne out with the bankruptcy action entwining both businesses.
Changpeng Zhao explained that the FTT tokens Binance was offloading were part of the $2.1 billion equivalent in FTT and BUSD tokens that it got after exiting FTX equity last year.
That decision triggered a cascade of selling as פירז rose about FTX’s solvency. The FTT token shed 7.6% in the first 24 hours, but that was just the start of the landslide that saw the token dump 80% by the end of the week.
The crypto news took a bizarre twist when it emerged that CZ made an פאָרשלאָגן for Binance to take over FTX. That offer lasted less than 24 hours once FTX’s financial position became קלאָר.
Farewell to FTX
On Nov. 10, SBF issued a public statement (well, he tweeted, which is as good as). “I f**ked up,” he said. Which, as understatements go, is up there with “Houston, We’ve had a problem.”
And as this story was going to press, news broke that Bankman-Fried had stepped down as CEO after the company פיילד for Chapter 11 bankruptcy with liabilities estimated between $10 billion and $50 billion.
Incidentally, while SBF has seen his net worth fall 94%, from $15 billion, he’s still worth over $1 billion. So maybe don’t feel too sorry for him.
DOGE-y Dealing in Turkey
The Elon effect took an unexpected turn this week with crypto נייַעס from Turkey (the country rather than the bird – it’s not Christmas just yet).
Apparently, the Turks trade more Dogecoin than Bitcoin and Ethereum combined due to the economy גענומען a stuffing.
Trading volume data over the last 30 days from the top three exchanges show that Dogecoin has seen over $380.3 million traded. BTC and ETH, respectively, amassed trading volumes of $154.4 million and $142.6 million.
קריפּטאָ קאָין נייַעס
Despite a dismal week for price action, a few tokens managed to buck the downward trend. ConstitutionDAO (PEOPLE) was the פירער, chalking up an impressive 27% weekly gain. However, the vast majority faced collapse.
Unsurprisingly, at דרוק צייט, FTX ס פטט token was down a thumping 86% on the week. Curve DAO Token (CRV) פּרייַז decreased by 32.13% and Huobi Token (HT) plummeted 30%
It’s All to Play For
די FIFA וועלט קאַפּ קיקס off in just over a week. With an anticipated global audience of over five billion, it is expected to serve as a וויטרינע for greater crypto use.
קריפּטאָקוררענסי קינדער האט געוואקסן פאַסטער אין די מיטל מזרח איבער די לעצטע יאָר ווי ערגעץ אַנדערש, לויט Chainalysis. פיל פון דעם איז סטימיאַלייטאַד דורך ינוועסטמאַנץ אין די פארייניקטע אַראַבער עמיראַטעס, אַ גאַלף לאַנד ארומיקע קאַטאַר.
As the World Cup approaches, cryptocurrencies associated with the sport have also been surging.
The most notable has been Chiliz (טשז), the token behind Socios.com, which has partnered with many major football clubs. Over the past two weeks, the price of טשז האט ריזאַן קימאַט 43%.
Ripples Across The Pond
The XRP Army had סיבות to cheer last week as its troops were bolstered by news that crypto exchange Coinbase and Wyoming-based decentralized autonomous organization, VeriDAO had lent support.
Even crypto influencer BitBoy (him again), who has criticized the XRP community in the past, is now trying to get a piece of the action. He recently שערד screenshots showing he applied for the role of Director of Strategy and Operations for Ripple Labs.
Armstrong even called himself the Supreme Leader of the XRP Army, saying he had changed his views about the community. He was, of course, joking. At least, that’s what he said after his application was פארווארפן.
Crypto News: Token Gesture
ניט-פונגיבלע tokens (NFTs) took a nosedive, in line with the rest of the market, with one collector announcing the sale of his entire זאַמלונג to the highest bidder.
Failing that, Deepak Thapliyal said the collection would be placed in a fractional דאַו, where 80% of ownership would be sold to the community. The asking price is 8,000 ETH, or roughly $10 million at the current עטהערעום prices, in case you’re feeling flush.
קריפּטאָ נייַעס, סאָושאַלי גערעדט
Bottom’s Up for ADA
And finally, our senior crypto analyst Valdrin Tahiri gave his price predictions for קאַרדינאָ (ADA), which could be confirming a market bottom.
אָפּלייקענונג
אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.
Source: https://beincrypto.com/this-week-crypto-news-ftx-fifa-world-cup-bitboy/