"Hindsight is always twenty-twenty."
– Billy Wilder
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Happy Tuesday Folks! While folks are scrambling to talk about how FTX happened (See podcast list below), $XRP price is rising as the judge approves Amicus Briefs in the Ripple vs SEC lawsuit. Amicus Brief is nothing more than a way to allow others who have interest in the case to provide additional information concerning the case; sorta "friends of the court" type thing. In addition, Ripple seeks to leverage its growing presence in London with a regulatory white paper for UK policymakers.
While all of this is going on, Ark Invest is buying $2.8MM worth of Grayscale Bitcoin Trust $GBTC shares, at a time when Bitcoin's spent output profit ratio (SOPR) has now fallen to two-year lows; which means folks are moving $BTC that are in loss. Where is it going? To hardware wallets it appears. Bitcoin is flying off exchanges at a historic rate of $1.7B per month. Meanwhile, Bitcoin has now broken below $18,000, which was an area of support in recent weeks. The next levels to watch are $13,500 and $12,500, according to analysts at Morgan Stanley.
Also according to the Bank of International Settlements, Bitcoin folks buy because number go up, not because they dislike the bank; something a banker would say. The European Union could ban banks and crypto providers from dealing in privacy-enhancing coins such as zcash, monero and dash under a leaked draft of a money laundering bill obtained by CoinDesk.
WATCH
LISTEN
Podcast of the Day: Sam Bankman Fraud: Inside the Collapse of FTX’s Hollow Empire (The Breakdown)
WEEDS
- Renewed Bitcoin Market Swoon Has Put Price Support At $13K in Crosshairs: Technical Analysis (Coindesk)
- BTC losses get real as Bitcoin SOPR metric hits lowest since March 2020 (Cointelegraph)
- Bitcoin Flying off Exchanges at Historic Rate of $1,750,000,000 in BTC per Month: Analytics Firm Glassnode (TDH)
- Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report (Cointelegraph)
- Ark Invest picks up $2.8 million worth of Grayscale Bitcoin Trust shares (TB)
- Ripple Adds New ODL Corridor with Potential Value of Nearly $1 Trillion, Here's Where (UToday | ZyCrypto)
- XRP price soars 10% as judge approves amici briefs in Ripple v. SEC suit (Finbold | Bitcoinist | UToday | TDH)
- Ripple publishes proposed guidelines for UK regulators (TB)
- Privacy-Enhancing Crypto Coins Could Be Banned Under Leaked EU Plans (Coindesk)
Other Podcast
- Nov 13: FTX Fraud: No to Bailouts (Decrypt Daily)
- Unpacking the FTX Fraud with Lyn Alden (What Bitcoin Did)
- FTX's demise part 3: How Sam Bankman-Fried's crypto empire imploded (The Scoop)
- Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In (Unchained)
- Read_673 - Crypto is Peak Silicon Valley [Allen Farrington] (Bitcoin Audible)
- #1120 Chris Tarbell | Former FBI Agent On Early Bitcoin & Silk Road Takedown (The Pomp Podcast)
- Pacific Bitcoin Recap with Kristin Thompson, Greg Foss, Andy Edstrom, Tomer Strolight, Sam Callahan and more! - November 14th, 2022 (Cafe Bitcoin Podcast)
- Can Crypto Recover From FTX? Is The Legacy Market Bottom In? | Macro Monday Panel With Join Genevieve Roch-Decter, Alex Kruger, and Peter Tchir (The Wolf Of All Streets)
