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Guess what day it is? HUMPDAY! Folks, as you know the FTX fallout continues and that will be at the end of the brief, I want to highlight other things going on and if you desire to digest the hot mess that is FTX feel free.
Meanwhile, the institutional bulls and bears are battling it out keeping the price of Bitcoin and Ethereum stuck in a tight trading range. Bitcoin futures have dropped into backwardation and the Bitcoin price is currently trading 24% below its Realized Price indicator. Shockingly, Tim Draper is falling on his sword once again predicting $250K $BTC in 2023:
“No change in the price prediction.
Still $250,000 by early next year,”
Draper stated in an interview with Cointelegraph on Nov. 15. Either he is completely not reading the room or he knows something big we all don't know. At any rate I still believe it is reckless to make these kinds of predictions.
Ethereum has turned into the first profitable Blockchain from the Top 10 on CoinMarketCap. Cardano's Node 1.35.4 supports the use of SECP256K1 elliptic curves that would allow cross-chain development.
Rep. Tom Emmer, R-Minn., won the race for House GOP whip, with Republicans expected to win a narrow majority in the chamber following midterm elections; Emmer is a vocal proponent of digital assets. In light of that, the superintendent of the New York Department of Financial Services highlighted her state’s stringent standards as the blueprint for federal legislation.
FTX FALLOUT
It could take until the end of 2023 if not longer for this hot mess, dumpster fire, train wreck to come to a close. FTX has filed for Chapter 11 Bankruptcy in the Bahama's as FTX’s former CEO Sam Bankman-Fried could be facing extradition and the fallout continues with BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits. Though all of this Mr. Wonderful says he would still back SBF; WTH?! Genesis halts Crypto lending and blames FTX; I mean who isn't blaming FTX?
Former US Treasury Secretary Larry Summers thinks the recent meltdown of crypto derivatives exchange FTX is a lot like the Enron scandal. But, lawmakers, regulators and even the institutional media don’t seem to have much interest in faulting SBF for using customer money to trade under the table.
El Salvador President Nayib Bukele said on Nov. 14, 2022 that there is still time to prevent crypto scandals like FTX, because it is still early days for crypto adoption and Bukele compared the FTX debacle to the Bernie Madoff saga and a Ponzi scheme.Legendary Berkshire Hathaway investor Charlie Munger has major criticisms of the crypto space in light of the recent FTX collapse.
WATCH
LISTEN
Podcast of the Day: Bitcoin is the Answer with Preston Pysh (What Bitcoin Did)
WEEDS
- Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market (NewsBTC | Bitcoinist)
- Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTC (Cointelegraph)
- Institutional Investors buy the Dip Amid ‘Extreme Price Weakness’ in Crypto Markets (Cryptoglobe)
- Institutions Take Bearish Stance on Bitcoin, Create Arbitrage Opportunity (Coindesk)
- Bitcoin trading volume hits an 8- year high; Is this a BTC bear trap? (Finbold)
- Backwardation in Bitcoin Futures: Are BTC Bulls Readying for a Relief Rally? (BIC)
- US SEC Delayed Decision on ARK 21Shares Bitcoin ETF Application (CryptoPotato)
- Tim Draper still positive on $250K Bitcoin price prediction in 2023 (Cointelegraph)
- Ethereum Turns into First Profitable Blockchain from Top 10 of Crypto Market (UToday)
- Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH (ZyCrypto)
- XRP Trading Volume Surpasses Its $18 Billion Market Cap, What's Cause of Anomaly? (UToday)
- Cardano's First Node Release After Vasil Gains Traction, Here's What to Know (UToday)
- Dogecoin (DOGE) price prediction for December 31, 2022 (Finbold)
- As Dogecoin and Shiba Inu Falter, Is It a Sign of Imminent Price Collapse? (BIC)
- NY regulator warns against Congress overriding state crypto regimes (TB | Cointelegraph)
- Crypto-friendly Emmer wins key House leadership post (TB)
- Arthur Hayes Is Ready to Buy Bitcoin at $10,000 (UToday)
- US Sen. Gillibrand Says a Last-Ditch Stablecoin Bill May Still Emerge This Year (Coindesk)
- Justice Department advises crypto lawyers not tip off clients about investigations (TB)
- Yellen calls for 'more effective oversight' of crypto markets (TB)
FTX FALLOUT
- US reportedly considering Bankman-Fried extradition for questioning (Cointelegraph | NewsBTC | CryptoPotato | BIC)
- Tom Brady, Gisele Bundchen And Sam Bankman-Fried Sued Over FTX Collapse (Finbold | CryptoPotato | Coindesk | NewsBTC | BIC | Blockworks | Cointelegraph)
- FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits (Cointelegraph | Blockworks)
- FTX’s Bahamas Arm Files for Bankruptcy Protection in US (Coindesk | TB)
- Former FTX CEO Wants To ‘Raise Liquidity, Make Customers Whole, and Restart’ (Cryptoglobe | UToday)
- TSM drops FTX logos, halts $210 million sponsorship deal (TB)
- Sam Bankman-Fried updates investors: 'We got overconfident and careless,' claims $13B leverage (Cointelegraph)
- Sam Bankman-Fried Continues Cryptic Twitter Thread, Claims FTX US ‘Had Enough To Repay All Customers’ (TDH)
- Will SBF face consequences for mismanaging FTX? Don’t count on it (Cointelegraph)
- FTX crisis could extend crypto winter to the end of 2023: Report (Cointelegraph)
- Binance Denies Accusation From UK Lawmaker That It Deliberately Sank FTX (Coindesk)
- FTX’s ‘liquid’ assets are almost illiquid, data shows (Finbold)
- 3AC hunted by FTX, Alameda, founder claims. Sam Bankman-Fried disagrees (TB | TDH)
- Musk, Hoskinson, And Crypto Community Slam New York Times’ SBF Article (Bitcoinist)
- ‘Bare-bones’ FTX Bankruptcy Filings Are Likely Bad Investor Omen, Lawyers Say (Blockworks)
- These Crypto Market Makers Were Wary of FTX Before Collapse (Coindesk)
Acquisition
- Market Maker B2C2 Offers to Buy Loans From Genesis Crypto-Lending Unit (Coindesk)
- Binance’s CZ Looking Into Acquiring Genesis Loan Book: Source (Blockworks)
Contagion
- Genesis Halts Crypto Lending, Blames ‘FTX Implosion’ (Blockworks | Coindesk | UToday | TB | CryptoPotato | Bitcoinist | Cointelegraph | EWN | TB | TDH)
- Market Maker B2C2 Offers to Buy Loans From Genesis Crypto-Lending Unit (Coindesk)
- Grayscale Declares 'Business as Usual' Despite Sister Company Genesis Global Capital Suspending Withdrawals (TB | TB | Blockworks | Coindesk)
- Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg (TB | Coindesk)
- Crypto lender Ledn says it has no exposure to Genesis (TB)
- Class action filed against Tom Brady, Larry David and others who endorsed FTX (TB)
- Circle holds a little more than $10 million in FTX-related equity investments (TB)
- Crypto exchange Gemini reports broad outage, says client funds 'secure' (TB | Blockworks | Bitcoinist)
- Gemini Dollar Lending Rates Spiked as High as 73% on Aave Amid Genesis Freeze (Decrypt | Blockworks)
- Tether says it has no exposure to Genesis Global or Gemini Earn (Cointelegraph)
Opinion
- Kevin O’Leary would back Sam Bankman-Fried again if he had a new venture (TB)
- ‘Rich Dad’ R. Kiyosaki calls FTX founder Bankman-Fried the ‘Bernie Madoff of crypto’ (Finbold)
- Binance CEO Says Hold, But Don’t Buy Crypto (BIC)
- DOGE creator warns against giving FTX a second chance to commit ‘enormous massive fraud’ (Finbold)
- Legendary Investor Charlie Munger Slams Crypto, Says Industry a Mix of Fraud and Delusion (TDH)
- Nayib Bukele Defends Bitcoin Independence and Calls FTX a ‘Ponzi Scheme’ (BIC)
- Crypto.com CEO Explains How Exchange Is Different From FTX Amid Push for Reserves Transparency (TDH)
- FTX actions 'were illegal 100 years ago,' says Rep. Auchincloss (TB)
- Former Kraken CEO Jesse Powell Says Mainstream Media Complicit in FTX ‘Ponzi’ (TDH)
- FTX and Alameda Executives Including Sam Bankman-Fried Were Aware of Customer Funds Misuse: Report (TDH)
- Former SEC Official Doubts FTX Crash Will Prompt Congress to Act on Crypto Regulations (Coindesk)
- U.S. Congressman Brad Sherman Blames ‘Billionaire Crypto Bros’ For Regulation Woes (Cryptoglobe)
Legislation/Regulation
- U.S. House committee to hold hearing on FTX collapse and crypto fall out (TB | Cointelegraph | Blockworks | Coindesk)
- Senate Banking Committee eyes hearing on Sam Bankman-Fried's FTX collapse (TB)
- FTX Meltdown Is Crypto Industry’s Version of Enron Implosion, According to Former US Treasury Secretary (TDH)
- Coinbase, Binance Will Fill Power Vacuum Left by FTX Collapse, Predicts Skybridge Capital CEO Anthony Scaramucci (TDH)
- Newly Elected US House Whip Emmer Downplays FTX Meltdown, Cheers Crypto (Coindesk)
- U.S. SEC Chair Slams ‘Non-Compliant’ Crypto Industry in Wake of FTX Collapse (Cryptoglobe)
- EU's MiCA regulation would have had limited impact on FTX debacle, lawmaker says (TB)
Other Podcast
- Bitcoin Not Crypto with Pete Rizzo and Bitcoin Revolutionizing Healthcare with Crowd Health! (Cafe Bitcoin Podcast)
- The State of Post-FTX and Alameda Research Market Contagion (The Breakdown)
- Read_674 - FTX & Alameda, Through the Looking Glass [NYDIG] (Bitcoin Audible)
- Nouriel Roubini outlines the 10 forces that can cripple the economy: Part 1 (The Scoop)
- The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater (Unchained)
