Natasha Dean
Editor
Editor
After Binance liquidates its FTT holdings, FTX’s FTT is on the verge of being sold.
The top news in the cryptoverse for November 7 includes a 0.19% fall in Bitcoin mining difficulty, Binance’s plan to liquidate all of its FTT holdings, and FTX CEO Sam Bankman-pledge Fried’s that the exchange will not go bankrupt.
The most recent adjustment prior to this occurred on October 24, when the mining difficulty reached an all-time high of 36.84 trillion. The 0.19% dip brought it back down to 36.76 trillion.
Fears of a Terra Luna-style FTX native token FTT crumble as Binance liquidates its assets
Binance CEO Changpeng Zhao (CZ) tweeted on November 6 that the company will sell all of its FTX native tokens (FTT) due to “revelations that came to light.”
“At the time of CZ’s tweet, Binance owned over $500 million in FTT tokens.”
This fueled speculation about FTX’s impending demise, causing the FTT token to fall 9.4% in a single day.
FTX is OK, according to SBF. Despite reports of a liquidity crisis, assets are OK, with over $1 billion in extra cash.
Sam Bankman-Fried (SBF), the CEO of FTX, saw Binance’s intention to liquidate its FTT reserves and posted a thread to answer worries about FTX’s collapse.
SBF reassured the community that FTX “had enough to support all client holdings” and urged Binance’s CZ to collaborate for the ecosystem’s sake.
After a ten-year investigation, the DOJ has formally confiscated over 50,000 in Bitcoin from Silk Road.
In conjunction with the Silk Road scam in 2012, the US Department of Justice formally seized 50,676 Bitcoin. The sum currently is around $1.05 billion.
The Bitcoins were discovered stashed in devices belonging to Silk Road attacker James Zhong, who was arrested following his trial on November 4.
Could Bitcoin miner sell-offs signal additional upward potential?
Since early 2022, Bitcoin miners have started selling their holdings, and on-chain data reveals that the sell-out rate is increasing.
While this normally indicates that the market is underperforming, Bitcoin history shows that it has also been a forerunner to price increases.
The concentration of Ethereum supply in smart contracts has reached an all-time high.
In conjunction with the Silk Road scam in 2012, the US Department of Justice formally seized 50,676 Bitcoin.
Concentration of Ethereum supply
Smart contracts account for 0.45% of total Ethereum, trailing staked Ethereum (0.57%) and exchange balances (0.17%). Since mid-2020, supply concentration on exchanges has been decreasing, but smart contracts and staked ethereum have been expanding since late 2020.
As the community fears a bankrun, FTX stablecoin reserves plummet.
The decision by Binance to liquidate its FTT assets affects the rest of the community. While crypto celebrities advised the community to abandon FTX, crypto exchange sites like as Jump Crypto and Nexo also depleted the majority of their funds in FTX for the past 24 hours.
Hoskinson’s Twitter proposal for a Cardano-Dogecoin tie-in was rejected by Reddit administrators on Nov. 6. Cardano (ADA) founder Charles Hoskinson released a video on Nov. 6 and offered to develop a decentralized Twitter using Dogecoin (DOGE) and Cardano.
On November 7, Dogecoin Reddit moderators pulled Hoskinson’s proposed video from their forum, blaming Hoskinson for “trying to ride Doge’s wave.”
SBF discloses he gave to Republicans and Democrats as crypto businesses continue to lobby ahead of the midterm elections.
On November 5, FTX CEO SBF tweeted that he favors bipartisan lawmakers that promote permissionless financing.
FTX is not the only cryptocurrency startup that promotes crypto to politicians. SBF, on the other hand, appears to be a supporter of politicians.
However, SBF appears to be personally backing politicians as well as the FTX treasury.
The strong Polygon rise exceeds Bitcoin and other large cap stocks.
Polygon (MATIC) has outpaced Bitcoin since November 4, according to Cryptominded statistics. MATIC’s current price of $0.00006085 represents a 77-week high vs Bitcoin.
As tokens flood exchanges, FTX’s FTT faces a precipitous drop.
As a result of the FTX exchange departures, around 50 million FTT tokens were moved to other exchanges within 24 hours. Because 90% of FTX’s treasury resides in FTT, this traffic pushes the token dangerously near to a crash.
Based on the most recent studies, winning the Lotto Powerball nine times in succession is simpler than compromising Bitcoin’s encryption. As a result, by investing in Bitcoin, investors may increase their chances of safeguarding their cash and increasing their wealth.
Research Highlights Bitcoin options traders estimate the price to reach $30,000 in Q4
According to cryptocurrency researchers, the Implied Volatility and Open Interest measures show that options traders expect Bitcoin and Ethereum to surge in the fourth quarter.
The implied volatility (IV) represents market attitude about the likelihood of price movements in an asset, while the open interest (OI) refers to the total number of existing derivatives contracts. Both indicators point to optimistic circumstances in the fourth quarter.
A new perspective on Bitcoin mining – Why utilizing more energy might lead to more abundance
Many in the cryptocurrency community are concerned about the high energy usage of Bitcoin mining. Despite the fact that Bitcoin’s current percentage of world energy consumption is merely 0.45%, the general public’s perception of the matter centers around the concept of a dreadful future owing to the pollution generated by Bitcoin mining.
Nevertheless, when the energy needs of Bitcoin mining are compared to those of Gold, it is clear that Gold does greater environmental damage.
Bitcoin compared. gold mining energy requirements
Despite this, no country is considering prohibiting gold mining. Analysts at Cryptominded examined Bitcoin mining through the lens of economic growth and GDP and discovered that it is not an ecological calamity, as popular belief suggests. Instead, it might become an industry, producing a highly skilled workforce, large revenue gains, and enhancing adjacent facilities.
Cryptoverse news from across the world
Hong Kong is considering legalizing crypto ETFs.
The Financial Times reports that Hong Kong’s financial authority is planning to establish exchange-traded funds (ETFs) for regular investors. It will first allow only ETFs that invest in Bitcoin futures before expanding to other assets in subsequent stages.
Society Pass now accepts cryptocurrency payments.
Society Pass Incorporated signed a collaboration agreement with CoinSmart Financial, a Canadian-based crypto payment startup, to begin delivering crypto payment capabilities.
The Crypto Market
Bitcoin (BTC) has dropped by -1.83% in the previous 24 hours. to drop $20,814, while Ethereum (ETH) plummeted -0.64% to trade at $1,600.
The Biggest Gainers (24h)
+8.05% for Chainlink (LINK).
+6.53% for VeChain (VET).
+5.51% Polygon (MATIC)
The Biggest Losers (24h)
-7.3% for Loopring (LRC).
Aptos (APT): -6.27 percent
-6.04% for Maker (MKR).
With an eye for detail and understanding of this exciting industry. My experience has given me an understanding of crypto trends and how to effectively break them down. I have a soft spot for NFTs and the Metaverse.
