come every saturday Hodler’s Digest helps you keep track of all the important news stories that happened this week. He summarizes his week on Cointelegraph, including the best (and worst) estimates, adoption and regulation highlights, major coins, and predictions in one link.
Top news of the week
SBF Receives $1 Billion Personal Loan From Alameda: FTX Bankruptcy Filing
Documents related to FTX’s bankruptcy proceedings reveal that the company was mismanaged on multiple levels. The FTX Group was reportedly made up of multiple companies grouped into four silos. A $1 billion personal loan was reportedly allocated from one of these silos to former FTX CEO Sam Bankman-Fried. The documentation also revealed many other holes and oddities related to FTX functionality. Several regulators, including the Bahamas Securities Commission, are reportedly investigating FTX. The Financial Industry Regulatory Authority, a U.S. self-regulatory body, has also launched extensive investigations into cryptocurrency-related companies in general, assessing their communications with the retail industry.
Binance Establishes Industry Recovery Fund to Help Liquidity-Suffering Projects
Binance CEO Changpeng Zhao has announced his commitment to a new fund to help the struggling crypto sector, a sector that has been adversely affected by the collapse of FTX. Zhao’s new fund aims to help out by backing companies in the “strong” crypto industry that are having liquidity problems, the CEO said in his Nov. 14 tweet. rice field. Such companies should contact Binance Labs or any player looking to add funds to the fund. However, as Zhao specified, the fund will not be used to support his FTX.
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New York Fed Launches 12-Week CBDC Pilot Program with Major Banks
Over the next three months, the Innovation Center at the Federal Reserve Bank of New York will test a simulated Central Bank Digital Currency (CBDC) system with the help of several big banks. Citigroup, PNC Bank, BNY Mellon, Wells Fargo and others trade simulated tokenized money via distributed ledgers, settling against simulated central bank reserves.
Contagion of FTX: Which companies were affected by the collapse of FTX?
The recent downfall of FTX has affected the entire crypto space in many ways, from increased regulatory scrutiny to companies with assets sticking to FTX. More than a dozen companies have reported feeling negative effects from the FTX ordeal, often with millions of dollars at stake. Companies include Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, Pantera Capital and more. Details vary, but at this stage the majority of the impact on affected businesses does not appear to be catastrophic.
SEC Extends Decision Deadline for ARK 21Shares Spot Bitcoin ETF to January 2023
We continue to await the decision of the U.S. Securities and Exchange Commission (SEC) regarding ARK 21Shares’ physical Bitcoin Exchange Traded Fund (ETF). Regulators have extended the decision deadline to January 27, 2023 on rule changes that would allow mainstream Bitcoin products to be listed. The committee has previously delayed his decision on this particular product twice. To date, many Bitcoin ETFs have faced SEC rejections.
winner and loser
Bitcoin for the weekend (Bitcoin) is $16,577,ether (ethereum) and $1,205 When XRP and $0.38The total market capitalization is $828.34 a billion, according to Go to Coin Market Cap.
Among the 100 largest cryptocurrencies, this week’s top 3 altcoin earners are Trust Wallet Tokens. (TWT) 93.40%, GMX (GMX) 20.40% and Toncoin (tons) at 18.41%.
Casper Is This Week’s Top 3 Altcoin Loser (CSPR) -20.66%, Solana (sol) -20.25% and Chronos (CRO) -18.58%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“In a system without self-management, administrators can accumulate excessive power and abuse that power.”
Michael Saylor, Executive Chairman of MicroStrategy
“Never in my career have I seen such a complete failure of corporate management and complete lack of reliable financial information as has happened here.”
“I repeat… close all markets”
Il Capo Of Crypto, Independent Cryptocurrency Trader and Analyst
“If it wasn’t for me, everything would be ~70% fixed right now. [filed for Chapter 11 bankruptcy]. […] But instead I submit and the people responsible for it are trying to burn everything out of shame.
Former FTX CEO Sam Bankman-Fried
“I’m sure there are probably multiple players affected. […] Over the next few weeks, big or small, I will say [FTX] In terms of scale, it’s going to be one of the bigger ones before the whole cycle really ends. ”
CK Zheng, co-founder of ZX Squared Capital
“So far, millions of dollars have poured into Washington in donations and lobbying spending on campaigns to deter meaningful legislation by billionaire crypto bloggers.”
Brad Sherman, United States Congressman
Forecast for the week
Bitcoin Price Could Still Fall 40% After FTX’s ‘Lehman Moment’ — Analysis
Bitcoin fell below $16,000 early in the week. According to Cointelegraph’s BTC Price Index, the asset has since recovered to $17,000, but has faced rejections near that level multiple times throughout the week.
QCP Capital currently expects BTC to fall to $12,000 due to FTX conditions, according to Elliott Wave Theory chart analysis.
“This downturn in all crypto assets will continue until most of the uncertainty has cleared, possibly near the turn of the new year,” QCP said on Telegram.
FUD of the week
Crypto.com Accidentally Sends 320K ETH to Gate.io, Recovers Funds Days Later
Speculation about Crypto.com’s health and solvency reached a boiling point after the digital asset exchange sent 340,000 ETH to Gate.io this week. The transfer was flagged as suspicious by some members of the cryptocurrency community as it occurred around the time the exchange was issuing proof of reserves following the collapse of FTX. The transfer to Gate.io confused some cryptocurrency investigators, as Crypto.com claims that any cryptocurrency owned by its user is 100% kept in cold storage. His CEO of Crypto.com, Kris Marszalek, later revealed that the funds were mistakenly transferred to Gate.io.
Huobi and Gate.io accused of allegedly using loaned funds to share snapshots
Speaking of Gate.io, along with cryptocurrency exchange Huobi, it has been accused of sharing outdated snapshots of its digital asset reserves, including lending funds. was suspected of receiving a top-up from Crypto.com before it published its proof of reserves. However, Gate.io founder Lin Han said the snapshot in question was taken on his October 19th and that Crypto.com accidentally transferred 240,000 ETH to his 2 I made it clear the day before. Meanwhile, Huobi has yet to explain why he transferred 10,000 ETH to Binance and his OKX wallet shortly after releasing the snapshot.
FTX Crisis Could Extend Crypto Winter To End Of 2023: Report
The 2022 bear market is unlike anything we’ve seen before in crypto, with the collective failures of Terra (LUNA), Celsius, Voyager, FTX, and BlockFi still reverberating across the industry. . The collapse of FTX and the resulting contagion effect could extend the crypto winter for another year, according to new research from Coinbase. “The unfortunate events surrounding FTX have definitely hurt investor confidence in the digital asset class,” the report read. “Repairs will take time and it is very likely that the crypto winter will be extended for a few more months, possibly until the end of 2023.”
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Banks still show interest in digital assets and DeFi amid market turmoil
Traditional financial institutions continue to demonstrate the use cases for digital asset support and DeFi capabilities despite current market conditions.
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