The news shook the cryptocurrency world as the biggest crypto exchange had to apparently bail out the third largest exchange. Prices for major crypto assets plunged, with bitcoin prices falling more than 10% and ethereum dropping more than 15%.
Thanks much jean!
But a report on Wednesday from industry website CoinDesk suggested Binance may walk away from the deal, which sent crypto prices reeling further.
Underscoring the effects of the latest collapse in the crypto world, the CEO of Binance said that “FTX going down is not good for anyone in the industry.”
“Do not view it as a ‘win for us,’” Changpeng Zhao, who goes by his initials CZ, said in a letter to Binance employees that he posted on Twitter. “User confidence is severely shaken. Regulators will scrutinize exchanges even more.”
Stocks of companies embedded in the crypto economy also continued to sink. Robinhood Markets lost another 13.6% and is down 31.5% so far this week. Coinbase Global fell 9.1% to bring its drop for the week to 21.4%
https://www.barchart.com/story/news/11470900/stocks-slump-sharply-on-wall-street-crypto-dives-again
Bitcoin has been getting killed recently:
Below: Shorter term time frames to long term graphs.
1 month below
1 year below
5 year below
Maximum below:
https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency
Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.
Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide security and safety.
The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
If you own cryptocurrency, you don’t own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.
Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology.
There are thousands of cryptocurrencies. Some of the best known include:
Bitcoin:
Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded. The currency was developed by Satoshi Nakamoto – widely believed to be a pseudonym for an individual or group of people whose precise identity remains unknown.
I WONDER IF THE GUY IS STILL ALIVE!!!!
When Bankman-Fried bought up the assets of bankrupt crypto firm Voyager Digital for $1.4 billion this summer, it brought a sense of relief to Voyager account holders, whose assets has been frozen since its own failure. That rescue is now in question.
As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami. He pledged to donate $1 billion toward Democrats this election cycle — his actual donations were in the tens of millions — and prominent politicians like Bill Clinton were invited to speak at FTX conferences. Football star Tom Brady invested in FTX.
I TEND TO AGREE
cheap, reliable and abundant fossil fuels greening up the planet gave us the Energy and materials for almost all the technological advancements of the past 150 years.
the more we switch to diffuse, intermittent and expensive fake green energy that can’t replace fertilizers or petroleum in 6,000 key products that we use, (and feature the energy source from environmental hell, wind)the worse it will be for the human race.
if the truth about the fake climate crisis gets out…..we’ll be in great shape.
otherwise, we will be fighting authentic science and fighting the rock solid principles of energy and laws of nature with these crony capitalism, political activism schemes.
remember the song “i fought the law and the law won?”
well, that goes also with regards to the laws of physics/energy/chemistry, nature/photosynthesis and economics.
fighting against these things with the fraudulent green new deal schemes and fake inflation reduction act will always result in wasting massive amounts of money to do Things that are impossible because of indisputable LAWS that define our REAL world.
going too far to one extreme, like this administration, the United Nations and western countries push for will cause exactly what this gentleman predicts.
it can be stopped.
if not, he will be right because the LAWS always win!
his reasoning is different than mine but almost Every developed countries life blood for its economy are cheap, reliable fossil fuels.
take that away and the laws win.
DID YA READ ABOUT THE FILTHY TRICK THE VIDEN ADMIN. PULLED ON EUROPE?
THEY GOT WIND OF A SHIP LOADED WITH DIESEL. HEADING FOR EUROPE...... THEY OUTBID EUROPE, SOOO THE SHIP ALTERED IT'S COARSE FOR THE USA!!!!
Thanks jean!
I'm betting that if Trump did the same thing, you would be praising him for taking care of the USA.
The reality too is that this is a global market and the product often goes to the highest bidder........and diesel prices are even HIGHER in other places of the world, so sellers are in it to make a profit and will go to the highest bidder.
YER ON, MIKE ~ I'LL CALL & RAISE YOU $1,000.00
WHAT A TWISTED WEB!! LOL FAR FROM FUNNY, THO'
AND, I THOUGHT BERNIE "MADE OFF" WITH A WAD!! HHAAHAAHHHAHAAA
THIS PUNK WILL COME UP "BREATHLESS", IS MY GUESS
AM I REMEMBERING CORRECTLY THAT "STIMPY" WAS INTO BIT COIN?
Crypto expert predicts the worst news hasn't come out in FTX fallout
The FTX corruption is even worse than we thought OUR TAX $$$$$$ GIVEN TO UKRAINE WOUND UP IN FTX. WHAT A VICIOUS CIRCLE THAT SO MANY WERE INVOLVED IN.
