The fall of FTX caused a shock wave with effects on Genesis, Gemini Where The house of coins; Binance in his heart suspicion; post office prepare some NFT stamps; of Salvador accelerate to Bitcoin… Back tocrypto news of the week.
FTX her declared bankrupt last week. About 130 entities are disappearing from the crypto scene, including industry heavyweights like Alameda Research. Such an industrial disaster cannot fail to generate cascading effects. Given the space occupied FTXthe consequences of its bankruptcy are potentially systemic.
This hypothesis is confirmed. ABOUT Kaikothe effects are global at the level of market liquidityand more for less juicy arguments. Chain data specialist speaks like this ” from Alameda Gap to describe this phenomenon. The fall of one of the main market makers it is not without pain. And this is compounded by the losses suffered by other liquidity players. This is especially the case Genesis, who would ask for 1 billion dollars. AND difficulties of Genesis leads other dominoes, including Gemini exchange or French The house of coins, was forced to freeze his books crypto.
FTX: a beautiful showcase, but a gloomy sculpture
Since its bankruptcy in the United States, the revelations are gradually coming out FTX and its leaders. And they are anything but flattering for the ex-girlfriend of the crypto sector, Sam Bankman Fried. The interim CEO in charge of his restructuring paints a terrifyingly bleak portrait of the practices in place within exchange.
And still John Ray knew Enron, whose liquidator he was. Thus, the manager evokes a “complete failure of corporate controls” and a “total lack of reliable financial information.” Such a fiasco is even the first for Ray, based on her more than 40 years of experience. The information does not only point to the incompetence of FTX management. They also translate deliberate deception and organized.
A daily Bitcoin purchase for El Salvador
The president of Salvador it has been quiet for the last few months. It is true that the decline of cryptocurrency pricesand in particular Bitcoindoes not do the country’s business and Nayib Bukele. The state holds the BTC. He also expected to issue special bonds to finance his major projects. The initiative is deadlocked.
Otherwise, the will of the president and his administration to follow bitcoin buying strategy it is not in doubt. “We will buy one bitcoin every day from tomorrow,” tweeted Nayib Bukele on November 17. With one BTC less than $17,000 at this date, its price is really attractive. With the condition of attachment. Because for now, El Salvador capital loss reaches to about 60 million dollars. And for a country in debt and under the pressure of the IMF and rating agencies, this is not trivial. These institutions obviously discourage Bitcoin-based economic policies. According to Bank for International Settlementscircle three quarters of bitcoin buyers “maybe lost money”.
Philately in Web3 mode at La Poste
of philatelists can also make their own digital transformation and take an interest in the uses of Web3. post officethrough its subsidiary Filapostewill trade next year a “ NFT Token Block “. However, this is not about depriving collectors of their physical stamps.
Indeed, the arguments will be systematic associated with physical stamps, and inseparable from them. Thanks to technology NFT and blockchain Tezos, Philaposte wants to make each stamp “unique” by accompanying them with digital duplicates. La Poste is certainly developing digital technology, but without denying its origins. For one of its leaders, it is a matter of “doing this block above all a physical collective which will be part of “a collection approach with several editions per year” and “guarantees its authentication”.
Binance, the good, the bad or the ugly?
Binance profane FTXhis competitor, before flying to his rescue. Yes, almost. This is the scenario experienced by FTX clients and token holders last week FTT. Many today hold a grudge against the first crypto exchange, even if the revelations about SBF and its firm suggest that a collapse would have happened sooner or later.
Like SBF before it, Changpeng Zhao would see himself wearing the suit of White knight. A rebranding would greatly benefit Binance, which has been widely criticized in the past for it opacity and his liberties in relation to rule. Therefore CZ proposes create a crypto association and determine more virtuous common practices. Despite these announcements, authorities, in the United States and the United Kingdom in particular, are not fooled. They consider the investigation necessary role played by Binance in the downfall of its competitor.
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