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Breaking: Joe Biden Might Pardon Sam Bankman, Founder of FTXThe crypto world is abuzz with speculation that President Joe Biden could pardon Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX. Bankman-Fried, sentenced to 25 years for fraud and money laundering, remains a polarizing figure. This speculation is fueled by his substantial political donations to the Democratic Party, estimated to total hundreds of millions. These ties have sparked debate about the potential influence on Biden’s discretion to grant a pardon. Elon Musk’s commentary has added weight to these rumors, suggesting that such a move could distract from the upcoming power transition to Donald Trump, scheduled for January 20, 2025. Despite the speculation, platforms like Polymarket estimate only a 16% probability of a pardon, underscoring the general skepticism among political traders. FTT’s Resurgence Amid Bankruptcy Developments While political speculation swirls, FTX Token ( TSX:FTT ) has seen a remarkable 15% surge in value. This comes after FTX announced plans to begin creditor payouts in early 2025 as part of its Chapter 11 bankruptcy process. The court-approved plan will commence on January 3, 2025, with the first tranche of payments targeting "Convenience Classes" claims. The announcement has buoyed investor sentiment, pushing FTT’s price to $3.28 and its market cap to $1.08 billion, with trading volume surging 170%. Despite this positive step, FTX’s recovery journey remains fraught with legal and financial complexities. The company’s eventual revival hinges on asset liquidation and the resolution of outstanding legal issues, a process likely to take years. Technical Analysis of TSX:FTT FTT’s recent price action highlights a bullish reversal pattern, defying the broader crypto market’s bearish trend. Trading at $3.20, FTT has a bullish RSI of 61.77, signaling strong momentum. Key technical levels include: - Support: Immediate support lies at the 65% Fibonacci retracement level, providing a cushion for potential pullbacks. - Resistance: The immediate pivot is the one-month high. A break above this level could ignite a bullish rally, targeting higher resistance zones. FTT’s resilience amid market uncertainty suggests growing investor confidence, potentially driven by the promise of creditor payouts and speculation about the exchange’s future. Overview FTX Token’s value proposition has historically been tied to the FTX platform, offering benefits like fee discounts, staking rewards, and leveraged token creation. However, with FTX’s bankruptcy, the token’s utility has diminished. The recent price surge reflects speculative interest rather than intrinsic value, as the token’s future remains uncertain. FTT Token Overview - Launch: May 8, 2019 - Utility: Discounts on trading fees, staking rewards, and collateral for leveraged positions - Current Status: Associated with a defunct platform, under Chapter 11 proceedings Investor Caution While the recent rally is promising, investors should approach TSX:FTT with caution. The token’s price movements are heavily influenced by speculative trading and bankruptcy developments. Moreover, the potential for token liquidation to pay creditors poses a significant risk to its value. Conclusion The dual narratives surrounding Sam Bankman-Fried’s potential pardon and FTX’s bankruptcy proceedings underscore the complexity of the situation. For TSX:FTT , the path forward is uncertain, balancing speculative optimism against the harsh realities of a defunct platform. Investors should closely monitor legal and market developments to navigate this volatile landscape effectively.
Long
by DEXWireNews
FTX Reorganization Plan Fuels $FTT Rally Amidst Positive OutlookFTX Trading Ltd., the embattled cryptocurrency exchange undergoing Chapter 11 bankruptcy proceedings, has announced significant progress toward its reorganization plan. With a target implementation date set for January 2025, this development has sparked renewed investor confidence, propelling the TSX:FTT token’s price upward by 13% in recent trading sessions. Reorganization Milestones FTX’s reorganization plan, approved by the Court, aims to facilitate creditor and customer distributions, marking a critical step in its recovery journey. Key updates include: - Distribution Framework: The initial distribution of recovered assets is expected to begin within 60 days of the plan’s enforcement. - Global Access: FTX has partnered with specialized distribution agents to ensure global customer access, requiring users to complete KYC verification and tax formalities. - Timeline: Final arrangements with distribution agents by December 2024. Effective date announcement by the end of December. Initial distributions set for early 2025, prioritizing holders of allowed claims in Convenience Classes. FTX CEO John J. Ray III emphasized the importance of the timeline, stating, “We are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.” If successful, the reorganization plan could restore significant trust in FTX, potentially attracting a surge of new and returning investors. Technical Analysis: The promising update has significantly impacted the FTT token’s performance: TSX:FTT has surged 13%, continuing to trade within a bullish zone. The Relative Strength Index (RSI) at 66, indicates strong upward momentum without entering overbought territory, suggesting room for further growth. The token is trading above key moving averages, reinforcing its bullish trajectory. The bullish sentiment is further supported by market speculation that FTX’s ability to reimburse creditors could lead to a renewed influx of investor interest, bolstering the exchange’s reputation and operational capacity. Looking Ahead FTT’s recent price surge serves as a beacon of hope for FTX’s recovery, reflecting market optimism about its ability to execute its reorganization plan effectively. If the exchange successfully meets its commitments, it could not only restore trust among affected customers but also reposition itself as a formidable player in the cryptocurrency landscape. With the reorganization plan underway, TSX:FTT appears poised to continue its upward trajectory, solidifying its place as a key token to watch in the coming months. For investors, this may signal a unique opportunity to ride the wave of FTX’s potential resurgence.
Long
by DEXWireNews
2
PULSECHAIN is Gaining marketshare versus SOLANAWHY? Because #SOL is considered a safe blue chip asset now. One of the top 3. Nobody will laugh at you if you tell them you have invested in SOL. Instead they may congratulate you assuming you have made a 10X on it and a 50X on #WIF Yes alot of smart investors bought Solana at $25 on a technical breakout of beautiful structures --- ones I highlighted at the time. But more people bought around $125 chasing the momentum or buying the pullback assuming that it will break into new highs next year.. Yet #FTX Alameda will still unload a Billion dollars worth of coins.. and SOL inflation sits around 20% a year. People hate #Pulsechain I mean really hate Pulsechain and people definitely will laugh at you if you told them that you own it. Yet QUIETLY it is up over 70% versus SOL in the past few weeks. This makes PLS a contrarian bet That could yield high rewards. I believe this trend can continue ... do you?
PULSEX:WPLSDAI_E56043.USDLong
by BallaJi
FTX Creditors to Receive $6 Billion in RepaymentsThe saga of the FTX collapse took a positive turn as creditors voted in favor of a reorganization plan that would see over $6 billion distributed to affected users. This long-awaited development marks a significant milestone for the beleaguered cryptocurrency exchange and its community, following the turmoil caused by its 2022 implosion. FTX Creditors Approve Repayment Plan FTX creditors have overwhelmingly supported the repayment plan, with a reported 94% of those in the "dot com customer entitlement claims" class voting in favor of the distribution. This indicates a unified front from users seeking to recover their losses. According to Kroll Restructuring Administration, nearly all creditor classes voted in favor of the reorganization, setting the stage for a smooth transition toward asset distribution. With the creditors' approval, the plan is now awaiting a formal confirmation hearing scheduled for October 7. Analysts believe this hearing is just a formality, as the overwhelming support makes it highly likely the plan will move forward without major obstacles. What Does This Mean for FTX Creditors? Under the terms of the plan, a total of $6.83 billion will be allocated to affected customers and creditors. Those in the "US customer entitlement claims" category are expected to receive around $60.99 million, while creditors in the "dotcom convenience claims" class will see $223.59 million in claims. Many of these users could receive up to 118% of their original claims in cash. However, it's important to note that these repayments are based on the value of their cryptocurrency holdings at the time of filing. Given the volatility of the crypto market, the actual value of the repayments may be lower than current market rates. Still, this plan represents a crucial step toward compensating victims of the FTX collapse. Timeline for Distribution The timeline for the distribution remains a hot topic among creditors. According to analyst Tom Dunleavy, payments could commence within 4 to 8 weeks, meaning users could see their funds before the end of 2024. Three "omnibus hearings" scheduled for October 22, November 20, and December 12 are key dates that will help finalize the process. This development brings much-needed relief to the crypto community, which has been grappling with the fallout from the FTX scandal for nearly two years. Fundamental Impacts on TSX:FTT The FTX Token ( TSX:FTT ) has been riding the wave of this positive news, surging 11% as the distribution plan gained approval. The token, which had been stuck in a falling trend channel since the scandal broke, is now seeing renewed interest. The recent price increase has pushed TSX:FTT above key moving averages, signaling bullish momentum. The Relative Strength Index (RSI) for TSX:FTT currently stands at 69.44, approaching overbought territory. This indicates strong buying pressure but also suggests that traders should be cautious of potential price corrections as it nears the overbought region. Fundamentally, the successful execution of the repayment plan could restore some faith in the FTX brand, which has been tarnished by the scandal. However, the long-term outlook for TSX:FTT remains uncertain, especially with former FTX executives facing legal consequences. Caroline Ellison, former Alameda Research CEO, was sentenced to two years in prison, while former FTX CEO Sam Bankman-Fried is serving a 25-year sentence. Technical Outlook for TSX:FTT From a technical standpoint, TSX:FTT 's recent rally has lifted the token above key moving averages, indicating a potential trend reversal after months of declines. However, traders should keep an eye on the RSI, as the token's rapid ascent could lead to a short-term pullback. If the bullish momentum continues, TSX:FTT could break out of its long-standing downtrend, with potential upside targets being the next resistance levels. For now, traders should remain cautious and monitor key technical indicators to gauge the strength of this recovery. Conclusion The approval of FTX's reorganization plan and the subsequent repayment of $6 billion to creditors marks a turning point for the company and its community. With TSX:FTT token gaining momentum, the road to recovery seems to be underway, although risks remain. As the timeline for distribution becomes clearer and FTX continues to address legal and financial hurdles, the future of TSX:FTT will depend on the successful execution of these plans and the restoration of trust within the cryptocurrency community. For now, all eyes are on the October 7 confirmation hearing and the upcoming repayment process, as users eagerly await the long-promised distributions.
Long
by DEXWireNews
Celsius looks like it wants to reclaim a Dollar! :0Nothing really dies in crypto lol Theres always one more pump left lol Sad state of affairs to all the people who got their coins stuck in celsius But the the FTX fallout could give credence that people will actually made whole. Technically the chart points to good news down the road ..... or could be traders wanting to pump something that hasn't moved much already The two breakout levels are clear for all to be seen let's see what it can do.
CRYPTO:CELUSDLong
by BallaJi
9
FTT on the Horizon: Market Analysis and ProjectionsTechnical Analysis Overview Current Price : $3.7605 Weekly Trend : A decrease of 27.10%, indicating recent bearish sentiment. 1-Month Trend : An increase of 8.98%, showing some recovery. 6-Month and Yearly Trends : Impressive growth of 289.95% and 260.09%, respectively, highlighting a strong bullish trend in the medium to long term. Advanced Technical Indicators Relative Strength Index (RSI) : Approaching overbought territory, signaling a potential reversal or consolidation in the short term. Moving Average Convergence Divergence (MACD) : Suggests a bullish crossover, indicating strong buying momentum. Chart Patterns and Analysis Bullish Triangle Pattern : Indicating a potential breakout and continuation of the uptrend. Falling Wedge Patterns : Multiple patterns suggest a diminishing selling pressure and a possible trend reversal. Unique Insights Potential for a Major Rally : Analysts have identified key levels for a potential 10x payout, suggesting that FTT might be gearing up for a significant rally. Impact of External News : News flow and external events, such as regulatory changes or developments within the FTX ecosystem, can have a substantial impact on FTT's price. Keeping an eye on these factors is crucial for understanding potential market movements. Market Sentiment and External Factors Market Capitalization : $1.234B USD. Trading Volume Analysis : High trading volume of $191.331M USD with a significant volume/market cap ratio. Recent News Coverage Impacting FTT FTX Trading and FTX Digital Markets Settlement ( PYMNTS.com ): A unified approach to valuing customer claims could impact FTT's valuation and distribution. Valuation Rules Set by FTX and Bahamas Liquidators ( Bloomberg.com ): Crucial for determining the valuation of FTT in bankruptcy proceedings. Unified Asset Distribution Deal ( CryptoSlate ): Streamlining the asset distribution process within the FTX ecosystem. FTX's Bankruptcy Exit Plan ( Banking Dive ): Involves valuing assets at their November 11, 2022, rate, affecting FTT's value. FTX's Crypto Asset Liquidation ( Watcher Guru ): The liquidation of $240 million worth of crypto assets, including FTT, could influence its market price. Conclusion FTT presents a complex picture with both short-term bearish and long-term bullish trends. The technical indicators suggest strong buying momentum, but overbought conditions signal caution. The recent news, particularly the settlement and bankruptcy proceedings, directly impacts the valuation and liquidity of FTT.
Long
by Terrapins
5
What’s The Future Of FTX Token?The crypto industry has recently recorded a price jump following the FOMC meeting, but the market recently experienced a correction of over 3%, resulting in it leveling out gains of major cryptocurrencies. FTX token has recorded a significant loss in value as its price has lost over 10% in the past week. The five-week-long trial has ended as Sam Bankman-Fried “SBF” has been found guilty of all seven criminal fraud counts. The tentative sentencing date has been scheduled for 28 March 2024. Following the news, the FTX price has experienced a fall of nearly 5% in value. The FTX price has displayed constant fluctuations in its price during the last month. Following the start of the SBF case trials, the price recorded significant movements. The FTTs FTX token was trading positively for the first few days, after which the price lost momentum and experienced a drop in value. The coin was trading in a consolidated range for almost two weeks. Following the market pump, FTX broke out of its important resistance level at $1.2145. FTX continued to gain value but was rejected at $1.3648, after which the token lost momentum, broke down its support level, and started trading sideways. FTX Future If the bulls manage to hold the price above the resistance level of $1.2145, the price will stabilize. Further, if the coin holds its price above that level, it will continue to gain value and attempt to break out of the symmetric triangle and rise to test its upper resistance of $1.2832 soon. If the market regains momentum, the price will make a run to test its resistance level at $1.3648 in the coming time. On the contrary, if the bears overpowered the bulls and the price broke down the pattern, it would lose momentum and fall to test its support level at $1.1277 soon. Moreover, if the bears continue to dominate the market, it will experience a price plunge and will test its support level at $1.0990 this month.
Long
by DEXWireNews
Coin98 - Obscure and ready to pumpLooking for an entry point between $.21-$.24 - My idea behind this purchase stems from its ability to act as a defi facilitator and the fact that Alameda research had so much of this token representing their recent sell-off of assets. First Targets are Entry point : $.21 - $.23 Target 3: $.3050 Target 2 (Mid/Long Term) : $.4040 An integral part of the Coin98 ecosystem is C98, the native token. It resides on three blockchains: Ethereum, Binance Smart Chain, and Solana. The token serves many purposes, ranging from letting holders earn a share of transaction fees to staking rewards and unique membership discounts for the various services and products. Additionally, C98 lets users govern the protocol by submitting proposals regarding the Coin98 ecosystem. How Does Coin98 Work? Building an open decentralized network for financial purposes is never a straightforward task. The ongoing competition in the blockchain space also fractures the broader ecosystem, making it too complex for users to get acquainted with different solutions and concepts. Unifying all of those options under one banner is a better objective, although it requires innovative technologies. By default, blockchains are incapable of communicating with one another. The Coin98 ecosystem consists of numerous products, including Coin98 Ventures, Coin98 Labs, and Coin98 Network. Price points are represented in the chart.
Long
by Helios_Capital_Investment
Market Update - November 3rd 2023 Bitcoin holds onto gains as a golden cross appears: Bitcoin (BTC) consolidated around $35k USD this week after its price action exhibited a “golden cross” on the daily BTC chart. Market observers have suggested that such price action could portend a continued upward trajectory for the leading crypto. Sam Bankman-Fried found guilty on all counts: Sam Bankman-Fried, the founder and former CEO of FTX, was found guilty on all seven counts. He faces up to over 100 years in prison. The sentencing hearing is tentatively set for March 28, 2024. In closing arguments this week, prosecutors argued that SBF built his FTX empire on a “foundation of lies and false promises” describing him squarely as a liar who fabricated a “pyramid of deceit.” The defense sought to convince the jury that SBF had simply made mistakes that culminated in the collapse of his once $32 billion empire. Solana leads altcoin charge as ether lags: Altcoins performed well this week, with Solana (SOL) a notable outperformer, rallying 24%. Research analysts have pointed to SOL’s high throughput and growing developer activity as fundamental catalysts for the rally. Other notable high-performers include Decentraland (MANA) +16%, Uniswap (UNI) +13%, Cardano (ADA) +11%, Polkadot (DOT) +11% and Ripple (XRP) +11%. Ether (ETH) prices did not follow suit gaining around 1.7% this week. Federal Reserve holds rates steady and yields continue to dip: The Federal Reserve held its target interest range between 5.25%-5.5% this week. The Fed did not rule out the possibility of future interest hikes depending on economic data, whereas most analysts have ruled out any additional hikes this year. Treasury yields continued their decline, with the 10-year treasury yield dropping 12 basis points after the Fed meeting. 📊Topic of the Week: Technical Analysis ➡️Read more here
GEMINI:BTCUSD
by Gemini
Market Update - October 13 US consumer price index (CPI) remains sticky: CPI data released on Thursday did not show a further cooling in inflation in the US economy, further muddying the Fed’s decision making on the future interest rate path. Federal Reserve unable to reach a firm decision on interest rate hikes: Minutes from the Fed’s last meeting show wavering opinions on interest rate hikes against the backdrop of uncertainty in the US economy. Ongoing conflict between Israel and Hamas dampens investor confidence: The price of both bitcoin and ether has been in decline since attacks erupted between Hamas and Israel on Saturday. Bitcoin has dropped below FWB:27K USD and ether has lagged, falling to 0.057 on the ETHBTC pair. Sam Bankman-Fried’s trial continues as Caroline Ellison takes the stand: The former CEO of Alameda Research pleaded guilty to fraud and testified that SBF directed her to create false balance sheets to hide the company’s debt to FTX. India is paving the way for crypto adoption, despite 30% capital gains tax: The Central Board of Direct Taxes collected over $12m in taxes, and a newly released report ranks India as number one for grassroots crypto adoption. 🫱 Read more here
GEMINI:BTCUSD
by Gemini
SBF hit with 4 new criminal charges, downwards breakoutNews has just come out over the past 2 days that SBF has been hit with 4 new criminal charges. On top of that, the chart screams dump on its own too. We just broke down after a fake exit pump to $2 a couple of days ago. This coin is a bottomless pit, similar to LUNA. Basically short it to 0. Aim for a new low for sure, but at the very least aim for $1. Be wary of fake exit pumps. It wil dump for sure, but you might get liquidated if you're overleveraged and the price get manipulated up by whales in order to dump.
Short
by jariii
Potential for $100 Sol All eyes on Solana right now. After bottoming around $8 due to the FTX catastrophe, Solana has ripped back to ~$23. Fundamentally, I do not know what the future holds for Sol/Solana. However, the chart is at a very intriguing level. If the price can manage to break higher from here it looks like it could be breaking out of a year long down trend. The chart has been up only since Jan 1, so a pullback would not be surprising. Keep an eye on this. The potential for outsized returns could be possible if BTC manages to hold and Solana ( the blockchain ) finds a way to survive without SBF and FTX.
Long
by FredCat5150
I SEE IT COMING CZ Binance FUD is getting serious after the inconvenient CNBC appearance of CZ, removal of last audited files & the large amount of withdrawals last week. SBF's $250m bail & return to his parents after stealing over $10b seems like a joke, but his past financial aids and donations to election campaigns paid off! and guess what? they will even attack Binance as a revenge! Binance is a private company and it is not forced to share very detailed financial reports! but Gensler can do whatever he wants. I will be a happy buyer of $BNB at $200 or lower.
Short
by dogofwallstreets
5
A Christmas Tale.This year has been a funny one, well actually over the last couple of years we have seen an escalation into what looks like a global recession on the horizon. Brexit, Covid, Ukraine, Trump vs Biden, Boris out, Liz out. Inflation - whatever next?! I found a couple of cartoons and thought I would put them in a little gallery here. Non are my opinion, but found them relevant to post. In this day and age; China might even have a "No Santa policy this year" And out in the US; The rest of the world It's been a strange few months to say the least... Some countries are driving a message Whilst some don't have a clue Incompetent And finally in the world that is CRYPTO Have a wonderful holiday season - Happy New Year and all that. Stay safe traders! (As above, opinions or cartoons are not my own. I was just sharing in one post).
COINBASE:BTCUSD
by Mayfair_Ventures
10
FTT to lose another 70%?Please 1st of all click the boost 🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free. Hi guys! Hope you are doing well even after the FTT/ FTX liquidity debacle which has been sort of indicated by the chart below two months ago: Now it seems we are not done yet, as FTT broke down this triangle 📐 and I think there is chance for run to 0.527 and even lower. This would mean another -70% for FTTUSDT from the actual level! Price is currently sitting at key support trendline (blue) but in my opinion it's just matter of time when it will be broken down which could start another brutal selloff. Stay safe! Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Short
by bizmark
3
FTT is gone!Please 1st of all click the boost 🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free. Over a month ago I posted prediction that FTX Token will lose 70% of its value against USDT... At that time the price was 1.8, and now it's already almost another -50% down! As the FTTUSDT pair has been delisted from Binance, you can't "play" the original idea anymore, it doesn't load the new data. Anyway here comes new bearish setup in form of triangle breakout with target @ 0.46 which is another 50% loss of value from current level. I guess we will get there sooner or later with pullbacks along the way. Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Short
by bizmark
Binance Soars Towards $800 Despite Widespread FUDBinance, a giant in the crypto ecosystem, is gearing up for an important run as it looks towards a new all-time high. With much speculation around a recent audits and interviews, price action is seemingly unaffected as buyers continue to load up on the dip. Interpreting the price action from BNB's all-time low, I believe that it is due to test the $800 mark (or come damn close to it) at some point late in 2023 or early 2024. Considering this pending upside wave as the last in its first cycle (Wave 5), I too fully expect for Binance to make a tremendous drop afterwards. Making a 32637X move from the lowest price point ($0.00) to the highest (believed to be $800 roughly), at minimum , Binance should drop towards the 38-50% fib levels . 61.8% and 78.6% are also very commonly seen under these circumstances. As a Binance investor, I would personally begin to look for sells/exit near $800. As a user, I would consider switching to another broker or to cold storage. Typically when crypto brokers suffer these sort of sizeable setbacks, withdrawals are frozen. Itll be very interesting to see how this plays out over the next 1-3 years. Until next time, stay safe and whatever you do, don't drown. Surf!
BINANCE:BNBUSD
by DigitalSurfTrading
4
For Crypto to "Win", it Has to Solve its Own ProblemsThe idea of "smart investing" comes with the assumption that the market rewards reason and punishes irrationality in the long-term. What they don't tell you, though, is that the opposite is often true in the short-term. If you want to make money, more often than not you do have to have the discipline to move contrary to what most are doing. It's been almost a decade since I started getting into this stuff but the above still seems to hold true. Crypto has been mostly flat for about 6 months now, but has stayed mostly stable. The last bull run had a similar pattern where it climbed to new highs (BTC $4000→$16000, ETH $100→$1400) then went back down to where it was prior. (And stayed that way for a few years.) The projects that were diligently working on their product even after the dip ended up reaping the rewards of the 2020 rally and did very well for themselves. The rivalries between Bitcoin, Ethereum, Dogecoin, Tezos, Cardano, Ripple, EOS, etc. were there even back in 2018, but the arguments were mostly about technical differences and felt less “personal”. This time, a lot of arguments you see on social media have more personal, political, ideological slants - a sign of the irrationality of mainstream money having arrived, perhaps. For what it’s worth, despite the FTX scandals and the very negative media coverage of crypto in recent weeks, the price hasn't really moved all that much. Chances are good that the ones that were going to leave are already gone and we're only left with the ones who are in it for the long-haul. While the talking heads gripe about their losses in public, the builders will continue to build, pushing the industry where it needs to be for the future to come. That is the hope, anyway. -- Long-term strategies only work if you're willing to wait at least one market cycle since the system needs time to work itself out - and I haven’t seen any exceptions to this rule, thus far. But having been through 3 crypto winters already, I’m starting to wonder what’s really taking so long for us to get to where we need to be - the “big ideas” in crypto (transparency, accountability, partnership automation) can already be done with distributed ledgers, but the industry has been slow to adapt to it, to say the least. The problem is that we're not really utilizing blockchain technologies the way we should be: case in point, when you look at all the people in the media and social media talking about how much money they’re making, how do we know if what they’re saying is actually true? We have no idea - we’re just taking their word for it, and now we’re finding out that many of them we’re just trying to lie and grift their way to the top. Whatever happened to "verify, not trust"? Having gotten too used to low interest rates, the fiat markets are poised to be in big trouble over the next few years - if not more. The trends do say that when an economic system goes into disarray, crypto adoption tends to go up. But in order for that to happen, the crypto community does need to convince the world that it's safer to park their money in coins rather than fiat - which, if we're being honest - we're not quite there yet. But unlike fiat institutions that are saddled with legacy and protectionist frameworks, crypto has the tools to fix itself if it wanted to - the advantage of being a new industry that has the energy and flexibility to adapt. The current irony is that crypto is suffering from the very problems it poised to solve - but a lot of it is holdovers of bad habits from Web2 and traditional fiat. You could probably argue the SBF's actions was a product of the fiat world, not crypto - there's a reason why there are those on the “inside” trying to protect him now. But FTX is also a preview, in a way, of what's to come to the fiat worlds as we head further into the recession - what they do to SBF could be them next - which is why they feel like they need to protect him at all costs, despite the blatancy of his misdeeds. In a way, SBF did the industry a favor in getting the skeletons out of the closer earlier than later. For fiat, the tide is only just starting to pull. Crypto will either set the new standards for transparency, accountability, and decentralized governance - or it’s going to fall into old habits again and go to 0. (There is no reason for people to use crypto if it’s just going to be Web2.1 - the incumbents have that covered already.) It’s going to be an interesting ride over the next few years, either way.
COINBASE:XTZUSDLong
by RyanTanaka
🔥WHY SBF ARREST IS A BULLISH SIGNAL FOR CRYPTO MARKET❓🔥 Hi friends! This is finnaly happen: Sam Bankman-Fried was arrested in the Bahamas on Monday after US prosecutors filed criminal charges against him. 🚩 SEC charges Sam Bankman-Fried for conducting “a years-long fraud” in FTX. Court filing claims FTX's founder 'orchestrated a massive, years-long fraud — diverting billions of customer funds for his own personal benefit and to grow his crypto empire. 📊 HOW WILL THE ARREST OF SBF AFFECT THE CRYPTO MARKET? Let me remind you that FTX users lost about $1 billion and this is not yet the final information. But I think that FTX users lost the most not directly, but the entire crypto industry. Together with FTT, Solana fell, as well as many other crypto projects. 🚩 Bitcoin fell by 26% from $21,300 to $15,600. Most alctoins fell by 50%. The crypto market lost $280 billion. ✅ The arrest and trial of the former CEO should have a positive impact on the crypto market for one main reason: ALL FRAUDSTERS WILL BE PROSECUTED. Now every owner and manager of any crypto company will know what illegal actions can lead to. Because of this, everyone will benefit and first of all users who have already lost a lot of money. 🚩 Perhaps the founder of Terra Luna Do Kwon will also soon be in court and will be punished by law. 📊 WHAT WILL HAPPEN TO THE FTX EXCHANGE? The new CEO of the exchange John J. Ray III helped the huge company ENRON with debt restructuring after the collapse in 2000-2001. Perhaps the exchange will survive, but it will be extremely difficult to regain the trust of customers. Bernie Madoff , cheirman of Nasdaq, whose fraud was recognized in 2009, sentenced to 150 years in prison. According to preliminary estimates, it is the largest financial fraud in history. The number of victims ranges from one to three million people and several hundred financial institutions, totaling about $50 billion. 🚩 If SBF's guilt will be proven, how many years in prison will he get? Interested to know your opinion in the comments. 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.
by Yuriy_Bishko
5