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Bitcoin price target now $13.5K as BTC trader says ‘exit all the markets’

Bitcoin (BTC) ranged around $16,500 on Nov. 17 as markets digested the latest events surrounding exchange FTX.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

FTX CEO tells of “complete failure of corporate controls”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing only mild volatility at the Wall Street open.

The pair showed acclimatization to events around the FTX insolvency, the latest including revelations that Alameda Research had been immune from liquidation while trading on the platform.

After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the problems left in his wake.

In a filing with the U.S. Bankruptcy Court for the District of Delaware, Ray describes the corporate control of FTX as a “complete failure.” He wrote:


3 reasons why the FTX fiasco is bullish for Bitcoin

The FTX fiasco is nothing new for Bitcoin as it survived multiple exchange collapses, bear markets and even outright bans in its decade-plus existence.

3 reasons why the FTX fiasco is bullish for Bitcoin

The "Bitcoin-is-dead" gang is back and at it again. The fall of the FTX cryptocurrency exchange has resurrected these infamous critics that are once again blaming a robbery on the money that was stolen, and not the robber.

"We need regulation! Why did the government allow this to happen?" they scream.  

For instance, Chetan Bhagat, a renowned author from India, wrote a detailed "crypto" obituary, comparing the cryptocurrency sector to communism that promised decentralization but ended up with authoritarianism.

Perhaps unsurprisingly, his column conveniently used a melting Bitcoin (BTC) logo as its featured image.

Bhagat should have picked a more accurate image for his op-ed (melting FTX (FTT) Token?), particularly after looking at Bitcoin's decade-plus history that has seen it surviving even nationwide bans. This includes 465 466 obituaries since its debut in 2009 when it traded for a few cents.

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Australian firm raises $28M to expand Bitcoin mining capabilities

The Sydney-based Arkon Energy secured $28 million in a recent funding round to expand its renewable energy Bitcoin mining operations despite the volatile market.

Heroic Story secures $6 million to build Web3 tabletop RPG world

The seed round was led by Upfront Ventures with participation from Multicoin Capital and Polygon Technology.

Crypto City: The ultimate guide to Vancouver

Vancouver hosts a massive mural in honor of Polkadot, and entire city blocks here are heated with Bitcoin mining. The site of the first Bitcoin ATM, the city has also hosted a blockchain wedding overseen by a “Doge Preacher.” Home to Dapper Labs and other blockchain projects, there is also a share of mystery, like the crypto exchange CEO who allegedly died in India.

Fast facts

City: Vancouver
Country: Canada
Population: 2.64 million (Metropolitan Area)
Established: 1886
Languages: English and French

Overview

Situated on Canada’s west coast in the province of British Columbia, Vancouver makes up the country’s third-largest metropolitan area. Consistently rated among the world’s most livable cities, Vancouver is notable for its ethnic and linguistic diversity brought on by waves of immigration, and less than half the population speaks either of Canada’s official languages, English and French, as their first language. Nestled between mountains and the ocean and aiming to become the world’s greenest city under an urban planning philosophy called Vancouverism, it rates among the most expensive cities in the world in terms of housing.

Downtown Vancouver is surrounded by water, so land is scarce. (Source: Pexels)

Originally settled by indigenous peoples over 10,000 years ago, the modern city grew around a tavern on the edge of a sawmill built in 1867. Its prominence grew with the introduction of the Canadian Pacific Railway. Very close to nature and various climates, it is a major tourist hub offering whale watching, skiing, old-growth forests and other outdoor activities. It is today a major port city and travel hub, serving as a gateway to the far east both via Vancouver International Airport and in terms of culture, with people of Chinese ethnicity alone making up 27% of the population. The city hosted the Winter Olympics in 2010 and is sometimes called “Hollywood North” due to its notable film industry.

Compared to the more business-like Toronto, which is a 4.5-hour flight away, Vancouver takes after the United States west coast with a more casual atmosphere — perhaps helped by the far milder weather, which makes Eastern Canada with its freezing rain seem a world away. Despite its relatively small population of 38 million, Canada is an outsized contributor to the blockchain industry, perhaps most notably as the birthplace of Ethereum.

Downtown Vancouver is surrounded by water, so land is scarce

'I knew he was desperate' — Binance CEO CZ opens up on SBF relationship

Binance’s CEO reflects on prior dealings and relationship with SBF after the collapse of his FTX empire.

SBF received $1 billion in personal loans from Alameda: FTX bankrupty filing

A fresh bankruptcy filing from FTX chief restructuring officer John Ray III highlights that Sam Bankman-Fried received $4 billion in loans from FTX-related silo companies.

Binance, OKX and Bybit suspend USDT and USDC deposits on Solana

Binance crypto exchange announced on Nov. 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on the platform.

The exchange referred to the tokens as “USDT (SOL)” and “USDC (SOL),” as USDT and USDC stablecoins remain available for deposits on Binance on other blockchains.

Binance did not provide more information on the measure, adding that Binance “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”

Other exchanges, including OKX and ByBit, are also among the platforms delisting Solana-based stablecoins for deposits. OKX exchange suspended the tokens’ deposits at 3:00 AM UTC on Nov. 17, while ByBit reportedly disabled such deposits as of Nov. 17 as well.

Major cryptocurrency exchanges continue to carry out measures in the aftermath of FTX collapse, now halting deposits in Solana-based Tether USDT (USDT) and USD Coin (USDC).

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Ethereum Climate Platform launches to address the network's prior PoW emissions

Ethereum co-founder Joseph Lubin said that while the Merge set a high standard for climate mitigation, the crisis still requires more radical change.

Ethereum Climate Platform launches to address the network's prior PoW emissions

Ethereum co-founder Joseph Lubin said that while the Merge set a high standard for climate mitigation, the crisis still requires more radical change.

FTX acquisition no more: Canadian exchange Bitvo backs off the deal

Bitvo has managed to back off its acquisition agreement with FTX exchange thanks to long approval process of the deal from local regulators.

US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week

Cold feet are in charge as exchange users continue to move Bitcoin from exchanges to non-custodial wallets.

US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week

Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny.

Data from on-chain monitoring resource Coinglass shows United States exchanges in particular seeing heavy BTC balance reductions.

U.S. exchanges lead BTC exodus

In the wake of the FTX scandal, efforts to draw attention to the risk involved in custodial BTC storage stepped up on social media.

Users appeared to heed the warning, withdrawing over $3 billion in cryptocurrency in the week immediately following the solvency debacle and ordering record numbers of hardware wallets.

The aftermath of FTX is only just beginning, meanwhile, and as regulators plan investigative action and more attention to crypto as a whole, investors angst continues to grow.

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Nayib Bukele announces Bitcoin prescription for El Salvador: 1 BTC a day

El Salvador currently holds 2,381 BTC with a total investment of $103 million, the value of its BTC investment has declined to $39.4 million in the current market conditions.

Ether staking withdrawal schedule removal faces harsh criticism

Twitter users called out the removal of the ETH staking timeframe and with one describing staked ETH as a “non-redeemable” investment.

Aussie treasurer promises crypto regulation next year amid FTX debacle

A spokesperson for Australian Treasurer Jim Chalmers said they are closely monitoring the fallout from FTX's collapse.

Aussie treasurer promises crypto regulation next year amid FTX debacle

A spokesperson for Australian Treasurer Jim Chalmers said they are closely monitoring the fallout from FTX's collapse.

No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek

Singapore's state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn't find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.

Like many of FTX's more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 post:

"The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk."

Before the firm decided to invest $210 million for a stake of 1% in FTX International and $65 million for a minority 1.5% stake in its United States-based entity FTX US across two funding rounds, it claims to have conducted "extensive due diligence" from Feb. to Oct. 2021.

According to Temasek it reviewed FTX's audited financial statements, investigated the associated regulatory risk with crypto financial market service providers, and sought advice from external legal and cybersecurity specialists, with a legal and regulatory review undertaken for the investments.

Bahamian liquidators reject validity of FTX's US bankruptcy filing

The provisional liquidator overseeing the FTX Digital Markets bankruptcy proceedings says FTX wasn’t authorized to file for bankruptcy in the U.S without his approval.

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