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Bitcoin price swings to over $20K as Binance helps FTX ‘liquidity crunch’
Binance may even end up buying FTX outright as withdrawals resume on promises from the world’s largest crypto exchange.
Bitcoin price swings to over $20K as Binance helps FTX ‘liquidity crunch’
Bitcoin (BTC) saw major volatility after the Nov. 8 Wall Street open as turmoil over crypto exchange FTX punished markets further.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBinance hints at plan to buy FTX
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s lowest levels in two weeks and 24-hour losses of nearly 7%.
FTX remained the main topic in the industry, despite the United States midterm elections getting underway and Nov. 10 due to deliver fresh inflation data.
“Event of the week was supposed to be US CPI on Thursday, not two billionaires with acronyms for names nuking the market,” popular commentator Tedtalksmacro summarized.
Worries over solvency at FTX were not helped by a lengthy silence from the exchange’s executives as withdrawals stopped on the day.
Chainlink plunges from three-month high as LINK price eyes another 50% correction
Chainlink (LINK) returned to mimic the broader crypto market downtrend as its price fell alongside top coins Bitcoin (BTC) and Ether (ETH) on Nov. 8.
LINK plunged by as much as 10% into the day to reach $8. While BTC and ETH slipped by approximately 6.5% and 9%. That contrasts with the trend witnessed on Nov. 7, wherein LINK rallied 14% to $9.25, its three-month high, while BTC and ETH dropped 1.5% and 0.5%, respectively.
LINK/USD two-hour price chart. Source: TradingViewOverall, on a week-to-date timeframe, Chainlink has outperformed both Bitcoin and Ethereum.
What's making Chainlink stronger
LINK's price has rebounded by nearly 75% after bottoming out at $5.29 in May. Notably, the Chainlink token's recovery rally has coincided with a persistent increase in the supply held by its whales (entities that hold at least 1,000 LINK).
The Chainlink supply percentage held by addresses with a balance between 1,000 LINK and 1 million LINK has risen to nearly 23% in November from 18.2% in May, according to Santiment data. This indicates that rich investors may have been the key players behind the LINK price recovery.
Chainlink plunges from three-month high as LINK price eyes another 50% correction
Chainlink (LINK) returned to mimic the broader crypto market downtrend as its price fell alongside top coins Bitcoin (BTC) and Ether (ETH) on Nov. 8.
LINK plunged by as much as 10% into the day to reach $8. While BTC and ETH slipped by approximately 6.5% and 9%. That contrasts with the trend witnessed on Nov. 7, wherein LINK rallied 14% to $9.25, its three-month high, while BTC and ETH dropped 1.5% and 0.5%, respectively.
LINK/USD two-hour price chart. Source: TradingViewOverall, on a week-to-date timeframe, Chainlink has outperformed both Bitcoin and Ethereum.
What's making Chainlink stronger
LINK's price has rebounded by nearly 75% after bottoming out at $5.29 in May. Notably, the Chainlink token's recovery rally has coincided with a persistent increase in the supply held by its whales (entities that hold at least 1,000 LINK).
The Chainlink supply percentage held by addresses with a balance between 1,000 LINK and 1 million LINK has risen to nearly 23% in November from 18.2% in May, according to Santiment data. This indicates that rich investors may have been the key players behind the LINK price recovery.
How to stop your crypto community from imploding
Crypto communities can often implode, despite the best intentions of everyone involved.
Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded because of its CFO’s connection to the controversial, defunct Canadian exchange QuadrigaCX.
Plausible projects face scaling challenges like Zilliqa or project management problems like Bitcoin Diamond… or simply run out of money like any startup. So, they need a strong and well-coordinated community to ensure they can survive if and when things go wrong.
So, what can be done to help create a healthy community that pulls together to achieve its objectives? Here are some reflections from founders and community managers.
But for starters what even is a crypto “community?”
How to stop your crypto community from imploding
Crypto communities can often implode, despite the best intentions of everyone involved.
Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded because of its CFO’s connection to the controversial, defunct Canadian exchange QuadrigaCX.
Plausible projects face scaling challenges like Zilliqa or project management problems like Bitcoin Diamond… or simply run out of money like any startup. So, they need a strong and well-coordinated community to ensure they can survive if and when things go wrong.
So, what can be done to help create a healthy community that pulls together to achieve its objectives? Here are some reflections from founders and community managers.
But for starters what even is a crypto “community?”
How to stop your crypto community from imploding
Crypto communities can often implode, despite the best intentions of everyone involved.
Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded because of its CFO’s connection to the controversial, defunct Canadian exchange QuadrigaCX.
Plausible projects face scaling challenges like Zilliqa or project management problems like Bitcoin Diamond… or simply run out of money like any startup. So, they need a strong and well-coordinated community to ensure they can survive if and when things go wrong.
So, what can be done to help create a healthy community that pulls together to achieve its objectives? Here are some reflections from founders and community managers.
But for starters what even is a crypto “community?”
Single-issue crypto voters weigh in on midterms before US Election Day
The outcome of elections with pro- and anti-crypto political candidates could determine the future of digital asset legislation and regulation in the United States.
Could Bitcoin have launched in the 1990s — Or was it waiting for Satoshi?
With the Internet, elliptic curve cryptography, even Merkle trees and PoW protocols all present, Bitcoin was “technically possible” in 1994.
Ethereum Shanghai upgrade: EIP-3651 to cut gas fees for key network participants
Traders using builders to execute their complex trades could save a significant chunk of their gas fees as they no longer have to pay for failed transactions.
Ethereum Shanghai upgrade: EIP-3651 to cut gas fees for key network participants
Traders using builders to execute their complex trades could save a significant chunk of their gas fees as they no longer have to pay for failed transactions.
Alameda on the radar of BitDAO community for alleged dump of BIT tokens
The recent concerns related to the volatility of FTX Token (FTT) seeped into FTX CEO Sam Bankman-Fried’s other business operation, Alameda Research, as the BitDAO community requested information about Alameda’s BitDao (BIT) holding commitment.
On Nov. 2, 2021, BitDAO swapped 100 million BIT tokens with Alameda in exchange for 3,362,315 FTT tokens with a public commitment to hold each other’s tokens for three years, so until Nov. 2, 2024. Given the rising uncertainties and speculations, the BitDAO community was quick to react to the sudden fall of BIT prices on Nov. 8, 2022, suspecting Alameda of dumping the BIT tokens and breaching the three-year mutual no-sale public commitment.
BIT market price chart (1 day). Source: CoinMarketCapTo narrow down the reasons for BIT’s price drop, the BitDAO community requested an allowance for monitoring and verifying Alameda’s commitment to holding BIT tokens. BitDAO provided proof of honoring its side of the commitment by sharing an address that shows BitDAO Treasury holding all 3,362,315 FTT tokens.
In return, the community gave Alameda a deadline of 24 hours to prove its commitment, requesting that:
“The preferred method is for Alameda to transfer the 100 million $BIT tokens to an on-chain (non-exchange) address for the BitDAO community to verify, and hold until the end of the agreement.”
Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves
Bitcoin (BTC) and crypto markets fell heavily into Nov. 8 as contagion from the FTX debacle spilled over.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewAnalysts dismiss FTX insolvency fears
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $19,351 on Bitstamp — its lowest levels since Oct. 25.
The pair, along with altcoins large and small, had already begun to show weakness as moves by Binance to cancel exposure to FTX’s in-house FXT Token (FTT) token were confirmed by CEO Changpeng Zhao.
In a Twitter thread later on Nov. 7, Zhao defended the decision, while FTX CEO Sam Bankman-Fried attempted to reassure markets that his trading platform was solvent.
“There were questions about a large ($580m) FTT deposit to Binance, and we were transparent about the fact that we are closing our FTT position,” part of one of Zhao’s tweets read.
Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves
Bitcoin (BTC) and crypto markets fell heavily into Nov. 8 as contagion from the FTX debacle spilled over.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewAnalysts dismiss FTX insolvency fears
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $19,351 on Bitstamp — its lowest levels since Oct. 25.
The pair, along with altcoins large and small, had already begun to show weakness as moves by Binance to cancel exposure to FTX’s in-house FXT Token (FTT) token were confirmed by CEO Changpeng Zhao.
In a Twitter thread later on Nov. 7, Zhao defended the decision, while FTX CEO Sam Bankman-Fried attempted to reassure markets that his trading platform was solvent.
“There were questions about a large ($580m) FTT deposit to Binance, and we were transparent about the fact that we are closing our FTT position,” part of one of Zhao’s tweets read.
Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves
Analytics tools can barely keep up as mass withdrawals appear to imply liquidity is evaporating.