Billionaire entrepreneur Elon Musk, who recently purchased Twitter in hopes of unleashing the platform’s full potential, acknowledged Twitter’s contribution in tracking down the FTX developments in real time.
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Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco
Over the past few days, major crypto exchanges, including Binance, OKX, Kucoin and Crypto.com, committed to sharing their proof of reserve to regain investor confidence.
FTX funds on the move: bankruptcy proceedings, insider threat or a hack?
The wallet address in question received funds from various international and U.S.-based wallets linked to FTX, which amassed over 83,878.63 ETH (worth over $105.3 million) in just two hours.
Worldwide Webb founder explains the role interoperability will play in Web3
On Nov. 11, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Thomas Webb, the founder of the interoperable avatar game Worldwide Webb, to discuss the integration of interoperability in Web3 and the Metaverse.
By definition, interoperability is a feature of Web3 whereby a product or system can work seamlessly across platforms with other products or services. Webb defines interoperability simply as "creating a token— a nonfungible token (NFT)" since, at its most basic level, no one can control it besides the creator.
But how does interoperability function presently in Web3, and what is its potential impact?
Executing interoperability the "right" way
When discussing how interoperable applications can create a profound impact, Webb described the creativity he has seen from NFT communities and brands.
Whether it comes from "creating a product, creating ideas, or creating experiences," Webb believes that enabling the creation of intellectual property (IP) allows users to display their loyalty and in other ways, their achievement.
Genesis receives additional equity infusion of $140M following recent market events
According to the company, this will bolster its position as a global leader in crypto capital markets.
MakerDAO Risk Core Unit makes urgent parameter change request in light of recent market events
The proposed change would prevent certain coins that have fallen in value recently from being used as collateral.
3 key crypto price events to watch in the wake of the FTX and Alameda debacle
Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups.
At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead.
Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event.
As you already know, FTX is kaput.
Alameda Research is kaput.
3 key crypto price events to watch in the wake of the FTX and Alameda debacle
FTX and Alameda’s Ponzi-like trading scheme has dealt a heavy blow to the entire crypto industry. Here are three developments to keep a close eye on.
3 key crypto price events to watch in the wake of the FTX and Alameda debacle
Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups.
At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead.
Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event.
As you already know, FTX is kaput.
Alameda Research is kaput.
FTX US suspends withdrawals, according to on-chain data
The development comes less than 24 hours after the platform issued an advisory urging its users to close down trading positions
Total crypto market cap drops to $850B as data suggests further downside
The total cryptocurrency market capitalization dropped by 24% between Nov. 8 and Nov. 10, reaching a $770 billion low. However, after the initial panic was subdued and forced future contracts liquidations were no longer pressuring asset prices, a sharp 16% recovery followed.
Total crypto market cap in USD, 2-days. Source: TradingViewThis week’s dip was not the market's first rodeo below the $850 billion market capitalization level, and a similar pattern emerged in June and July. In both cases, the support displayed strength, but the $770 billion intraday bottom on Nov. 9 was the lowest since December 2020.
The 17.6% weekly drop in total market capitalization was mostly impacted by Bitcoin's (BTC) 18.3% loss and Ether's (ETH) 22.6% negative price move. Still, the price impact was more severe on altcoins, with 8 of the top 80 coins losing 30% or more in the period.
Weekly winners and losers among the top 80 coins. Source: NomicsFTX Token (FTT) and Solana (SOL) were severely impacted by liquidations following the insolvency of FTX exchange and Alameda Research.
Aptos (APT) dropped 33% despite denying rumors that Aptos Labs or Aptos Foundation treasuries were held by FTX.
Total crypto market cap drops to $850B as data suggests further downside
The crypto market managed an 11% bounce from the Nov. 9 low, but a handful of metrics show a severe lack of investor confidence.
Total crypto market cap drops to $850B as data suggests further downside
The total cryptocurrency market capitalization dropped by 24% between Nov. 8 and Nov. 10, reaching a $770 billion low. However, after the initial panic was subdued and forced future contracts liquidations were no longer pressuring asset prices, a sharp 16% recovery followed.
Total crypto market cap in USD, 2-days. Source: TradingViewThis week’s dip was not the market's first rodeo below the $850 billion market capitalization level, and a similar pattern emerged in June and July. In both cases, the support displayed strength, but the $770 billion intraday bottom on Nov. 9 was the lowest since December 2020.
The 17.6% weekly drop in total market capitalization was mostly impacted by Bitcoin's (BTC) 18.3% loss and Ether's (ETH) 22.6% negative price move. Still, the price impact was more severe on altcoins, with 8 of the top 80 coins losing 30% or more in the period.
Weekly winners and losers among the top 80 coins. Source: NomicsFTX Token (FTT) and Solana (SOL) were severely impacted by liquidations following the insolvency of FTX exchange and Alameda Research.
Aptos (APT) dropped 33% despite denying rumors that Aptos Labs or Aptos Foundation treasuries were held by FTX.
Climate Chain Coalition releases report on blockchain and emerging technologies at COP 27
Cointelegraph is a member of the network of organizations committed to using blockchain technology for climate action.
Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy
Bitcoin, altcoins and crypto-linked stocks correct sharply after FTX officially files for bankruptcy with BTC price slipping below its June lows again.
Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy
Bitcoin, altcoins and crypto-linked stocks correct sharply after FTX officially files for bankruptcy with BTC price slipping below its June lows again.
Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy
Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after news broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepped down as CEO.
Bitcoin, Ether and MicroStrategy comparison. Source: TradingViewCrypto-linked stocks decline
MicroStrategy’s stock, led by the outspoken Bitcoin advocate Michael Saylor, is down 32.57% on Nov. 11 over a five-day period. MicroStrategy holds about 130,000 BTC, and therefore, its stock price is heavily correlated with BTC/USD. Meanwhile, the tech-heavy Nasdaq has gained 0.79%.
Mining stocks also saw losses on Nov. 11, with the Hashrate Index’s Crypto Mining Stock Index showing a 0.14% loss at the time of writing. Top miners’ market performance is much lower, with Marathon down 4.95%, Riot down 5.74% and Hive down 16.08%.
Mining stock performance sorted by market cap. Source: Hashrate IndexMeanwhile, ETH price saw a 22% decrease this past week despite Ether becoming deflationary for the first time since the Merge. Over 8,000 ETH has been burned in the last seven days, bringing the yearly rate to -0.354%.
7-day Ether supply statistics. Source: Ultra Sound MoneyIn addition to the FTX debacle hindering Ether price, a mass amount of futures liquidations caused the price to hit a fo-month low of $1,070 this week.
FTX crisis likely to spark a domino effect, macro analyst explains
The collapse of Sam Bankman-Fried's crypto empire is likely to have ripercussions beyond the crypto markets, according to senior commodity strategist at Bloomberg, Mike McGlone.
FTX crisis likely to spark a domino effect, macro analyst explains
The collapse of Sam Bankman-Fried’s crypto empire is likely to have repercussions beyond the crypto markets, according to Mike McGlone, senior commodity strategist at Bloomberg.
FTX crisis likely to spark a domino effect, macro analyst explains
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The repercussions of the cataclysmic FTX downfall are going to be broader than the crypto markets, as they will accelerate downward moves in stocks and commodity markets, according to Mike McGlone, senior marco analyst at Bloomberg.
“Bitcoin has been one of the leading indicators on the way up, and it’s a leading indicator on the way down. And it’s just broken down, so expect most dominoes to fall,” McGlone pointed out in a recent interview with Cointelegraph.