After the announcement of a potential takeover of FTX by Binance, Do Kwon showing up live and the return of BTC below $18,000, the day of November 8, 2022 will surely remain in the minds of cryptocurrency investors. With so many twists and turns, these events will have literally made us see all the colors.
The FTX affair led to an unimaginable day
If you thought you had seen it all in the cryptocurrency market, the day we witnessed yesterday following the FTX affair yet had everything of a film script.
Last Monday, Sam Bankman-Fried (SBF), the founder of FTX and Alameda Research still denied rumors about his companies. But 24 hours later, those rumors came to fruition and Changpeng Zhao (CZ), the founder of Binance, announced that his platform would help FTX with a takeover.
At first, the price of the entire crypto market reacted immediately. Indeed, while the day had started in the red, Bitcoin (BTC) price fell from $19,277 to $20,705. For its part, the BNB of Binance even offered a rally of almost 22% from 326 to 398 dollars.
These elements clearly suggested that the low point was behind us, but the market decided otherwise by going just as violently in the other direction. Thereby, BTC went as far as to touch $17,226 on some platforms, if we refer to the TradingView spot index:
BTC price in hourly data
The Chicago Mercantile Exchange (CME) futures contract even indicates a low point at $16,835. As of this writing, the price of the asset is still trading below $18,000, leaving doubts about which direction to take.
While it is difficult to give a concrete explanation for the sudden fall in the market, it is likely that after the temporary euphoria, the latter became worried about the strong centralization that would result from the acquisition of FTX by Binance.
Also, with FTX being the biggest platform in the US, it wouldn’t be surprising to see US regulators sticking their noses in, although technically speaking, the international branch of FTX is registered in the Bahamas.
👉 To go further – Take back control of your cryptocurrencies with Ledger keys
The French unicorn of crypto wallets 🔒
A complete crypto experience, from buying to securing
A lunar live with Do Kwon and Martin Shkreli
If the day was already full of twists and turns, we would have been wrong to think that we couldn’t be even more surprised.
While crypto influencer Cobie announced a live Twitch to discuss the events, Zhu Su, the co-founder of the defunct investment fund Three Arrows Capital (3AC), took advantage of a tweet to resurface after an inactivity since last July 12 :
gm
— Zhu Su 🔺 (@zhusu) November 8, 2022
But as if that weren’t enough, at 1:13 minutes live, Do Kwon, the founder of Terra who is still wanted by the authorities, asked to join the conversation which then turned into an improvised interview.
Height of the evening, Martin Shkrely, the former fund manager known for various medical scandals, was also invited to this live at 1:36 minutes. He is notably known for having raised the price of Daraprim, a drug used among others by people with AIDS, from 13.5 to 775 dollars per tablet in 2015.
Seeing him join the conversation, Do Kwon expressed surprise himself:
“Bord**, is that Martin Shkrely?” »
Martin Shkrely, already condemned in the past, then allowed himself to advise the founder of Terra not to worrybecause “jail wasn’t so bad» :
That awkward moment from @UpOnlyTV when Martin lets @stablekwon know that “jail isn’t that bad.” 😂😂😂
Martin: “So don’t fret.”
Do Kwon: “Good to know.”@cobie #LUNA #terra #ust @ledgerstatus pic.twitter.com/oCNxFv3xFg
— Colin Talks Crypto – CBBI.info (@ColinTCrypto) November 8, 2022
After a long period of lateralization, the market reminded us that the bear market had perhaps not said its last word. Moreover, this chain of events, each more unpredictable than the next, shows that the ecosystem still needs to gain in maturity.
👉 Also in the news – FTX: Sam Bankman-Fried’s fortune rises from $14.6 billion to $991 million
The No. 1 exchange in the world – Regulated in France
10% off your fees with code SVULQ98B 🔥
Sources: TradingView, UpOnlyTV
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
358 items
