CRYPTO MARKET NEWSREEL \ OCTOBER 29 - NOVEMBER 11, 2022

What Happened: FTX Saga, Twitter Takeover, China's BTC and more

Not a dull moment in the crypto market this year. In this issue of Aximetria Crypto Market Update, we cover the ongoing story of FTX, Binance's involvement in Elon Musk's Twitter takeover, updates in Ethereum Roadmap made by Vitalik Buterin and much more!
Market Cap
In the past two weeks, the market cap fell to $0.872 Trillion, according to CoinMarketCap. Bitcoin price dropped to $17,298.0 and Ether is currently trading at $1,271.2 on the Aximetria app.
$872 Billion
-10.8%
* Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the cryptocurrency price with the number of coins in circulation.
BTC Treasuries
BTC Treasures are alternative inflation hedges and stores of value that are especially popular in the times of world economic destabilization.
ETFs
Exchange Traded Funds
808,688 BTC
Governments
244,779 BTC
China
194,000 BTC
Public Companies
258,100 BTC
MicroStrategy
130,000 BTC
Private Companies
316,067 BTC
Mt. Gox
141,686 BTC
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
46,351 BTC
Ukraine
El Salvador
2,381 BTC
40,000 BTC
Galaxy Digital Holdings
Voyager Digital LTD
12,260 BTC
140,000 BTC
Block.one
The Tezos Foundation
17,500 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
25,284 BTC
+382.05%
+0.06%
Headlines

  • Full saga of FTX and Binance

BNB
$295.2
+7.0%
BNB
FTT
$3.53
-85.3%
FTX Token
Nov 2
Nov 2
Reports with a leaked balance sheet from trading firm Alameda Research, founded by FTX CEO Sam Bankman-Fried, suggested the company held a significant amount of the native FTX token, called FTT.
Nov 5
Nov 5
The Twitter account Whale Alert, which tracks huge on-chain crypto transactions, notified its users that nearly 23 million FTT worth $580+ million moved onto Binance.
Nov 6
Nov 6
Alameda Research tried to explain the state of their balance sheet. Binance CEO Changpeng "CZ" Zhao stated his exchange would liquidate its entire FTT holdings. Later that day, Alameda CEO offered to buy Binance's FTT holdings for $22 per share.
Nov 7
Nov 7
FTX users were in full panic-mode, trying to sell their FTTs and mentioning problems with withdrawals. The exchange publicly addressed the complaints, and after that Bankman-Fried fired off a series of tweets saying Binance "is trying to go after us with false rumors" and added that "FTX is fine. Assets are fine." CZ declined Alameda CEO's offer.
Nov 8
Nov 8
Sam Bankman-Fried published a shocking announcement that FTX had "come to an agreement on a strategic transaction" with Binance for the exchange to help cover what he called a "liquidity crunch," meaning selling the exchange to Binance. Later on he removed the "assets are fine" tweet and FTX websites went dark.
Nov 9
Nov 9
Binance announced that it will not be pursuing the acquisition of FTX. In the same day, reports emerged on Nov. 9 that Bankman-Fried asked investors on a call for $8 billion in emergency funding to cover the "liquidity crunch" caused by user withdrawals over the past few days.
Nov 10
Nov 10
Venture capital firm Sequoia Capital marked down the entire $214M FTX stake to zero. Sam Bankman-Fried apologized over FTX liquidity crisis on Twitter: 'I fucked up twice.' Later that day, according to data from Etherscan, FTX appears to have resumed withdrawals. The same day FTX US resigned from the Crypto Council for Innovation.
Nov 11
Nov 11
California regulators stated they plan to investigate the FTX collapse. Rumors about the arrest of FTX CEO Sam Bankman-Fried are fueling social media interest in the story.
Update Nov. 12-13. FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US, and FTX CEO Sam Bankman-Fried resigned. FTX is under investigation in the Bahamas for criminal misconduct.

To be continued…

  • Binance supports Elon Musk's Twitter takeover with $500M

Binance's CEO, Changpeng "CZ" Zhao, confirmed on Oct. 28 that the company had put its money on the table as Musk finalized his ownership of Twitter. CZ took to the newly-owned platform to confirm that the company had wired the funds earlier in the week.

Acknowledging the buzz around this topic, CZ shared six reasons why he opted to support Twitter and what it may mean for the future of Twitter.
CZ's primary reason for investing in Twitter was his belief in free speech. Among other reasons, there are Binance's support for entrepreneurs, "tremendous untapped value" of the platform, potential Web3 integration and others. CZ also mentioned that personally to him Twitter has been crucial in maintaining open communication with the crypto space, including entrepreneurs, investors, journalists and the general public.

  • Solana plans a Google partnership, smartphones, Web3 stores and more
SOL
$18.35
-40.1%
Solana
The Solana team made a series of launch announcements during the ecosystem's annual gathering at Breakpoint 2022 in Lisbon. Solana's roadmap includes the launching of smartphones, decentralized application (DApp) stores and a partnership with Google Cloud, among others.

While all these announcements show a huge number of milestones for Solana, its partnership with Google Cloud expectedly stole the show.

According to Cointelegraph, Google Cloud is building a block-producing Solana validator to participate in and validate the network. Google Cloud's Blockchain Node Engine will feature on the Solana chain from 2023. The integration will allow users to launch a dedicated Solana node in the Cloud.
Want to stay up to date with Solana's partnership with Google and other updates? Subscribe and get bi-weekly crypto market reports about news and regulations governing the crypto industry.

  • China holds $3.9B worth of Bitcoin despite anti-crypto position
BTC
$17,298.0
-14.3%
Bitcoin
CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry.
According to Young Ju, China holds $6 billion worth of cryptocurrencies — including 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and several other unnamed digital assets — it seized from the PlusToken scam in 2019.

  • Vitalik Buterin added a new category of milestones to the Ethereum Roadmap
ETH
$1,271.2
-15.7%
Ethereum
The Ethereum network's updated plans were revealed by Buterin in a Nov. 5 Twitter post — which introduced a section called the Scourge in a now expanded six-partechnical roadmap.

The updated technical roadmap now inserts the Scourge as a new category, and is accompanied by other previously-known segments — the Merge, the Surge, the Verge, the Purge and the Splurge.
According to Buterin, the goal of the Scourge is to "ensure reliable and credibly neutral transaction inclusion and to avoid centralization and other protocol risks from MEV."

Ethereum co-founder also noted that a "more explicit role for quantum-proofness" would be implemented at various stages of the Ethereum roadmap as a necessary component of the "endgame" protocol.

  • NBA Superstar Steph Curry files trademark for the Curryverse, where players can earn NFTs
National Basketball Association (NBA) star, Steph Curry recently filed a "Curryverse" trademark application and plans to introduce his own version of the Metaverse to the NBA's 650 million fans. According to the filing, this trademark will provide Curry exclusive rights for "entertainment services, namely, personal and virtual and metaversal appearances."

The Curryverse will also provide "online gaming services in the nature of virtual worlds," where players will be able to earn both fungible and non-fungible tokens (NFTs), which will be able to be bought or sold at an "online marketplace."

Curry is an active user of the NFT community, having purchased a Bored Ape Yacht Club NFT in August 2021. His collection also includes other digital collectibles, such as a membership pass to Web3 golf startup LinksDAO. Moreover, he released his first official NFT release in partnership with Under Armour in December 2021, grossing more than 2200 ETH (around $3.5 million) in sales volume, according to OpenSea.
Crypto Regulation Updates
El Salvador and city of Lugano signed an economic cooperation agreement about crypto
Read more
El Salvador
UAE
New 'crypto token regime' instituted at the Dubai International Financial Centre is live
Read more
Hong Kong financial regulator issues guidelines for crypto futures ETFs
Read more
Switzerland's financial regulator extends reporting requirements for crypto transactions
Read more
Switzerland
China
Canadian regulatory council builds new preregistration filing for crypto trading platforms
Read more
Canada
Analysts Talk
Seems like everyone on the internet has been buzzing about an Elon Musk Twitter takeover for over a month now. The acquisition, first mentioned in April, was confirmed in an SEC filing from the company on Oct. 28, noting it's delisting $TWTR from the New York Stock Exchange.

With countless rumors and diverse speculations around this move flying around, it's important to analyze its significance for the bigtech influence on other markets, including crypto.

We asked crypto researchers and analysts what they have to say about the potential influence of Musk's Twitter acquisition on the social media crypto adoption.
  • Martin Hiesboeck
    Martin Hiesboeck, head of blockchain and crypto research at cryptocurrency trading platform Uphold
    "Many in the crypto space are bracing themselves for how Elon Musk will impact the industry, and the response has been surprisingly optimistic.

    It's clear Musk will drive the digital asset integration with the platform along. For instance, many platforms will offer their own crypto wallets in order to keep transactions close to their ecosystem. Twitter doing this is a logical step for a social network that already enables users to send tips in crypto."


  • Jack Jia
    Jack Jia, head of GateFi at fintech firm Unlimint
    "You can connect noncustodial wallets like MetaMask to your Instagram or Twitter and display your NFT as a profile picture. Google launched a fully managed Ethereum node service much like Infura and Alchemy. Then Coinbase and Revolut look more similar today than different in terms of crypto features and functionality.

    So, Musk's Twitter will have a great impact on crypto, probably by launching something similar to Aave's Lens Protocol, decentralizing Twitter to make it more censorship-resistant."
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