The crypto world has been shaken as the world’s biggest exchange rescue rival.
Vinance, the world’s largest crypto exchange, has reached a draft to buy its rival ftx because it fears the industry could be headed for a recession. The deal would bring together the two largest crypto companies and cement the position of Binance’s founder, Changpeng Zhao.
Commodity Strategist Mike McGlone says BTC, ETH have completed the bulk of their drawdown.
Mike McGlone made a statement in a report published on November 3 that crypto could be gaining ground. According to McGlone, cryptocurrencies like bitcoin have fallen more than traditional assets, making the event risk-averse against not accumulating crypto exposure. Is. He also pointed out that assets like bitcoin and ether see less volatility, leading to lower levels of volatility. He also said that gold will do well when the US Federal Reserve decides to go ahead with the restrictive monetary policy implemented during the last five months. Overall he thinks crypto assets will outperform.
Report: FTX CEO Tells To Staff Crypto Exchange Withdrawals ‘Effectively Paused’
According to CEO Sam Bankman-Fried, before Binance announced the acquisition of the exchange, FTX saw withdrawals of approximately $6 billion in 72 hours leading the staff member’s account to note that the exchange effectively halted withdrawals on FTX.com Went. The healing of the crypto economy didn’t last long and after the FTX report came out, investors went. BTC is down 14.6% in 24 hours and Ethereum is down 19.8% against the US Dollar, trading below $1,300 per ether.
US Government Holds Over 214,000 Bitcoins, Fed’s Stash Equals Over 1% of BTC Supply
The US Department of Justice (DOJ) seized “approximately 50,676.17” bitcoins from a Silk Road thief, according to law enforcement officials. The latest seizure, adding bitcoin to cash that is held by the US government today, resulted in the theft of approximately 214,682 bitcoins worth $4.22 billion according to today’s bitcoin exchange rates. , which equates to 1.02% of the 21 million capped bitcoin supply. The US government has more bitcoin than Microstrategy’s 130,000 BTC stash and Block.one’s 140,000 BTC in cash.
Biggest Movers: FTT Down 30% on Tuesday, Falls to 21-Month Low
The FTX token fell to its lowest level in 21 months on Tuesday as traders continued to liquidate positions. Judging by CZ’s tweet that they decided to liquidate the remaining FTT in their ledger, FTT/USD fell for three consecutive sessions and the token dropped to a low of $15.56 with today’s drop. Price’s lowest level since February 2021 comes after breaking a key support point of $22.25. After a high of $0.118 at the beginning of the week, DOGE/USD slipped to an intraday low of $0.1007 earlier in the week.
Bitcoin and Other Cryptocurrencies Sell as Binance’s Surprise Acquisition of FTX Raises Liquidity Fears in the Sector
The global value of the overall crypto sector fell 5.6% to $972 billion. Bitcoin is down 5.5%, Ether is down 8% and Dogecoin is down 12%. The FTX token and Binance’s BNB reversed gains of over 20% to turn negative, falling 9% and 45%, respectively. Liquidity crisis hit the exchange at the start of the week amid a drop in the FTX token.
MUFG projects the largest Japanese bank offering financial services in the metaverse by 2023.
MUFG, Japan’s largest bank, has partnered with ANA Holdings. The company announced a partnership for air travel and transportation services to be part of ANA’s digital platform. The ANA Granwhale Metaverse platform is anticipated to be operational in 2023 allowing customers to explore the 3D world with avatars at various stores and stands in the virtual world. It hopes to woo younger users with this move.