Weekly Crypto Market News / 7–13 November
Most news last week was related to the FTX exchange:
- it declared bankruptcy, and Sam Bankman-Fried resigned as CEO. In 1 day, the founder’s fortune of FTX decreased from $15.6 billion to $992 million.
- Alameda Research’s liabilities range from $10 to $50 billion, and the fund has been liquidated.
- 106,000 BTC were withdrawn from exchanges within a month.
After the FTX scam, trust in exchanges has already plummeted, and they are doing everything possible to drop it even deeper. For example, AAX closed trading and withdrawals for ten days.
- CZ Binance realized that the fighting with FTX had gone too far, and soon there would be no crypto exchanges on the market, and maybe the market itself. Therefore, they promised to create an industry rescue fund, after which the price of BTC managed to return around $16k.
- 75% of Ethereum transactions are censored, but no one cares. The issue of decentralization should be the first on the agenda after the crypto stops falling.