Alameda and FTX had significant exposure to guess what… USDT. Tether sent $36.7 billion to alameda, $31.7 billion (86%) of which was sent in the past year. 87% of USDT sent to alameda was directed to FTX. Another player that might be underwater is CeFi lender NEXO. Nexo has already received an EMERGENCY cease…
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This is so important Celsius, FTX, Alameda, Voyager, HodlHodl, 3AC all took Bitcoin that wasn’t theirs dumped it, lost it or sold coins they didn’t have bringing the prices super low and then declared bankruptcy so they don’t have to repay it meaning the price doesn’t get to come back. They have all crushed the…
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The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia Talks Regulation in New Report Devoted to Digital Assets […]
BNB price (Binance coin) declined heavily after the FTX collapse against the US Dollar. BNB must stay above the $300 support to start a fresh increase. Binance coin price started a major decline from the $360 resistance zone against the US Dollar. The price is now trading above $300 and the 100 simple moving average (4-hours). There was a break below a major bullish trend line with support near $338 on the 4-hours chart of the BNB/USD pair (data source from Binance). The pair could start a fresh increase if it stays above the $300 support zone. Binance Coin Price Revisits Key Support After forming a base above the $280 level, BNB price started a strong increase. The price climbed above the $300 and $335 resistance levels. The price gained pace after it broke the $350 barrier and the 100 simple moving average (4-hours). Finally, it spiked above the $360 level and formed a new monthly high at $361. Recently, FTX’s drama and collapse dragged the market lower, including ethereum, bitcoin and ripple. There was a major decline below the $345 and $335 support levels. The price even spiked below the 50% Fib retracement level of the upward move from the $264 swing low to $361 high. Besides, there was a break below a major bullish trend line with support near $338 on the 4-hours chart of the BNB/USD pair. The price is now consolidating above $300 and the 100 simple moving average (4-hours). An initial support is near the $312 level. Source: BNBUSD on TradingView.com The first major support is near the $300 level. It is near the 61.8% Fib retracement level of the upward move from the $264 swing low to $361 high. The next major support is near the $286 level. If there is a downside break below the $286 support, there could be an extended decline towards the $260 support. Fresh Increase in BNB? If BNB fails remains stable above $312 or $300, it could start a fresh increase. On the upside, the $330 and $338 levels are immediate hurdles. The next major resistance is near the $345 level, above which the price is likely to aim a test of the $365 level in the near term. Any more gains might send the price towards the $380 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $312, $300 and $286. Major Resistance Levels – $330, $338 and $365.
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Did this Coin Metrics analyst uncover the key to the whole Alameda/ FTX story? Because let’s face it, it doesn’t make sense. Both of Sam Bankman-Fried’s businesses were extremely profitable. FTX was the world’s third-biggest exchange and growing, why would anyone risk killing that golden goose? There must have been an underlying cause. Did this Coin Metrics analyst uncover it in the on-chain data? He might have. Related Reading: Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT? The Head of R&D at Coin Metrics, Lucas Nuzzi, ends his thread with a warning: “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” The case the Coin Metrics analyst is making rests on solid on-chain data, but the interpretation of what said data means is “highly-speculative.” So, take it with a grain of salt and don’t go around saying this is exactly what happened, because it might not be. That being said, yikes! The Coin Metrics Analyst Makes The Case Lucas Nuzzi starts with a statement of fact, “I found evidence that FTX might have provided a massive bailout for Alameda in Q2 which now came back to haunt them.” And then, he poses a mystery. “40 days ago, 173 million FTT tokens worth over 4B USD became active on-chain.” Where did those tokens go? You guessed it, Alameda Research. The day was September 28th. A record-breaking $8.6B in FTT moved that day. 2/ That day, September 28, over 8.6 Billion USD worth of FTT was moved on-chain. That was by far the largest daily move of FTT in the token's existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics. pic.twitter.com/GnUO1ZcCB7 — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 “That was by far the largest daily move of FTT in the token’s existence and one of the largest ERC20 daily moves we ever recorded at Coin Metrics,” Nuzzi tweeted. What was happening around Alameda and FTX near that time? Nothing special, really. On August 24th, Sam Trabucco stepped down from the Co-CEO position at Alameda Research. “I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company,” Trabucco tweeted. On September 27th, Brett Harrison stepped down from the CEO position at FTX. “Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company,” Harrison tweeted. This one is the kicker. On September 28th, Sam Bankman-Fried tweeted, “Heads up: rotating a few FTX wallets today (mostly non-circulating); we do this periodically. Might be a few more coming, won’t have any effect.” If all of this is true, that last SBF tweet will probably make an appearance in court. FTT price chart for 11/09/2022 on FTX | Source: FTT/USD on TradingView.com So, What Did Alameda Do With The Money? Believe it or not, the FTT tokens came directly from the original ICO smart contract. The Coin Metrics analyst “found a peculiar transaction that interacted with a contract from the FTT ICO. This 2019 contract *automatically* released 173 Million FTT from the token’s ICO.” Strange, but both organizations are joined at the hip. There might’ve been legitimate reasons. Then, things took a bizarre turn. “Alameda then sent that *entire* balance to the address of the deployer (creator) of the FTT ERC20, which is controlled by someone at FTX.” WHAT? 4/ The recipient of the $4.19 B USD worth of FTT tokens was no one but Alameda Research! So what? Alameda and FTX were intrinsically connected from day 1 and Alameda obviously participated in the FTX ICO. But what happened next was interesting… — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 The Coin Metrics Analyst’s Theory According to Lucas Nuzzi, Alameda Research wasn’t immune to the crypto contagion that plagued the space in Q2. In fact, the company might’ve blown up with 3AC, Voyager, and Celsius. “It ONLY survived because it was able to secure funding from FTX using as “collateral” the 172M FTT that was guaranteed to vest 4 months later.” That’s an extremely risky move. It almost seems like FTX didn’t have a choice. 8/ The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn't collapse and a bank run ensued This is why Alameda tried their best to protect FTT's price.https://t.co/nX1tphjLNR — Lucas Nuzzi (@LucasNuzzi) November 8, 2022 They didn’t, because “the FTT ICO contract vests automatically. Had FTX let Alameda implode in May, their collapse would have ensured the subsequent liquidation of all FTT tokens vested in September.” If the scenario the Coin Metrics analyst poses is real, SBF and company had to do it. And they paid a heavy price for it. “The Alameda bailout likely put a dent on FTXs balance sheet to the point where it was no longer solvent. This would have been fine if the price of FTT didn’t collapse and a bank run ensued.” Related Reading: The Binance Vs. FTX War: Here Are The Most Recent Stats & On-Chain Data This Is Where CZ And Binance Come In In this scenario, CZ And Binance somehow found out about the deal. And the biggest cryptocurrency exchange by trading volume had a heavy FTT bag. “As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT),” CZ tweeted when he announced they were liquidating their position. What did this heavy FTT bag mean? The Coin Metrics analyst explains, “As large holders of FTT, they could start deliberately tanking that market to force FTX to face a liquidity crunch.” And they did. And then, Binance offered to buy FTX and relieve them of their problems. Presumably for pennies on the dollar. A master stroke by CZ and team, if true. But remember the Coin Metrics’ analyst warning, “Important to note that this is my own personal highly-speculative take on what happened based on these on-chain artifacts.” Don’t go around saying this is exactly what happened, because it might not be. Featured Image by Gerd Altmann from Pixabay | Charts by TradingView
My question is how to approach using NFT for games let's say I created a game on unity and I have riffle how do I tokenize or make an NFT out of it. Let's say each riffle have different attributes like accuracy, fire rate, and damage, do I store those data off chain or on…
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Polygon (MATIC) has been on an upward trend since it broke out of a rising wedge pattern last week. Across all time frames examined by CoinGecko, MATIC has been on the rise, with the monthly time frame revealing the most increase (41.9%). The crypto has been able to mount a decent rally, climbing 13% in the last seven days. But, there’s a lot of higher ground to cover. The token’s current trading price of $1.05 which is below its opening price of $1.30, indicates that it was strongly rejected at that level. Since the MATIC token’s Stoch RSI values have recently been trending down from the overbought side, this poses a substantial risk to bulls. Will MATIC be able to maintain its stability or will it eventually fail? Related Reading: Tron Transaction Volume Balloons To 5.3 Million In Q3, But There’s Still Doubts Ahead Large Correction Forms For Polygon After starting its climb in late October, the token is currently in its correction stage after a protracted wick rejection on the $1.3075 price level. While the Stoch RSI values are falling, the CMF index is trending higher, giving the bulls a boost. Rallies like the one MATIC is in are, however, susceptible to corrections, which often occur after the asset achieves a rejection. Lower time frames, however, show that MATIC is stabilizing above the $1.1241 support level. The bull-bear strength indicator is currently on the bears’ side and is in direct opposition to the CMF indicator. If MATIC breaches the range of support at $1.1241, the bulls can stabilize the price around $0.9367, which still supports MATIC’s path to further highs. As Polygon becomes increasingly connected with traditional financial institutions, investors and traders should monitor macroeconomic developments. Related Reading: SushiSwap Suffers Monthly Drop In TVL – How Will SUSHI Perform This November? MATIC Performance On The Crosshair As MATIC reaches new heights and its engagement in the traditional financial sector becomes more obvious, its performance in the next days will reflect this development. As institutions look to Polygon as a gateway to Web3 and DeFi, the stabilization of the token above the 23.60 Fib retracement line could be a stimulus for further rally. This could be the beginning of a new age for Polygon, as the increased institutional interest in Web3 technology and DeFi will bring in new investors and traders. But for the time being, MATIC investors and traders should prepare for the continuing corrective period and avoid becoming greedy, as this could result in another market decline. This price fluctuation also disrupted MATIC’s link with Bitcoin, which is excellent news given that BTC is trading at a loss. We should anticipate more highs and lows for MATIC in the coming days. MATIC total market cap at $8.5 billion on the daily chart | Featured image from Blockchain News, Chart: TradingView.com
BTC price pressure sees sellers take out existing two-year macro lows, but optimism over a relief “pump” is building.
In the light of what has happened yesterday… with solana losing it's largest backer what's your outlook on its future. The ecosystem itself is thriving, I personally have a few friends that have actively been learning to build on solana and they say the community is pretty engaged… and lots of things are happening. There…
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