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The fall of FTX: A tale of hubris in the crypto world | Opinion

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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In the world of technology and cryptocurrency, a world where everyone seems to be a “founder”, “leader” or “entrepreneur”,  one word that seems to persistently hover in the atmosphere is “arrogance.” It’s as if the very essence of innovation and disruption is interwoven with an air of invincibility, a sense that the old rules don’t apply to the new kids on the block. This arrogance often leads to the downfall of promising companies, and FTX, a once-prominent player in the crypto space, serves as a stark reminder of the perils of hubris. You might also like: ‘The end of the Wild West’: What awaits crypto after the Bankman-Fried’s case FTX, a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2017, rapidly rose to prominence within the crypto community. With its sleek user interface, diverse range of off
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ETH spot volumes at highest level since FTX collapse 

According to a post from Kaiko, a leading source of cryptocurrency market data, analytics, indices, and research, dated Nov. 10 on X, spot volumes are on a positive uptrend. The promising numbers are believed to be a product of ETF excitement with news from BlackRock. A $6 billion spike Data shows that from lows of less than $1 billion in February of this year, spot volume , or the total amount of a particular asset or cryptocurrency that has been traded in the spot market within a specific timeframe has now exceeded $6 billion in November, after a volatile few months. #ETH spot volumes surged to their highest level since the FTX collapse boosted by ETF excitement. pic.twitter.com/WrSEiKVP0y — Kaiko (@KaikoData) November 10, 2023 In the same day, Ethereum (ETH), the second-largest digital asset by market capitalization, demonstrated a notable upswing on Nov. 9, hitting its 52-week peak at $2,137. You might also like: Kaiko reports Alameda gap still exists At prese
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PEPE’s Price Responds Badly To Mysterious Frog Meme Posts

The PEPE team boasted about PEPE’s recent price successes by posting a number of memes on X about the token’s price going up. In the past 24 hours, PEPE’s price fell by over 2%, which left it trading at $0.00000131. PEPE was still up by 24.98% on its weekly time frame and also climbed by about 108% in the past month. The Pepe (PEPE) community was left confused yet excited after the official PEPE X account posted a picture on the social media platform earlier today. The only thing included in the post was a picture of the frog character that inspired the meme coin, holding a green chart candle. pic.twitter.com/m9YZqCyclS — Pepe (@pepecoineth) November 10, 2023 This latest post was just one of many that the team has posted over the past few days. In all of the pictures, the PEPE frog was watching the price of the token climb higher and higher. It seems like the team was attempting to create some excitement surrounding the cryptocurrency to push its price
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BlackRock confident SEC will approve Spot Bitcoin ETF by January

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Fox News reports that BlackRock is confident that the SEC will approve its Spot Bitcoin ETF by January. Fox Business Network’s Charles Gasparino shared the report today. The news comes after the $9 trillion asset management firm registered for an Ethereum Trust in Delaware. JUST IN: BlackRock is confident the SEC will approve its Spot #Bitcoin ETF by January, Fox News reports. — Watcher.Guru (@WatcherGuru) November 9, 2023 BlackRock has been one of many financial institutions seeking to bring the first Spot Bitcoin ETF to the US. It is one of the most highly publicized pending applications along with Grayscale. The SEC still holds multiple different Bitcoin ETF applications, however, BlackRock is reportedly certain that its application will be clear to move forward by January 2024. Upon approval, it’s not certain what a timeline will look like for the institution’s ETF to take effect. Source: CryptoSlate Also Read: BlackRock Registers Ethereum Trust in Delaware
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Binance Launches New Loanable Assets, Perpetual Contract, and More

Binance has recently launched new loanable assets and margin pairs. Binance Futures just released its latest USDⓈ-M BADGER Perpetual Contract. The BADGERUSDT project targets 50x maximum leverage for its global consumers. Multinational cryptocurrency exchange Binance has recently added more loanable assets and margin pairs to its portfolio through its support page. Concurrently, its crypto derivatives exchange, Binance Futures, has just launched its newest USDⓈ-M BADGER Perpetual Contract. Binance’s latest loanable and borrowable assets are GNO, AST, and ORDI in Cross Margin and Isolated Margin. The pairs of the former trading feature include GNO/USDT, AST/USDT, RAY/USDT, and SCRT/USDT. Meanwhile, the latter pairs are BADGER/USDT, MOVR/USDT, RAY/USDT, ORDI/USDT, and SCRT/USDT. According to the Binance support page, an Isolated Margin lets users allocate a portion of their funds in a single position to cap risks. Alternatively, a Cross Margin uses all the f
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Why is crypto market up today?

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Although most digital assets have slowed down their gains from the previous weeks, the cryptocurrency market has increased its total value by over 3% today, and the reasons largely trace back to the flagship decentralized finance (DeFi) asset that has reached its new yearly high. Indeed, the crypto currency sector’s total market capitalization currently stands at $1.37 trillion, indicating a 3.008% increase from the $1.33 trillion in the last 24 hours, according to the data retrieved by Finbold from the crypto monitoring platform CoinMarketCap on November 9. On top of that, thanks to the strong and steady advances of Bitcoin (BTC), which has recently surpassed the psychologically critical $36,500 price level, the total crypto market cap has risen a staggering 72.59% since $793.77 billion, where it stood on January 1, 2023. Total crypto market cap year-to-date (YTD) chart. Source: CoinMarketCap What’s happening in crypto Meanwhile, the maiden crypto asset was at press time ch
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Memecoin’s (MEME) Binance Listing Lands Tokens In Whales Wallets

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Memecoin airdropped millions of tokens to whales who were involved in the FireSale. MEME lost 33.55% of its value in the last seven days. If the RSI jumps to 58.35, MEME may retest the $0.02 region. The launch of Memecoin (MEME) on the Binance Launchpad came with much excitement as many bought into the hype. Besides, the accumulation that followed the launch, Memecoin also distributed airdrops to early players and those who got into the pre-sale season.  MEME’s pre-sale price was $0.183. However, after a 1005% earlier hike, MEME has lost 33.55% of its value according to CoinMarketCap, while exchanging hands at $0.017.  What Is Memecoin (MEME)? Memeland, a web3 venture studio, developed Memecoin, and it is the native token of the Memeland ecosystem. As of this writing, MEME’s market cap was $157.72 million. The total supply of Memecoin is 69 billion, with 8.79 billion of the tokens in circulation. According to Lookonchain, Memecoin allocated
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Coatue Management slashes stake in OpenSea by 90%

Coatue Management, a US-based tech investment firm, has significantly reduced the valuation of its investment in the NFT marketplace OpenSea by 90%. According to reports on Nov. 7, Coatue has slashed its stake from an initial $120 million to a mere $13 million. This adjustment suggests that OpenSea’s valuation is now approximately $1.4 billion. Coatue has also revised the value of its investment in MoonPay, a web3 payment provider, reducing it by the same margin of 90%. In January 2022, OpenSea secured $300 million during a Series C funding round. The round was spearheaded by Paradigm and Coatue, catapulting the valuation of the NFT platform to $13.3 billion at that time. You might also like: OpenSea rolls out Pro version on Polygon, adds support for cross-chain swaps NFTs, which are unique crypto assets, enable owners to authenticate their ownership of various items, whether tangible or digital. The NFT sector, however, has not been immune to the prolonged bear market
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Crypto banking app Bitwala relaunches via new partnership with Striga

European crypto-banking platform Bitwala, formerly known as Nuri, is coming back after ceasing operations in 2022. European cryptocurrency banking platform Bitwala, formerly known as Nuri, is coming back after ceasing operations and returning customer funds last year. Bitwala is re launch ing operations under its original name, in partnership with the support of the banking infrastructure company known as Striga, the firms said in a joint announcement to Cointelegraph on Nov. 8. As part of the partnership, Striga is providing Bitwala with “Banking and Crypto-as-a-Service,” enabling the crypto banking app to draw on its trading and card-issuing functionality, Bitwala CEO Dennis Daiber said. Bitwala, which rebranded as Nuri in 2021, filed for insolvency in August 2022, citing liquidity issues coming amid a massive crypto bear market that was triggered by the Terra crash. The firm eventually shut down operations in October 2022, asking its 500,000 users to withdraw their assets before
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Litecoin Bounces Below The Recent High

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Nov 07, 2023 at 14:27 // Price Author Coin Idol Cryptocurrency analysts of Coinidol.com report that Litecoin (LTC) is slipping as it hits resistance at $75. Long-term forecast for the Litecoin price: bullish At the time of writing, the cryptocurrency value has declined to a low of $73. The price of Litecoin (LTC) is approaching its previous range between $58 and $70. The current rise will continue if Litecoin retraces and finds support above the $70 mark. The price indicator predicts that the altcoin will rise to a high of $86 or the level of the 2.0 Fibonacci e
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Shiba Memu price forecast after presale extension

Shiba Memu presale was extended for the second time, with the final date now December 30. Interest in the project has been huge, with over $4.37 million raised so far. The Shiba Memu price could rise sharply when the token launches on top exchanges next year. Crypto traders and investors are sizing up the market for what could be defining opportunities in this bull cycle. Although the flagship cryptocurrency Bitcoin is expected to lead the new bull market, a few projects are emerging to challenge established altcoins for the breakout coin or token this cycle. One of these could be Shiba Memu (SHMU), whose presale just got extended as demand pushed total investment raised to over $4.37 million. What is Shiba Memu? Shiba Memu seeks to become one of the top cryptocurrencies in the market when it launches next year. Per the project’s whitepaper, the new meme coin has integrated AI to create a marketing powerhouse. In this case, Shiba Memu will have a 24/7 mar
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London Stock Exchange Group (LSEG) Seeks Director of Digital Assets

The London Stock Exchange Group (LSEG) has posted a job opening for a director of digital assets. The ideal candidate for the role should have a passion for digital assets, cryptocurrencies, and distributed ledger technology. The director of digital assets will focus on developing infrastructure solutions and capabilities. The London Stock Exchange Group (LSEG) recently posted a job opening for a director of digital assets. The parent company of the London Stock Exchange, LSEG, said ideal candidates should have a “passion for and understanding of digital assets, cryptocurrencies, and distributed ledger technology.” According to the LinkedIn posting, the future digital asset manager will help LSEG outline and execute a strategy focused on “a suite of new infrastructure solutions and capabilities.” Moreover, they will develop LSEG’s brand and ecosystem related to digital private markets. The posting comes after LSEG announced plans to launch a traditional a
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BAYC goes full 'laser eyes' and allegedly blinds ApeFest attendees

Bored Ape Yacht Club (BAYC) creator Yuga Labs has advised a number of attendees of its recent ApeFest event to “seek medical attention” after they reported disturbing issues, including “burned skin,” loss of vision, and severe eye pain. It’s been speculated that these unfortunate effects could have been caused by overly powerful UV lighting used at the three-day event. ApeFest, held in Hong Kong from 3-5 November, was billed as “three days of meetups and mayhem” and was, according to the event’s website, intended to be “Less of a music festival, more of an epic, unhinged family reunion.” However, things appear to have been a little more unhinged than expected with members of the BAYC ‘family’ who attended taking to X (formerly Twitter) to report that organizers have, in essence, blinded them . Anyone else’s eyes burning from last night? Woke up at 3am with extreme pain and ended up in the ER. I saw a couple reports but just trying to figure out if there was a common thread. — F
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FTX seeking approval to sell funds from Grayscale and Bitwise

FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings. The asset sale aims to prepare for creditor payouts and minimize price volatility risks. FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him. In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange FTX , along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware seeking to sell trust assets. The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million. Upcoming creditor payouts FTX , once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer funds . The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming distributions
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Avi Eisenberg’s $110m crypto fraud trial gets rescheduled

The trial for Avi Eisenberg, the crypto trader accused of a $110 million fraud, has been pushed back to April 2024. The trial was initially scheduled to kick off next month. Originally set to commence on Dec. 8, Eisenberg’s trial has faced delays due to several factors. His legal team requested additional time to prepare, citing the case’s complexity involving unique legal and factual issues related to crypto -native concepts.  Eisenberg’s lawyers sought extra preparation time, highlighting the intricate and unprecedented legal challenges posed by the alleged fraud. Unlike conventional fraud cases, Eisenberg’s plan involved complicated cryptocurrency ideas, making it harder for both the prosecution and defense to handle the case. A complex legal battle   Legal analysts draw parallels between the complexity of Eisenberg’s case and that of disgraced crypto entrepreneur Sam Bankman-Fried, whose verdict is currently scheduled for March 28. The government agreed to postpone the trial
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Marathon Digital Holdings enhances Bitcoin mining operations

Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end. Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities. Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now reaching 19.2 exahashes. This advancement is particularly attributed to the progress in the company’s Garden City, Texas facility, which contributed 4.1 exahashes. As this site approaches full operational capacity, Marathon is set to exceed its target of 23 exahashes, aiming to become the largest Bitcoin miner in North America. Marathon’s presence is not just growing in the U.S.; its international ventures are also expan
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Investor Who Nailed 2022 Solana (SOL) Bottom Predicts 2019-Style Crypto Rally – Here’s What He Means

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A prominent digital asset venture capitalist believes that the crypto markets may mirror a major rally from recent years. Placeholder Capital founder Chris Burniske tells his followers on the social media platform X that the crypto markets may soar and suddenly retrace as they did in 2019. He says the crypto markets may dip in early 2024 by printing higher low prices in the cycle. “If BTC and ETH rip here, and then everything else follows, we could be in for a mid-2019 repeat – going just high enough to get people to believe that maybe, just maybe, new ATHs (all-time highs) are around the corner, before enduring a final wipeout (Q1 2024?) and putting in firm higher lows.” Burniske also says he remains bullish on Solana (SOL) after longing the Ethereum (ETH) competitor back in December 2022 when it was trading for around $10. He said at the time, “Still longing SOL while haters spinelessly pile onto the downside momentum. When Solana recovers, it’s not me that
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SkyBridge Capital’s Anthony Scaramucci Says Bitcoin and One Ethereum Rival Have Boosted the Firm’s Returns

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The founder of SkyBridge Capital says that Bitcoin (BTC) and one Ethereum (ETH) competitor have helped the firm see strong returns on its investments. In a new interview on Bloomberg Television, Anthony Scaramucci says that October 2023 was the best month SkyBridge Capital has had on record due to BTC and smart contract platform Solana (SOL) rebounding. “We’re on a good run right now. The month of October [has] probably been the best month in SkyBridge’s history for that matter. A lot of it is Bitcoin, some of it is tech, some of it is [a] newer economy – things that have rebounded aggressively since the beginning of the year. But of course, Bitcoin has had a spectacular month. You know, we own a lot of Solana. I think Solana is probably up 70% this month. And so this is just another explanation [for] people stay in things, stay convicted. Don’t listen to the chin music throughout the day, but have a very long-term focus on what you’re doing. We never sold a Bitc
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Lawyer expects around 20 years of jail time for Sam Bankman-Fried

After 17 days, the fate of Sam Bankman-Fried, the founder and former CEO of FTX, hangs in the balance as his trial continues. The case has attracted a lot of attention from legal experts and observers, who have shared their varying opinions on the possible outcome. One such legal commenter is David Lesperance, managing director at Lesperance & Associates and a lawyer with over three decades of experience in finance. Lesperance told crypto.news in an interview that the prosecution has presented a strong case against Bankman-Fried. The charges against Bankman-Fried include fraud, misappropriation of customer funds, and other violations related to his role in FTX and Alameda Research.  Moreover, Bankman-Fried’s defense has adopted a novel approach, which Lesperance regards as a last-ditch effort. Arguments aiming to put the blame on Caroline Ellison, Bankman-Fried’s ex-girlfriend, and Bitcoin’s volatility have not sounded as convincing. In his testimony, Bankman-Fried feigned ign
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Bitcoin Reaches Astounding Highs Anticipating a Closer ETF Approval

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Bitcoin has climbed to more than 17-month highs, currently trading at $35,182.27. The surge is mainly driven by growing anticipation in the U.S. around Bitcoin exchange-traded funds (ETFs) and the Fed’s decision on interest rates. Other cryptocurrencies like SOL and ETH have also been influenced by these driving forces. The largest decentralized cryptocurrency, Bitcoin, continues to show great strength.. Amid growing confidence that the U.S. Securities and Exchange Commission will approve multiple pending Bitcoin spot exchange-traded fund (ETF) applications, and anticipation of the Federal Reserve’s decision on interest rates, Bitcoin has climbed to more than 17-month highs. As per CoinMarketCap, Bitcoin is currently trading at $35,182.27, exhibiting an increase of 2.31% in one day. Over the past 30 days, the cryptocurrency has been riding on a positive track, with a surge of more than 25%. Meanwhile, Bitcoin’s yearly chart has BTC up  72% since this time las
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FTX and Alameda Research sold $13.6m worth of crypto assets

Crypto assets totaling $13.6m were transferred from the accounts of FTX and Alameda Research to the Coinbase and Binance exchanges. As Spot On Chain analysts reported, there were two large tranches in total. The amount of the first was $8.12 million. It included 46.5 million GRT, 972,073 RNDR, and 708,100 MKR. #FTX deposited $8.12M worth of 3 assets to #Coinbase ~3hrs ago, including: 46.5M $GRT ($4.85M) 972,073 $RNDR ($2.3M) 708.1 $MKR ($967K) As of Nov 1, 2023, #FTX and #Alameda Research have deposited a total of ~$78.1M worth of 22 #EVM tokens to exchanges. They still hold… https://t.co/9CNMobYsWW pic.twitter.com/VccnXjB6ab — Spot On Chain (@spotonchain) November 1, 2023 A few hours later, the companies conducted the second tranche in the amount of $5.49 million. It included 1.14 million DYDX, 192,888 AXS, 5858 AAVE. #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago. Top 3 i
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