Disclaimer: The following publication will review current market sentiment and activity using data from various analytical sources. Points made within this article are my thoughts and opinions and are in no way financial advice.
Today’s Topics
- Genesis Trading Pauses Withdrawals, Gemini Halts Earn Program
- Twitter Turning into the Hot Spot for Citizen Journalism
- Sam Bankman-Fried Explaining Himself?
Genesis Trading Pauses Withdrawals, Gemini Earn Down
This morning, Genesis Trading, an institutional digital asset trading, lending, derivatives, custody, and prime brokerage service, announced that they would temporarily suspend redemptions and new loan originations due to the impact of the FTX news. With the fear currently revolving around centralized exchanges, users are aggressively withdrawing funds, leading to situations where requests exceed liquidity.
As we have experienced over the last few weeks, once one domino falls, more are likely to fall with it, and this is no exception. For example, Genesis Trading is the lending partner of the Gemini Earn program, a lending service that allows users to earn interest payments on select cryptos within the Gemini exchange. As an unfortunate result, Gemini has announced the halt of its Earn program, resulting in users being unable to withdraw or interact with funds.
Twitter Turning into the Hot Spot for Citizen Journalism
As most of us have experienced over the last few weeks, you can’t scroll on Twitter anymore without being bombarded with some form of breaking news. Especially since Elon Musk took over Twitter, journalism has increased incredibly, whether from big-time publications or day-to-day users. No matter the topic, someone somewhere is constantly sharing information that would otherwise be hidden, censored, or altered on other platforms.
CEO of Coinbase, Brian Armstrong, has recently expressed his opinions on this topic, explaining that this new form of Twitter may be the “turning point for citizen journalism” and the downfall of mainstream media.
Outside of what may come across as biased opinions, Twitter Daily Active Users have increased by about 1.5 million since July, according to a chart Elon Musk posted a couple of days back. It will be interesting to see how this statistic evolves as more features and developments emerge as we get deeper into the Elon Musk era.
Sam Bankman-Fried Mega Thread
For the past couple of days, Sam Bankman-Fried has been stringing along a Twitter thread to…well, there isn’t an explanation for this. Some thought his Twitter was hacked or he was trolling the millions of people glued to his profile for further updates. The following are the strings of tweets I’m referring to.
Since the start of this thread, SBF has been adding to it little by little every day. From the looks of it, this thread will be multiple parts long as he creates a very drawn-out story about how FTX got to where it is and the future of Alameda? My guess is as good as anyone. Nonetheless, the following is the latest chunk of tweets that SBF released earlier today. I’ll keep you updated if anything important comes up!
