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The Daily Dip – The Latest News Revolving Around Cryptocurrency, Technology, and Macro Markets 

BlockNews Team by BlockNews Team
November 16, 2022
in Crypto, Guides, Opinion
Reading Time: 4 mins read
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The Daily Dip November 16th 2022
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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.

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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.

However, FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity.

— Genesis (@GenesisTrading) November 16, 2022
Via GenesisTrading – Twitter

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. 

1/6 We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. https://t.co/9e48pF3Ymn

— Gemini (@Gemini) November 16, 2022
Via @Gemini – Twitter

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.

Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.

Feels like a turning point for citizen journalism and loss of trust in MSM.

— Brian Armstrong (@brian_armstrong) November 16, 2022
Via @brian_armstrong – Twitter

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.

Recent trend is promising pic.twitter.com/0q7UdxSkbM

— Elon Musk (@elonmusk) November 14, 2022
Via @elonmusk – Twitter

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!

18) Truth and Beauty

— SBF (@SBF_FTX) November 16, 2022
Via @SBF_FTX – Twitter
Tags: Crypto NewsGuidesThe Daily Dip
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