BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

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

BlockNews Team by BlockNews Team
November 10, 2022
in Crypto, Guides, Opinion
Reading Time: 5 mins read
A A
The Daily Dip – The Latest News Revolving Around Cryptocurrency, Technology, and Macro Markets
3
SHARES
42
VIEWS
Share on TwitterShare on Reddit

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.

You might also like

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

Today’s Topics

  • Binance Backs Out of FTX Acquisition Deal
  • DXY Gets Rejected Following a Strong CPI Report, Stocks and Crypto Move Up

Binance Backs Out of FTX Acquisition Deal

Things got super heated yesterday in the cryptoverse! Bitcoin and other major cryptos saw major capitulation after Binane announced that they would be backing out from the FTX acquisition deal due to “reports regarding mishandled customer funds and alleged US agency investigations.”

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.

— Binance (@binance) November 9, 2022

As you would assume, markets reacted incredibly fast, as Bitcoin fell by 7.6% in a few hours, creating a new relative low of around $15,700. Keep in mind this is on top of a prior 20% drop from the initial sell-off we covered a few posts back. The following is a list of other top cryptocurrencies and the bottom they hit at the peak of capitulation, and FTT:

  • Ethereum: $1074
  • BNB: $260
  • Cardano: $0.31
  • Dogecoin: $0.07
  • Polygon: $0.76
  • Polkadot: $5.30
  • Solana: $12.59
  • FTT: $1.09

At the time of writing, there have been no further announcements from the Binance team. This matter is now entirely out of their hands, forcing Sam Bankman-Fried (SBF) and FTX to explore other options in acquiring capital to 1) bail themselves and the industry out of a collapse and 2) return the billions of dollars worth of user funds that were lost. As things stand, the only knight in shining armor for FTX has been Tron, who has established a “special facility” that will allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets, as explained below.

FTX Announcement Regarding the Tron Credit Facility:

We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.

— FTX (@FTX_Official) November 10, 2022

However, even with that announcement and a lengthy 22-part apology thread released by SBF himself, the situation has only gotten worse for FTX and its users, as a warning on the FTX US website has appeared saying that trading may be halted in the coming days. Everyone reading this should withdraw any assets you may have on the platform while you still can. Good luck and godspeed

JUST IN: #FTX US says trading may be halted in a few days

— BlockNews.com (@blocknewsdotcom) November 10, 2022

DXY Gets Rejected Following a Strong CPI Report, Stocks and Crypto Move Up

Alongside the recent absolute destruction of the crypto markets, major indexes and equities looked as if they were ready for their next leg down, as the DXY was showing strength leading up to today’s CPI report. However, through the work of some higher power, the CPI report was released with flying colors, as y/y inflation dropped to 7.7%, which was 0.2% lower than expected and 0.5% lower than last month’s CPI report of 8.2%. This is the lowest y/y inflation has been since February 2022.

Additionally, m/m inflation was expected to come in at 0.6%, a 0.2% increase from last month. However, the m/m came in at 0.4%, which was 0.2% lower than expected. As a result, the SPX closed an incredibly bullish day with an increase of 5.25%, its most, if not one of the most, significant single-day increases of the entire year, if I’m not mistaken.

As it usually does, crypto is following the macro market’s sudden bullish move upwards, as Bitcoin is a few hours away from closing a 13.5% increase on the day. Altcoins are also performing exceptionally well following the CPI report, with Ethereum seeing a 20.3% increase intra-day. If Ethereum could close above $1,340, it would have formed a bullish engulfing candle, recovering 100% of its losses over the last 24 hours. If you want to see something interesting, refer below for a list of the top-performing cryptocurrencies in the previous 24 hours via CoinGecko.

  • FTT (lol): +40%
  • Polygon: +38.6%
  • Solana (rip): +38%
  • Aptos: +35.4%
  • Maker: +34.7%

Judging by today’s overly optimistic CPI report, the possibility for the fed to start slowing down interest rate hikes has increased, as the market is probably in the process of pricing in a 50 bps hike as we speak (or read). I will say, a 50 bps hike during next month’s FOMC meeting could create the possibility for a very bullish end of the year. The meeting is set for December 13-14th, so mark your calendars!!!

Tags: The Daily Dip
Tweet1ShareShare1

Recommended For You

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

by BlockNews Team
March 24, 2023
0
ftx

FTX files for return of $460 million investment funds made to venture capital firm by Sam Bankman-Fried through Alameda Research. When he invested, Sam Bankman-Fried was allegedly in...

Read more

OpenZeppelin Reveals Top 10 Blockchain Hacking Techniques in 2022

by BlockNews Team
March 23, 2023
0
OpenZeppelin

OpenZeppelin's top 10 hacking methods of 2022 serve as a sobering reminder of the value of cybersecurity and the need for ongoing research to make blockchain systems more...

Read more

Crypto Wallet, ZenGo, Announces Its Discovery Of Security Vulnerabilities In Popular DApps

by BlockNews Team
March 23, 2023
0
zengo

ZenGo reveals security risks in many Web3 vendors. The crypto wallet is awarded bug bounties and grants. Called a "red pill attack," it can steal user assets. ZenGo...

Read more
Next Post
SEC-LBRY-Logos

SEC Wins Its Lawsuit Against LBRY For Allegedly Selling Unregistered Securities

Related News

Seongnam

South Korea’s Seongnam City to Provide Citizenship Rights Through NFTs

September 23, 2022
abu dhabi

Abu Dhabi Aims To Support The Development Of Web3 Startups With $2 Billion

February 17, 2023
vault DMC

FanDuel Co-Founders Raise 13M to Launch Decentralized Music Platform, Vault

February 13, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Argues Software Services Are Not Securities: A Case Against the SEC March 24, 2023
  • Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask March 24, 2023
  • FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?