Day: November 16, 2022

Crypto Market Slides After Genesis Withdrawal Halt, but Big Investors May Hunt for Bargains

“We don’t expect any sharp drops or selling pressure due to contagion fears alone since the bulk of the move is likely to be priced in already,” said Joe DiPasquale, CEO of BitBull Capital, a firm that manages crypto hedge funds. “At this point, any new development will result in temporary drops, but we don’t expect investors to be shocked by more FTX-related ramifications either. That being said, recovery from these lows may need time, both in terms of market capitalization and general sentiment.” Source

Esports Giant TSM Suspends $210M Partnership with FTX

“After monitoring the evolving situation and discussing internally, we’re suspending our partnership with FTX effective immediately,” the company tweeted out in a statement. “This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys.” Source 210MEsportsFTXGiantPartnershipSuspendsTSM CryptoX Portal

Bybit releases reserve wallet addresses amid calls for transparency

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Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses in a press release. Nansen also produced a dashboard of Bybit’s wallets, which indicated that over $1 billion of the exchange’s assets are in Bitcoin (BTC), Tether (USDT), Ether (ETH) and USD Coin (USDC). In the press release, the company claimed that these assets represent over 85% of the total cryptocurrency held by the exchange.…

Price analysis 11/16: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, UNI, LTC

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The recovery in BTC and altcoins fizzled out fast, suggesting that investors continue to maintain a risk-off stance to all cryptocurrencies. The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time. The crisis has negatively impacted several crypto-focused companies who have assets stuck…

XRP Whale Withdraws Massive $135M From Binance, Bullish Signal?

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Data shows an XRP whale has made a massive withdrawal of $134 million from Binance, something that could prove to be bullish for the price of the crypto. Whale Transfers $135 Million In XRP Out Of Crypto Exchange Binance As per data from the crypto transaction tracker service Whale Alert, a huge XRP transfer was spotted earlier in the day. The transaction amounted to a total of 350,000,000 XRP, and was worth around $134.8 million at the time of the transfer. At the current exchange rate, this stack of coins…

Terraform Labs Co-Founder Daniel Shin’s Firm Chai Reportedly Raided by Seoul Prosecutors – Bitcoin News

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Following the collapse of FTX, law enforcement officials are still dealing with the Terra blockchain fiasco. A new report claims Terraform Labs (TFL) co-founder Daniel Shin’s company Chai Corporation was raided by South Korean investigators. Terraform Labs Co-Founder’s Company Chai Reportedly Raided by South Korean Law Enforcement The Terra blockchain that collapsed last May was a crypto project co-founded by two individuals — Do Kwon and Daniel Shin (Shin Hyun-seung). Similar to the FTX fiasco, Shin was more of a silent partner like FTX’s co-founder Gary Wang. A report from…

Tom Brady, Gisele Bundchen And SBF Sued Over FTX Collapse

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Per a report from the Washington Examiner, NFL Legend Tom Brady and others are facing a class action lawsuit from FTX investors. The football player is one of the many celebrity ambassadors who vouched for the crypto exchange platform.  Earlier this week, FTX halted new request withdrawals from its users. Later, its former top executive Sam Bankman-Fried filed for bankruptcy protection in the United States.  In the meantime, millions of dollars in users’ funds are stuck at the venue. Shortly after, these funds were stolen by a bad actor, adding…

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