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Some of the biggest news in the Cryptoverse on Nov. 22 include rising miner sell-off rates, Bitcoin’s loss due to FTX fallout exceeding losses from Terra’s collapse, and Digital Currency Group CEO’s comment on Genesis’ liquidity situation. Includes comments by Barry Silbert.
Selling pressure continues on Bitcoin (BTC) miners as the price of Bitcoin dips below $16,000.
It’s a pool of Bitcoin miner blood.
Most aggressive miner sales in almost 7 years.
400% up in just 3 weeks!If the price doesn’t rise soon, many Bitcoin miners will go bankrupt. pic.twitter.com/4ePh0TIPmZ
Charles Edwards (@caprioleio) November 21, 2022
According to Capriole Fund founder Charles Edwards, miners are selling at their most aggressive level in seven years, with selling pressure increasing 400% in the past three weeks.
Bitcoin’s realized losses from the FTX crash surpassed those from May’s Terra crash.
The first wave of selling pressure came in November, increasing realized losses to around $2 billion. Realized Bitcoin losses reached a year high of $4.3 billion, according to data.
Digital Currency Group (DCG) CEO Barry Silbert has sent a memo to the company’s shareholders to address concerns about Genesis’ liquidity.
Silbert said the suspension of withdrawals at Genesis’ lending arm was due to a “liquidity and duration mismatch.” He said the issue will not materially affect Genesis and in 2022 he expects DCG’s revenue to reach $800 million.
FTX, its senior executives, and Sam Bankman-Fried’s (SBF) parents have purchased at least 19 properties in the Bahamas over the past two years. In total, the properties are worth him $121 million.
Seven of these properties are condominiums in a record community called Albany, which were purchased by FTX and valued at a total of approximately $72 million. FTX co-founder Gary Wang of his SBF and former head of engineering Nishad Singh also bought a condo worth $950,000 and his $2 million worth of condominiums for residential use.
On November 21st, the Supreme Court of the Bahamas ordered FTX to indemnify and reimburse the Securities Commission of the Bahamas (SCB) for the costs incurred in storing digital assets.
Watchdog says:
“[The court order]Confirming that the Commission is entitled to indemnification under the law, FDM will ultimately reimburse the Commission for the protection of those assets for the benefit of FDM’s clients and creditors. , shall be borne in the same manner as other ordinary expenses of managing FDM’s assets. its customers and creditors.
Cryptocurrency exchange giant Binance has announced that it will participate in the upcoming Series A funding round of leading wallet maker NGRAVE.
Founded in 2018, NGRAVE aims to change the way people experience cryptocurrencies by eliminating the possibility of loss. The team made it their mission to empower people so that they could master their wealth and be free to live the life they wanted.
Three US Senators drafted a letter and sent it to Fidelity Investments asking them to reconsider their decision to provide Bitcoin exposure in their 401(k) plans. The letter expresses the senator’s concerns about the FTX fallout.
The letter read:
Once again, we urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to Bitcoin.
Since our last letter, the digital asset industry has only become more volatile, noisy and chaotic. All the features of the asset class should be what an unplanned sponsor or someone saving for retirement should want.
Bloomberg published a report on Nov. 21 that said Binance was meeting with investors in Abdani to raise cash for the industry’s recovery.
NEW: Abu Dhabi Investor Meets with Binance to Raise Cash for Industry Recovery Fund Bloomberg
Bitcoin Archive (@BTC_Archive) November 22, 2022
On November 22nd, Binance CEO Changpeng Zhao responded to the news and denied its truth.
TRON Dao (TRX) founder Justin Sun has reportedly revealed his interest in purchasing FTX assets. Speaking to a Singaporean journalist about FTX, he reportedly said:
We are open to any kind of deal. I think all options [are] on the table. We are currently evaluating the assets one by one, but as far as I understand they are already in this kind of bankruptcy proceedings so the process will be lengthy.
Craig Wright claimed that the real Satoshi only sent some of the posts Satoshi sent to the BitcoinTalk forums.
Light claims to be Satoshi himself, stating: Website is mine.
Bitcoin hit a 106-week low, dropping to $15,500, but long-term holders (LTH) continue to accumulate despite fears of contagion.
Total Supply Held by Long-Term Holders (TSHLTH) refers to bitcoins held for 6 months or longer. The chart above shows that LTH is accumulating during price restraints and selling off during bull markets.
The current TSHLTH level is 13.8 million bitcoins, representing 72% of the circulating supply and a record high for this metric.
According to local news sources, FTX Japan aims to allow withdrawals by the end of this year. Reportedly, FTX Japan currently holds 19.6 billion in cash and deposits.
According to Forbes article, FTX and Alameda Research will lose $3.7 billion by 2022. This challenges the image of SBF built for FTX and Alameda and calls into question a highly profitable 2021 for the community.
Over the past 24 hours, Bitcoin (BTC) rose 2.08% to trade at $16.149 while Ethereum (ETH) rose 2.09% to trade at $1,128.
