{"id":17268,"date":"2022-11-14T14:39:50","date_gmt":"2022-11-14T20:39:50","guid":{"rendered":"https:\/\/money-news-online.com\/blog\/?p=17268"},"modified":"2022-11-14T14:39:50","modified_gmt":"2022-11-14T20:39:50","slug":"14-11-2022-weekly-cryptonews-digest","status":"publish","type":"post","link":"https:\/\/money-news-online.com\/blog\/2022\/11\/14\/14-11-2022-weekly-cryptonews-digest\/","title":{"rendered":"14\/11\/2022. Weekly CryptoNews Digest"},"content":{"rendered":"

Hello everyone, and welcome again to the MNO blog<\/a> \u2013 the site that has been delivering the most important and unbiased information since 2007<\/strong>. Make sure you stay subscribed to the MNO blog<\/a> newsletter by submitting your email address on this page<\/strong><\/a> and follow MNO on Telegram<\/strong><\/a>, Facebook<\/strong><\/a>, and Twitter<\/strong><\/a>. And if you have any questions, concerns, or simply want to add your project to MNO it’s easy to stay in touch \u2013 submit this online contact form<\/strong><\/a>, email me directly at abramsonp@gmail.com<\/strong> or chat with me on Telegram @mnoblog<\/strong><\/a><\/p>\n

With little to no activity in the HYIP industry (I have only one program left which is ShuttleRent<\/a> \u2013 listed on the MNO monitor that pays instantly like clockwork so far) it’s important to keep a close eye on the latest developments from the cryptocurrency industry<\/strong><\/em>. After all, we all know how the HYIP industry remains closely intertwined with the crypto world. So at the moment of being at its lowest point in years cryptocurrencies very negatively affect the HYIPs that suffer as well in terms of both quality and ability to run for any decent length of time. With the current crypto winter and the ongoing cost of living crisis no one can actually predict when it’s all going to be back to normal<\/strong><\/em> (if ever!) but we should only wait and hope for the best. MNO will certainly keep watching the latest developments in the HYIP industry<\/strong><\/em> and will let you know when anything important appears on the horizon. So thanks for reading and staying in the loop, guys!<\/p>\n

Let’s take a closer look now ay what was going on with the major cryptocurrencies in our regular Weekly CryptoNews Digest<\/strong> which covers the latest events from the last calendar week, November, 07-13, 2022.<\/strong><\/p>\n

No prizes for guessing what the main headlines are all about in this week’s MNO Crypto News Digest<\/strong>. There’s pretty much only one story at the moment but there are several different aspects to cover it from. I am of course talking about the bankruptcy and ultimate collapse of the world’s second biggest crypto exchange platform, FTX<\/strong><\/em>. After what looked like such a promising recovery in the crypto markets mere days before as reported here last Monday, this incident (if that’s not too trivial a word<\/em>) has undone all those earlier gains and sent the whole industry reeling right back into a tailspin.<\/p>\n

A statement from the company detailed that FTX<\/strong> and around 130 affiliated firms have commenced voluntary proceedings to provide the FTX Group the opportunity to assess its situation and maximize recoveries for stakeholders. Sam Bankman-Fried has stepped down from the role of CEO<\/strong><\/em>. The statement details that West Realm Shires Services<\/strong> (FTX International\u2019s parent firm), Alameda Research<\/strong>, and around 130 other affiliated firms have begun filing for bankruptcy.<\/p>\n

The news follows a tumultuous three days where FTX\u2019s valuation slid from $32 billion to zero<\/strong><\/em>. It also follows the discussions with Binance<\/strong> as the world\u2019s largest exchange said it would acquire FTX but then announced it would be backing out of purchasing FTX after due diligence<\/strong><\/em>. The reversal comes one day after Binance CEO Changpeng Zhao<\/strong> (typically referenced in the media simply under the moniker CZ<\/strong><\/em>) announced that his firm had reached a nonbinding deal to buy FTX\u2019s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was like I just said valued at $32 billion by private investors so this was by no means a \u201csmall potatoes<\/em>\u201d style agreement even if there wasn’t any legal obligation to see it through. The fact that Binance pulled out even faster than they got in just goes to demonstrate how toxic the situation with FTX had become<\/strong><\/em>.<\/p>\n

On Monday night, facing a liquidity crunch, FTX<\/strong> was scrambling to raise money from venture capitalists and other investors before approaching Binance<\/strong>, according to news sources with knowledge of the matter. CZ initially agreed to step in, but his company quickly changed course, citing reports of \u201cmishandled customer funds and alleged U.S. agency investigations<\/em>.\u201d It\u2019s unclear who is next in line to buy the beleaguered crypto exchange. Bankman-Fried<\/strong> told investors that the company is facing a shortfall of up to $8 billion from withdrawal requests and needs emergency funding.<\/p>\n

The disintegration of the Binance-FTX deal is the latest chapter in a shocking collapse that\u2019s rocked the crypto world this week<\/strong><\/em>. Bankman-Fried tried to reassure investors just on Monday that the company\u2019s assets were fine. But after Binance\u2019s CZ said publicly that his company was selling its holdings in FTX\u2019s native token FTT<\/strong>, the sell-off was on, and FTX could do nothing to stop it. One of Silicon Valley\u2019s most prominent venture capital firms, Sequoia Capital<\/strong>, sank $210 million into the company, according to independent news reports. FTX was telling investors recently that its operating income in 2022 was projected to drop to $144 million this year, down from $338 million in 2021, while revenue was projected to rise to $1.1 billion from $1 billion last year. Bankman-Fried said Tuesday that customers had demanded withdrawals to the tune of $6 billion. He also deleted tweets from the prior day indicating that FTX had enough assets to cover clients\u2019 holdings. CZ told Binance employees in a memo earlier Wednesday that he \u201cdid not have a master plan<\/em>\u201d for the collapse of FTX. He said FTX going down is \u201cnot good for anyone in the industry<\/em>\u201d and employees should not \u201cview it as a win for us.<\/em>\u201d He also told them not to trade FTT tokens while this ordeal unfolds. \u201cIf you have a bag, you have a bag,<\/em>\u201d he wrote. \u201cDO NOT buy or sell.<\/em>\u201d<\/p>\n

FTT had already lost 80% of its value between Monday and Tuesday<\/strong><\/em>, falling to $5 and wiping out more than $2 billion in a day. It dropped by more than half on Wednesday to around $2.30, shrinking the total value of circulating tokens to roughly $308 million. Cryptocurrencies have plummeted amid the deal turmoil, with Bitcoin falling 15% on Wednesday after a 13% drop on Tuesday<\/strong><\/em>. It\u2019s trading below $16,000 for the first time since November 2020<\/strong><\/em>. Ether meanwhile has plunged more than 30% over the past two days and is close to falling below $1,000.<\/p>\n

To calm worried investors and prevent bank runs, crypto exchanges have started issuing proof of reserves to halt the outflow of assets from their platforms. Binance confirmed they have over $70bn spread across Bitcoin, Ethereum, BNB and StableCoins<\/strong><\/em>. Meanwhile Crypto.com<\/strong> revealed that it holds 20% of its reserves in Shiba Inu<\/strong> <\/em>\u2013 a highly speculative meme coin with no apparent utility.<\/p>\n

And if all that wasn’t bad enough news, then try this one for size. On the night of November 11, several wallet addresses linked to FTX were found transferring millions of dollars worth of cryptocurrencies without an official notice<\/strong><\/em> \u2014 sparking speculations ranging from the commencement of FTX\u2019s bankruptcy proceedings to the involvement of hackers. Within hours FTX confirmed on Telegram that the fund transfers were part of an ongoing hack<\/strong><\/em>.<\/p>\n

The more serious ongoing problem now of course is that cryptocurrency investors are long since removed, by several years now in fact, as some sort of small elite group of people with insider knowledge. The reality is that whether \u201cmainstream<\/em>\u201d people are aware of this or not, a lot of banks and pension funds have sank money into the crypto currency industry in the belief it would serve their members well. Now, to be fair such institutions have always plowed their members money into high risk ventures and I suppose questionable businesses in the pursuit of high yield profits for their members.<\/p>\n

Some of the prominent investors in the crypto exchange include \u2013 BlackRock, Ontario Pension Fund, Sequoia, Paradigm, SoftBank, Circle, Ribbit, Alan Howard, Multicoin, VanEck, and Temase<\/strong>k. Sequoia invested in a $420 million round in the company at a $25 billion valuation in October 2021. Additionally, some of the heavy hitters in the capital market, namely Temasek, Paradigm, NEA, SoftBank, Lightspeed Venture Partners, Tiger Global, Insight Partners, the Ontario Teachers\u2019 Pension Plan Board, and others, poured in capital worth $400 million at $32 billion in January 2022. According to news sources four of FTX\u2019s backers reportedly said that the fate of their equity stakes hangs in limbo as concerns they figure out the impact of the Binance deal. The report also mentioned that another of FTX\u2019s investors said they were \u201cfielding texts<\/em>\u201d from limited partners throughout the day and added that these institutional investors fear that their stakes might wipe out completely.<\/p>\n

The whole debacle goes even higher than that though with US Government and the White House<\/strong> now weighing in, even after such a relatively short period of time which proves just how close an eye they have been keeping on crypto in recent times. The White House and the Senate Banking Committee have called for proper crypto regulation following the collapse of FTX<\/strong><\/em>. White House press secretary Karine Jean-Pierre<\/strong> commented that it is crucial that financial watchdogs look into what led to FTX\u2019s collapse, to fully understand the misconduct and abuses that took place.<\/p>\n

Meanwhile in the private sector strategists at JPMorgan<\/strong> said in a note to clients that the FTX crisis injects significant volatility into the crypto market, calling it crypto\u2019s \u201cLehman moment<\/em>\u201d, referring to the 2008 collapse of the investment bank, and stated that this situation could be more problematic, as entities with strong enough balance sheets to be able to rescue low capital, high leverage firms in the crypto ecosystem are becoming harder and harder to find<\/strong><\/em>.<\/p>\n

That’s about all for what was certainly a most eventful week and I hope to inform you of what’s going to happen over the next few days in next Monday’s Weekly CryptoNews Digest on MNO<\/strong>. Fingers crossed for better news!<\/p>\n

<\/a>
\nGET PAID REPORT FOR 14\/11<\/strong><\/span>\/2022<\/strong><\/span><\/p>\n

Here is the list of the programs from my monitor<\/a> that paid me for the last 168 hours:
\nFrom MNO Sticky list<\/strong>: –
\nFrom MNO Premium list<\/strong>: –
\nFrom MNO Standard list<\/strong>: –
\nFrom MNO Basic list<\/strong>: ShuttleRent<\/a>.<\/p>\n

That’s it for today as well, guys. Thanks a lot for reading MNO and staying in touch. I will talk to you again very soon. Have a safe and profitable week ahead with MNO \u2013 For Money Lovers!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Hello everyone, and welcome again to the MNO blog \u2013 the site that has been delivering the most important and unbiased information since 2007. Make sure you stay subscribed to the MNO blog newsletter by submitting your email address on this page and follow MNO on Telegram, Facebook, and Twitter. And if you have any […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,4],"tags":[],"_links":{"self":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17268"}],"collection":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/comments?post=17268"}],"version-history":[{"count":1,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17268\/revisions"}],"predecessor-version":[{"id":17269,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17268\/revisions\/17269"}],"wp:attachment":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/media?parent=17268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/categories?post=17268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/tags?post=17268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}