The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800. Looking at the brighter side, FTX could be the last major player to bite the dust during the current bear market cycle, according to CK Zheng, co-founder of crypto hedge fund ZX Squared Capital. Zheng also added …

Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they’ve initiated one of the greatest wealth transfers of all time — a process that will take decades to play out fully. Bitcoin has also galvanized a trillion-dollar cryptocurrency and blockchain industry — a double-edged sword that is both inspiring and frightening. Sam Bankman-Fried, the disgraced founder of the now-bankrupt FTX Group, is a case study of what can go wrong when pariahs are in …

A bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 that would legalize cryptocurrency mining and the sale of the cryptocurrency mined. Cryptocurrency cannot currently be used for settlements in Russia. The proposed law reads, “Digital currency obtained as a result of mining can be disposed of by the person who carried out the mining of this digital currency on the condition that Russian information infrastructure is not used in conducting transactions with it, with the exception of cases of transactions carried out in accordance with the established experimental legal regime," as quoted …

In the wake of the recent FTX scandal, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports. According to an email sent out to its customers by the compliance department, the company said from Dec. 10 of this year, it will be closing down its over-the-counter (OTC) online trading portal. Wincent Hung, the CEO of the company, told Reuters that the company has ceased trading as counterparties continue to shutter in light of the FTX fallout, and no …

Bitcoin (BTC) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation. Data from on-chain analytics platform CryptoQuant shows that on Nov. 18, a giant tranche of almost 60,000 BTC entered Binance’s wallet. Exchange inflows highest since late 2018 BTC price contagion fears thanks to FTX insolvencies and related panic selling are ongoing. Now, the latest on-chain figures from Binance could provide an additional catalyst for nervous markets — the exchange has seen its daily biggest inflow on record. With Nov. 18 not over, partial data from CryptoQuant puts current inflows at over …

Jump crypto, a division of the Jump Trading Group, has denied the rumors circulating online that it intends to wind down operations due to its exposure to FTX losses. According to a tweet shared by the company on Nov 17, “Jump Crypto is not shutting down. We believe we're one of the most well-capitalized and liquid firms in crypto”, adding that, they were still in the business of “investing and trading.” Given the rumors flying around, we want to debunk a few things. Jump Crypto is not shutting down. We believe we’re one of the most well-capitalized and liquid firms …

No one can blame Bitcoin (BTC) bulls for placing bets at $20,000 and higher for the $600 million weekly options expiry on Nov. 18. After all, this level had provided a solid resistance since Oct. 25 and held for almost two weeks. However, the base scenario changed abruptly on Nov. 8 after a liquidity crisis halted withdrawals on the FTX exchange. The movement surprised traders and over a 48-hour timespan, over $290 million in leverage buyers were liquidated. The market quickly adjusted to the news, ranging from $15,800 to $17,800 for the past seven days. At the moment, investors are …

Collapsed crypto exchange FTX and 130 affiliates filed for bankruptcy in Delaware on Nov 11. Chaos followed as a number of FTX creditors, investors and industry experts began to question what would happen next. Laura Shin, crypto journalist, author and host of the Unchained Podcast, sent a tweet on Nov. 15 questioning whether the alleged inter-loan agreement between FTX and Alameda — the company’s venture capital arm — will affect creditors’ and customers’ ability to get back funds. Could one big venture success out of FTX Ventures be a viable path to recovery for FTX creditors & customers? @wassielawyer and …

DeFi is rife with great ideas capable of rebalancing financial power dynamics. However, so far, these ideas have proven hard to implement in sustainable and convenient ways. Take the DEX, or decentralized exchange — this is a cornerstone of DeFi and a place where users are able to trade with each other without sacrificing control over their funds or having to pay exorbitant fees. On paper, it sounds ideal. But when you look at the major DEXes, they are not convenient. DEXes have become synonymous with high transaction fees, long wait times, low network interoperability and manipulation issues. Enter Polkadex. …

Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny. Data from on-chain monitoring resource Coinglass shows United States exchanges in particular seeing heavy BTC balance reductions. U.S. exchanges lead BTC exodus In the wake of the FTX scandal, efforts to draw attention to the risk involved in custodial BTC storage stepped up on social media. Users appeared to heed the warning, withdrawing over $3 billion in cryptocurrency in the week immediately following the solvency debacle and ordering record numbers of hardware wallets. The aftermath of FTX is only just …

Singapore's state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn't find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange. Like many of FTX's more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 post: "The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and …

Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and 134 other affiliates in a Delaware court on Nov. 14. In the Nov. 15 document, Simms filed for Chapter 15 Bankruptcy in the United States Bankruptcy Court in the Southern District of New York, which is used when a foreign representative of the debtor seeks recognition in the U.S. for a pending foreign insolvency proceeding. In the filing Simms notes FTX Digital is not part of …