Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
Bitcoin (BTC) is currently trading at $17.3k after this week’s contagion, with 2-year lows of $15.5k having been reached on Wednesday. Ethereum (ETH) is trading at a price of 1.27k.
A turbulent week for the industry
I think I speak for most of the crypto community when I say that this was the craziest and most unexpected week in crypto - ever. The week was jam-packed with back-and-forths between CZ and SBF on Twitter, predictions on the future of the FTX exchange, liquidations, lots of rumours, and most significantly disappointment in one of the largest exchanges and admired figures in the ecosystem.
Here is a rundown of some of the major events:
- The balance sheet of Alameda research was leaked. Notably, the largest entry on the asset side was billions of dollars worth of FTT collateral.
- Binance announced that they would sell their FTT tokens after the financial health of Alameda was put into question.
- Binance signed an initial LOI to buy FTX, but did not follow through on the acquisition because of “reports regarding mishandled customer funds and alleged US agency investigations” by FTX.
- The FTT token lost 86.8% of its value over the last 7 days.
- USDT de-pegged to as low as 0.9381 on some exchanges, after rumours of Alameda shorting it. It is currently trading at 0.9975.
- Tether has begun freezing USDT on FTX.
- FTX digital assets were frozen by regulators in Bahamas.
- Reportedly, FTX lent $10 billion of client funds to Alameda.
We will be posting a more detailed timeline of events soon. Stay tuned.
Happy Trading!
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