GSR 2 minutes reading from Bitcoin

Market Update: Binance, APT, Fraud, and Fraud: This Week in Crypto

Daily Market Update 11/10: BTC is currently trading around 17.3k and ETH around 1.3k. Notable gainers in the last 24 hours are MKR, APT, and MATIC

Equities & bonds are ripping higher as US CPI came in at ~7.7%, lower than the ~8.0% expected, which added credence to the view that peak inflation is behind us

Continuing on the @FTX_Official saga, crypto markets sold off meaningfully yesterday as @binance walked away from the acquisition of FTX. Binance cited corporate due diligence & alleged investigations into FTX’s mishandling of customer funds

Earlier this morning, @SBF_FTX posted a tweet thread detailing his version of events. His thread additionally stated Alameda is winding down & they are continuing to do everything they can to raise capital to protect FTX customer deposits

With that said, bankruptcy is the likely path forward should a long-shot capital raise fail to materialize. We expect more clarity in time as this series of events will be heavily investigated by law enforcement in the coming months

.@TheJusticeDept joined @SECGovs probe into @FTX_Official;">@FTX_Official @Reuters report alleged FTX used 4b of customer funds to keep Alameda afloat; @binance's spot volume dominance jumped to north of 70%; @okx & @kucoincom said proof of reserves would be ready in a month

For other notable news of the day, check out the full crypto market report here:

Daily Market Update: Nov 10, 2022 - GSR Markets
This post is based on this twitter thread.


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