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Crypto Markets See Only Gains and Losses as Global Markets Recover

Daily Market Update 11/11: BTC is currently trading around 16.8k and ETH around 1.2k. Notable gainers in the last 24 hours are XCN, BTSE, and LEO

Global equities are mixed following the strongest day for US markets since 2020 behind slowing inflation data. A relaxation of Chinese quarantine requirements for international visitors helped to lift Asian equities

Crypto markets are down over the past day, but are still meaningfully higher than the lows recorded after @binance's decision to scrap the @FTX_Official bailout. Several reports have followed alleging FTX was controlled by Sam's inner circle & operating with no oversight

This culminated in @SBF_FTXs resignation & FTX's bankruptcy announcement minutes before this commentary post. It appears the vastmajority of employees had no transparency into FTX's inner workings

Yesterday afternoon, the Securities Commission of The Bahamas took action to freeze the assets of @FTX_Official.">@FTX_Official The full extent of the collateral damage remains to be seen, but it will certainly be severe given the estimated ~10b shortfall is ~3x that of 3AC

.@TheJusticeDept contacted @binance to discuss its acquisition talks with FTX; @MAS_sg is collaborating with NY Fed to explore CBDCs; @Aptos_Network partnered with @googlecloud to support its accelerator program; @MetaMask launched an integrated bridge feature

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

Daily Market Update: Nov 11, 2022 - GSR Markets
This post is based on this twitter thread.

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