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Over $1.5 Billion in BTC Withdrawals In A Week Of Fears, BTC Drops 6%

❗️Summary of the past week: Over 1.5 billion in BTC

withdrawals in a week❗️

1/The bankruptcy of FTX put the Crypto market in a state of extreme fear, with the two leading assets of the industry BTC

and ETH falling to their lowest levels of the year at 16,000 and 1,200

2/ Crypto users withdrew over 3 billion in digital assets last week. The major weekly reductions regarded the crypto exchange Gemini, down 30,000 BTC , followed by Kraken, Binance

and Coinbase 📉⬇️

3/ While the ex-CEO of FTX, SamBankmanFried, is being extradited to the US from the Bahamas, expectations on the cryptomarket continue to fall⬇️

4/ “The collapse of FTX has posed tremendous harm to over one million users, many of whom are everyday people who invested their savings in FTX cryptocurrency exchange, to watch them disappear in a matter of seconds” - Chair of US House Financial Services Committee Maxine Waters

5/ Among the most popular words used by crypto investors on Twitter, FTX

peaks with 400 mentions per day. However, users have also talked about Alameda Research, the quantitative trading firm that SamBankmanFried founded in 2017

6/ Apart from accumulating 60 million FTX tokens before the listings on the exchange were made public, its CEO, CarolineEllison, declared to have made “regular amphetamine use” and is suspected to be the ex-girlfriend of @SBF_FTX

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This post is based on this twitter thread.

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