0/ The week of Nov. 16-22 continued to see more victims of FTX being exposed.
BTC regained some of the losses atm, but there's not likely to be a long-term reversal because
1/ the Genesis problem hasn't been solved.
FOMC will come today at 7 PM UTC to give hints about future macro policies. The sooner we overcome this contagion, the sooner bottom can be found.
2/ Genesis (by @DCGco
- Is one of the largest cryptocurrency lenders & brokerages for institutions - Run the staking programs of @Gemini and @Circle - Has close business ties to @silvergatebank - Originated 40B+ in new loans (Q2 2022) - Had 2.8B in active loans (Q3 2022)
3/ Timeline of the @GenesisTrading crisis:
- Nov. 9: Claimed "no material net credit exposure" to FTX - Nov. 10: Reported a 7M loss - Nov. 11: Updated the number to 175M, DCG stepped in with 140M injection - Nov. 16: Halted withdrawals and new loan originations
4/ Now Genesis is facing the risk of bankruptcy if it can't raise fresh cash.
The firm said it has no plans to file bankruptcy imminently but hired a restructuring adviser.
Investors started to fear that DCG will have to dispose of assets, which affects @grayscale GBTC & BTC.
6/ The FTX hack chaos caused investors to have an eye on privacy-focused cryptos, and XMR (+4%) seemed to be the most picked.
There are speculations that the hacker can hide his trails using @monero to convert the BTC holdings, then swap XMR to stablecoins on another exchange.
NEAR (-18%) has been in a downtrend since mid-August & lost 50% by the start of November.
SOL (-12%) tanked to its yearly low of 11 on Nov. 22 following the market loss of confidence.
The surge in trading volume & users brought more revenue to GMX and sent the token higher before it retraced back.
10/ The NFT market saw a decline in trading volume as the total market cap fell to 11.3B.
CHZ also soared ahead of the WorldCup, but down 20% then.
11/ Notable news:
Collapsed @FTX_Official owes nearly 3.1B to top 50 creditors:
@CurveFinance releases whitepaper and official code for its stablecoin:
Bitcoin miner @core_scientific has lost 1.7B this year:
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