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🔥🚩WHY AXS MADE +132% IN 5 MIN❓ $1M HACK❗🔥Hi friends! AXS was almost top gainer of this week, but seems like it's not because the "great development" or super event, that ussually pump such gaming coins. As it turned out, it was a hacker attack that allowed to steal millions of dollars from traders through API keys. 📊 HOW THE SCHEME WITH API KEYS WORK❓ 1. Traders use the API keys to connect some platform with remote access to the Binance account. There are a lot platforms, I will not specify it here. 2. Some account accumulate AXS on exchange and set their stop-limit sell orders by 50-100% higher from the entry point. The accumulation can take 1-2 weeks, because such coins has low liquidity. 3. Hackers enter your accoumt through the "hole" in API-keys and start to buy coins by market orders. 4. As such coins have low liquidity, the price easilly reach hackers stop-limits and now they have USDT with +130$ profit. "Legal" deposit, easy money. 🔥 Here the tweet of one victim to CZ and Binance about losing of $1M. ✅ This is not just a single case. I found at least 3 traders that got the same troubles with API keys. I think that is another bad case with the crypto exchange. 🚩 It looks like an attempt to discredit the crypto exchanges, as after the fall of FTX someone wants more "blood" on the market. It is good that CZ and Binance support reacted to this news in time and it did not become so widely known. As far as I understood from the story of one participant, Binance will refund🔥 the money to its users, but previously blocked their accounts for some time to avoid the repeat. 📊 TECHNICAL ANALYSIS The price don't pay attention to this spike and continue to follow BTC movements. The most possible AXS's movement is pullback to the $12-13 value area. 📊 Precondition to open a long: 1. squeeze to the trendline 2. local manipulation with sl collection 3. bullish BTC 🚩 I personally use DOM and Footprint. These scalping toold help me to identify the whales buy/sell orders and ✅The 2 main targets for AXS: 🔥 $8.7-9.4 - the value area 🔥 $12-13 - the value area and local highs. Strong resistance for the price ✅ Traders, do you know about this case before? Maybe, you have additional information about this hacks. Share info about it in the comments! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade
by Yuriy_Bishko
5
✅RETAILERS ALREADY FORGET ABOUT SHIBA INU! 3 TARGETS🔥🔥 Hi friends! A lot of traders already forgot about the meme coins such as SHIB and DOGE. It's very good for the petience and profitable traders as we are. I metioned the $0.00079-84 velue area as the support in the previous trading plans on SHIB , so the price was stopped there. ✅ BUT in this idea I want to show you the best entry point before the SHIB will pump. Just take a look to the SHIB most common pump pattern. I'm sure you neve mention it. After the some consolidation in the 5-10% range, SHIB making a huge pump. It as in 2 cases before, I think that this time the pattern will work well. We just need to find the best entry point with high RR and short sl. 🚩 It worth to add that on every PUMP the whales🐳 sell thie coins (just take a look on volume indicator). This situation is really visible on such centrilized altcoin such DOGE and SHIB cause they have 20-30 biggest wallets that hold 50-70% of all coins. Of course, they want to sell it. 📊 The trading plan to open a long: 🔥 accumulation in a 5-10% range 🔥 squeeze to the trendline 🔥 huge buy order on DOM and Footrpint by the whales ✅The 3 MAIN targets for SHIB: 1. $0.001 - the key level 2. $0.00116-125 - the value area 3. $0.00137 - local highs and key level Traders, book the profit by parts, because trading is about making money and not close your trades at loss and breakeven. 🚩Do you agree with my targets or think that altcoins will fall? Write your thought in the comments! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.
by Yuriy_Bishko
9
2 TradingView Strategies for trading crypto:The BarUpDn StrategyTrading cryptocurrency could be highly rewarding using the right indicators and TradingView strategies. A TradingView strategy is a script that can send, modify and cancel buy and sell orders when it recognises specific conditions on the chart. In addition, strategies allow traders to carry out back testing to expose the validity of a strategy while on TradingView charts. There are numerous strategy options available on the TradingvView. We shall consider two of such strategies in this article: The BarUpDn Strategy and the MACD Strategy. The BarUpDn Strategy This strategy continuously checks any quick price changes in the market for the cryptocurrency pair you are monitoring before deciding to go long or short. In addition, the BarUpDn strategy uses the color of bars or candlesticks in its analysis. Before entering a long position using this strategy, the current candlestick or bar must be green. That is, the close of the current candlestick is larger than the open, and the open of the current candlestick is above the close of the previous bar. For a short position, the current candlestick will be red. By this, the open of the current red candlestick is below the close of the bar that proceeds it. In this strategy, the moment the percentage loss exceeds the amount specified by the indicator for the day, all opened and running positions will close. The MACD Strategy MACD stands for Moving Average Convergence Divergence. It is widely used by active day traders. MACD strategy indicator on TradingView works on three components: Two Moving averages and a histogram. The two moving averages are essentially Exponential Moving Averages (EMA's lines). The main line is the slow line, which is the MACD, while the second is faster and is the signal line. When the two lines come together, we call this convergence, and when they are away from each other, we call this divergence. The histogram serves the function of showing the difference between these two moving average lines. The zero line on the histogram is the point where the price of the cryptocurrency pair's momentum is zero. The histogram grows larger when there is a rapid change in the price in the upward direction. At the same time, it shrinks when there is a deceleration in the crypto asset price. There are three ways a crypto trader could use the MACD strategy indicator on TradingView. They are Crossovers, Histogram Reversals, and Zero Crosses. The Crossover strategy is a lagging strategy because it is based on holding until you see a price movement before opening a trading position. The Histogram Reversal is a leading strategy as it depends on general trends from historical data for trade entry and exit. Finally, the Zero Crosses approach uses the EMAs crossing the zero line as a basis for trading decisions. When the signal line crosses the zero line, it is said to be in an uptrend, and a downtrend when it is below the zero line.
by BlackBull_Markets
1
FTX's collapse raises concerns for crypto-related stocks Bahamas-based cryptocurrency exchange FTX's filing of Chapter 11 bankruptcy on Nov. 11 have sent stocks of financial services companies dealing digital assets tumbling, further reducing the already dented confidence for the cryptocurrency industry. According to Bloomberg News-compiled data, the implosion of FTX, which at its peak was the third-largest cryptocurrency exchange, and its spillover effects have wiped out nearly $5 billion in value across a range of other companies. FTX filed for bankruptcy less than 48 hours after a supposed rescue takeover from rival Binance. After news broke of the company's collapse, Binance CEO Changpeng Zhao warned of the potential negative impacts of the event on the cryptocurrency industry, saying, "a lot of consumer confidence is shaken, and I think basically it sets us back a few years." Indeed, not long after the filing of bankruptcy, the event has taken a toll on the shares of financial services companies involved in the trading and management of digital assets. The aftermath Some of the apparent publicly-listed victims are Robinhood (NASDAQ: HOOD), MicroStrategy (NASDAQ: MSTR) and Galaxy Digital Holdings (TSX: GLXY), all of which have fallen at least 15% the week of FTX's bankruptcy filing. Another company affected was Silvergate Capital Corporation (NYSE: SI), which posted a record decline after news broke of FTX's collapse. More than a week following the event, the price of Bitcoin dropped to $16,132, causing a decline in the stocks of Coinbase Global Inc. (NASDAQ: COIN) and other crypto-related listed companies. Meanwhile, Cointelegraph's tracking of companies up to Nov. 17 showed that the event also affected institutional trading firm Genesis, blockchain financial services company Galaxy Digital, venture capital company Sequoia Capital, hedge fund Galois Capital, crypto lending firm BlockFi, exchange Crypto.com, investment firm Pantera Capital and crypto lender Nexo. On Nov. 29, BlockFi also filed for bankruptcy, citing significant exposure to FTX. Tougher regulations to follow "With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be negatively affected," warned Binance's Zhao. He said the industry will likely face more regulatory scrutiny focusing on capital requirements and handling of deposits, which he thinks is "probably a good thing, to be honest." In a research report, JPMorgan said the collapse of crypto exchange FTX and sister company Alameda Research would likely prompt the acceleration of crypto market regulatory initiatives already underway. JPMorgan expects the FTX bankruptcy to also elicit a greater sense of urgency for regulation in the US, which is something that may actually help crypto-related stocks avoid future FTX-like shocks.
NASDAQ:HOOD
by BlackBull_Markets
November 30 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart According to the 2022 German Blockchain report published by CV VC Labs, the European country has a 22.8% share of all Ethereum nodes, while the United States leads with 45.3%. Bitcoin is up 4.04% over the last 24 hours and rose to an intraday high of $16,955.00. The largest cryptocurrency reached the 20-day EMA of $16,913 today, suggesting the bulls are attempting to establish a relief rally. If the BTC/USDT pair maintains above the 20-day EMA ($16,913), the pair could rise to $17,200. Today’s Cryptocurrency Headline BlockFi Has $355M in Crypto Frozen on FTX Kirkland & Ellis partner Joshua Sussberg said in New Jersey bankruptcy court on Tuesday that BlockFi currently has about $355 million in cryptocurrencies frozen in FTX. Additionally, BlockFi provided $671 million in loans to Alameda Research. Sussberg told Judge Michael Kaplan that he anticipates the process of recovering BlockFi’s funds from FTX will “play out over a long period of time.” and whether those funds will be recoverable is another question entirely. Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.
by BingX
1
Average Joe - Bitcoin anyone? I recently published a post about the "Wall Street cheat sheet" You can see this play out even over the smaller TF's per Elliott wave cycle. It's all to do with the market sentiment and traders psychology. Us humans, try and find patterns in everything. Whales in the clouds, levels on the charts, even faces in coffee. What you have to appreciate is why these emerge, there's no voodoo or mythical reasoning behind such things. It's often just humans trying to make sense of something the brain fails to understand. I have put together several posts over the last 18 months, some to do with calls up and down, back up again and then down. But that's not the point, the real value is for traders to come to these conclusions on their own. Many of my educational posts can be found throughout my profile here on Tradingview. Some of relevance - The Simpsons one, was all about this Wall Street cheat sheet and digging a little deeper into the emotions. I also talked about why the masses have come to crypto; When you start to piece this together, you will quickly realise - that the larger operators in the market, simply understand the psychology which is driven by retail sentiment. This particular post was all about why I was calling the rocket call - whilst the majority wanted it to be re-accumulation, there was some obvious signs showing distribution had began. Ask yourself this, when the big boys sell - who are they selling to? Well retail mostly, when the big boys buy - again, who do they buy from? well retail mostly. These patterns are nothing but humans being human. They won't change much, even being over 100 years old. Humans haven't changed much in 100 years. You can see these cycles play out, every step of the way - you can and some will say in the comments "your wrong, we are at this stage or another" Your missing the point, I am not trying to pick bottoms or tops with this post; I'm merely educating the masses as to why these things exist. Take a look at the rally up in Bitcoin's early life; This was the tech kids, the true believers and not until prices hit over 1k did you see many VC's or larger scale "tech investors" join the ride. (NOT TRADERS or TRADING INSTITUTES) not at this stage, the drop down is where the big boys played accumulation to perfection. This came just after, every man and his dog had heard about Bitcoin from the postman or in the local pub-bar. Of course as it happened - jumped in at the local top, got angry and annoyed. Sold off what was left to - you guessed it, the big boys accumulating! As the rally played out, retail seem to always want "NO RISK" so they end up buying when the price is rising. Now it was more widespread, all over social media! We saw influencers call 130K, $250k, a MILLION dollars and even 3 Million dollars! buying it above 45k made sense to many who either did not understand or unwilling to learn. Many went for it, leaving the bags red for an extended period of time. To make it worse, the larger operators can afford to sit and wait, wait and wait some more. Retail will leave due to fear, take losses as every day they switch on the computer - the account is negative. People have literally gone all in on this and in some cases - buying the top! The longer the low ball phase goes on, the more uncertainty it will cause. Fear of this going lower will eat away, especially for those carrying heavy losses. (I've heard people say things like "it's only a loss if you sell") All people want is for the pain to be over and for this to hit all time highs. At the moment, people are questioning crypto - regulators are edging closer - especially after the whole FTX saga. The crowd cries "banks are bad, governments steal" the issue is banks are regulated to ensure low fees and options to return stolen funds. In an unregulated market - some will get burnt! Now, don't get me wrong - I'm not one for governments or banks. But crypto needs to establish a good regulatory footing for it's value to be realised properly. Until then we are likely going to see us sat somewhere in-between denial and depression on our Wall Street cheat sheet. Have a great week all! Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
COINBASE:BTCUSD
by Mayfair_Ventures
9
Are We There Yet? (BTC)Why would you want to trade in any other market but this one? There never is a dull moment , its always exciting , always giving us curve balls time and time again. This year are streak at marco predictions is over , it was good run you can check them out here below. I was so sure that the bottom was in , there was so much evidence that infact it was in , countless of on-chain metrics and indicators flashed the bottom but its never that easy with Bitcoin is it , below is a TA that is now invalided showing you all the data I used to come to that conclusion at the time. Mistake here was getting over confident and ignoring a few critical signals that had not flashed bottom just yet , which now have. Everything was in fact going according to plan until FTX black swan placed everything out of wack or so I tried to convince myself that was the case , that if infact this blackswan would not have happened I would have still kept my Marco streak going. The reality is that I was wrong and the FTX blackswan was always going to happen , it had to happen because every event like this creates something which is needed in the crypto space and so in comes proof of reserves which in the long run will make crypto a better and safer place. So what your about to see might shock you because maybe it was just that dam easy . We took 1064 days from Cycle bottom in 2015 till 2017 cycle top . We took 1064days from cycle bottom in 2018 till 2021 cycle top. We took 364 days from 2017 cycle top till 2018 cycle bottom We are currently now just over 364 days from cycle top , is this the bottom? most likely. This model you see infront of you in log scale is the best Bitcoin model at the moment , atleast I have not found better , the other log scales , rainbow scales etc have all failed except this one for now. I reached out to the creator of this model and asked him if it would be possible to add projections to this model and he declined , regardless still thankful for this amazing model because it picked out the top perfectly this cycle and the bottom of the last cycles. Lets really zoom in and see how incredible this model is : The covid crash , it wicked down and caught the pico bottom. Caught the pico top twice in 2021 . The june 2022 crash. The new all time low of this year that happened this week. Look at this touch , pico bottom of the channel , simply mind blowing . So as you can see this model is the best we have for now and we shall me use it until the day it fails. If we take a look back the 2015 cycle we can see that from wave 3 to 4 Bitcoin moved back up to the blue line before going down one final leg. It seems that we have pulled off the same pattern this cycle. All the cycles are linked together , after many hours of searching you find the patterns , at the start of this year for example I was following 2017 bear market fractal that played out 1:1 for over 60days . It was unreal . USDT dominance chart has also formed a double top pattern , with the crash in May and this month its hit exactly the same level , been following this for months , once we break this support line we will start a major relief rally . So we are doing pretty much exactly the same thing in exactly the same time if cycle repeats again then Oct 2025 Bitcoin will hit 90-150k.
INDEX:BTCUSDLong
by Sporia
3
Contagion?The past two weeks have been filled with more pain as the contagion effects from FTX have continued to spread and the market has started to get more information on the events that culminated in the FTX scandal. On November 11th, Sam Bankman Fried (SBF) stepped down as the CEO of FTX. Shortly after, John Ray III was appointed as the new CEO, a Chicago-based lawyer who has previously served as a restructuring officer in multiple high profile bankruptcy cases. Since being appointed, John has stated “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” A harrowing statement from an individual who handled the restructuring of Enron, a company that used SPVs to hide $38 billion in debt. The first part of the bankruptcy filing details how FTX was structured and outlines four groups of subsidiary businesses: FTX US, Alameda Research, FTX Ventures, and FTX’s overseas businesses. Shockingly, the FTX US balance sheet showed that the company allegedly had just $316,000 in total liabilities, a number that couldn’t possibly be correct considering the exchange held billions of dollars in users assets which would qualify as liabilities. Surprisingly, these deposits have seemingly been expelled from the balance sheet report. The reason for this is likely because the balance sheet report was provided by SBF himself and was unaudited, deplorable for a company that was registered with the SEC and had custody of user funds. As for FTX, the (most likely) cooked books claim that FTX held over $2.258 billion in total assets versus less than $500,000 in liabilities, quite literally impossible for a company that currently has a multibillion dollar blackhole in user funds. Even more surprisingly, only Alameda Research (one of the four FTX subsidiaries) had their accounts frozen in the two weeks following the collapse. In short, this could have allowed individuals connected with these subsidiaries to liquidate everything on their books to ensure the 'correct' individuals get paid whilst leaving the everyday user empty handed. As the contagion was threatening to spread and exchanges were coming under increasing pressure, the market has been closely watching what will happen to Digital Currency Group and its subsidiaries Genesis and the Grayscale Bitcoin Trust (GBTC). Genesis, among the largest OTC desks and lenders in the space, seems under major pressure after rumours circulated that they were trying to raise $1B to avoid bankruptcy. Furthermore, GBTC might still unwind potentially releasing hundreds of millions of BTC and ETH into the market. Considering that GBTC owns 640K BTC (3.3% of the current circulating supply) the implications for the market could be immense. To contain this ongoing ‘bank-run’, many exchanges are moving to implement “Merkle-tree proof of reserves”, a cryptography concept that would allow for real-time monitoring of the quality of exchange reserves and the liquidity buffers they have. Although many exchanges are now moving to implement this voluntarily, when new regulation follows the FTX scandal, it’s likely that displaying proof of reserves will be a fundamental requirement of all centralised exchanges. So far, despite rumours about various high-profile exchanges spreading, no other player has been dragged under in the market turmoil. From a technical perspective, the price action of the bitcoin daily chart will be satisfying viewing for the bears after the price depreciated significantly following the collapse. Bulls will find some confidence in the MACD indicator crossing above its signal line which could be evidence of a short-term change in sentiment. One important level that has so far held up is the $15,500 support. If this level is lost, the desolate market that’s been ever-present the past two weeks could worsen. Another important point to note is that the Bollinger Bands indicator currently has a large spread thereby implying volatility is high, a welcome sight for scalpers. We will truly know the extent of the scandal once more information comes to light following the FTX bankruptcy filing. Until then, the extent of the fallout will most likely depend on the interconnectedness between FTX and other market participants.
by Coinrule
1
AscendEX Analysis (ASDUSDT)⚡ I'm keeping an eye on exchange tokens for any danger alerts. ⁉️ I don't know why this ASD token is going up (leave your comment)... 🐻 On July 11, 2022 we had a bear trap. 🚀 Since then we have had an appreciation of 1,444.50%... 🤔 Could it be that the catastrophic events to come were already priced in this event? ⛰️ If even after the FTX collapse, the token didn't go downhill, most likely we've already found the bottom. 🏹 Speaking of now, a diagonal resistance break is about to happen.
ALong
by andre_007
🎅🎄SANRA RALLY in CRYPTO❗ What is it and why does it happen❓🔥🔥Hi friends! Today I have prepared an article for you about perhaps the most highly anticipated event of 2022. This applies to any market, but more so to cryptocurrencies. We will talk about 🎅Santa Rally. 📊 WHAT IS A SANTA RALLY❓ Santa Rally is a period in the market of cryptocurrencies, stocks and indexes before and a little after the New Year holidays ( mid-November to mid-January). This term came to the cryptocurrency market from the stock market. Now stocks show more strength than cryptocurrencies and have already started their growth and a small but "Santa Rally". 🚩 Cryptocurrencies continue to make lower lows (LL) due to the FTX case and strong fear among buyers.

 📊 WHY IS THE SANTA RALLY HAPPENING❓WHAT MAKES CRYPTO, STOCKS, INDIXES GROW IN THIS PERIOD❓ Usually, the 4th quarter (the last quarter of the year) is a period of big holidays, which means an increase in the number of sales in most companies in almost all sectors of the economy. Many people buy gifts, new equipment, etc. The growth of company profits triggers the growth of companies' stocks.

 Also, a certain number of people want to invest in any asset with the belief in its further growth next year. This is not a strong, but an additional factor why crypto and stocks are growing. Bitcoin quarterly returns(%). Bitcoin Q4 return marked in red. Additionally, I marker the Q1 in white to show you what happen to BTC after Santa Rally🎅 📊 WHAT HAPPENS IN THE CRYPTOCURRENCY MARKET DURING SANTA RALLY🎅❓ There are 5 cases on the chart from 2017 to 2021 and 80% of them are quite successful. 🔥 2017: the end of the bull market, real Santa Rally🎅 I think that's when most of you knew about the cryptocurrency market. I hope that this is when you were selling crypto, not buying. 🔥 2018: the end of the bearish market, the beginning of the bull market. Consolidation of Bitcoin and volatility +-20%. We see something similar to that situation now. After that, there was another consolidation, after which Bitcoin rose to 14 k. 🔥 2019: the consolidation again before the local growth. A good entry point to spot positions, a strong level of support. After that, Bitcoin grew from 6k to 9k by 50% in just 1.5 months. What happened after this growth is already history. 🔥 2020: a great example of a Santa Rally🎅 December 2020 fell just in the middle of the bull market, when the price rose from 20k to 33-35k in just a few weeks. 🔥 2021: also a consolidation, but this example is quite unusual for a Santa Rally. Usually, after consolidation, Bitcoin grew, at least locally. ✅ As you can see from the examples, the Santa Rally🎅 period was quite successful from 2017 to 2020. In December, there was always either consolidation before growth or strong growth itself. And only in 2021 there was a consolidation before the fall, not before the growth. This shows how much the cycle has "deviated from it's course". Most likely, that December should have ended with the final growth, but the problems with the economy in the United States, the strengthening of the dollar and other more minor problems did not allow Bitcoin to do it. 

 📊 WHAT WILL BE THE SANTA RALLY🎅 IN 2022❓ Bitcoin spent 3 out of 5 cases in consolidation, and in the other 2 cases showed strong growth. This means that in high probability, consolidation is the most likely option. Fortunately, there was no big drop in December. ✅ 

Friends, in this idea you have learned what the Santa Rally is, why it happens. Now you know with a high probability what will happen now in 2022, so you can already make your trading plans. Traders, was this article useful? What is your opinion about Bitcoin at the Santa Rally🎅 in 2022? It would be interesting to know the thoughts and expectations of my subscribers! 💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade
by Yuriy_Bishko
5
ETHEREUM BROKE OUT OF THE DOWNTRAND CHANNEL. !!!!!!Hello everyone, if you like the idea, do not forget to support it with a like and follow. I'd like to draw your attention to the graph because it shows how Ethereum broke out of the downward channel and kept growing.The resistance line was broken by the price, which made way for a support line.The price could, in my opinion, test the support level and rise to the level of 1280, which is where I see our objective.Be ready for the subsequent actions because I anticipate this scenario. If you like my ideas then do support them with like and follow. Also, share your views in the comment section.
Long
by knox_365
Potential impacts of the unravelling of the FTX crypto empireWhat happened with FTX: Rumours began circulating starting on the week of 1st November that the balance sheet of Alameda Research, a quantitative trading firm, and a sister company of FTX, a Bahamas-based offshore crypto exchange, might be in trouble. They both have the same owner, a 30-year-old crypto’s “golden boy”, Sam-Bankman Fried. It now appears FTX might have lent out customer funds and assets (no proof of this, though) to Alameda Research which made risky bets with those assets. This is strictly prohibited in traditional finance. Both companies are private, but the market estimates that 40% of the balance sheet of Alameda Research might comprise FTT tokens, utility tokens created by FTX, and these were used as collateral at the firm. The CEO of Binance, Changpeng Zhao, or CZ, got wind of this in the week of 1st November and said over the weekend Binance will sell all of its FTT tokens (worth over $500 million). This created the cascade of events we are witnessing and a “bank run” on FTX. On Tuesday 8th, Binance and FTX agreed on a letter of intent whereby Binance might potentially purchase FTX Global (leaving FTX US intact), but after starting due diligence, Binance concluded that the finance gap at FTX is “too big” and withdrew the offer. From the on-chain activity, the industry has recently observed money transfers from wallets at Alameda to FTX. It appears that Alameda lost money on its trades and cannot pay back the funds and assets borrowed from FTX. FTX has been reported to have a shortfall of at least $8 billion. Current situation: After Binance's withdrawal of its offer to takeover FTX, the question was who would be big enough to fill the finance gap at FTX? In the traditional finance industry, it would be the government which bails out the troubled company, but there is no government back-stop in crypto. Coinbase has ruled itself out. After Binance, there were rumours that Tron cryptocurrency network’s Justin Sun was working together with FTX to put together a $9.4 billion “solution”. Several investment funds and companies had access to FTX’s data room and were reviewing its books. Just a short while ago on Friday (11th of Nov) FTX filed for bankruptcy. The crypto market has been up on Thursday 10th showing some optimism for a solution by the markets. Reputation of SBF: Apart from the shadiness of potentially using client funds to make risky bets, there are questions about what the customers and investors of FTX actually knew or were told. Were they given full and honest information about what was going on? FTX was valued at $32 billion just in January and blue-chip VCs had completed due diligence on them. If they misled investors and clients, a court case could come for SBF. It is understood that the Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating whether the FTX properly handled customer funds and its relationship with other parts of Bankman-Fried’s crypto empire, including his trading house Alameda Research. It is also understood that officials from the Justice Department are working with SEC attorneys. Impact on regulation: Regulators are likely to come on hard on the crypto industry after this event. Incredibly, SBF spent months in Washington lobbying for crypto regulation which would have benefited his own company while at the same time potentially engaging in risky activities with client funds (no proof of this, though). SBF was the second largest donor to the democratic party (after George Soros) and the democratic party worked with him on major crypto bill proposals pending review at Congress. The crypto bill proposals are likely to be modified and could be postponed for months. This is an embarrassing turn of events for the democrats. What changes are needed in the industry: It is clear that transparency and cryptographic proof of reserves are necessary so clients can feel secure that their assets are not lent out or used for risky activities. Kraken has already implemented this and Binance is promising to do the same in the near future. These events also show how important it is to keep crypto assets in cold wallets and not at centralized exchanges. Using utility tokens as collateral, particularly utility tokens created by a firm that is also accepting them as collateral, is highly risky as they are vulnerable to short attacks. The other question is: how can you use “monopoly money” you created yourself and claim it could be used as collateral and as a replacement for real money? There are also concerns about the increasing dominance of Binance, which, before this debacle with FTX, processed around 53% of all crypto trades on spot and derivatives markets by trade count and around 30% of the market’s value. Contagion fears: Most cryptocurrency values are down significantly in the past five days. Bitcoin is down 20%, Ethereum 24% and Solana is down 54%. Solana is down more than others as Alameda Research was one of the early initial coin-offering investors in Solana in 2021, and Alameda is said to have held staked and unstaked Solana worth billions of USD. We expect contagion to continue for days/weeks. Several investors have already written down the investment at FTX to zero. Most obvious companies to track are the lenders to Alameda Research, clients of FTX and other companies with direct or indirect exposures to FTX, Alameda Research or FTT tokens. At this point, we do not have enough information to judge how much, if any, might be recovered from the bankrupt FTX and its sister company Alameda Research. Future of crypto: We believe there is still great potential in crypto. Like with most new technologies, early stages of technological development are prone to problems, hiccups and setbacks. Some of the most troublesome business models in the crypto industry have been centralized offshore crypto exchanges (Mt Gox, BitMEX, FTX) and crypto brokers (Voyager Digital). Some fundamental changes are needed to make the industry more transparent and trustworthy with less dependence on a few players. One of the solutions could be the proof of reserves model, which we discussed earlier.
C
by aneekaguptaWTE
Mayfair's Ultimate Guide to BitcoinHere is a link to my partner's post on the same thing: I have made my post shorter, but added direct links to the predictions he has made, so you can read how right he has been over a very long time. If you can be bothered to click each one, then you will learn a LOT about how institutionalised markets work. We at Mayfair bang on about what institutional involvement in Bitcoin actually means. Most people think it means BTC goes up. This is not the case at all. Most of you will realise this now, but sadly at the time we were ignored. In fact, what the big players do is know your psychology very well indeed, and they exploit you to get the profits they want. The chart shows your group psychology, and the stages are taken from the Wall Street Cheat Sheet You are: (A) Being manipulated and (B) The architects of your own destiny, because it's only human to react the way you do. Have a look at the @Mayfair_Ventures posts I have chronicled on the chart, and see how good the calls are. They are great calls, because we understand the psychology, and we actively change our own to match that of the big players. The pressure for all crypto holders to sell is insane now. Mental pressure, being applied by the big boys. Because they know what you are like. Most of you know I have bought BTC on a DCA strategy aiming at a 3-year return, using spot not margin. This was so I can ride out lows like these. I'm keeping mine. When you are short at the top and it's going against you, it always goes further than you ever thought it could, and the news is always blazingly good. It's the same thing. Take a look at my post on news here: We will be doing a big year-end review stream in a week or two, where you can tune in and get shown how to change your mindset to the winning side. Look out for it.
COINBASE:BTCUSDLong
by Paul_Varcoe
32
Bitcoin Marco UpdateJust a small update on Bitcoin , the price has infact made new lows but the RSI has not and this is very bullish. When we get these sort of divergences when the RSI is around 30 it is our signal that we are close or at a bottom. I layed a ray line from the bottom of the weekly close in 2018 and aligned it with he bottom of the March 2020 ,which then gives us this diagonal support line. I hate diagonal support lines they fail most of the time and there many ways one can draw these lines but in this case using the bottom of the weekly closes we get one angle. So far this support line has had incredible confluence take a look below. 1h Chart 4h Chart The reaction to this line coming in from last two major bottoms is amazing , there is a high chance that the bottom is in here. I would also recommend checking out this TA from trading shots it is possible that have completed the final stage with "discouragement" by making that lower low.
COINBASE:BTCUSDLong
by Sporia
7