Cryptocurrency

Bitcoin miners continue to sell as realized loss from FTX exceeds LUNA collapse

Hull Invest

Some of the biggest news in the cryptoverse on Nov. 22 include an increase in miner sellout rates, realization of Bitcoin losses due to FTX fallout exceeding losses from Terra’s collapse, and Digital Currency Group CEO’s statement on Genesis’ liquidity situation. Includes comments by Barry Silbert.

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Bitcoin Miners Sell Aggressively As Crypto Market Continues to Struggle

Selling pressure continues on Bitcoin (BTC) miners as the price of Bitcoin dips below $16,000.

According to Capriole Fund founder Charles Edwards, miners are selling at their most aggressive level in seven years, with selling pressure increasing 400% in the past three weeks.

Bitcoin Loss Due to FTX Fallout Outweighs LUNA Collapse

Bitcoin’s realized losses from the FTX crash surpassed those from May’s Terra crash.

Bitcoin Net Realized Loss: Gain
Bitcoin Net Realized Loss: Gain

The first wave of selling pressure came in November, increasing realized losses to around $2 billion. Realized Bitcoin losses reached a year high of $4.3 billion, according to data.

Digital Currency Group CEO Barry Silbert downplays FTX’s impact on Genesis, expecting $800 million in revenue in 2022

Digital Currency Group (DCG) CEO Barry Silbert has sent a memo to the company’s shareholders to address concerns about Genesis’ liquidity.

Silbert said the suspension of withdrawals at Genesis’ lending arm was due to a “liquidity and duration mismatch.” He said the issue will not materially affect Genesis and in 2022 he expects DCG’s revenue to reach $800 million.

FTX Bought $121M Property in Bahamas Within Two Years

FTX, its senior executives, and Sam Bankman-Fried’s (SBF) parents have purchased at least 19 properties in the Bahamas over the past two years. In total, the properties are worth him $121 million.

Seven of those properties are condominiums in a record community called Albany that were purchased by FTX for a total value of about $72 million. FTX co-founder Gary Wang of his SBF and former head of engineering Nishad Singh also bought a condo worth $950,000 and his $2 million worth of residential condominium.

FTX compensates Bahamas for custody of assets and orders refund

On November 21st, the Supreme Court of the Bahamas ordered FTX to indemnify and reimburse the Securities Commission of the Bahamas (SCB) for the costs incurred in custody of its digital assets.

Watchdog says:

“[The court order]Confirming that the Commission is entitled to indemnification under the law, FDM will ultimately reimburse the Commission for the protection of those assets for the benefit of FDM’s clients and creditors. , shall be borne in the same manner as other ordinary expenses of managing FDM’s assets. its customers and creditors. “

With its Series A investment in NGRAVE, Binance is focusing on the hardware wallet sector.

Cryptocurrency exchange giant Binance has announced that it will participate in the upcoming Series A funding round of leading wallet maker NGRAVE.

Founded in 2018, NGRAVE aims to change the way people experience cryptocurrencies by eliminating the possibility of loss. The team made it their mission to empower people so that they could master their wealth and be free to live the life they wanted.

US Senators Urge Fidelity To Lower BTC Amid FTX Impact

Three US Senators drafted a letter and sent it to Fidelity Investments asking them to reconsider their decision to provide Bitcoin exposure in their 401(k) plans. The letter expresses the senator’s concerns about the FTX fallout.

The letter read:

โ€œOnce again, we urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to Bitcoin.

Since our last letter, the digital asset industry has only become more volatile, noisy and chaotic. All the features of the asset class should be what an unplanned sponsor or someone saving for retirement should want. “

Binance CZ denies Bloomberg report on Abu Dhabi fundraising attempt

Bloomberg published a report on Nov. 21 that said Binance was meeting with investors in Abdani to raise cash for the industry’s recovery.

On November 22nd, Binance CEO Changpeng Zhao responded to the news and denied its truth.

Justin Sun Reportedly Wants To Buy FTX Assets

TRON Dao (TRX) founder Justin Sun has reportedly revealed his interest in purchasing FTX assets. Speaking to a Singaporean journalist about FTX, he reportedly said:

โ€œWe are open to any kind of deal. I think all options [are] on the table. We are currently evaluating the assets one by one, but as far as I understand they are already in this kind of bankruptcy proceedings, so the process will be lengthy. “

Craig Wright Creates Ambiguity About Satoshi’s Post On BitcoinTalk Forums

Craig Wright claimed that the real Satoshi only sent some of the posts Satoshi sent to the BitcoinTalk forums.

Light claims to be Satoshi himself, stating: Website is mine. “

research highlights

Study: Long-term Bitcoin holders hold on stubbornly despite 33% holding loss

Bitcoin hit a 106-week low, dropping to $15,500, but long-term holders (LTH) continue to accumulate despite fears of contagion.

Total supply held by long-term holders
Total supply of long-term holders

Total Supply Held by Long-Term Holders (TSHLTH) refers to bitcoins held for 6 months or longer. The chart above shows that LTH is accumulating during price restraints and selling off during bull markets.

The current TSHLTH level is 13.8 million bitcoins, representing 72% of the circulating supply and a record high for this metric.

News around Cryptoverse

FTX Japan will allow withdrawals from this year

According to local news sources, FTX Japan aims to allow withdrawals by the end of this year. Reportedly, FTX Japan currently holds ยฅ19.6 billion in cash and deposits.

FTX and Alameda lost billions by 2022

According to Forbes article, FTX and Alameda Research will lose $3.7 billion by 2022. This challenges the image of SBF built for FTX and Alameda and calls into question a highly profitable 2021 for the community.

crypto market

Over the past 24 hours, Bitcoin (BTC) rose 2.08% to trade at $16.149 while Ethereum (ETH) rose 2.09% to trade at $1,128.

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