CZ, SBF trade jabs in Twitter feud; Bitcoin firmly in capitulation phase

admin December 9, 2022

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The biggest news in the Cryptoverse on Dec. 9 included a Twitter sparring between Binance CEO Changpeng Zhao and former FTX CEO Sam Bankman-Fried, with Hut8, Riot, and Marathon have emerged as the only public miners to increase their BTC holdings in November.

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The artificial intelligence (AI) cryptocurrency sector grew 12.3% over the past 24 hours, making it the second fastest growing sector after cannabis.

Prominent top 10 AI cryptocurrency performers are cortexDeveloping machine learning models on blockchain rose 93.7%, fetchleveraging AI and automation for dApps and peer-to-peer applications, winning 33.7%.

The drama surrounding FTX and Binance continues to unfold as new text messages emerge showing what was going on behind the scenes when the exchange collapsed.

new york times obtained The text messages from a group chat with Sam Bankman-Fried, Changpeng Zhao, and various crypto executives exchanged on Nov. 10 were days before FTX filed for bankruptcy.

A series of about a dozen texts showed that all cryptocurrency executives feared that the situation could get worse. Concerned exchanges reportedly became more nervous as they accused them of doing so.

In the text, CZ said that SBF used Alameda Research to unpeg the stablecoin. His CEO of Binance pointed out: $250,000 deal And Alameda said it was put in place specifically to destabilize USDT.

Sam Bankman-Fried (SBF) speaks out following Binance founder Changpeng Zhao (CZ)’s public thread, referring to Kevin O’Leary’s defense against FTX, calling SBF a ‘cheater’ .

The feud followed CZ’s recent allegations that he accused SBF of trying to depeg USDT through Alameda.

CZ claimed in his Twitter thread that SBF “launched a series of aggressive tirades against multiple Binance team members.”

In a counter-argument, SBF announced that CZ “won” and claimed that CZ lied about details about Binance’s acquisition of FTX.

Former FTX CEO Sam Bankman-Fried supports the reopening of bankrupt exchanges by issuing new FTT tokens to creditors and giving token holders 100% profits.

Crypto Trader host Ran Neuner first pitched the idea on Dec. 9, adding that the new exchange would be the “largest exchange in the world.”

In response, the SBF tweeted that it believed “this would be a productive path for parties to explore.”

research highlights

According to on-chain data provided and analyzed by Glassnode, since June, Bitcoin (BTC) and subsequently the general market have capitulated, aside from the few gains seen during this ongoing bear market summer. ing. crypto slate.

Both bull and bear markets reveal on-chain sentiment data ranging from “surrender” to “euphoria – greed”. The height of the bull market historically shows the top when Euphoria holds tight. Yield, on the other hand, usually shows a trough.

The chart below shows BTC sinking firmly into surrender sentiment.Net Unrealized Profit/Loss (NUPL) on-chain data has previously seen only 2012, 2015 and 2019 red It shows a descent into the area.

Mining companies are releasing production rates for November throughout the week. crypto slate Analysts have compiled the numbers and revealed that only Hut8, Riot and Marathon increased their BTC holdings in November.

The chart above contains the monthly reserves of the top 9 BTC miners since January 2022. The numbers show that Hut 8, Riot and Marathon added 238, 472 and 72 BTC respectively to their reserves in his November.

Meanwhile, Argo, Bit Digital, Bitfarms, and Cleanspark have shrunk, losing 12, 30, 400, and 9 BTC in the same month.