The biggest news in the Cryptoverse on November 7th included Bitcoin mining difficulty dropping by 0.19%, Binance’s decision to liquidate all of its FTT holdings, and FTX CEO Sam Bankman’s Including Fried’s assurance that the exchange would not go bankrupt.
CryptoSlate Top Stories
Bitcoin mining difficulty barely revised down 0.19% amid continued pressure from miners
Bitcoin (BTC) mining difficulty adjusted on November 7, registering a meager 0.19% drop.
The most recent adjustment prior to this was on October 24th, when mining difficulty reached an all-time high of 36.84 trillion. A drop of 0.19% put it back to 36.76 trillion.
FTX Native Token FTT’s Terra Luna-Style Collapse Fears As Binance Liquidates Its Holdings
Binance CEO Changpeng Zhao (CZ) tweeted on November 6, stating that Binance will liquidate all FTX Native Tokens (FTT) it holds due to “discovered facts.” Binance said he held over $500 million in his FTT tokens at the time of CZ’s tweet.
This sparked a debate about a possible collapse of FTX, causing the FTT token to drop 9.4% in a single day.
SBF said, “FTX is fine. Assets are fine with over $1 billion in excess cash amid rumors of a liquidity crisis.”
FTX CEO Sam Bankman-Fried (SBF) has released a thread to address concerns about FTX’s bankruptcy after noticing Binance’s decision to liquidate the FTT reserve.
1) Competitors are trying to corner us with false rumors.
FTX is fine. Assets are fine.
—SBF (@SBF_FTX) November 7, 2022
SBF assured the community that FTX is “enough to cover all client holdings” and called on Binance’s CZ to work together for the sake of the ecosystem.
Over 50K BTC worth from Silk Road officially seized by DOJ after 10-year investigation
The US Department of Justice has officially seized 50,676 bitcoins in connection with the 2012 Silk Road fraud. That amount is today equivalent to about $1.05 billion.
Prosecutors said bitcoins were found hidden in the device of Silk Road attacker James Zhong, who was detained after his Nov. 4 trial.
Does Bitcoin miner selling pressure indicate further upside potential?
Bitcoin miners have been selling assets since early 2022, and on-chain data shows the rate of sale is accelerating.
This usually means that the market is underperforming, but Bitcoin’s history proves that it also bodes well for higher price levels.
Ethereum Supply Concentration in Smart Contracts Hits Record High
The supply of Ethereum (ETH) concentrated in smart contracts has reached an all-time high.
The smart contract will consist of 0.57% staked Ethereum and 0.45% of all Ethereum behind the exchange balance of 0.17%. The concentration of supply on exchanges has been declining since mid-2020, while smart contracts and staked Ethereum have increased since late 2020.
FTX Stablecoin Reserves Plunge As Community Fears Banking
Binance’s decision to liquidate its FTT assets also affected the rest of the community. While a cryptocurrency influencer urged the community to pull out of his FTX, cryptocurrency exchange platforms such as Jump Crypto and Nexo have also drained most of their assets from his FTX in the past 24 hours.
Hoskinson’s Twitter Suggestion For Cardano And Dogecoin Partnership Ignored By Reddit Mods
Cardano (ADA) founder Charles Hoskinson shared a video on November 6, proposing building a decentralized Twitter that works with Dogecoin (DOGE) and Cardano.
Dogecoin Reddit moderators removed Hoskinson’s proposal video from the subreddit on November 7, but the community accused Hoskinson of “trying to ride the Doge wave.”
SBF Reveals He Donated to Republicans and Democrats as Lobbying by Crypto Firms Continues Ahead of Midterm Elections
FTX CEO SBF tweeted on November 5th, revealing his support for bipartisan politicians who support unlicensed finance.
1) I was a significant donor in both the D and R primaries.
Support constructive candidates across the aisle to prevent a pandemic and bring a bipartisan vibe to DC.
And work with them to support permissionless finance.
—SBF (@SBF_FTX) November 5, 2022
FTX is not the only crypto company to support politicians with their pro-crypto discourse. However, SBF also seems to personally support the politician and his FTX Treasury.
Strong Polygon Rally Outperforms Bitcoin, Other Large Caps
According to CryptoSlate data, Polygon (MATIC) has outperformed Bitcoin since November 4th. MATIC is currently priced at $0.00006085, hitting a 77-week high against Bitcoin.
CryptoSlate Leverages Web3 Paywall in Crypto Briefing Onboard Access Protocol Ecosystem
CryptoSlate and CryptoBriefing have become the newest participants to join the Access Protocol Web3 Paywall. Together, the two news outlets have more than 1.5 million monthly users and benefit from Access Protocol’s content paywall system.
FTX’s FTT risks a dramatic drop as tokens flood exchanges
As a result of the withdrawal from the FTX exchange, approximately 50 million FTT tokens were transferred to other exchanges within 24 hours. With 90% of FTX’s finances in his FTT, this traffic brings the token closer to the brink of a dramatic decline.
It’s easier to win the lottery nine times in a row than to compromise Bitcoin’s security
According to reports, winning 9 lottery Powerballs in a row is easier than breaking Bitcoin security. Therefore, by investing in Bitcoin, investors are more likely to secure their funds and gain more wealth.
Survey: Bitcoin options traders expect price to reach $30,000 in Q4
Analysts at CyrptoSlate have revealed that implied volatility and open interest indicators show options traders expect Bitcoin and Ethereum to surge in the fourth quarter.
Implied Volatility (IV) measures the market’s sentiment on the potential for changes in asset prices, while Open Interest (OI) refers to the total number of derivative contracts outstanding. Both indicators point to a potential bullish situation in the fourth quarter.
Research: A New Take on Bitcoin Mining – Why Using More Energy Brings Wealth
The high energy consumption of Bitcoin mining is a major concern for many in the cryptocurrency community. Bitcoin’s share in global energy consumption is currently only 0.45%, but the overall sentiment on the subject revolves around the idea of a catastrophic future due to the pollution caused by Bitcoin mining. increase.
However, when comparing the energy requirements of Bitcoin mining to gold, it is clear that gold causes more environmental problems.
Nonetheless, no government is considering banning gold mining. CryptoSlate analysts have looked at Bitcoin mining through the eyes of economic prosperity and GDP, revealing that it is not an environmental disaster as current sentiment suggests. Instead, it can evolve into an industry, create a highly skilled workforce, record significant income increases, and improve the infrastructure around it.
News around Cryptoverse
Hong Kong Aims to Legalize Crypto ETFs
Hong Kong’s financial watchdog is considering launching an exchange-traded fund (ETF) for retail investors, according to the Financial Times. Only ETFs that initially invest in Bitcoin futures will be allowed, and will be expanded to other assets in subsequent stages.
Society Pass Launches Crypto Payments Feature
Society Pass Incorporated announced that it has partnered with CoinSmart Financial, a Canadian-based crypto payment company, to provide crypto payment functionality.
Over the past 24 hours, Bitcoin (BTC) has fallen -1.83% to $20,814, while Ethereum (ETH) has also fallen -0.64% to trade at $1,600.