November closes as one of the worst months for ETH or BTC, SBF claims the FTX collapse was a mistake
Crypto’s biggest news on December 1st included November ending as Bitcoin’s 2nd-worst month, Ethereum’s 4th-worst month, SBF transferring blame for FTX collapse to Alameda Research That includes 15 million bitcoins retreating into self-management. Only 22% of total supply remains.
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November was the second-worst month for Bitcoin and the fourth-worst month for Ethereum.
According to CryptoSlate data, November 2022 was the second-worst month of the year for Bitcoin (BTC) and the fourth-worst month of 2022 for Ethereum (ETH).
During November, BTC lost about 18% of its value. According to Glassnode, investors saw him record $10.16 billion in realized losses in his seven days, the fourth-largest surrender on record. Meanwhile, ETH fell almost 20% in the same month, and on November 10, he fell to $1,100.
SBF shifts responsibility to Alameda, claiming ‘did not deliberately mix funds’
FTX founder Sam Bankman-Fried (SBF) spoke live at the New York Times’ Dealbook event, saying he did not “keep money mixed up on purpose.” He said:
“I was surprised at how big Alameda’s position was…I wasn’t trying to mix funds.”
The SBF blamed the “accounting mistake” that led to FTX’s demise on its internal dashboard with poor money management.
Fastest rate of change: 15 million BTC enters self-control
Glassnode data shows that about 78% of total BTC supply is illiquid. The amount equated him to 15 million coins, leaving less than 22% of all his BTC exchange hands.
This indicator shows that investors are moving their BTC into custodial wallets and away from exchanges.
CFTC Chairman Rostin Behnam Downplays Ethereum, Claims Bitcoin Is The Only Commodity
Commodity Futures Trading Commission (CFTC) Chairman Rostin Benham said BTC is the only crypto asset that should be classified as a commodity.
Behnam saw ETH as a commodity back in May, but changed the story this time, implying that ETH is not a commodity.
BlackRock lost $24 million in FTX collapse
Larry Fink, CEO of investment management firm BlackRock, revealed in an interview with Andrew Sorkin that the company lost $24 million in the FTX collapse. However, Fink said the loss was small and not part of BlackRock’s core business.
Galaxy Digital CEO Mike Novogratz says SBF should be jailed.
Galaxy Digital CEO Mike Novogratz described the FTX collapse as a “confidence crisis” and said SBF should be jailed for his role in the event.
“It was a delusion. Let’s be clear: Sam was delusional about what happened and who was responsible for it,” he says. @ Novogratz“He needs to be charged. He’s going to spend time in jail. And it wasn’t just Sam. You can’t pull this off alone.” pic.twitter.com/0SSh1r8XIL
— Squawk Box (@SquawkCNBC) December 1, 2022
According to Novogratz, SBFs have a delusional personality and are prone to “grandma.”
Italy imposes 26% crypto profit tax from 2023
Italy’s proposed budget for 2023 reveals plans to tighten crypto regulation. According to the proposal, the country will start taxing all digital currency profits above €2,000 at a rate of 26%.
To encourage citizens and entities to declare their holdings in cryptocurrencies, the proposal also states that investors who declare their digital asset portfolios by the end of the year will be subject to a tax rate of 14% instead of the default 26%. says.
Coinbase Wallet says Apple demanded 30% off all NFT transfer gas fees
On December 1, Coinbase Wallet revealed that Apple demanded 30% off all NFT transfer gas charges before allowing Coinbase Wallet to run its latest update.
You may have noticed that you can no longer send NFTs on Coinbase Wallet iOS. This is because Apple blocked the previous release of the app until this feature was disabled. 🧵
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Coinbase said Apple’s request was “clearly impossible.” At the time of writing, there are no updates on this issue.
2021 Surge in Dead Crypto Projects Blame Shady Meme Coins
CoinGecko data reveals that 3,322 cryptocurrencies listed in the database have failed in 2021.
CoinGecko says it expects about 947 projects to disappear each year. The unusual numbers recorded in 2021 are due to the “meme coin season” that was prevalent last year.
research highlights
Study: Bitcoin Halving Pattern Suggests Price Exceeds Higher Realized Value
A total of 210,000 blocks are mined approximately every four years, setting the halving of BTC. The next half-life, his third, will take place on March 25, 2024. The next halving is almost a year away, but on-chain data suggests that BTC may well surpass its realized price.
Realized price is a metric calculated by dividing the total realized market capitalization by the number of BTC in circulation. When the actual price rises above the realized price, it indicates a bear market and is recognized as an indicator to sell. On the other hand, if the situation is the other way around, it is considered a bullish sign and a buy indicator.
Glassnode data analyzed by CryptoSlate reveals continuous periods of realized prices below real prices while approaching the halving. This has been repeated twice already and the current metrics seem to give the same result as the previous two times.
News around Cryptoverse
Ropsten Network to shut down at the end of the month
According to the Ethereum Foundation publication Starting November 30th, the Ropsten network will be shut down due to a steady decline in validator participation and the decommissioning of the network. The last remaining validator will be removed between December 15th and 31st.
Auros Global fails to pay loan due to FTX collapse
Auros Global thread Due to FTX’s bankruptcy, he revealed on his Twitter account that he was having trouble paying off a wTH loan worth $3.08.
Tether Has Offered $6.1 Billion In Loans Since Sept. 30
according to wall street journalTether (USDT) has provided loans worth $6.1 billion as of September 30. That number was $4.1 billion by the end of 2021. Tether said it only rented out to certain qualified customers and required customers to post a lot of “very liquid” stuff. collateral.
Russian Bank Adds Crypto Support
Russia’s largest bank, Sberbank, has announced that it has added support for MetaMask. watcher guru.
Demand for Bitcoin miners rises in Russia.
According to local news According to sources, demand for ASIC mining machines surged last quarter. The corporation began buying 30% more equipment in one transaction than he did at the beginning of the year.
crypto market
Over the past 24 hours, Bitcoin (BTC) has fallen -1.09% to trade at $16,888, while Ethereum (ETH) has fallen -1.8% to trade at $1,270.
