Hello crypto peeps, welcome back to Digiwarehouses. I am sorry I haven't updated you guys in a while as I have been busy and the crypto world has not always been a friendly place to go to lately.
In the bear market, all the events that keeping bitcoin down keep unfolding. After the luna events, when people's trust in bitcoin started to grow, there is another event occured while I was away that could have a huge impact in the crypto world.
You guys are correct, it's the FTX debacle. In the last 2 weeks, the crypto world has been shaken up by the news that FTX, the 2nd largest crypto exchange has collapsed and now declaring bankruptcy. So what happened ?
Well all good things must come to an end. Long story short, Binance started chain of events that would collapse FTX. Binance announced that they would sell their FTT Token due to suspicions that FTX is not transparent. Binance hold a huge amount of FTT Token, hence the bank run started. People started selling their FTT in fear of the token goes to 0.
At first, it seems that everything is OK since FTX should have enough assets to cover the liquidity of the FTT Token. However, soon after, it was found that they don't have the liquidity. They asked Binance for helped and upon due diligence, it was found that there are USD $ 8.000.000.000 hole in FTX book. The story then unfold that FTX has been channeling money to Alameda Research. A company headed by Sam's girfriend and that Alameda Research had lost so much money in previous months. In the end FTX filed for bankruptcy and could no longer survive.
What we need to worry about is the chain of events that will unfold after this. Many crypto players lend money to FTX and have some ties to FTX that it could collapse more players in the crypto industry. We shall see this in the coming months as more and more unfolds.
As of this week, the prices of bitcoins and friends are at:
Bitcoin ( BTC ) - $16,250.- / IDR 256,969,000.-
Ethereum ( ETH ) - $1,139.- / IDR 18,049,000,-
CoinSwapSpace ( CSS ) - $0.029
Here are some of the prices of crypto assets in my portfolio:
Cardano ( ADA ) - IDR 4,956.-
Polkadot ( DOT ) - IDR 83,600.-
Chainlink ( LINK ) - IDR 92,797.-
Stellar ( XLM ) - IDR 1,365.-
Tezos ( XTZ ) - IDR 15,347.-
Don't forget my favorite token : Coin Swap Space
DAPP: https://app.coinswap.space/#/
Twitter : https://twitter.com/CoinSwap_Space
See you in the next post !
Stay rational and stay safe !
