Crypto prices are soaring today but how long can the reprieve last and will FTX survive? Well, the game is not ready for FTX yet, as reports suggest the crypto exchange teetering on the edge of bankruptcy is in talks with investors as it seeks a rescue deal. Now market participants are worried that the contagion could spread like wildfire. However, there was some reprieve for crypto prices today as US CPI inflation figures came in soft, leading to a surge in stock indices, with the Nasdaq composite jumping 6%. Bitcoin reversed its losses for the day and was up nearly 1% at $17,756.

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US CPI Inflation a Turning Point for Crypto Price Crash?




Crypto Prices Bounce, Fears Rise![/caption] Inflation slowed to an annualized increase of 7.7% in October from 8.2% last month, with both the headline and core readings below economists’ median forecasts. That was seen as a sign that the worst may be behind us, which would be good news for crypto. The bounce could buy valuable time for FTX founder and CEO Sam Bankman-Fried (SBF), even as U.S. regulatory agencies circle and the exchange’s legal team flees the scene. He tweeted, in a lengthy thread, that the company is in talks with a number of players regarding LOIs [letters of intent] and term sheets.

SBF claims that FTX.US, its exchange for US customers, is “100% liquid” and “unaffected by this shitshow”:

Another exchange – which operates under the FTX International brand – is a business facing bankruptcy. Today FTX.com posted a notice on its website that read: “FTX is currently unable to process withdrawals. We strongly advise against making deposits.” SBF has also announced that Alameda Research has halted trading and will be shut down. It also transpired that FTX.US will also halt trading in a few days, but SBF said withdrawals will remain open:
Justin Sun, the founder and CEO of crypto project Tron, is believed to be in talks with FTX. He tweeted earlier today that all holders of Tron-based tokens on FTX will be made whole. However, it is unlikely that Sun will have the resources to advance the $4 billion that FTX needs to meet its immediate obligations. The total hole in FTX’s balance sheet is estimated to be in the region of $8 billion.
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Crypto Contagion: Tether hits $700m in redemptions, Coinshares loses $30m, Sequoia $150m

Meanwhile, stablecoin Tether at one point dropped to $0.96, losing its 1:1 peg to the US dollar. It has since recovered but as much as $700 million has been redeemed today. As the peg slips, those seeking redemptions could profit, as Tether is required to honor the peg regardless of market prices. Elsewhere, long-time crypto fund Coinshares revealed it was facing a $30 million loss tied to FTX, while Sequoia Capital took a $150 million hit. There has been no sign of contagion in another asset class, equities, although Robinhood’s share price has taken a hit in recent days due to SBF’s take on the online broker. Robinhood shares are up 7% today. Kaiko’s research team outlined the ramifications of FTX’s collapse and why it has had such a big impact on confidence. Kaiko wrote in emailed comments:
The collapse of FTX has shaken the industry to its core, in part because it is a fundamentally different kind of business than crypto lenders like Celsius. FTX is a cryptocurrency exchange. The service it provides is that of a trading facilitator: it earns a transaction fee for every trade made by one of its clients. FTX is not a trading firm or a lender, so theoretically, it should have access to the equivalent of 100% of its clients’ funds at all times.”
The fact that FTX couldn’t meet the withdrawals suggested the possibility that FTX had been using client funds in its own trading and lending activities. And worse, some of that lending activity looked a lot like that of sister company Alameda Research, in practice FTX’s trading arm. Also shaking the industry was the speed of the collapse. On November 6, FTT slippage — the difference between market orders and the price actually paid — began to appear, then ballooned on November 8 and became stratospheric by November 9.
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