Someone really kicked the ball in crypto last night, cuz when I woke up in the morning(at about 7:30) the whole crypto market looked unrecognizable(full of blood). Bitcoin shaved off about $1,000 in dollar valuation dipping below $20,000 again and the rest of the pleb coins were in the gutter as well.
Pretty much from where they left, two weeks ago. The only ones in the top 50 that have digested the fall a bit decent, I'd say, were LTC, LINK, and VET. My major holding(Elrond) got rebranded into MultiverseX, but no one cared cuz it was time to sell and that's what happened, MultoversX got sprayed with the mud too.
Well, it's not "actually time to sell", and the whole selling pressure that the crypto market suffered from was mainly caused by a bunch of billionaire cocks fighting over the internet, San Bankman Fried, probably the ugliest dude in crypto after Vitalik, and CZ...
So, the two early crypto adopters, founders of some of the most renowned exchanges that are in existence right now were holding each other's balls at some point. Well, actually CZ held SBF's ballz(a few million FTT tokens) for a while and he has now decided to dump em all..
.
I guess "the load was too heavy". The Chinese billionaire wrote on Twitter, the now open-to-freedom-of-speech social media platform a few days ago that he's going to dump FTT. The market didn't react at all at that time, but last night it happened.
Whale alert on Twitter, "alarmed us" while I was sleeping that 2,782,385 #FTT (49,431,358 USD) were transferred from FTX to an unknown wallet... and boom. FTT fell from around $22 to as low as $14,50 in a matter of hours taking pretty much the whole market with it.
Could this whole shit show have been avoided? For sure. Alameda Research, SBF reportedly owns 90% of the proprietary trading firm made an offer to CZ for $22 per token so they can avoid the dump. The billionaire motherfucker denied the offer and the rest is history.
Worth mentioning is the fact that there are still plenty of FTT tokens held by CZ that are going to be dumped in the future. Maybe next time the reaction of the market won't be that harsh. CZ said he’ll stick with the “free market,” and denies allegations of a conspiracy against FTX.
The wild west times of crypto are back... one could say.
The story(conflict) between Binance and SBF goes deeper and according to CZ, SBF might fall in the footsteps of LUNA, so if you're interested in this kind of crap read it all here, I won't bother to summarize that for you. DYOD, right?
FTT, anyone? I wouldn't touch it... I've burned myself with LUNA once, won't repeat the history with this crap too. According to analysts, FTT can fall as low as $4 soon, I'll maybe pick some at that level if any.
If you ask me, both FTX and Binance are crap, cuz both of the owners/CEOs of these exchanges are having their heads leaned down in front of regulators, none has really fought for nailing crypto on the map in its right spot. None. Just a bunch of billionaires cocks fighting and playing with people's funds and the market as a whole.
But...
Did you want institutions at play? Here you have them... Before actually saying goodbye, for now, just pay attention to these wise words Hodlonaut, the man who was sued by Craig Wright himself, wrote regarding centralized shit like Binance, SBF, LUNA, Celsius, and whatever just a few months ago...
Most people will not learn from Luna, UST, Celsius, or any other shitcoin meltdown.
When the bull returns, it’s back to handing away keys, buying all kinds of scams, and complaining about “toxic” bitcoiners.
Oh well.. 🤷♂️
Have a nice day and see you next time.
Thank you for your attention,
Adrian
Posted Using LeoFinance Beta
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Did someone say scam...?
:))
Definitely interesting times bro. Things might trap people both directions for a while and go sideways. Similar to november of 2018 i think
!BEER
We'll see. Nevertheless it is still worth accumulating.
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Nice post =D. Goodness I'm not in Binance.
I have a doubt: What website would you recommend to save bitcoin safely? I would love you to give me some advice, because a week ago a dirty hacker stole my passwords here in Hive and stole some HIVE from my power down. Although I solved that incident apparently, I still feel unsafe.
A wallet for which you hold the keys. A Ledger or a software wallet such as Exodus.