Chart of the Day
US Stocks closed lower on Monday, as the CPI-fuelled rally lost steam after two Federal Reserve officials reiterated the central bank's stance on curbing inflation. Despite remaining optimistic about a possible tapered hike as early as December, the officials stressed that the central bank will follow through with its resolve to bring down inflation to levels consistent with the 2% target. Tech-heavy equity benchmarks fell amid big tech's retrench season, with Amazon joining the running list of layoffs with plans to cut 10,000 jobs.
However, things seem to be unwinding slightly in the broader crypto market. Major cryptocurrencies rallied on Monday after Binance CEO Changpeng Zhao announced plans to launch a recovery fund for industry players hit by the contagion of the FTX collapse. As of the time of writing, BTC has established a firmer footing above the $16.5k level, after rallying 4.6% in the last 24 hours. ETH outpaces BTC with a 5.6% increase in the same period, and has since reclaimed the $1,200 handle. Mid-to-large-cap altcoins have flipped green, with QNT leading the pack on a whopping 28% increase in a similar period.
Meanwhile, BTC mining difficulty experienced a marginal adjustment last week, which did little to alleviate miners' woes of intensive competition and compressed revenue. Miners' wallet balance has nosedived significantly in the past days, lending evidence to the narrative of another impending miner capitulation.
Talk of the Town
While many crypto projects are grappling with the FTX collapse, Solana has taken a tougher pounding than most, with damage being further exacerbated by the network's intricate link to the fallen exchange. In a ,blogpost, updated on Monday, the Solana Foundation outlines its financial ties with Bankman-Fried's crypto empire, disclosing that approximately $1 million worth of assets are stuck on the FTX platform, pending bankruptcy proceedings. The Solana team also holds around 3.24 millions shares of FTX stocks, along with 3.43 million FTT tokens (7d loss at -92.8%) and 134.54 million SRM tokens (7d loss at -62.4%) from the DEX project Serum. Furthermore, 50.5 million SOL from the Solana Foundation were purchased by FTX and Alameda Research, but a significant portion is locked up in monthly unlock schedules that run into 2028.
,For more information on what happened to FTX, Bybit Crypto Insights has put together a timeline leading up to the recent debacle. Read more ,here,!
Source: Bybit Blog
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