Crypto Market Overview December 05th | Dex-Trade

Twitter Community in Confusion: SBF Does Not Want to Testify to the US Congress

Financial Services Committee Chair Maxine Waters invited former FTX crypto exchange CEO Sam Bankman-Fried (SBF) to testify before the US House Committee on Dec. 13 as part of their investigation into the market crash, but the SBF declined to attend the meeting: “Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure that will happen by the 13th. But when it does, I will testify.” — the businessman wrote on Twitter. Even before SBF's controversial denial, Waters' chairman and ranking member, Patrick Henry, called on him to testify and explain whether he really wants to help the company's clients, investors, and others affected by FTX's bankruptcy. However, the public refusal of the planned hearings raised questions from many in the community and authorities about the influence of the businessman on US politics. The Twitter community immediately picked up the topic. Blockchain Association policy chief Jake Czerwinski noted that the SBF refuses to testify before Congress because “lying under oath is less appealing.” Elon Musk recalled that the SBF allocated more than $1 billion to support the Democrats in the elections. but it is still unclear where the remaining funds went. Some members of the crypto community believe that the Democrats are deliberately "leaking" SBF in order to isolate themselves from the financial scandal. Meanwhile, the FTX bankruptcy risks becoming the biggest crypto scandal case of 2022.

Mark Yusko of Morgan Creek "sees" Bitcoin at $250,000

Founder, CEO, and Chief Investment Officer of SEC-registered investment advisor Morgan Creek Capital Management, LLC, Mark Yusko, in a recent interview with Stansberry Research's Daniella Cambone, talked about why he believes the price of Bitcoin will reach $250 000 in the long term: “In the future, Bitcoin wins because it is an asset that exists in the absence of a liability, which is what the definition of money is... And so [BTC] is superior to gold… it does have advantages in being more portable and more divisible than gold, so I think it will eventually replace gold… $5 trillion, the monetary value of gold, roughly equals $250,000 price per Bitcoin. Now, it won’t all happen tomorrow, but over time it’s going to happen.” Recall that back in September, Yusko explained in a YouTube interview with Thinking Crypto why he believes that the US Fed will soon need to stop its quantitative tightening program, and this event should soon lead to the next bull cycle: “My personal belief is we’re in recession.. I think the Fed could overtighten and break things… I think because of that, the Fed will reverse. When they reverse, we’re going to have a face melter of a rally. I mean a face melter because the shorts are going to get scorched and the amount of shorts in crypto is massive.” It remains only to agree with the US Federal Reserve on the weakening of the current regulatory policy...

Swyftx Lays Off 40% of Staff 'Just in Case'

The co-CEO of Australian cryptocurrency exchange Swyftx, Alex Harper, said the company had laid off a total of 90 employees in what it said was preparation for a "worst-case scenario" caused by a drop in FTX and a potential drop in global trading volume next year. year: “As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year and the potential for more black swan-type events.” Harper also added that, despite the lack of any contact with FTX, the company is not immune from the consequences of the bankruptcy of a major exchange. He recalled that despite the specific “calm” of the Australian crypto industry, Swyftx does not exist outside the global market, so the consequences may be different. The “preventive layoff,” according to Harper, will allow the trading floor to weather the crypto winter with the least disruption possible, thanks to lower operating costs. Now the main thing is that Swyftx does not reduce security costs, since the number of crypto-scammers has been growing very actively lately for some reason...