Crypto Market Overview November 14th | Dex-Trade
"CZ" Creates a Fund to Restore the Crypto Industry
Binance Crypto Exchange CEO Changpeng Zhao “CZ” has announced the creation of a fund for the recovery of the cryptocurrency industry, the funds from which will be used to overcome the crisis associated with the collapse of the FTX marketplace and help long-term successful projects affected by the FTT liquidity crisis. In its latest statement, CZ says that any crypto company can contact Binance Labs to verify that their qualifications meet the requirements for project participants. The crypto mogul is confident that only through the joint efforts of successful crypto companies will it be possible to fight the crisis in the industry and prevent further major bankruptcies. By the way, the crypto market almost immediately reacted to CZ’s statement: bitcoin, which had fallen to $15,800 since the beginning of the trading week, returned to $16,700 in just a couple of hours after the news about the creation of the fund. Approximately the same dynamics is observed in the altcoin market, included in the TOP-10 coins by capitalization. The founder of the Tron ecosystem, Justin Sun, and the largest investor in Celsius, Simon Dixon, have already announced their intention to take part in the CZ project. Both crypto businessmen believe that the problem of insufficient decentralization remains open for the industry. Will the collapse of FTX be a lesson for existing and new trading platforms and projects? For now, this question remains rhetorical.
Mysterious Tweets From Sam Bankman-Fried: Crypto Prodigy's Account Hacked?
It looks like the Twitter account of former FTX CEO Sam Bankman-Fried has been compromised, as a cryptic "What" tweet appeared a few hours ago, followed by another with an "F." Naturally, social network users have already begun to massively publish low-quality jokes and memes in response to incomprehensible posts. Among the junk, there was even a comment from former U.S. Attorney Renato Mariotti, who quipped that this was the smartest Twitter thread Bankman-Fried had written during the week. Recall that Bankman-Freed posted a lengthy apology on Twitter late last week, but many lawyers began to warn him that such tweets could put him in even more serious legal danger. Many urged the disgraced cryptocurrency mogul to stop tweeting so as not to exacerbate their predicament. By the way, at the time of publication, Bankman-Fried's intriguing tweets were either deleted or lost among the new batch of posts. The businessman's page continues to be active, and many market players have the opinion that Bankman-Fried will cooperate with the FTX bankruptcy investigation. By the way, over the weekend, a rumor was actively spreading that the former CEO of FTX and the top management of the company was going to escape to the UAE. So far, this information has not been confirmed by anyone.
“FTX Is the Opposite of Bitcoin”: Motivation from Nayib Bukele
Well-known Bitcoin maximalist and president of El Salvador, Nayib Bukele, commented on Twitter about the collapse of a major US crypto exchange and wrote that the bankrupt FTX is the opposite of bitcoin, since the opacity of the trading floor and the unfair treatment of user funds do not correspond to the principles of operation of crypto-gold. Naturally, Bukele supports the flagship crypto, believing that it is a panacea for all the monstrous scandals and Ponzi schemes that the world economy is subject to. And this clarification seemed like an excuse, since after the collapse of FTX, rumors were actively spreading that El Salvador's budget bitcoins were frozen on crypto exchange wallets. However, last week Changpeng Zhao officially stated that there were no links between El Salvador and the bankrupt trading platform and there never was. This statement by CZ looked like an active defense of Bukele, but it is not yet known whether it was a defense of a corporate investor or a goodwill gesture. However, Bukele's stance remains unchanged as he has bet too much on BTC to back down in the face of any market crises. In fact, an impressive part of the economy of El Salvador is now tied to the crypto-flagship, so the president is literally forced to motivate market players.