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Riding The Wave
Riding The Wave
Riding The Wave News Summary 93

Riding The Wave News Summary 93

Crypto Investors Grapple With the Collapse of a Giant, Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source, & more

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Thomas Holland
Nov 09, 2022
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Riding The Wave
Riding The Wave
Riding The Wave News Summary 93
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. Crypto Investors Grapple With the Collapse of a Giant

  3. Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

  4. FTX-Binance standoff highlights the need for clear rules — Sen. Lummis

  5. Tether, Circle and Coinbase deny having exposure to FTX and Alameda


Tweets

Twitter avatar for @Cryptofung
Cryptofungus @Cryptofung
crypto 2022 be like
Image
1:38 PM ∙ Nov 9, 2022
345Likes42Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
Always think about the 2nd order consequences and beyond.
Twitter avatar for @crypto_condom
CryptoCondom @crypto_condom
📢Calling all researchers! 🧵 Incoming but this is the contagion we know so far. Please provide info in the replies if you know of others so I can compile & share. Thoughts 💭: ✅ALOT more contagion WILL come out ✅Entities w/FTX & Alameda exposure will be short targets https://t.co/J48l6onwba
2:29 PM ∙ Nov 9, 2022
34Likes6Retweets
Twitter avatar for @Mudit__Gupta
Mudit Gupta @Mudit__Gupta
What now? FTX customers and Alameda likely rekt but this might have a spiraling domino effect. Here are my predictions. Not financial advise: - Alameda might have to liquidate their positions so their liquid holdings like FTT, Sol, Crv, Uni, Sushi etc may have a hard time.
8:02 AM ∙ Nov 9, 2022
582Likes118Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
JUST IN: Cryptocurrencies have bipartisan support and there is a "desperate need" for the government to regulate them - Former SEC Chairman Jay Clayton
1:10 PM ∙ Nov 9, 2022
447Likes80Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
Are we there yet? #Bitcoin
Image
10:33 AM ∙ Nov 9, 2022
5,301Likes879Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: $META (Facebook) fires 11,000 employees.
11:15 AM ∙ Nov 9, 2022
23,560Likes4,843Retweets
Twitter avatar for @sonalibasak
Sonali Basak @sonalibasak
Coinbase CEO on the unlikelihood of a deal with FTX: "I had a number of conversations with people over the last 24 hours, & there's reasons why that would not make sense & we're not quite at liberty to share the details right now... it'll probably all come out eventually"
11:05 PM ∙ Nov 8, 2022
2,495Likes192Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
Martin Shkreli tells Do Kwon "Jail is not that bad" 😂 today has been WILD!
6:51 PM ∙ Nov 8, 2022
2,851Likes587Retweets
Twitter avatar for @jonwu_
jonwu.eth @jonwu_
FTX was the world's 3rd largest crypto exchange. Today it's said to be insolvent and in the midst of an acquisition by Binance. Here's everything you need to know about Alameda Research and the collapse of FTX: 👇
9:51 PM ∙ Nov 8, 2022
12,821Likes3,260Retweets
Twitter avatar for @Blockworks_
Blockworks @Blockworks_
JUST IN: Binance to start doing proof-of-reserves, according to CZ
7:02 PM ∙ Nov 8, 2022
1,103Likes151Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
The worst events in Crypto history: • Mt. Gox Hack ('14) • The Dao Hack ('16) • Terra Luna Collapse ('22) • FTX sells to Binance ('22) • 3AC Collapse ('22) 3 of the worst events in in Crypto happened this year. If you survived this year, you've earned your stripes.
11:56 PM ∙ Nov 8, 2022
7,430Likes1,295Retweets
Twitter avatar for @coffeebreak_YT
Coffeezilla @coffeebreak_YT
For those who haven't been following: The world's 2nd biggest crypto exchange (FTX) just got bought out today by the number 1 (BINANCE), because it was secretly insolvent by over $1 billion and couldn't cover withdrawals. This is the wildest timeline.
6:08 PM ∙ Nov 8, 2022
12,369Likes1,662Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
The worst events in Crypto history: • Mt. Gox Hack ('14) • The Dao Hack ('16) • Terra Luna Collapse ('22) • FTX sells to Binance ('22) • 3AC Collapse ('22) 3 of the worst events in in Crypto happened this year. If you survived this year, you've earned your stripes.
11:56 PM ∙ Nov 8, 2022
7,430Likes1,295Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
We now have a recession with rising interest rates and falling housing prices. Next, the unemployment rates will rise. We saw the first wave of layoffs begin with tech companies, it will spread to retail next. The only way inflation will come down is by a severe recession.
7:27 PM ∙ Nov 8, 2022
741Likes185Retweets
Twitter avatar for @hodlKRYPTONITE
degentrading @hodlKRYPTONITE
1/n - Contagion is here. Let me show you how we are COMPLETELY FUCKED.
5:22 PM ∙ Nov 8, 2022
6,138Likes1,359Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Current situation: 1. Credit card debt at a record $930 billion 2. Fastest rising interest rates in history into a recession 3. Mortgage demand at lowest since 1997 4. Bond markets on track for worst year since 1931 5. Tech stocks trading like it's 2001 This can't end well.
5:29 PM ∙ Nov 8, 2022
2,033Likes528Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Current situation: 1. Credit card debt at a record $930 billion 2. Fastest rising interest rates in history into a recession 3. Mortgage demand at lowest since 1997 4. Bond markets on track for worst year since 1931 5. Tech stocks trading like it's 2001 This can't end well.
5:29 PM ∙ Nov 8, 2022
2,033Likes528Retweets
Twitter avatar for @DylanLeClair_
Dylan LeClair 🟠 @DylanLeClair_
PSA: A fully reserved exchange will NEVER have to pause/halt withdrawals.
3:52 PM ∙ Nov 8, 2022
2,133Likes166Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: #Binance to fully acquire FTX․com
4:14 PM ∙ Nov 8, 2022
24,762Likes4,905Retweets
Twitter avatar for @QCompounding
Compounding Quality @QCompounding
Investment themes by decade:
Image
12:03 PM ∙ Nov 8, 2022
879Likes216Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: #FTX temporarily halts withdrawals, on-chain data reveals.
2:26 PM ∙ Nov 8, 2022
11,711Likes2,252Retweets
Twitter avatar for @unusual_whales
unusual_whales @unusual_whales
37% of small businesses, which between them employ almost half of all Americans working in the private sector, were unable to pay their rent in full in Oct, per Bloomberg.
Twitter avatar for @unusual_whales
unusual_whales @unusual_whales
About 49% of restaurants were unable to pay their rent in October, up from 36% in September, per Bloomberg.
7:58 AM ∙ Nov 8, 2022
295Likes124Retweets
Twitter avatar for @WallStreetSilv
Wall Street Silver @WallStreetSilv
Smells like 2008 ... 🔥🔥🔥
Image
7:00 AM ∙ Nov 8, 2022
11,531Likes2,279Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Recent developments: 1. Housing market falling at fastest pace since 2011 2. Widespread layoffs at tech companies 3. Credit card debt at all time high of $930 billion 4. 37% of US small businesses can't pay rent 5. Mortgage demand at 25 year low The recession is worsening.
11:47 PM ∙ Nov 7, 2022
3,650Likes973Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: Twitter user growth hits record high in first week under Elon Musk.
9:31 PM ∙ Nov 7, 2022
26,512Likes3,377Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
Evaluating a token is both science and art. Science 🔬: • Metrics such as daily active users, revenue, total value locked • Smart money accumulation • Tokenomics Art 🎨: • Product quality • The narrative/hype • The community vibes Magic happens when a protocol has both.
3:47 PM ∙ Nov 7, 2022
201Likes33Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: 🇺🇸 Department of Justice seizes $3.36 billion #Bitcoin in connection with the Silk Road fraud, the largest crypto seizure ever.
2:46 PM ∙ Nov 7, 2022
11,847Likes2,385Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
Tech companies this month: 1. Twitter - Laying off 75% of employees 2. Apple - Hiring freeze 3. Amazon: Hiring freeze 4. Snapchat: Laying off 20% of employees 5. Meta: Laying off “thousands” this week 6. Microsoft: Layoffs have begun 7. Intel: Laying off 20% of employees
1:56 PM ∙ Nov 7, 2022
14,859Likes4,173Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
Sometimes rumors of insolvency are FUD. Other times, they become the truth, such as Terra Luna, 3AC, and Celsius. I find it's +EV to protect your funds. • If the rumors are false, you waste a little time and gas fees. • If it's true, you save a lot more.
1:12 PM ∙ Nov 7, 2022
465Likes53Retweets
Twitter avatar for @FilledWithMoney
David | Filled With Money @FilledWithMoney
Wells Fargo reported a NINETY percent decline in mortgage originations. That is *insane*.
3:34 PM ∙ Nov 6, 2022
11,873Likes1,480Retweets

Crypto Investors Grapple With the Collapse of a Giant

Devastation in the crypto market continued on Wednesday, after the giant crypto exchange Binance announced a bombshell deal to buy its embattled rival, FTX. (The deal excludes FTX’s American operations.) The entire market’s capitalization now stands at $900 billion, down from $3 trillion just one year ago, while major cryptocurrencies were down by double-digit percentages. The damage is largely contained within crypto; both the S&P 500 and the Nasdaq closed up yesterday.

But investors fear that Binance won’t go through with the rescue plan, and that more pain awaits after their industry’s biggest Lehman-esque moment to date.

Traders withdrew over $1.2 billion from FTX on Monday alone, according to the research firm Nansen. By Tuesday, FTX had stopped processing withdrawals; its chief executive, Sam Bankman-Fried, who was reportedly casting about for a financial lifeline from billionaires, finally turned to Binance for salvation.

The crypto world fears other shoes will drop. Investors worry that CZ may yet pull out of his rescue deal: He noted on Tuesday that the transaction was nonbinding and subject to due diligence. Meanwhile, tokens associated with FTX, including Solana, have continued to plunge in value.

Crypto is dropping across the board due to the black swan event that is FTX being insolvent.

Full Article


Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter.

Binance’s non-binding letter of intent for the takeover – announced Tuesday as FTX’s financial position appeared to be spiraling out of control – hinged on Binance performing due diligence. Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.

Binance declined to comment on the current status of the proposed deal. FTX also declined to comment.

If Binance doesn’t cover FTX by buying it, panic might become even more intense across the markets as many people have all of the there funds in FTX. It was one of the top 3 crypto exchanges in the world prior to this event.

Full Article


FTX-Binance standoff highlights the need for clear rules — Sen. Lummis

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