Like every Friday,
We got you covered,
Sit back,
and Enjoy the important highlights from this week!
Here is what team Inspired Analyst has for you today:
Highlights from SBF’s Twitter DM interview
U.S. Banks launch a Digital Dollar
Binance Industry Recovery Fund
Let’s get Started!
Just when you think that the FTX saga is settling,
Some crazy stuff happens out of nowhere,
The latest drama revolves around DM’s between SBF and Kelsey Piper, a writer at Vox.
Highlights from SBF’s Twitter DM interview
Thoughts about Regulators
Every week, SBF was in Washington, D.C., meeting with regulators. He was testifying in front of Congress, co-sponsoring bills, and making political friends.
It turned out to be all a publicity stunt.
What is his true state of mind? "F*ck regulators."
Thoughts on Investing Customer funds
According to Samuel, it was Alameda, not FTX, that was investing customers' money.
To summarize -
When a customer made a deposit into FTX, the funds were not used to purchase cryptocurrency.
It was instead sent directly to Alameda.
Alameda would utilize these deposits to make high-risk wagers such as leveraged trading and to contribute to political campaigns.
Now I understand what you're thinking...
Isn't FTX the same as Alameda? Yes.
So, is Samuel still to blame for everything? Factually correct.
Biggest Regret?
Is it stealing money from customers? No.
Is it deceiving everyone? Nope.
His biggest regret is... declaring bankruptcy under Chapter 11.
Why? Samuel asserts that if he had not done this...
He would have been able to acquire funding, and 70% of the issues would be resolved right now.
Withdrawals would be available in a month, with "clients completely whole."
U.S. Banks launch a Digital Dollar
While the loss of FTX has shaken the crypto industry to its core,
Traditional financial institutions are venturing into the world of digital money.
On Tuesday, a group of banking institutions announced the creation of the Regulated Liability Network (RLN), a proof-of-concept digital money network.
The platform will employ distributed ledger technology, blockchain, to generate prospects for better financial settlements.
CBDCs are digital representations of a state's fiat currency that, like stablecoins, are fixed to a specific fiat currency at a 1:1 ratio.
Binance Industry Recovery Fund
Binance CEO Changpeng "CZ" Zhao has announced the establishment of an industry recovery fund to aid in the rebuilding of the industry.
Justin Sun, the founder of Tron, stated that Tron, Huobi Global, and Poloniex will back Binance in their initiative. Huobi Global acknowledged this in a tweet as well.
This announcement comes just a month after Binance Pool announced a $500 million financing facility for struggling bitcoin miners.
"We will try to collect the other industry players together to form an industry association globally, and try to deal with some of the common standards in business," CZ said, citing recent crypto market events as a reason for the initiative to happen "very soon."
MEME Of The Week
That’s all for today,
We’ll see you on Tuesday with the Technical Analysis!
Lastly, Team Inspired Analyst wishes you, Jummah Mubarak!
Until then,
Inspired Analyst’s Team - signing off
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.