Strong crypto regulation is required, according to Federal Reserve Vice Chair Lael Brainard and U.S. Treasury Secretary Janet Yellen. While Brainard issued a warning that problems from one platform are “spilling over into others,” Yellen said that the FTX collapse reveals “the flaws” of the whole cryptocurrency market.
The crypto community has been grappling with the closure of FTX and its associated crypto firms for the last week, and ever since that time, the subject of proof-of-reserves has gained attention. The fact that cryptocurrency fans have pulled significant amounts of bitcoin and ethereum off centralized trading platforms is another bright spot in the disaster. Cryptoquant.com’s seven-day data show that since November 7, 2022, exchanges have eliminated more than $3.4 billion in bitcoin.
5% of the whole FTT supply, now only worth $65 million, was all that Binance was left with despite the caustic memes that inundated Crypto Twitter when it first said it would and then wouldn’t acquire FTX.
With numerous high-profile users pledging to stop using the service after the controversial billionaire acquired it, the Musk Twitter era is off to a bumpy start. The new Twitter administration has started along the path to becoming a payment processor thus far unfazed.
The agreement between Binance and FTX has been canceled after Binance announced its intention to purchase FTX on Tuesday.
The business abandoned the acquisition of rival FTX one day after cryptocurrency exchange Binance declared its intention to do so for an unknown sum.
Following reports that Binance will buy Sam Bankman-crypto Fried’s exchange, FTX’s token fell about 80%.
According to CoinGecko statistics, FTT has lost 78% of its value in the last 24 hours, falling from about $22 to $4.87.
Elon Musk has begun offering a $7.99-per-month Twitter Blue membership service. However, US President Joe Biden is worried that the billionaire has purchased a social media site “that spews misinformation all over the globe.” Biden emphasized that there are “no editors anymore in America,” and asked, “How can we expect them to comprehend what is at stake?”
Goldman Sachs has introduced a new data tool in conjunction with MSCI and Coin Metrics to assist investors in analyzing crypto markets. The new approach is “intended to offer a uniform, standardized manner to assist market players examine and evaluate the digital assets ecosystem,” according to Goldman.
Nicole Muniz, CEO of Yuga Labs, spoke on the main stage of WebSummit in Lisbon on Thursday, discussing the necessity of digital asset protection and safety, the potential of IP rights, and the beginnings of the Bored Ape Yacht Club (BAYC).
Instagram will soon include tools for creating and trading NFTs, although in-app purchases will be “subject to appropriate app store fees.”
