Mooners and Shakers: Binance Fueled Worries Over Bitcoin Market Surge and FTX Cool Crypto – Stockhead

Well, it was a nice weekend for holders of Bitcoin and many other crypto assets. But it’s Monday, and a new FUD (fear, uncertainty and doubt) has surfaced. This time about the FTX crypto exchange and its FTT token.

How serious is it? It’s not quite clear yet – it’s an unfolding story that we’ll get to in a second, but fingers crossed this isn’t another Terra LUNA or Celsius-like crypto-crash event.

The total crypto market cap jumped over 7% over the weekend, but has since cooled off a bit. As of this writing, however, it is holding onto some gains, with Bitcoin rallying above US$21,000 for the first time in nearly two months.

Binance versus FTX

But what is all this FTX noise? Much of it actually comes from Binance CEO Changpeng Zhao aka “CZ”. We will try to summarize what we know so far.

• Binance, via CZ on Twitter, announced that it has sold over US$584 million in holdings from the FTX/FTT utility token exchange.

• CZ revealed that it will wind down FTT gradually to reduce any impact on the market. He emphasized that this was not an attempt to hurt FTX.

• FTX is owned by another crypto billionaire – Sam Bankman-Fried, who also owns trading company Alameda Research. Binance’s announcement comes days after rumors regarding the financial health of Alameda Research. The trading firm (assets totaling $14.6 billion) is closely tied to FTX and has huge exposure ($3.6 billion) to the FTT token, according to the crypto news outlet. CoinDesk. This has raised doubts from crypto industry commentators about the financial stability of Alameda Research and FTX more broadly.

• CZ also stated this, claiming that FTX was secretly lobbying against other industry players:

• There’s more to the story, than the FT covers here. Meanwhile, would An Exchange Giant Feud Between Binance and FTX Hurt the Crypto Market? It’s definitely not the most useful narrative right now, so hopefully it ends soon.

Overview of the top 10

With the overall crypto market capitalization at US$1.09 trillion, down about 1.7% since yesterday at this time, here is the current state of affairs among the top 10 tokens – according to CoinGecko.

Over the weekend, Bitcoin (BTC) peaked just above US$21,400, while Ethereum (ETH) also rallied, trading above US$1,600 for the majority of the two months. last days.

Tell me why, I don’t like Mondays? Partly because it appears so often that exuberant weekend crypto trading is completely unreliable for the week ahead. As mentioned, however, at present some gains have been retained, so we’ll see.

What’s happening this week that could affect the narrative? US Consumer Price Index inflation data for October. Ready to land November 10.

Thanks Michael. Maybe the crypto market can reach you in the mountains.

Other things to note in the top 10 by market cap…yes, Binance BNB token is up 14% over last week, Dogegoin (DOGE) keep slipping after its recent run fueled by Twitter/Musk, and Solana’s SOL token is the big daily loser (-10.8%).

What’s new with SOL? Clearly not much in price action, which is perhaps odd, as it had a fairly positive announcement (a Google-linked partnership) over the weekend at its big, well-attended Breakpoint event in Lisbon, in Portugal.

Google Cloud has announced a plan to become a validator on the Solana network, similar to its recent announcement of the Ethereum node. Validator nodes efficiently verify, vote, and keep a record of transactions on a blockchain network.

And Google is a big deal, we agree.

Highs and lows: 11–100

Sweeping a market cap range of around US$10.1 billion to around US$427 million across the rest of the top 100, let’s take a look at some of the biggest 24-hour gainers and losers as of press time. (Stats accurate at time of publication, based on data from


BTSE token (BTSE), (market cap: $637 million) +2%

Chiliz (CHZ), (mc: USD 1.46 billion) +2%

WhiteBit Token (WBT), (mc: USD 977 million) +1%

Chain (XCN), (mc: USD 1.1 billion) +1%


Tokenize XChange (TKX), (market cap: US$1.22 billion) -11%

Aave (AAVE), (mc: $1.23 billion) -10%

The graphic (GRT), (mc: US$670 million) -9%

Evmos (EVMOS), (mc: USD 610 million) -8%

Phantom (FTM), (mc: USD 678 million) -7%

Bottom Cap Wrap

There are a lot of glitz as you move up the market cap list. Occasional grains of wheat too. Don’t forget DYOR.

Goldfinch (GFI), (market capitalization: 29 million USD) +54%

Phala Network (PHA), (mc: USD 113 million) 53%

Rare (ARRI), (mc: USD 44 million) +14%

Ocean Protocol (OCEAN), (mc: $98 million) +32%

Network of masks (MASK), (mc: USD 244 million) +23%


OriginTrail (TRAC), (market cap: 88 million USD) -14%

Ethereum name service (ENS), (mc: 423 million USD) -9%

ImmutableX (IMX), (mc: USD 343 million) -9%

AppearanceRare (LOOKS), (mc: $118 million) -9%

around the blocks

A selection of chance and relevance that marked us during our morning trips through the Crypto Twitterverse…

You may be interested in

#Mooners #Shakers #Binance #Fueled #Worries #Bitcoin #Market #Surge #FTX #Cool #Crypto #Stockhead #Crypto

Related Articles

Back to top button