The FTX Bankruptcy is About to Crash Bitcoin…

The FTX Bankruptcy is About to Crash Bitcoin...

So people deposit their money in FTX Because they want to trade like any Brokerage firm it would be the Equivalent of like you're going to JP Morgan right you know and to chase right And you deposit your money in your Chase Bank account and then you find out that Actually Jamie Diamond has been taking Your money personally and going to Las Vegas and gambling on the weekends Because now you know your money his Money what's the difference so that's What was really happening he was just Using WOW all of these funds okay the FTX bankruptcy continues to crash Bitcoin with Bitcoin dropping below 15 800 just this morning for the first time In two years and while we'll finish this Jordan Belfort clip in a second it is Nice to see that as Bitcoins dropping Bitcoin address activity spiked to its Highest level in over six months meaning That there's more evidence of crowd Capitulation here is that chart the Green line is bitcoin's price continuous Trend lower as 1.1 million unique Bitcoin Point addresses interacted on The network the highest amount since May 5th this means that people are taking Their Bitcoin off of exchanges putting It in Cold Storage to store due to fear And exchange liquidity Now what does this mean for you and me As investors well the BTC dropped below

15 800 has caused many traders to Finally exit the sector or liquidate Assets in fact Bitcoin is seeing the Lowest level of transactions made while In profit since November 2019. bouncees Typically occur when this metric is Severely negative so essentially what This means is weak hands are selling Bitcoin Traders are overwhelmingly Moving coins at a loss and like I said This is the lowest amount of BTC Transactions in profit since November 2019. what this means to me is the more Weak hands that capitulate leave the Market the less weak hands we have left And the closer we may be to forming a Bottom now FTX says it owes over three Billion dollars to its 50 largest Creditors and although names are adapted A court filing has revealed more of the Magnitude of the collapse of the Exchange Jordan Belfort obviously very Familiar earlier with something like This and in fact to him it was so Obvious FTX was formed to fund Alameda And they were terrible Traders and I I Watched some interviews it's shot and Here's what's also shocking so like Sequoia nothing that's Sukhoi but to say That they did their due diligence so Nothing really they should hire me to do Do those I mean you could see through This thing anyone that went down there And kicked the tires and saw this group

Of kids sitting around in one Penthouse Somewhere all having sex with each other Just speak to them it's plainly obvious That they knew very little about what They were doing and so far overheads and Everyone's just giving them their money Giving them more money and you know it's It's it it's always obvious in Retrospect because this one I believed If anyone really looked closely they Would have seen it easily Now with celsius if you use the platform It appears there is a way to get your Money back as opposed to FTX Unfortunately there's almost no money Left FTX owes its largest creditor just Over 276 million dollars in its 50th Largest creditor around 21 million However this could just be scratching The surface as the company explained Last week that it could have more than One million different creditors they Actually don't know exactly who or what They owe money to because as the motion Mentioned FTX did not keep track of Customer information in a way that made Assessing who was owed what entirely Clear this we discussed in a prior video What has just come to light today is That Genesis is potentially the third Largest creditor FTX has the third Largest unnamed creditor is listed in The filing as being owed 174 million Dollars while unconfirmed the Fig figure

Aligns to what cryptocurrency lender Genesis disclosed 10 days ago that it Had 175 million dollars of funds locked In its FTX trading account the crypto Market is sort of in a waiting game to See what one of the biggest OTC desks for crypto in existence is Going to do next if they are able to Raise this money from other sources then All good it'll be fine they'll take a Hit but the market probably be fine if Genesis files for bankruptcy due to this Though that could potentially be the Next leg down for those of you wondering What Genesis crypto is what happened to Them how they could potentially affect The market seek this video out right Here the FTX collapse is about to get Absurd great beginner's guide on what's Happening in Genesis now good news is Unlike FTX Celsius file for bankruptcy Relatively earlier in the grand scheme Of things and they do have some money Left and Celsius customers have until January to file claims and their Bankruptcy proceedings specifically January 3rd 2023 in a direct quote from Celsius they said the bankruptcy court Approved our motion to set the bar date Which is the deadline for all customers To file a claim the bar date has been Set for January 3rd and according to Celsius the firm's claim agent is going To notify customers regarding the bar

Date and their next steps via email or Physical mail for those customers with An address on file so make sure you Claim if you use the platform hopefully Something similar happens with voyager Customers it does appear that binance is Set to relaunch a bid for bankrupt Crypto lender Voyager they were beat out By FTX back in the day everybody said Six months ago wow FTX paid the most to Voyager they were the White Knight they Pushed binance out we are waiting we are Watching to see if binance then now Comes back in In yesterday's video we did address the Rumors regarding grayscale are they Insolvent the gbtc that they hold Because they were refusing to share Their proof of reserves they wouldn't Provide proof well this morning coinbase Custody who holds their 635 000 Bitcoin On behalf of grayscale gave a public Announcement said that they do hold the Coins and this was a direct note from Coinbase custody CEO Aaron schnarch on Top of their over 600 000 Bitcoin They're holding for grayscale coinbase Custody also holds over 3 million Ethereum for the grayscale ethereum Trust and 11.9 million ethereum Classic On behalf of grayscale's ethereum Classic trust and unfortunately in the Bear Market the gbtc premium or in this Case discount continues to slip lower

The grayscale Bitcoin trust discount Approaching 50 percent it'll be Interesting to see how the market will Trade and price this gone forward I Bought some at a 35 discount thinking The Gap May close I was wrong so even Though grayscale says they do hold this Bitcoin or at least coinbase does No big takers as of now huge discount on The price almost buy one Bitcoin get a Second Bitcoin free almost where we are Right now but if you're asking the Question for grayscale for coinbase Custody Should we be worried that they're not Showing their public Bitcoin wallets Guys I'll say it one more time all Grayscale trust assets are at coinbase And Untouchable if they were touched it Would be fraud by coinbase grayscale and Negligence by both companies auditors The assets are there it's the rest of The trust structure that's broken Essentially saying to not let that Almost 50 discount fool you both of These companies have been audited by Major firms now popular decentralized Exchange uniswap just made the Announcement they are now collecting Certain data from their users but first Just a reminder my brother and I will be Speaking at decentralcon coming up later This month get your tickets linked down Below if you'll be in Miami also be sure

To grab your tickets for Bitcoin 2023 The largest crypto conference in Existence next year use code altcoin Daily for 10 off and finally altcoin Daily is a very close very close to Winning the blockchain influencer awards Please vote for us for best new source And influence of the Year link down Below back to uniswap while they did Just announce they for transparency sake They are collecting certain user data The popular decentralized exchange made It clear that it doesn't collect Personal data like names or IP addresses They said Monday in a blog post that Transparency is key and that it Collected certain off-chain and on-chain Data to improve user experience now the On-chain data I have no problem with This anybody can see this on chain data That's the beauty blockchain The on-chain data that they're Collecting is public information that Occurs on the blockchain this includes Things like purchases transactions Wallet transfers and interactions with Smart contracts so that's fine I get it The off-chain data is external to a Blockchain such as users device type Operating system but can nevertheless be Linked to a wallet in its activity Meaning what computer you're using what Browser you're using they have access to This and as they stated in this

Announcement our first priority is to Protect user data and privacy but we do Want to make data driven decisions that Improve user experiences this is an Ongoing story and if you're interested In learning more about cryptocurrency Click subscribe we drop one video per Day keeping you informed like always see You tomorrow

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