Market deep dive: Craziest and most unexpected week in crypto

BTC$ is currently trading at $17.3k after this week’s contagion, with 2-year lows of $15.5k having been reached on Wednesday.

I think I speak for most of the crypto community when I say that this was the craziest and most unexpected week in crypto – ever.

The week was jam-packed with back-and-forths between CZ and SBF on Twitter, predictions on the future of the FTX exchange, liquidations, lots of rumours, and most significantly disappointment in one of the largest exchanges and admired figures in the ecosystem.

Here is a rundown of some of the major events:

  1. The balance sheet of Alameda research was leaked. Notably, the third largest entry on the asset side was $2.16bn worth of FTT collateral.
  2. Binance announced that they would sell their FTT tokens after the financial health of Alameda was put into question.
  3. Binance signed an initial LOI to buy FTX, but did not follow through on the acquisition because of “reports regarding mishandled customer funds and alleged US agency investigations” by FTX.
  4. The FTT token lost 86.8% of its value over the last 7 days.
  5. USDT$ de-pegged to as low as 0.9381 on some exchanges, after rumours of Alameda shorting it. It is currently trading at 0.9975.
  6. Tether has begun freezing USDT on FTX.
  7. FTX digital assets were frozen by by regulators in Bahamas.
  8. Reportedly, FTX lent $10 billion of client funds to Alameda.

We will be posting a more detailed timeline of events soon. Stay tuned.

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