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After the collapse of FTX, the week started with cryptocurrencies in the red (all weekly recaps start the same?… Yes). Binance’s official crypto, BNB, touched its quarterly low amid a deep crisis of confidence in centralized Exchanges. In fact, the overall market lost over $60 billion in just 48 hours.
Meanwhile, the former CEO of now defunct FTX wrote an emotional letter to his employees apologizing for everything that happened. Aww isn’t that cute? With that apology it ALMOST makes up for losing billions of investor dollars and putting hundreds of workers out of a job.
After a few initial days of watching the market bleed out for the umpteenth time this year, we had a bit of a spring as a result of a rebound in the major cryptocurrencies. Among them, Ethereum performed well rising 6%, while Litecoin was one of the stars of the market with a 29% rise. Another of the week’s surprises came from the Huobi token, whose Exchange took the lead in terms of transparency and made its reserves public (See, Sam? It wasn’t that hard). For its part, Bitcoin also had a small bounce and settled back above $16,000, although according to our trading expert it could stagnate in that range.
With this slightly more encouraging outlook, market analysts such as Chainalysis assured that cryptocurrencies will recover from the chaos caused by the fall of FTX. For starters, one of the best practices that companies can carry out is to make their reserves public. Aiming to bring peace of mind to users about what is being done with their money. Based on that, we could begin to see a new, healthier and more trustworthy crypto ecosystem.
Undoubtedly, the catastrophes that occurred with FTX a few weeks ago and with Luna several months ago, will make the top exponents of the crypto world learn a few lessons. Or not… Do you remember why LUNA collapsed and what happened with its algorithmic stablecoin? Well, Charles Hoskinson couldn’t come up with a better idea to give the disappointing Cardano a new lease of life than to create its own algorithmic stablecoin. Is this how they plan to revive Cardano?
And so much for a new weekly summary of the most important news of what happened in the fascinating and always surprising world of cryptocurrencies.