FTX Acquiring Blockfi? | Market UPDATE

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2022-09-15 15:23:44

Market situation

Yesterday, Bitcoin continued to move sideways around $21,000. Major altcoins fell slightly.

BTC price around 20,000 USD is also an opportunity for investors to own 1 BTC. The number of wallets with 1 BTC or more has been growing faster recently.

Austrian cryptocurrency and stock exchange Bitpanda has announced mass layoffs due to financial difficulties and a sharp market drop. Although the exact number of employees who want to stop working for Bitpanda is still unknown, data from LinkedIn shows that the company is in the process of laying off around 277 full- and part-time employees making the count staff reduced to about 770 people.

The bear market combined with the influence of macroeconomics caused prices to go down sharply. These times investors fear more. Searches for “crypto is dead” hit a record high since 2014. The largest number of searches came from Australia, Singapore, Ireland, the US and Canada.

FTX will acquire BlockFi

In recent days, a lot of news that FTX can buy back BlockFi and spread in many crypto news sites. Derived from the source given from the Wall Street Journal, the possibility of accurate information is high.

After Three Arrows Capital (3AC) lost liquidity and was in danger of bankruptcy, lending company BlockFi also borrowed a large amount of money. BlockFi signs a terms table with FTX to secure a $250 million revolving line of credit. Cryptocurrency exchange FTX is said to be in talks to buy back shares in BlockFi after the company granted a $250 million line of credit to the company.

Trading company Alameda Research, the company behind FTX, has also previously supported many crypto companies struggling during this period. They lent Voyager Digital 15,000 Bitcoin last week due to Voyager’s difficulty after lending to Three Arrows Capital.

After the above information, BlockFi has yet to respond. Usually when false information is released, most companies will speak up to correct it.

If FTX successfully buys BlockFi, it will be able to wipe out all BlockFi shareholders, including Morgan Creek Digital. So, crypto investment firm Morgan Creek Digital is trying to raise $250 million from investors to buy a majority stake in the company BlockFi. In the event that BlockFi goes bankrupt, being acquired by FTX will be more beneficial for users on BlockFi. Because then, FTX will prioritize compensation to users first, then creditors.

Other information:

  • On June 23, 2022, the Harmony development team announced that $100 million was hacked from the Horizon bridge. Harmony is currently working with national authorities. Yesterday, this company called on hackers to return this amount of $ 100 million, Harmony will pay the attacker $ 1 million without holding any responsibility. Despite the successful attack, it is difficult for the hacker to convert to cash because every action is monitored on the blockchain, so many hope the hacker will accept this offer.

  • The leaders of the G-7 nations will announce a ban on Russian gold imports because of Moscow’s gratuitous invasion of Ukraine. Russia is the second largest gold producer in the world after China. Therefore, President Biden believes that this information will greatly affect Russia’s gold exports.

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