The Market Is Still Burning… WHY?  |  TRUMP NFT

The Market Is Still Burning… WHY? | TRUMP NFT

 252 total views

2023-03-10 16:33:41

Market situation

US stocks still had a declining session after the information about interest rates from the Fed. Stock futures also fell slightly. Oil and gold prices are around 76 USD/barrel and 1786 USD/ounce.

Bitcoin is still holding around $17,300. Altcoins fell slightly.

Markets fell as investors expected the Fed to talk about rate cuts next year in its press conference. However, it also shows more clearly the views of the Fed on the market of inflation and interest rates next year.

The European Central Bank and the Bank of England also raised interest rates by 0.5%. However, the UK and Europe still have very low interest rates. They have a much slower rate of interest rate increase than the US.

Trump NFT debuts

Former President Donald Trump released a collection of 45,000 NFTs. He made the announcement on Thursday through Truth Social, the social networking site he founded last year.

NFTs are created on the Polygon platform, cost $99 and can be purchased with ETH or fiat. At the end of the checkout process, customers are prompted to select the number of Trump Trading Cards they wish to purchase. The pop-up advertises a guaranteed ticket to a gala dinner with Trump when buying 45 NFTs at once, as shown in the screenshot below. This will cost the customer $4455.

Collectors who purchase one of the digital transaction cards will automatically enter a “sweepstakes” to receive Trump experiences, including a zoom call, a Miami dinner or a cocktail hour at Mar-a-Lago.

In the lawsuit against Sam Bankman-Fried, FTX and sister company Alameda Research, the regulator repeatedly referred to Ether, Bitcoin “among other things” as “commodities” under US law.

CFTC treats ETH as a commodity

In the lawsuit against Sam Bankman-Fried, commodity regulator CFTC has repeatedly referred to Ether, Bitcoin “among other things” as a “commodity” under US law. This information is mentioned in the court filing.

However, during a crypto event at Princeton University on November 30, CFTC head Rostin Benham said that Bitcoin is the only crypto asset that should be viewed as a commodity. It has the distinction of revisiting previous comments asserting that Ether can also be a commodity.

The Chairman of the Securities and Exchange Commission, Gary Gensler, has also taken an uncertain stance on Ether in recent months. Gensler previously suggested Ether as a security after the initial token sale but has become more decentralized and commoditized since then. His stance appears to have changed again following Ether’s transition to proof-of-stake, with Gensler arguing in September that staking tokens could constitute securities.

The designation of ETH as a commodity will be important to Ripple’s lawsuit with the SEC. The Ripple company is looking to prove XRP is similar to ETH. So if ETH is not a security then XRP is similarly proven.

Update on FTX

The anxiety after the collapse of FTX caused a mass withdrawal of crypto on exchanges. Recently, investors also withdrew a large amount of money from Binance and withdrawals are still taking place as normal. The amount of BTC on Binance also decreased significantly.

During the FTX hearing, billionaire Kevin O’Leary continued to blame Binance for the collapse of FTX even without proof. He said that Binance’s CZ tweeted about the sale of all FTT tokens and that FTX had to buy back more than $2 billion of Binance shares before that led to the collapse of FTX. However, what caused FTX to collapse was that the company floor did not store customer funds but used it for other purposes. So leading to huge financial hole and collapse.

Kevin O’Leary used to use his influence to slander crypto and drive the market down. Two years later, he again said that he understood crypto and invested in projects like FTX, serving as a brand ambassador to promote this exchange. To this day, he still says defend Sam and blame Binance. Kevin O’Leary has been a controversial figure lately.

In the CNBC interview with CZ, he also said that Kevin O’Leary was either a liar or had an intimate relationship with Sam. Because when Kevin O’Leary saw that there were no clear accounting documents, he didn’t tell anyone but asked Sam and listened to what Sam said. When asked about the issue of storing assets for customers, Binance confirmed they were compliant. The suspension of the previous day’s USDC withdrawal was temporary because they need to wait for the bank to work to be able to provide users with withdrawals.

CZ dismissed concerns about whether Binance can handle a potential $2.1 billion recovery from the FTX divestment from the previous year. When Binance withdrew FTX keys about a year ago, they were given back in BUSD, BNB, and FTT tokens. Kevin O’Leary said that this return transaction between two shareholders, which he was not aware of, was not legal. He asked Binance to return this money to pay the victims. CZ replied that there was no proof that the money returned was from the customer. In addition, after paying for divestment for Binance, FTX used huge amounts of money to promote such as buying a big stadium name, or hiring Kevin O’Leary as a brand ambassador. And finally, CZ said that the matter would be handled by the company’s legal department and confirmed that Binance had no financial problems.

Other information:

► Join Exchanges with exclusive deals with CHK

#Market #Burning #TRUMP #NFT

Leave a Reply

Your email address will not be published. Required fields are marked *