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The outcome of the US mid-term elections seems to have little impact on the crypto space which is still suffering the jolt of FTX collapse. Bitcoin makes a fresh 2022-low.
FTX Group of companies has officially filed for Chapter 11 Bankruptcy in the United States, marking one of the darkest weeks in the history of the digital currency ecosystem.
As FTX tries to survive a difficult time, CEO Sam Bankman-Fried is seeking to raise a rescue package of up to $9.4 million to help the situation.
As inflation data cooled down the markets reacted with a very strong rally. Ath the same time, the Treasury Yields also plunged.
The data has sent a positive signal to investors that inflation in the US has peaked, a good development for the broader economy.
Binance backs out of the FTX deal citing concerns over the mishandling of customers’ funds by FTX and alleged US agency investigations. The Crypto market loses another $100 billion.
Stakeholders in the crypto ecosystem notably injected funds into keeping the candidates of their choice seen in these midterm elections.
Following the news that Binance was acquiring FTX, the FTT token began to rebound.
The collapse of FTX tokens has sent tremors across the entire crypto industry. ETH withdrawals on FTX have skyrocketed by more than 90% in the last few days.
On Monday, DWAC jumped 24% and helped lift other Trump-linked stocks as investors anticipate a likely 2024 presidential run.
There’s some optimism that the Fed could slow down the speed of rate hikes in the coming months. However, the path to “soft landing” has narrowed said Fed chairman Jerome Powell.
According to reports, the Fed stands to increase interest rates in November, but taper off afterward to prevent the economy from slipping.
The inflation that is being experienced in the Euro Zone is not a new experience as other countries are also battling the same.
The dwindling fortunes of Facebook has seen parent company Meta lose its position as one of the US top 20 companies ranked by market cap.
The last six months have been an experience of back and forth on the deal for both Elon Musk and Twitter.