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Crypto Prices Bounce as FTX Searches For Rescuers, Tether Peg Slips, Contagion Fears Mount

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Crypto Prices Bounce as FTX Searches For Rescuers, Tether Peg Slips, Contagion Fears Mount

Crypto prices bounced today but how long can the reprieve last and will FTX survive? 

Well, the game isn’t up for FTX just yet, as various reports suggest the crypto exchange teetering on the edge of bankruptcy is in talks with investors as it seeks a rescue deal.

Now market participants worry that contagion could spread like wildfire. 

However, there was some reprieve for crypto prices today when US CPI inflation figures came in soft, leading to an explosion in stock indices, with the Nasdaq composite jumping 4.5%.

Bitcoin reversed its losses for the day and is up nearly 1% at $17.756.

US CPI Inflation a turning point for crypto prices crash?

Inflation decelerated to a 7.7% annual increase in October from 8.2% last month, with both the headline and core readings below the median of economists’ forecasts. 

That was taken as a sign that the worst may be behind us, which would be good news for crypto.

The bounce could buy valuable time for FTX founder and CEO Sam Bankman-Fried (SBF), even as US regulatory agencies circle and the exchange’s legal team flees the sinking ship

He tweeted about two hours ago, in a long thread, that the company was in talks with a number of players regarding LOIs [letters of intent] and term sheets.

SBF claimed that FTX.US, the exchange for US customers, was “100% liquid” and “not impacted by this shitshow”

The rest of the exchange  – which operates under the brand FTX International – is the business that is staring insolvency in the face.

Today FTX.com put a notice on its website which reads: “FTX is currently unable to process withdrawals. We strongly advise against depositing.”

Justin Sun, the founder and CEO of crypto project Tron, is thought to be in talks with FTX. He tweeted earlier today that all holders of Tron-based tokens on  FTX  would be made whole.

However, it is unlikely that Sun will have the resources to advance as much as $4 billion that  FTX need to meet its immediate liabilities. The total hole in the FTX balance sheet is reckoned to be in the region of $8 billion.

Crypto contagion: Tether hit by $700 million in redemptions, Coinshares loses $30m, Sequoia $150m

Meanwhile, stablecoin Tether at one point fell to $0.96, losing its 1:1 peg to the US dollar. It has since recovered but as much as $700 million was redeemed today.

When the peg slips, those seeking redemptions can make a profit, as Tether has to honor the peg regardless of the market rate.

Elsewhere, longstanding crypto fund manager Coinshares revealed that it was on the hook for $30 million of losses connected to FTX, while Sequoia Capital wrote down a loss of $150 million.

The Kaiko research team underscored the ramifications of the collapse of FTX and why it has had such a profound impact on confidence. Kaiko wrote in email commentary:

“FTX’s collapse has shaken the industry to its core, in part because it is a fundamentally different type of business than a crypto lender like Celsius. FTX is a cryptocurrency exchange. The service it provides is that of a facilitator of trades: they earn a transaction fee for every trade executed by one of their clients. FTX is neither a trading firm nor a lender, so theoretically, they should at all times have access to the equivalent of 100% of their client’s funds.”

The fact that FTX cannot meet deposit withdrawals is indicative of the likelihood that it has been using client funds in its own trading and lending activities.

And even worse, some of that lending activity looks strongly like it was to sister company Alameda Research, in practice the trading arm of FTX.

Also shaking the industry is the sheer speed of the collapse. On 6 November FTT price slippage – the difference between a market order and the price actually paid – began to appear and then ballooned on 8 November and went stratospheric on 9 November. 

1668107025 934 Crypto Prices Bounce as FTX Searches For Rescuers Tether Peg

Compiled by Coinbold

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