FTX Files For Chapter 11 Bankruptcy, Bankman-Fried Resigns – November 11

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,778

Bitcoin price is back down below $17,000 following a spike to $18,000 yesterday, as wider effects of the FTX collapse become clearer.

Top-20 altcoins are almost all down for the day, as Ethereum falls 6%, BNB drops 8% and Uniswap stands out with a 1% gain.

Top Stories for November 11, 2022 πŸ”₯

πŸ‘‰ FTX Files For Chapter 11 Bankruptcy, Bankman-Fried Resigns

FTX exchange has filed for Chapter 11 bankruptcy protection, with FTX US and Alameda Research also looking to obtain bankruptcy protection themselves. Sam Bankman-Fried has also decided to step down as CEO of the exchange.

The filing by Alameda Research says the firm has over 100,000 creditors, with between $10 billion and $50 billion each of assets and liabilities.

Around 100 other corporate entities affiliated with FTX have also filed for bankruptcy protection, excluding LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. and FTX Express Pay Ltd.

πŸ‘‰ Ether Turns Deflationary As Market Volatility Spikes

The massive market volatility brought on by FTX’s collapse has turned Ether (ETH) deflationary, as ETH burns have turned the coin’s annualized inflation rate negative.

In absolute terms, Ether’s overall supply has decreased by almost 5,600 ETH since the network’s transition to proof-of-stake (PoS). Without the upgrade, Ether’s supply would have now increased by nearly 670,000 ETH.

πŸ‘‰ 3,500 BTC Worth $60M Moves For First Time Since 2011

Bitcoins that have laid dormant since 2011 have been moved for the first time in over a decade, being transferred to new addresses.

A total of 3,500 BTC in 500 BTC lots were moved for transaction fees equivalent to just $2 each. The new wallets have altered the address format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH), indicating a possible shift to multi-sig or use of an additional password layer.