FTX Suffers From Insolvency Rumors As Binance Dumps FTT – November 7

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $20,715

Bitcoin reached as high as $21,450 over the weekend, before tumbling back down amidst issues surrounding FTX exchange, detailed below.

Top-20 altcoins have slid across the board over the last 24 hours, as Ethereum drops 3%, BNB falls 5% and Polygon is the sole outlier with an 8% advance.

Top Stories for November 7, 2022 πŸ”₯

πŸ‘‰ FTX Suffers From Insolvency Rumors As Binance Dumps FTT

Major crypto exchange FTX is fighting off rumors of insolvency, as Binance de-risks by dumping the exchange’s native FTT token.

The controversy has mostly arisen over FTX-affiiliated crypto fund Alameda Research, whose balance sheet revealed large exposure to illiquid assets, a large portion of which was FTT.

Stablecoins have been withdrawn en masse from FTX, as customer fears increase and other users experience limited and/or expensive withdrawals.

πŸ‘‰ US Authorities Seize $1B In BTC From Silk Road Hack

US authorities have seized 50,676 Bitcoins worth more than $1 billion at market prices, related to now-defunct darkweb marketplace, Silk Road.

The Bitcoins were found at an address in Georgia, along with a large sum of cash and precious metals. The address was connected to James Zhong, who hacked Silk Road’s withdrawal system.

πŸ‘‰ Solana Announces Smartphone, DApp Stores & Google Partnership

Solana made several announcements over the weekend at Lisbon’s Breakpoint 2022 event – including a Google Cloud partnership, a smartphone and decentralized application (DApp) store.

Price gains from the announcement have been erased, however, as Solana finds itself in the crosshairs of FTX and Alameda Research insolvency rumors.