We cannot start this summary of the most interesting crypto News of November 2022 without explaining what happened to FTX and how it affected the entire cryptocurrency market.<\/p>\n\n\n\n
- The crypto market began to take a hit when FTX announced that it was facing a \u201csignificant liquidity crunch\u201d after exchange Binance sold all of its FTX Token (FTT) holdings. Days later, Binance offered to bail out FTX but, after conducting investigations, withdrew the offer.<\/li><\/ul>\n\n\n\n
![\"cryptocurrency-market-2022-ftx\"](\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/11\/sad-crypto-savings-1024x592.jpg\")
<\/figure><\/div>\n\n\n\n- By November 8, the FTT token had lost<\/a> more than 90% of its value in just four days. By that date, the total market capitalization had declined more than 24%.<\/li><\/ul>\n\n\n\n
- This led to Bitcoin (BTC) falling from $21k to $16k in a few days. For the first time since 2020, in November 2022, the cryptocurrency traded below $15k, marking a 20% decline for the month [CoinMarketCap].<\/li><\/ul>\n\n\n\n
- FTX filed for bankruptcy in the United States on November 11, with withdrawals prohibited for anyone outside the Bahamas.<\/li><\/ul>\n\n\n\n
- Soon after, FTX executives announced they had suffered a hack<\/a> of more than $600 million. For many, this hack was a strategy to hide evidence and facts, such as that its CEO Sam Bankman-Fried (SBF) had a “back door” in the FTX platform that allowed him to move multi-million dollar amounts without alerting anyone.<\/li><\/ul>\n\n\n\n
Ethereum performance in the month<\/strong><\/h3>\n\n\n\n
- The following week, the alleged hacker etkilenmi\u015f<\/a> the stolen funds into Ethereum (ETH), and this cryptocurrency’s price suffered. As a result, the ETH cryptocurrency lost 23% in November [CMC].<\/li><\/ul>\n\n\n\n
- In addition, although a testnet<\/a> for the withdrawal of ETH staked<\/a> funds has been activated, there is still no official date for the release of funds.<\/li><\/ul>\n\n\n\n
- But not everything is negative for Ethereum because, on its way to being a deflationary currency, the supply of ETH was in negative numbers<\/a> at the beginning of the month.<\/li><\/ul>\n\n\n\n
- This month it was also revealed that authorities in the Bahamas may have sipari\u015f edildi<\/a> the hack of FTX and bypassed US authorities handling the exchange’s bankruptcy filing. Hence, the Bahamas administration owns<\/a> more than $338 million and is one of the biggest Ethereum whales.<\/li><\/ul>\n\n\n\n
Winning and losing cryptocurrencies<\/strong><\/h3>\n\n\n\n
- Total market capitalization went from 1,067 billion on November 5 to 786 billion on November 9 \u2014barely four days. Among the most affected tokens is Solana (SOL), which lost 59% in the last 30 days, despite announcing an alliance with Google Cloud<\/a>. EthereumPoW<\/a> (ETHW) lost 52%, and Decentraland (MANA) 41%.<\/li><\/ul>\n\n\n\n
![\"crypto-marketcap-november\"](\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/11\/crypto-marketcap-november.jpeg\")
Total Cryptocurrency Market Cap \/ CoinMarketCap<\/figcaption><\/figure><\/div>\n\n\n\n - However, some tokens turned out to be winners this month. Thus, Trust Wallet Token (TWT) gained 75% in its price, Litecoin (LTC) gained 37%, and OKB gained 27% [CMC].<\/li><\/ul>\n\n\n\n
- Some centralized crypto exchanges saw the possibility of losing credibility with their clients, so they began to share their proof of reserves<\/a>. Kraken, Binance, Coinbase, and Poloniex, among other exchanges, topped the list.<\/li><\/ul>\n\n\n\n
- About 130 business entities under the management of FTX Group filed for bankruptcy, including Blockfolio, LedgerPrime, Liquid Global, and LedgerX. Another dozen companies have been harmed, and names like Quantia, Genesis, Multicoin Capital, and Paradigms stand out.<\/li><\/ul>\n\n\n\n
- Cryptocurrency financial services platform BlockFi filed for bankruptcy<\/a> on November 28, 2022. This company survived the collapse of toprak<\/a>\/Luna only because it received a $250 million credit line from FTX.<\/li><\/ul>\n\n\n\n
Kripto ile ilgili d\u00fczenlemeler<\/strong><\/h2>\n\n\n\n
- In regulatory matters, FTX also had a considerable impact. Thus, they accused SBF of collaborating with the US Securities and Exchange Commission (SEC) president, Gary Gensler, to ensure a regulatory monopoly, and investigations were opened in this regard.<\/li><\/ul>\n\n\n\n
- In regulatory matters, FTX also had a considerable impact. Thus, they accused SBF of collaborating with the US Securities and Exchange Commission (SEC) president, Gary Gensler, to ensure a regulatory monopoly, and investigations were opened in this regard.<\/li><\/ul>\n\n\n\n
- Cryptocurrency financial services platform BlockFi filed for bankruptcy<\/a> on November 28, 2022. This company survived the collapse of toprak<\/a>\/Luna only because it received a $250 million credit line from FTX.<\/li><\/ul>\n\n\n\n
- About 130 business entities under the management of FTX Group filed for bankruptcy, including Blockfolio, LedgerPrime, Liquid Global, and LedgerX. Another dozen companies have been harmed, and names like Quantia, Genesis, Multicoin Capital, and Paradigms stand out.<\/li><\/ul>\n\n\n\n
- Some centralized crypto exchanges saw the possibility of losing credibility with their clients, so they began to share their proof of reserves<\/a>. Kraken, Binance, Coinbase, and Poloniex, among other exchanges, topped the list.<\/li><\/ul>\n\n\n\n
- However, some tokens turned out to be winners this month. Thus, Trust Wallet Token (TWT) gained 75% in its price, Litecoin (LTC) gained 37%, and OKB gained 27% [CMC].<\/li><\/ul>\n\n\n\n
- Total market capitalization went from 1,067 billion on November 5 to 786 billion on November 9 \u2014barely four days. Among the most affected tokens is Solana (SOL), which lost 59% in the last 30 days, despite announcing an alliance with Google Cloud<\/a>. EthereumPoW<\/a> (ETHW) lost 52%, and Decentraland (MANA) 41%.<\/li><\/ul>\n\n\n\n
- This month it was also revealed that authorities in the Bahamas may have sipari\u015f edildi<\/a> the hack of FTX and bypassed US authorities handling the exchange’s bankruptcy filing. Hence, the Bahamas administration owns<\/a> more than $338 million and is one of the biggest Ethereum whales.<\/li><\/ul>\n\n\n\n
- But not everything is negative for Ethereum because, on its way to being a deflationary currency, the supply of ETH was in negative numbers<\/a> at the beginning of the month.<\/li><\/ul>\n\n\n\n
- In addition, although a testnet<\/a> for the withdrawal of ETH staked<\/a> funds has been activated, there is still no official date for the release of funds.<\/li><\/ul>\n\n\n\n
- The following week, the alleged hacker etkilenmi\u015f<\/a> the stolen funds into Ethereum (ETH), and this cryptocurrency’s price suffered. As a result, the ETH cryptocurrency lost 23% in November [CMC].<\/li><\/ul>\n\n\n\n
- Soon after, FTX executives announced they had suffered a hack<\/a> of more than $600 million. For many, this hack was a strategy to hide evidence and facts, such as that its CEO Sam Bankman-Fried (SBF) had a “back door” in the FTX platform that allowed him to move multi-million dollar amounts without alerting anyone.<\/li><\/ul>\n\n\n\n
- FTX filed for bankruptcy in the United States on November 11, with withdrawals prohibited for anyone outside the Bahamas.<\/li><\/ul>\n\n\n\n
- This led to Bitcoin (BTC) falling from $21k to $16k in a few days. For the first time since 2020, in November 2022, the cryptocurrency traded below $15k, marking a 20% decline for the month [CoinMarketCap].<\/li><\/ul>\n\n\n\n
- By November 8, the FTT token had lost<\/a> more than 90% of its value in just four days. By that date, the total market capitalization had declined more than 24%.<\/li><\/ul>\n\n\n\n