FTX reports over $1 billion in revenue last year
and is on track for earning another $1.1 billion this year.
A staggering projection in the middle of a bear market!
Binance COO Patrick Hillman gets a shock
when project managers thank him for his help listing on Binance,
help he never even gave.
And Goldman Sachs, JPMorgan and other major banks want a stock market built on blockchain.
Looks like Old-Fi is finally digging that newfangled thing the kids these days are calling blockchain.
My name is Justin.
And this is your nightly crypto news wrap-up.
Let's get it!
Now, we know how Sam Bankman-Fried's FTX was able to backstop companies
who needed liquidity,
its offer to BlockFi, discussions on buyouts for Bithumb and its rejected offer to Voyager.
It's become clear that FTX was able to do all of this because it's rowing in cash.
In fact, last year, the company generated a 1,000% gain from the previous year
with a net income up $1.02 billion
up from the $89 million it posted the previous year.
Even in the middle of the bear market,
FTX is on track for another $1.1 billion in revenue for 2022.
If you're surprised by this,
you're not alone.
Explosive profits and stable revenue during a down market is big news,
especially when compared to Coinbase,
a much bigger company that posted $7.4 billion in revenue during the bull market
and has since declined 64% in its reported Q2 earnings from the previous year
and a net loss of $1.1 billion.
FTX knows how to make money moves even in the bear market.
No wonder Sam Bankman-Fried is always smiling.
BitSquad members can now find a new reason to smile as we track these volatile markets.
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Frankie Candles, how's it looking out there, pal?
Thanks, JChains!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $21,524.
Down about 10% on the week
We've got Ethereum coming in at $1,661.
Down 11.5% on the week
Now, I want to bring you guys over to the Bitcoin chart
as we have some pretty bearish signals popping up on the chart.
No. 1, we have a yellow X.
If this pops back up and confirms,
it would be extremely bearish for Bitcoin.
Now, another bearish thing that we have popping up is a 5-day red dot printing
and does confirm in about three minutes.
If it confirms, it will be a little bit more bearish in the longer term.
We also have a confirmed blood diamond on the 4-day when looking at regular candles.
Another very, very bearish sign.
And we are essentially in a bear flag here.
And these typically do break down to the downside.
So a lot of bearish stuff popping up here on Bitcoin.
Now, in the shorter term, we do have a green dot about to print on the daily,
so I do think shorter term we could get a little move up.
But if these bearish signals on the higher timeframes confirm,
I do think they will eventually come out to play.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Imagine Binance's COO Patrick Hillman's surprise when he was contacted by members of crypto projects
to thank him for help listing on Binance's exchange,
help that he never gave them.
Scammers found new technology to fool people out of funds
using deepfakes to impersonate Hillman on Zoom calls.
The holographic representation of Hillman was able to convince representatives
from crypto projects that they're being considered for listing on Binance,
exploiting them for the listing fees.
Listing scams are becoming more common,
with the Brazilian crypto investment platform BlueBenx recently falling victim.
Binance doesn't have a fixed listing fee,
with projects paying amounts relative to their own comfort level,
and proceeds are donated to the blockchain-backed Binance Charity.
Turns out major investment banks are using blockchain to settle payments
for bond trades and other debt securities.
Goldman Sachs is using Ethereum,
and JPMorgan Chase built a blockchain platform called Onyx.
Right now, banks are using old systems to make big trades,
which is why former president of the New York Stock Exchange Tom Farley said,
"Blockchain technology is going to rewire all financial services."
Trade settlements can take hours or days to finalize,
leaving a lot hanging in the balance in the meantime,
price fluctuations and the risk that one party in the trade won't go through with the transaction.
Goldman Digital Asset Group's Mathew McDermott said
he's not running things on blockchain just to satisfy his curiosity.
Everything they do is commercially driven,
meaning that what they use has to make money.
Using blockchain to settle trades makes it easier to track share ownership,
lower costs and settle transactions faster,
like $100 million bond being settled in hours rather than days.
Using blockchain to settle transactions looks different on Wall Street,
where networks are permissioned, controlled by a central party.
Leave it to traditional finance to make blockchain news a little less exciting.
Here we are in the first leg of the bear market.
And although price action is getting dull,
crypto serves up something new every day.
We've got some discouraging price movement ahead of us still,
whether it's another drop or we stay relatively flat.
Like any big adventure,
we will have to travel miles before we get to our final destination.
Crypto is served better cold,
especially over the long term.
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Alright, guys. That's all I got.
Have a great rest of your night.