Welcome to a new weekly summary with all the news that has been happening in recent days. Did you expect a week with good news and that we told you that BTC would be worth $70,000 again?… Well, at least the weekend starts soon.
It seemed that after the collapse of LUNA several months ago, both companies and investors were going to learn from their mistakes and avoid new catastrophes that would leave thousands of users adrift and millions of dollars in losses. But guess that. None of that happened and we ended last week with news that is still shaking the world of cryptocurrencies: the bankruptcy of one of the most important exchanges in the market, FTX.
Far from being an isolated event, if the fall of LUNA made one thing clear to us, it is that the cryptocurrency market is made up of many interconnected dominoes. As long as everything is relatively stable, all the pieces will stay in place. But the slightest breeze can knock down a piece that causes the rest to suffer the same fate. And this time the piece that fell was very large.
And of course, we didn’t have to wait long to see other companies fall as a result of the earthquake caused by FTX. Blockfi was the first to be dragged into the abyss, followed by Genesis Block, and it’s certainly not going to stop there. In the coming days we will undoubtedly see more companies take away the dreams (and money) of thousands of bitcoiners who thought they would get rich holding cryptocurrencies. So we are sure that at this moment you are wondering if your trusted Exchange is going to take your savings to the Bahamas or if they are safe, we leave you some tips that may be useful.
And what did Sam Bankman-Fried, better known as “the new Do Kwon”, do when he saw his company fall? We are going to give you two options to see if you can guess…
Option 1: He behaved like a true leader, directing his employees and bringing peace of mind to investors.
Option 2: He went completely crazy and started posting meaningless messages on twitter.
You answered option 2, right? Of course, nothing can surprise those of us who have been in the crazy world of cryptocurrencies for a while. Although this took FTX’s million-plus creditors by surprise who, of course, took their anger out on SBF.
And what happened to the main cryptocurrencies after the FTX debacle? We don’t even need to give you options. Obviously they suffered a new fall… Who would have thought? Undoubtedly this 2022 is not being the best year for cryptocurrencies, but some specialists are still optimistic about what will happen with Ethereum and Bitcoin. Although, on the other hand, Solana seems to be showing symptoms of a death foretold.
Among the multiple consequences that the current situation of the market and of companies related to blockchain and cryptocurrencies will have, there is one that not many are aware of. We are talking about the increasing interference of governments and regulatory agencies in the crypto ecosystem. And the fall of big companies like FTX comes in handy to justify new and more aggressive regulations around the world.
In fact, CBDCs are getting closer to becoming a reality in many countries, whose governments want to return to control the money that, thanks to cryptocurrencies, moved without restrictions, giving users true financial freedom.
