Day 2 - FTX 🆚 Binance continues…
And BAYC backs secondary NFT sales.
Hello Switchers
👋Welcome to Switch Daily.
Its been a huge week in the cryptoverse. FTX and Binance had a face off, FTX went down, Binance offered to acquire it, now the word is that Binance might scrape off the deal coz it does not like what’s going on with FTX on the inside. But, hope is around and let's HODL on to it!
Here’s what we’ve got for you today:
Market Pulse 📈
The market is facing a tornado 🌪️
With so much happening in the crypto market, the market took a massive hit yesterday as investors responded to news of Binance pulling out of the FTX acquisition, citing allegations of the mishandling of consumer funds and an investigation from regulators.
The session witnessed all the top cryptos by market cap registering huge losses as the day progressed, resulting in a bearish Wednesday session. Solana (SOL), the token that has been caught in the middle of all this drama, plunged the most, decreasing 38.6% in value and resulting in SOL dropping out of the top ten.
Day 2 - More FTX-Binance drama
As of yesterday, Binance proposed to acquire FTX. At least that’s what CZ announced on twitter. And that was supposed to put an end to FTX’s spiraling situation.
Check this out for the full story.
But a new day, new drama unfolds.
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Turns out Binance may not want to go ahead with this deal anymore. Apparently, Binance reviewed FTX’s books and man things must have really gone wrong. CZ issued a statement to a leading publication and said:
“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,”
Binance also made a formal announcement on twitter hinting that the deal is off the table.
Meanwhile, the market is standing on hot water. The total market cap is down by 8.39% in the past 24 hours. Bitcoin has fallen to its two year low and Ethereum is also facing the wrath. Solana on the other hand has lost over 50% in the past week and is continuing to fall further.
The fall of FTX is taking the entire crypto industry through a toll. But this is not the first time a big crypto institution has tumbled. This year alone the market witnessed the fall of LUNA and 3AC Capital.
These events have impacted the market big time, but the market rewound from the impact. This time too, the it has become extremely volatile. But hopefully the dust will settle and the market will spring back in action again. 🤞Untill then DYOR and stay SAFU.
What’s hot? 🔥
Yuga Labs—the brain behind the famous NFT collection Bored Ape Yacht Club—has come down heavily on OpenSea’s stance against creator royalties on secondary sales. The founders of Yuga Labs has proposed a DAO-based model, allowing creators more control over the handling of sales.
Japanese mobile operator NTT Docomo plans to foray into Web 3.0 and has set aside investments worth $4.1 billion to explore the opportunity. The company plans to work closely with Accenture to speed up the adoption, Nikkei Asia reported.
Avalanche (AVAX), a popular smart contracts ecosystem, is upgrading Avalanche Rush — a liquidity mining program with a focus on incentives. Avalanche is collaborating with the decentralized exchange GMX_io to make Avalanche Rush a tool to prop up the price of AVAX crypto and intensify DeFi interest.
Meme of the day
And; that’s a wrap for today!