Economy
Crypto market crash: “F#di with all this…” says FTX CEO
The world of crypto assets is not at all favorable. In fact, billionaire Bill Gates, founder of Microsoft, mentioned this Wednesday that the value of cryptocurrencies and NFTs is based “100% on The Biggest Idiot Theory.” To reinforce this idea, the market received another blow in the form of the collapse of one of the largest cryptocurrency exchanges, FTX.
To fill the eight billion euro hole, FTX.com CEO Sam Bankman-Fried took to Twitter to apologize to customers and investors for the hole that left the crypto market in free fall and wiped out more than $200,000 million in digital asset value. .
Cryptocurrencies are based on the "100% Biggest Idiot Theory".
The cryptocurrency market is in crisis and distrust is causing many investors to increase their level of caution. Added to these "danger signs" are statements such as that of Bill Gates, who, at a conference hosted by the TechCrunch website, the Microsoft founder said that "This kind [cripto] assets are 100% based on The Biggest Idiot Theorythat someone will pay more for it than me,” to which he adds, “and with that comes anonymity when you avoid taxes, government regulations… I don’t participate in any of that.”
Signs of concern intensified after one of the largest digital currency exchanges, FTX entering a liquidity crunch prompted it to seek help from competitor Binance.🇧🇷 At first, this platform recognized the purchase of FTX, but eventually refused. The scenario further exacerbated the crisis in this segment.
“Sorry. It is most important. I screwed up and I should have done better." | Diss Sam Bankman-Fried, FTX CEO
FTX collapses and shakes the world of cryptocurrencies
Over the past few hours, crypto investors have again seen clear signs of high volatility in the cryptocurrency market. O The value of several digital currencies, including bitcoin, has fallen significantly in recent days due to the flight of customers from FTX, one of the world's largest exchanges for buying, selling and holding these currencies.
As echoed around the world, earlier this week the Bahamian company turned to its rival Binance for help after it received a surge in withdrawals from the exchange and caused a liquidity crunch. Initially, the competitor accepted the offer, but changed his mind this Wednesday.
This afternoon, FTX reached out to us for help. There is a significant liquidity crisis. To protect users, we have signed a non-binding LOI with the intention of fully acquiring https://t.co/BGtFlCmLXB and help cover the liquidity crunch. In the coming days we will conduct a full DD.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
According to the Wall Street Journal, citing a Binance statement, CZ says that:
We hoped we could support FTX clients to ensure liquidity, but the issues are beyond our control and beyond our ability to help.
CoinDesk, a source at Binance, explains that it pulled out of the deal due to news that FTX may have misused customer funds, as well as US regulatory investigations.
As a result of corporate due diligence, as well as recent news about the misuse of customer funds and alleged US agency investigations, we have decided that we will not proceed with the potential acquisition https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
As can be read on Twitter, as a result of due diligence, as well as the latest news of misplaced customer funds and alleged investigations by US agencies, Binance has decided it will not proceed with the potential acquisition. http://FTX.com.
Another cryptocurrency shake-up
In this scenario, the market was shaken up again and sent bitcoin to its lowest level in two years🇧🇷 The cost was about 16 thousand dollars. The FTX currency - FTT - lost half of its value this Wednesday.
It is a fact that cryptocurrencies have been in decline for some time now. However, the problems with FTX were more like wasted points.
The case involves several situations that are yet to be clarified. The collapse of digital currency trading platform FTX has prompted U.S. authorities to investigate the company for possible violations of securities regulations, and analysts foresee further problems for this market.
In the aftermath of the crash, FTX.com CEO Sam Bankman-Fried took to Twitter to apologize to customers and investors for the alleged $8 billion shortfall.
I'm sorry. This is the main thing. F# handled it all and should have done better.
Sam Bankman-Fried said.
1) I'm sorry. It is most important.
I screwed up and should have done better.
— SBF (@SBF_FTX) November 10, 2022
The CEO ensures that the money is safe and that he is trying to resolve the situation, but sources contacted by Britain's Financial Times note that FTX needs $8 billion (€7.8 billion at current exchange rates) to resolve the liquidity crisis.
These problems have taken investors by surprise. This is because of by early 2022, the exchange was valued at $32 billion.after raising US$400 million in a funding round - Japanese tech giant Softbank was among the investors.
Bankman-Fried has reportedly met frequently with US lawmakers to discuss the future of cryptocurrencies; at technology summits, the chief shared the stage with politicians such as Bill Clinton and Tony Blair.
However, last week began to appear the first alarming signals. It all happened when a news article was published in an online magazine about cryptocurrencies. CoinDesk, warned that the balance of Alameda Research, a subsidiary of FTX, mainly consists of the FTT cryptocurrency. It is the official currency of FTX and its holders receive a discount when using the platform. This means that the FTX exchange service, Alameda, relied on a currency invented by a subsidiary.
This eroded confidence and caused many Alameda and FTX users to withdraw their funds from the platforms. Over time, exits from the service sector spread, resulting in a liquidity crisis.
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The global financial markets are now hugely complex, with traders and analysts around the world looking closely for signs of movement. What are some of the most important factors to be aware of that impact the financial markets?
Geopolitical events
With news breaking from different countries throughout the day, many different stories could affect the markets on any given day. For instance, economic indicators such as the European Central Bank’s inflation rates and gross domestic product numbers released by each country can determine which direction the markets take. Stocks, currencies and other financial instruments can all vary depending on these areas.
Major events such as war breaking out, natural disasters and elections also have an effect. When we look at the commodities market, climate change is an issue to bear in mind, with unusual weather sometimes causing scarcity or abundance of a certain product.
An interesting aspect of the modern financial world is the way that the different markets are linked. This means that any important event or news story that affects one area could easily affect another, even if the link isn’t obvious at first sight. We can also see how local shocks and events can quickly have an effect at a global level.
The financial crisis of 2008 is a good example, as it started with a serious downturn in the US housing market. Although this appeared to be a localized issue at first, it soon revealed some major issues with the global banking setup that caused problems around the planet affecting millions of people and diverse industries.
Speculation and investment trends
The previous factors all point toward the markets changing, and there’s no shortage of traders around the world waiting to see what happens next and how they can benefit. This means that we need to take into account other issues such as speculation and investment trends in the markets.
Armed with a variety of tools, including candlestick charts, traders try to identify trends such as support and resistance levels. They use the information they glean from the charts to make their moves, which can influence the general market if enough people make the same moves or if the amounts involved are significant.
Once an investment trend begins, it can have a knock-on effect that would have been impossible to predict at the outset. The example of Bitcoin and other cryptocurrencies shows how something that starts small can grow impressively. Cryptocurrencies have now gained enough mainstream appeal to influence and disrupt many industries, from healthcare to gaming and banking.
It’s important to understand how the leaders of a company operate and how they have faced challenges in the past. If we look at banking and the Bank of New York Mellon in particular, we can see that its history can be traced back to 1784, so it has overcome all the major events that have occurred since then. With some of the biggest names in the business world making up its key institutional investors, this is a company that we would expect to react effectively to changing markets.
Regulatory changes and company results
Just about every industry represented in the financial markets has laws and regulations that govern it. This means that the fear of harsher new laws is an almost constant threat. Meanwhile, the hope that beneficial changes to the regulations help businesses prosper is the other side of this matter that investors keep a close eye on.
Let’s not forget the role played by the profit and loss results produced by major companies. It’s clear that these results have an almost immediate effect on their stock prices. However, we should also bear in mind that this effect can reach other areas of the economy. A surprising set of results for a large business can produce shock waves that travel around the market.
What impact do they cause?
From the wide variety of examples that we’ve looked at here, it’s clear that the impact isn’t going to be the same in every case. While one set of circumstances might snowball and cause a huge impact, another might cause a limited impact before the news disappears as other events overtake it.
Having said that, one of the key issues that they cause is a higher degree of market volatility. We can see how this works by looking at an area such as the COVID-19 pandemic in 2020. The markets became a lot more volatile as the different aspects of the pandemic became clear. Streaming companies, healthcare companies and video conferencing technology firms made huge profits, while airlines and hotels were among those to lose out massively.
Working out the overall impact of a particular situation is almost impossible to do now. With so many traders looking over the latest news stories and numbers with advanced tools, the original impact can quickly grow or simply disappear. Therefore, the key for investors is to understand emerging trends and react to them before it’s too late.
These details reveal how complex the global financial market is now. It’s a fascinating world, and with more information at our fingertips than ever before, it’s something that anyone can start to research and understand in their own way.
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OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.
“The Centodieci combines all the values of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.
This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.
This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.
Recall that each unit costs the owners eight million euros before taxes.
Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.
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Sixth year in a row Consumer Choice and Five Star Online Press Award.
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BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.
The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.
The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”
Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.
Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.
Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.
Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…
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“Internet specialist. Evil entrepreneur. Troublemaker. Analyst. Tv aficionado. Thinker. Passionate explorer. Bacon guru.”
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Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners
