The saga of cryptocurrency continues on its sad, even tragic path, as FTX Group, a Bahamian-based cryptocurrency exchange, has foundered:
FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.
FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. The firm appointed a new CEO, John Ray III, and many employees are expected to stay on to operate the company in Chapter 11.
“I’m really sorry, again, that we ended up here,” Bankman-Fried wrote in a Twitter thread Friday. “Hopefully things can find a way to recover.”
The bankruptcy proceedings include FTX US as well as FTX’s crypto hedge fund Alameda and about 130 other sister companies. [CNN/Business]
While in isolation it’s not unlike a bank going under, in the context of the industry, it’s not good. Last time I was paying attention to Bitcoin, it went for something like $19K/coin. Now?
Source: CoinMarketCap.com
Call it $17K/coin. More importantly, yesterday the stock market had a marked recovery on a report that inflation is slowing.
Bitcoin didn’t.
Too much navel gazing? Not sensitive to that particular marker since the system is supposedly insensitive?
Maybe it’s deflating from unsupportable price spikes. Hello, tulips?
