FTX sh*tshow is even worse backstage. SWIFT is moving swiftly. Bull season around the corner…?

March 10, 2023

Crypto Market Update 10-03-23

Welcome to our recap, let’s catch up to the relevant crypto events of the week!  📰😎

Curious fact first:

There is a festival so big that you can see from outer space, what !? Yep, apparently the “Kumbh Mela” in India is the biggest festival in Hinduism. The range of estimated attendees is between 30 million to 60 million people! It’s so large that it can even be seen from space! Anyone fancy a trip to India ? We can fit everyone in a selfie from outer space… 😂😂

Ok, onto this week’s traffic light:

🔴 FTX sh*tshow is even worse backstage 😖

Late last year, FTX, one of the biggest exchanges at the time, blew up, figuratively speaking obviously, due to incredibly bad management and terrible malpractices. The bankruptcy process in on-going and new court documents revealed that the exchange only has 1 BTC out of 1591 that it owes to customers, ouch… 😔 The total amount owed is around $8.7 billion, however adding up every asset valuation identified so far only makes up to $2.2 billion, so someone will have to dig deeper.🤐

🟡 SWIFT is moving swiftly! 😏

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is responsible, for the most part, for all transactions happening in between financial institutions internationally. Yes, the “SWIFT Code” when you’re making a banking transfer comes from this entity. This company is experimenting with several Central Banks to use the capabilities of blockchain for their services and businesses in general and they claim that 24% of central banks will introduce a CBDC within the next couple of years, this comes after a 12-week testing period which involved worldwide financial institutions such as Royal Bank of Canada, Banque de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank, all pretty big players in their field. 💼🧐

🟢 Bull season around the corner…? 🤔📈

An investments veteran, Mark Yusko, who is also manager of the multi billion dollar asset manager Morgan Creek Capital, “believes the lead-up to Bitcoin’s halving event will likely ignite bullish price action”. Halving is the natural process of how Bitcoin is designed to cut in half the prize given to participants of the network (check our post explaining in simple terms how a blockchain works in this way), a network which is also becoming more and more environmentally sustainable in fact. According to Mr. Yusko, “spring, summer (...), May-ish, June-ish” is about where we should expect volatility. Are you ready for it…?  🧐🤩

This was more a normal week than others prior, but hey, we can use some calm weeks now and then, right? 😅 By the way, we just had a stickers competitions on our Telegram (Have you joined us by the way? Link in bio!) and it was amazing! Come by our telegram and see for yourself, we’re there to welcome you! 😉 

That’s it for this week, have a great weekend! 😎


Great job on learning something new today 🎉