What I Understand and Know About Crypto Today

What is happening to the crypto world today? I am not really following what is happening to the market today because of my schedule. I only know snippets from here and there. Most of the news today is not so good, so that reflects the bloody market.

In this blog, I will write about what I know and what I understand from the news, social media platforms, word of mouth, etc. I am not an expert, just a lurker, and reader.

This is just my view, please do not take this blog as the whole point of the scenario. Thanks!

Source

So, FTX is one of the biggest crypto exchanges. Apparently, they are having issues with their liquidity state which will be then bought by Binance but did not further pursue it after a thorough investigation of FTX's internal data and loans.

It all began when there is a report from Coindesk about the balance sheet (that seems fishy) of Alameda. Alameda is part of the FTX company. Alameda is sort of the backup sum of tokens saved up for the future for FTX.

CZ tweeted that all Binance sold off all its FTT. The total is over $500 million US dollars. This then leads to a big drop in liquidity because of the withdrawal, making FTX collapse.

CZ offered to buy out FTX but then it later on back out.

What do I think as an investor?

I knew of crypto way before I invested in any coin. The first coin that I knew of is Bitcoin. As an ignorant, I easily can say that it was bait on the internet. I do not have a deep understanding and learning before, so it is easy to say it is a scam.

I started two and a half years ago. I can say that crypto has a lot of potential especially in being transparent and decentralized.

I am not a big investor in the crypto market, but of course, I hold a couple of coins. I cannot imagine that crypto will be totally erased. That is why I do not put all my money on crypto because for me it is some sort of a gamble.

For now, I will just hold my coins. I will take this blood market as an opportunity to grind more.

I cannot do anything but wait patiently until the market is booming again.

So, how is your portfolio so far?

That is it for this blog. I will see you at the next one!
📸 All photos are owned and taken by me, otherwise credited.

Date Pubplished: November 17, 2022

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