FTX To Expand Into Traditional Financial Markets As Well; Bitcoin, Ethereum See Fall

Sam Bankman-Fried, the CEO of global crypto exchange FTX, said on Saturday, the company plans to expand through acquisitions to increase product offerings. FTX proposes to use proceeds worth billions from recent fundraising rounds to buy shares in other companies. The crypto giant is expanding in crypto as well as traditional financial markets amid uncertainty in the crypto and equities markets, coingape.com reported. 

“FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two—it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle,” Bankman-Fried said in an interview with coingape.com. 

Even as opinion is divided among policymakers regarding a central bank digital currency in the US, the US Federal Reserve’s vice-chair Lael Brainard presented a paper titled ‘On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)’ before the Financial Services Commission’s virtual hearing, forbesindia.com reported. 

The vice-chair’s paper submission just before the virtual hearing is being regarded as a strategic move, given that over 25 legislators were to ask questions in the hearing. She said a CBDC could exist along with stablecoins and provide safety.

Manish Maheshwari, former Twitter India head, has resigned from his latest venture, Invact Metaversity, a higher education edtech company set up in the metaverse. He announced the news of his exit on Twitter on Friday evening, days after the differences between him and co-founder Tanay Pratap came out in the open, Businessinsider reported. 

 Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 0.18 per cent in the last 24 hours, and it was trading at $28,890.83 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 45.91 per cent, up by 0.03 per cent in the last 24 hours.

 In the last 24 hours, Ethereum (ETH) was trading at $1,779.49, down by 0.09 per cent, while Binance Coin (BNB) increased by 0.48 per cent during the same time period, and was trading at $302.52. Solana (SOL) was up by 0.24 per cent to $41.53, while Cardano (ADA) was down by 1.23 per cent to $0.46. 

 Meme Coins

At 5:00 p.m. IST, Dogecoin was trading at $0.08156 on Coinmarketcap.com, up 4.25 percent. Its rival, Shiba Inu, was up by 2.20 per cent, and was trading at $0.00001073. Samoyedcoin was down by 1.51 per cent, and it was trading at $0.005127, while Dogelon Mars was up by 7.02 per cent, and it was trading at $0.000000456. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.19 trillion, a decrease of 0.36 per cent in the last 24 hours, while the total crypto market volume was $75.71 billion, a decrease of 28.97 per cent.

Sporttoken (SPT) was the biggest gainer, gaining 283.25 p,er cent. It was trading at $0.00003876 at 5:00 pm IST, according to Coinmarketcap. In contrast, HOME TO EARN (H2E) witnessed the maximum loss and fell by 98.96 per cent. It was trading at $0.0000004717.