🏓 BTC and ETH bounce due to lower interest rate

Greetings. The market is bouncing amidst mixed Fed messages, BitGo to become a custodian of FTX, Llama covers Aave's debt, and Mt. Gox hacker starts moving funds. Let's jump right in.

Your Favorite Crypto Digest From TradeCrypto.com #176

Daily statistics update:

Today's market is green. BTC is trading below $16,600; ETH is around $1,200.

💪 Bitcoin dominance: 38.18%

📉 Total Cryptocurrency Market Cap: $834.16B

😲 Fear and greed index: 20 (Extreme Fear)

🚀 Gainers (Top-100)

• BinaryX (BNX) +9.24%

• GMX (GMX) +6.35%

• XRP (XRP) +5.14%

  😭 Losers (Top-100)

• Arweave (AR) -4.94%

• The Graph (GRT) -3.89%

• Curve DAO Token (CRV) -3.63%

BTC and ETH bounce due to lower interest rate

Fed's posted Nov 2022 minutes on Twitter. Most Feds 🏦 expect interest rates to lower a bid, targeting 2%. The crypto market reacted as always expected. Bitcoin rallied almost 3% to around $16,700 in the last 24 hours, with Ethereum surging around 5% to $1,200. The ETH price also depends on a recent event: Ethereum's staking withdrawals enter the Shandong testnet stage. The most significant event since the Merge is the Shanghai update next year🔝. 

BitGo becomes an FTX custodian

FTX and Mt.Gox are now in the same boat 🦺. Boat, a.k.a BitGo, is pretty solid, with a good reputation. Will carry FTX's assets as if they were their own. John III, the new FTX CEO, said that BitGo would help deliver trust in crypto assets. During all the bankruptcy proceedings, BitGo will hold FTX's long-lost assets. No one doubts that SBF committed fraud. BitGo, on the contrary, has a clean balance sheet 😇, qualified custodian status, and multiple licenses. 

Mt.Gox hackers start moving funds 

Hello again from what was once the largest bitcoin exchange. Suddenly, a wallet linked to the 2014 hack started moving assets. Hackers sent 10.000BTC to two unknown addresses. You might think, why now, not when BTC was worth $64K 💵? Hackers got it in 2015 when the rate was approximately $290. Now do the math. 

Llama and Gauntlet to cover Aave's bad debt

The story begins in October, when the trader Avraham Eisenberg, who was behind the Mango Market hack🚨worth $100 million loss, managed to borrow 40 million CRV tokens from Aave. He wanted to dump the curve, make money from a short position and leave Aave with a massive bad debt. Avraham's plan didn't quite make it that big, leaving Aave with a deficit of $1.6 million. DeFi management platform Llama and Gauntlet insolvency fund proposed Aave to cover the hole 💰. The deal will help to optimize Aave's treasury. The proposal's fate is now in the hands of the Aave DAO community.  

SBF to speak at NYT event

New York Times invited Sam Bankman-Fried to speak at the BookDeal Summit. This is the first public appearance of Sam since the FTX collapse. Which happens to be on Nov.30. I mean, I get that Sam is like a hotсake 🥧 in the media lately, both mainstream and crypto, but do you remember that NYT's piece of Sam being a good kid who messed up 🤒? Speaker on Summit, not a criminal who is supposed to be in jail? Crypto Twitter is bursting out with anger big time. 

Conclusion: There is always one saint for every villain. Joking. It's Sam Bankman-Fried who's the white knight. While someone is celebrating small victories in the market, you have to keep your ear to the ground because something hasn't happened yet. Keep it together. See you soon. 

See you tomorrow, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)

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