Crypto Prices Crash as CZ Binance and SBF Feud on Twitter; 3 Presales to Buy

Bitcoin has lost $21k support and is close to breaking through the $18k-20k range once again. At the same time, Ethereum’s $1.6k support collapsed as crypto prices dropped once more when a feud erupted between CZ Binance and Sam Bankman Fried on Twitter. 

Things were kosher until 07 November at midnight, when a massive 22 billion FTT tokens were transferred from an unknown wallet to Binance, causing the entire crypto Twittersphere to have a field day.

Further fuel was poured on the fire when CZ Binance retweeted about the whale activity. 

Yes, this is part of it. https://t.co/TnMSqRTutr

— CZ 🔶 BNB (@cz_binance) November 6, 2022

Alameda’s Equity is Concentrated on FTT – Latest Report

On 02 November Coindesk shared a report highlighting some critical financial details about Alameda Research, a crypto hedge fund headed by the “good boy of Crypto”, Sam Bankman-Fried. 

The report came to the surface concurrently with Sam Bankman-Fried’s decision to separate the FTX exchange from Alameda Research. 

The crucial part of the report gave details about the hedge fund’s total assets and total liabilities.

The total assets are $14.8 billion, which consists of $5.8 billion in FTTs, $1.2 billion worth of Solana, and $3.37 billion worth of as yet unidentified cryptocurrency. $2 billion is held in “Investments in equity securities.” Dirtybubblemedia reports millions of dollars are invested in Oxygen, FIDA and Serum. 

Total liabilities are at $8 billion, of which $7.4 billion are classified as loans, and $292 million are owed FTTs. 

This report disturbingly details how Alameda Research, one of the biggest crypto hedge funds, is founded upon FTT – the native crypto of the FTX exchange. 

Investors must note that FTT’s value hasn’t performed well since its launch this year. After briefly peaking above $52 in March, the token’s price has trended down, hitting its lowest YTD value of $21 in June. Although SBF’s effort to revitalize the crypto market gave the exchange-cryptocurrency something of a boost, the steam has since run out, and the token is now trading just above that June low, at $22.51. 

With a large portion of Almedia’s equity hingeing on FTT, Dirtybubblemedia pulled no punches, stating that SBF had found a way to “print money out of thin air,” against which he then borrowed billions of dollars from unknown parties. 

We have decided to liquidate any FTT on our Books – Binance Chief

No sooner had this report come to light than CZ Binance became active and liked the Tweet that showed that report. He then went on to tweet:

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4

— CZ 🔶 BNB (@cz_binance) November 6, 2022

The four-week-long thread went into how this move had been made to minimize the impact on the overall market, a response to which many were quick to brush off. But one tweet that caught our attention was by user @TheMoonCarl, who drew parallels between Alameda’s current predicament and the events that led Celsius to vanish. 

Alameda research is bankrupt due to similar reasons like Celsius, isn’t it?

Wow, stormy times in the next few weeks… #Bitcoin to $13k or what?

— The Moon (@TheMoonCarl) November 6, 2022

CZ Binance tweeted that this move was prompted by the post-risk management strategy they had learned following the LUNA debacle. 

LUNA was once one of the largest crypto assets, but its value vanished when the Terra blockchain went into a death spiral after users started to withdraw their LUNA holdings. That event triggered the 2022 crypto winter, causing Bitcoin to retrace by more than 60% of its all-time-high value. 

Crypto Prices Report for Bitcoin and Ethereum

Along with FTT, this news has negatively hit the crypto prices of major coins such as Bitcoin and Ethereum. Bitcoin has continued to paint red candles for the past two days, with its bearish wick crossing barely above $20.5k. 

The hourly chart also shows a bearish scenario for BTC in intraday trading, with many possibly selling their holdings fearing that Alameda might go the way of Celsius. 

Ethereum has suffered a similar fate, with the price hitting close to $1.55k today. While there is a rebound on the hourly charts, but it is still too soon to tell if Ethereum will punch back above $1.6k in the next 24 hours.

Tired of Volatility in Established Crypto prices? Participate in these 3 Presales instead

The current volatile market has made investors more inclined toward crypto assets that are yet to land on a cryptocurrency exchange. Such tokens present substantial gains – if not from the exchanges, then from the presale stages. 

Dash 2 Trade

Leading the presale race is Dash 2 Trade, a native crypto of inclusive crypto analytics and research platform that makes robust crypto investment tools accessible to ordinary traders. With its genre-defining utilities like social analytics and presale crypto assessment, Dash 2 Trade is on the fast track to becoming another presale success story of 2022. 

In the third stage of the presale, Dash 2 Trade has raised $5.4 million of its $8.7 target, leaving a small window of opportunity for early movers who want to buy this crypto at a discount price of 0.0513 USDT. 

IMPT 

For the environmentally conscious, IMPT is the crypto to invest in. This green crypto aims to remove all fraudulent practices from the carbon offsetting economy by creating an affiliate program that onboards ESG brands from which they can sell their products to buyers who earn IMPT tokens with each purchase. These tokens can then be swapped for tokenized carbon credits on the IMPT marketplace, which will also play host to those who want to sell their carbon credits to brands. Buyers who retire their carbon credits instead will earn NFT artworks. 

This bi-directional benefit of carbon offsetting has garnered IMPT much interest, and the token has raised more than $12 million in its presale. Buy it today at a discount price of $0.023 before missing out. 

Calvaria

The final presale token set to give competition to the likes of Gods Unchained and Splinterlands is Calvaria.

Calvaria: Duels of Eternity is a battle-card game similar to hearthstone and Gwent, enriched with great gameplay, underlying tokenomics, and amazing DeFi and DAO mechanics. Buy it in the fourth round of the presale at just $0.025.