Market Update: November 22, 2022

  /  3 minutes read

The Japanese branch of FTX will soon allow customers to withdraw after the collapse of FTX. In a report from the Japanese news site NHK, customers cannot withdraw their funds as FTX Japan’s system is connected to the broader FTX system. FTX Japan is building a separate system to make this possible, so its customers can withdraw their funds. That does not mean FTX Japan is in better shape than its sister companies. FTX’s liquidator and new CEO, John Jay Ray III, says FTX Japan is in debt, just like FTX EU and many other FTX subsidiaries. A list of the organisations that have submitted Chapter 11 bankruptcy filings has also been made public by Kroll Restructuring, which was engaged to assist FTX with its bankruptcy proceedings. There are 102 entities listed as requesting relief, including FTX Japan Holdings K.K., FTX Japan K.K., and FTX Japan Services K.K. FTX Japan was six months old when its parent company collapsed. FTX owes $3 billion to its top 50 creditors, and withdrawals have been suspended across the board.

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Another letter was sent to investment firm Fidelity by US senators warning that it should not offer bitcoin to customers following the FTX debacle. A letter was signed asking Fidelity to scrap its 401(k) bitcoin plan by senators Elizabeth Warren of Massachusetts, Tina Smith of Minnesota, and Richard Durbin of Illinois. Boston-based Fidelity, the world’s largest asset manager, is American Express’s largest provider of savings accounts (401K). The company launched a new product that offers companies and their employee’s access to bitcoin. FTX was one of the largest crypto exchanges that went bust as it was using investors’ money to make risky investment bets through its sister trading firm, Alameda Research. The crypto market was shaken by the crash, and most digital assets fell after the news. Fidelity currently has over $9.9 trillion under its management and has made significant progress in the world of digital assets. An early-access queue for its newest cryptocurrency product, an app that lets retail investors trade Bitcoin and Ethereum from their phones without incurring commission costs, was unveiled earlier this month.

Uniswap, a major decentralised exchange, claims it collects several types of user data, such as device type and browser, but no personal data. On Monday, a blog was posted by Uniswap stating, “Our first priority is to protect user data and privacy, but we do want to make data-driven decisions that improve the user experience.” That includes on-chain data and limited off-chain data like device type and version of the browser because it does not collect private data from users. The company also stated that they do not share your personal information with third parties for marketing purposes. Uniswap is a top tier app built on Ethereum that allows anyone to swap Ethereum-based tokens. It is different than centralised exchanges like Coinbase, as one can use Uniswap without a sign-up process, and there is no token “listing” procedure. According to CoinGecko, Uniswap is the biggest DEX by 24-hour volume, with over $1 billion in tokens traded in the past day.

That’s it for today, see you tomorrow


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