Analysis Crypto by Thebittimes.Com

In a stunning turn of events, former NFL quarterback Tom Brady faces financial turmoil after losing a staggering $30 million in the collapse of cryptocurrency giant FTX.  The now-worthless shares were part of Brady’s arrangement with FTX in 2021 when he was still an “ambassador” for the firm. Gisele Bundchen, his ex-wife, lost $18 million on worthless stock investments. Since FTX declared bankruptcy in November last year, Brady has suffered significant financial losses and faces legal trouble due to the company’s demise. After divorcing in October, Brady and Bundchen are now sued by FTX investors seeking payback from celebrity endorsers. The case, filed in federal court in Florida, names as defendants basketball great Shaquille O’Neal and many other individuals who allegedly failed to do enough research before endorsing FTX goods to the general public. You might also like: Former FTX compliance chief supports lawsuit against celebrity promote...

Weekly-realized losses peaked at $20.5 billion when Terra Luna (LUNC) imploded and reached $33 billion when 3AC and Celsius collapsed, according to Chainalysis. Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective — comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022. The Dec. 14 report found the depegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5 billion, while the subsequent collapse of Three Arrows Capital and Celsius in June saw weekly-realized losses peak at $33 billion.  In comparison, weekly realized losses during the FTX saga peaked at $9 billion in the week starting Nov. 7, and have been reducing weekly since.  1/ Our data suggests that FTX’s demise hasn’t been crypto investors’ biggest issue this year. Both the depegging of Terra’s UST token & the collapse weeks later of Celsius & Three Arrows Capital (3AC) drove much bigger re...

The future collapse of fiat currencies could propel Bitcoin to $1 million in the next five to 10 years, according to Jan3 CEO and Bitcoin proponent Samson Mow. Despite the ongoing bear market, Jan3 CEO and Bitcoin (BTC) proponent Samson Mow believes that the leading cryptocurrency could reach the $1-million-price benchmark in the next five to 10 years . The collapse of major fiat currencies will be a major catalyst, which he said can “happen very rapidly” and “are not anticipated.” ”It just sort of happens overnight, and then you are shoveling cash into a wheelbarrow,” he said in a recent interview with Cointelegraph. Mow made his prediction while commenting on the current state of Bitcoin adoption in El Salvador, about a year after it was adopted as a legal tender. Mow said he sees El Salvador’s move as an overall success, despite the relatively low usage rate and uneven availability of Bitcoin payment infrastructure in the country. “You’re basically recreating traditional banking...

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28, ...

Join Our Telegram channel to stay up to date on breaking news coverage The metaverse platform’s community decision-making tool, the Decentraland DAO, is holding a vote on whether to stop its grants program temporarily and reevaluate its structure. The proposal, which was put to a vote on Wednesday, raises issues with the organization’s treasury holdings’ variety as well as the absence of clear grant-making policies. Any community member can use the program to submit a funding request for work to enhance the platform or add new Features . The proposal reads, “The awards program has shown to be a significant feature and excellent addition to Decentraland, but the time might be ripe to pause and reassess its existing structure, discovering useful lessons from its flaws.” Over 99% of the assets held by the DAO community treasury of the metaverse platform are held in MANA, Decentraland’s native cryptocurrency The proposal specifically states th...