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Bitcoin and Ethereum have been trading sideways all week with only sporadic locks in the market. On the positive side: Sam Bankman-Fried (SBF) will probably have to testify on the FTX matter on Tuesday.
The FTX fiasco weighs on the industry
The industry is also struggling with the fallout from FTX this week. Bitcoin and Ethereum finished the week essentially flat, which could be considered gains given the losses suffered by some of the other top coins.
As of Saturday morning, Bitcoin (BTC) was up less than 1% on weekly performance, while Ethereum (ETH) was down 1.5%. Most of the top 50 stocks by market cap are down over the past week, or up less than 2% when they were up.
BTC fluctuated between around $17,300 and as high as $16,700, while Ethereum fluctuated between $1,300 and $1,225. Bears and bulls fought for control.
A rare winner in the last seven days is Axie Infinity token AXS. The coin is up a whopping 21% since last weekend and is now trading at around $8.50 (CoinGecko).
Exciting news in the AXS ecosystem
The AXS token will be used in the popular crypto game, where users battle Pokémon-like creatures.
AXS is the governance token of the project. It allows owners to vote on things like project fund allocation or proposed new features in the game. The game uses another token called Smooth Love Potion (SLP) which is used as a reward for winning duels.
This week’s boost follows the launch of the project’s “Axie Contributors Initiative”. Around 700 members of the “captured” community will be given formal roles within the game’s governance model as part of Axie’s push for more informed discussion about how the game should work.
After AXS, the native token that powers the self-custody cryptocurrency wallet Trust Wallet is also on a rally. TWT is up about 6% in the past seven days and is touching close to $3, according to CoinGecko. Like the Axie Infinity token, Trust Wallet is a governance token that can be used to vote on new developments for Binance’s own wallet.
Tokens for decentralized exchange aggregator 1inch (1INCH), Chainlink (LINK) and Flow (FLOW) are among the biggest losers this week.
The FTX Fiasco and Aftermath
The collapse of Sam Bankman-Fried’s crypto empire last month continues to damage the industry. Several companies announced layoffs following the FTX bankruptcy this week.
Bybit, Swytfx and Koinly announced job cuts, citing the fallout of FTX and the ongoing bear market.
In addition to the layoffs, Maple Finance was also hit by the effects of the crisis. Maple Finance is a platform that enables companies to establish credit facilities using smart contracts. The platform announced this week that it was cutting all ties with Orthogonal Trading after the latter exposed “misrepresentations” to FTX. This meant she could no longer service her loans.
M11 Credit, the company that set up the Maple loan facility from which Orthogonal borrowed, explains:
“We believe that Orthogonal Trading previously misrepresented its commitment and thereby committed a serious breach of the Master Loan Agreement (MLA).”
It wasn’t just M11s and Maples that burned. Cryptoinsurance protocol Nexus Mutual, a borrower from the same M11 pool, also noted losses of around $3 million in Ethereum due to Orthogonal’s failure.
As for SBF, it looks like he will eventually have to travel to Washington DC to testify before the House Financial Services Committee.
After a public back-and-forth on Twitter with Maxine Waters, committee chairman Sam Bankman-Fried, former CEO of FTX, said he was “ready to testify” – although he has “limited testimony” as he has not “I don’t have. access to much of his data” – professionally rather than personally.
The meeting is nevertheless scheduled for December 13 – intended to clarify how the stock market fell.
Text proof: Decrypt
Last updated on 12 December 2022
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