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As if the Terra/Luna crash in May 2022 wasn’t enough to devastate the crypto world, the next disaster happened almost half a year later. The world’s third largest crypto exchange, FTX, has filed for bankruptcy – and there are allegations of embezzling billions of dollars in customer funds. The crypto market responded promptly and not only did the Ethereum course go into the basement. The number one, Bitcoin, is also struggling with big price losses.
The FTX bust and what Binance’s Chanpeng Zhao had to do with it
It took three years for Sam Bankman-Fried to rank FTX as the number three crypto exchange, and it only took a week for the Bahamas-based company to file for bankruptcy.
But let’s start: On Sunday, CoinDesk published an article with leaked figures on the balance sheet of FTX and another company Sam Bankman-Fried Alameda. It emerged that SBF, also known as Bankman-Fried, had transferred approximately $4 billion from FTX to Alameda. As it turned out, some of that money was customer deposits.
The following Monday, Chanpeng Zhao, the head of the largest crypto exchange Binance, announced that his company will sell all the FTT tokens it still has. Binance was one of the first investors in the exchange in 2019. That made investors really nervous and they started withdrawing their money en masse.
CZ, as Changpeng Zhao is known in crypto circles, then wanted to jump to the side of its competitors and take FTX. However, after checking the books, the takeover fell through. The rest is history and questionable details are still emerging. Currently, FTX customers currently have no way to cash out.
1) Hello to you:
Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
— SBF (@SBF_FTX) November 11, 2022
Quo Vadis Ethereum – Is Ether Dead?
Of course, the crypto market also reacted to the FTX crash. The courses crashed. Ether, the native coin of the Ethereum network, is currently trading at around 1,180 euros. Since yesterday, the coin is down about 2.29%. In comparison. The all-time high was about $4,800. But what you should also keep in mind: In its early days, ether was traded for $1.20. Investors from the beginning are still happy about hefty profits.
And: the crypto market has spoken of death more than once – and it is still there and there will be cryptos in the future. Blockchain, cryptocurrencies and DeFi are far too mainstream for that.
But: The crypto market is always extremely volatile and nothing will change in the near future.
Ethereum Forecast: A cautious look ahead
The second half of 2022 was, to put it mildly, not exactly the year of Ethereum and Ether. First there was the Terra/Luna crash mentioned above, which caused huge price losses. Then in September with “The Merge” after the change from the Proof-of-Work consensus mechanism to the Proof-of-Stake consensus mechanism. Investors were less enthusiastic about what is good in terms of energy consumption. Instead of the expected price explosion, the opposite followed.
However, ether will recover, at least in the long term. Because the blockchain plays a central role in DeFi and smart contracts. On-chain data also shows that retail investors are particularly interested in number two right now and crypto whales are still investing. In the long term, Ethereum may reach an even higher price than the previous all-time high price. However, the emphasis is all here.
See the metric: https://t.co/rW81qheWFD pic.twitter.com/FNMBebNT4a
— glassnode alerts (@glassnodealerts) November 15, 2022
IMPT – Cryptocoins can also be sustainable
Sustainability and cryptocurrencies are two terms that don’t need to be mentioned in the same breath. Ethereum switched to a Proof of Stake consensus mechanism to reduce its huge energy consumption incurred during validation. The IMPT.io platform wants to prove that cryptocurrencies and sustainability do not have to be mutually exclusive.
Rethinking trading in CO₂ certificates
CO₂ certificates were introduced by the EU to reduce emissions of harmful greenhouse gases, and companies should be rewarded if they act in a climate-friendly way. But what are emission certificates anyway? To put it simply, every company that produces CO₂ has to buy a license to be able to release this gas into the atmosphere at all. The more CO₂ a company produces, the more expensive these emission rights will be. Those who reduce greenhouse gas emissions can resell their certificates.
Did you know?
You don’t need to shop to reduce your carbon footprint 😍
✅ Yes! – All you have to do is join the #IMPT Team 🔥
Learn more about it #IMPTand affiliate program in the article below ⬇️https://t.co/KjGx9mIWdL
— IMPT.io (@IMPT_token) November 16, 2022
IMPT.io takes this trading to the next level thanks to the blockchain. Carbon credits are unique NFTs that can be purchased on the platform. This means they are counterfeit, traceable and completely transparent. These NFTs are paid with the IMPT token.
Shop online with a clear conscience
A shopping app is also planned. To date, IMPT has been able to reach more than 10,000 known affiliate partners who want to do something about their CO₂ footprint, such as Apple, Lego or Microsoft. The partners are committed to block part of the turnover (the percentage varies depending on the company) for a charity project dedicated to climate protection.
The user also has something from his purchase from one of the affiliate partners and is credited with an IMPT token as a reward.
With this NFT you pretty much have two options. It can be traded profitably on the market. On the other hand, the NFT can also be incinerated to offset its own carbon footprint. As a reward, you will receive a unique collectible NFT created by artists specifically for the platform. You can trade this – or keep it – and of course you can also keep the CO₂ credit.
Currently the IMPT token can be purchased in the PreSale. The second phase is currently underway. One token costs $0.023 and there are 1,260,000,000 tokens left in the pot before the next phase starts and the price rises to $0.028.
Last updated on November 16, 2022
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