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Crypto News: Sam Bankman-Fried headlines the hottest stories from across the cryptosphere, as featured on BeInCrypto last week.
Sam Bankman-Fried was the biggest news of the week found A JFK business lounge had her parents, two Stanford law professors, mortgage a five-bedroom Palo Alto home as part of a $250 million bond deal. Bankman-Fried’s lavish setting drew controversy on social media as the former crypto mogul faced $10 billion in fraud charges.
Sam Bankman-Fried Side after signing a strict bail agreement
Liquidity Tweeted Photos of Sam Bankman-Fried working on a laptop after signing a $250 million bond deal that will allow her to live with her parents in Palo Alto. Bankman-Fried was with his parents Joe Bankman and Barbara Fried and several other FBI employees.
His bail agreement a Cashless Letter of Indorsement That his parents and two non-family members.
Sam Bankman-Fried’s bail remains conditional on him receiving mental health counseling, substance abuse treatment and wearing a monitoring bracelet. Additionally, he may not carry a firearm or spend more than $1,000 in outside legal expenses.
If Sam Bankman-Fried violates his bond agreements, the courts will seize his parents’ five-bedroom home in Palo Alto.
Investors worry about BNB after FTT, a token Sam Bankman-Fried has created
The collapse of Bankmann-Fried’s crypto empire in November 2022 was closely linked to a token called FTT, which was created by his defunct exchange FTX.
Binance CEO Changpeng Zhao said Binance will sell its FTT stake after a leaked financial report revealed that the majority of FTX affiliate Alameda Research’s balance sheet was made up of illiquid FTT. His tweet triggered a bank run in FTX, causing the value of FTT to plummet. The SEC later ruled that the token was a Security.
This week, worried investors Inferred Since crypto exchange delist tokens are considered securities, will they be treated the same as BNB Token of Finance.
Zhao and the crypto community distinguish BNB’s use on the BNB smart chain from FTT, which lost its use after FTX collapsed.
Concerns from investors came later The court agreed LPC, the proprietary token of the LPRY content distribution platform, was a security.
The SEC is engaged in a battle with Ripple Labs and two of its executives to deliver XRP As an unregistered security in 2020.
Decentralized applications experience a 74% decline in TVL
The decentralized financial sector also took a hit this year, as the SEC filed civil charges against centralized cryptocurrency providers and Sam Bankman-Fried.
Tier one is Total Value Locked (TVL) called Decentralized Applications (dApps). fell hard After the May 2022 algorithm crash stablecoin TerrauSD boosted investor confidence in crypto.
Such are called layer two protocols Neutral And with Orbitrum NFTs approved in 2022, the optimism has done well. Sometimes called rollups, these layer-two chains process transactions from the main chain, compressing selected transaction data and “rolling” them into a single batch onto the main chain.
Weekly downloads of software libraries by dApp developers have increased tenfold since 2018. Despite increased developer interest, DeFi’s overall TVL fell from $211.4 billion to $55 billion in December 2022.
Bucking the DeFi Bottom line, NFT trading volume rose 0.41% in 2022, with the number of individual traders rising 876%. NFT sales increased by 10.6% as many Web 2 companies began to integrate Web3 technologies into their products. Twitter introduced NFT profile picture avatars, while PayPal launched support for Web3 wallet Meta mask.
Stablecoins issued by centralized businesses have performed relatively well in 2022, even though their foundations were shaken by the TerraUSD collapse.
Paxos-issued stablecoins Binance USD and Pax Dollar have a combined circulation of $20 billion, while the USDC issuer circle holds $45 billion of the stablecoin.
An Ethereum breakout is possible after a successful merger
Ethereum made headlines in 2022 after developers changed its consensus layer Proof of employment to do Evidence-share Save energy.
The switch took away income from miners who received ether for spending computing power to secure the network. Instead, the new consensus layer allowed anyone who “shared” Ether to participate in securing the network.
As a result, many miners migrated to other blockchains Merging To replace lost income.
Keeping up with Ethereum developments, its developers announced this week that Ethereum shareholders will soon be able to withdraw their funds.
In addition, BeInCrypto’s technical analysis suggests that Ethereum will break out from inside a symmetrical triangle to 0.094 BTC in January 2023, before reaching 0.086 BTC in July 2022.
SOL holders need pain relief
Although SOL Trading at around $9.80 at press time, Technical analysis destroys Solana Its next support level is $4.30 as Jan. By the end of 2023 a bad situation will occur. A support level is a price where demand for a security, commodity or cryptocurrency prevents further price decline.
At around 30, Solana’s Relative Strength Index indicates that the cryptocurrency is undervalued, another bearish indicator.
Adding to Solana’s pressure is the exit of two major NFT projects, DeGods and y00ts, which could push its market out of tOp 10 30-day sales volume.
to exist[In]The latest in crypto Bitcoin (BTC) Analysis, Click here.
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