It's Celebration Time 🎉, BTC to the 🌙 & FTX: Decoded by Descrypt #4

This was a hapi hapi week for our crypto bros, Big giants landed in the market pushing the prices up, we will dive deep into the BTC prices but let’s see where is the defi market going

Happy Happy Happy Cat Meme Song

Here is how it looks just over the past month,

    • Uniswap (UNI): +21%
    • Aave (AAVE): +26%
    • Conflux (CFX): +30%

In this edition of “Decoded by Descrypt”, we will dive deep into:

    • 1.  Where is the SEC now & Waddup with the Binance lawsuit?
    • 2.  BTC frenzy as the giants land in the market
    • 3.  FTX debtors recovered $7B, What’s next?
Where is the SEC & Waddup with the Binance lawsuit?

We spoke about how SEC went on a suing spree, first Binance and then Coinbase here.

However, when the two parties, SEC and Binance went to court as SEC requested a freeze on all its assets to tackle the allegation of misuse of funds by Binance.

However, when the SEC lawyer was asked to show evidence, the man said he doesn’t have any???????? (He literally had one job 🤣)

SEC vs Binance Tree of Alpha Twitter

For which, the judge obviously rejected the complaint >_<

However, the SEC said that they will keep a close eye on the exchange 👀 (Sure, I mean)

BTC Frenzy as the Giants Landed in the Market

Bitcoin saw a surge mid-morning yesterday after The Block reported asset Management giant Fidelity was preparing to file for a spot Bitcoin ETF by Tuesday.

We also covered Fidelity, Blackrock & more scooping cheap coins, Read here

The price rose from $30,600 to $31,000 in the space of a few minutes, though that quickly reversed, with the crypto trading back to $30,500 at press time.

That is the power of big giants landing in the market, even though Fidelity did not confirm or deny the news.

Fidelity Files Bitcoin Pete Rizzo Twitter
FTX Recovering $7B, What Next?

The long-ongoing, FTX case has some updates ‼️

Debtors have recovered approximately $7 billion in liquid assets from FTX, according to new court documents, while this still falls short of the rough $8.7B that the exchange owes to its customers. The recovery has been made in stablecoins & fiat.

However, FTX has also not shared any clarity towards where and to who will the $7B go to?

Fun fact:

The 38-pager document which had details about the FTX spending states that our guy Sam donated over $100M (to his favourite political party?). Moreover, FTX also spent over $240 million on real estate in the Bahamas. 🤑🏠🌊💸