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FirstFT: Crypto Exchanges Race to Appease Customers After FTX Collapse

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Hello. Digital Asset Exchanges Rush For reassure customers that their funds are safe as the collapse of Sam Bankman-Fried’s FTX crypto exchange ripples through the industry.

Binance, the world’s largest crypto trading venue, along with smaller rivals such as, OKX and Derebit, have pledged to publish proof that they hold sufficient reserves to meet their debts to cryptocurrencies. clients. Coinbase, the US-listed exchange, has also sought to distance itself from the crisis that has engulfed FTX.

The sudden collapse last week of FTX and Bankman-Fried trading boutique Alameda Research, once considered industry stalwarts, has severely eroded confidence in the digital asset market. FTX had less than $1 billion of readily salable assets against $9 billion in liabilities before filing for bankruptcy on Friday. The collapse also brought to light two American accountants companies the cryptocurrency exchange said it used to audit its books.

Tether’s eponymous U.S.-dollar stablecoin — the largest in the industry — has faced around $3 billion in redemptions over the past four days, according to data provider CoinMarketCap, highlighting how traders are withdrawing funds from the market. digital assets.

Meanwhile, balances for Ether, the second-largest cryptocurrency, have fallen 7% in the past fortnight to 22.9 million on major crypto exchanges, including FTX, according to data from the Nansen blockchain analytics platform. At current exchange rates, this indicates a fall of around $2 billion, suggesting that some investors are withdrawing their coins from centralized locations in favor of storing them using their own systems.

1. Biden and Xi try to stabilize collapsing US-China relations Joe Biden and Xi Jinping will hold their first in-person meeting in Bali today, in what will be the most significant test yet of whether the two leaders can reverse what has been a dramatic decline in US-China relations. The United States and China are at odds on issues such as trade, Taiwan, nuclear weapons and Russia.

2. China extends banking deadline for housing lending cap The People’s Bank of China is trying to ease pressure from the credit crunch rocking China’s real estate sector by extending the year-end deadline for lenders to cap their ratio of loans to the real estate sector. The extension has the potential to affect 26% of China’s total bank lending, give developers leeway in a context of historic slowdown in the sector.

3. Saudi Arabia grows bolder as energy demand ‘reveals hypocrisies’ The war in Ukraine has left the EU rushing to replace Russian fossil fuels. The increased demand has emboldened Saudi Arabia to point out the hypocrisy of returning to dirtier energy sources even as nations come together at COP27 to pledge to move to a greener future.

4. Imran Khan signals desire to build bridges with Washington The former Pakistani prime minister said he wanted to fix rrelations with the United States although he accuses him of treating Pakistan like a “slave” and claims that Washington plotted to depose him a few months ago. Khan says he no longer blames the United States, and if re-elected, wants a “dignified” relationship.

5. Singles’ Day misses the mark for weary Chinese shoppers Jack Ma’s Alibaba Group has spent years making November 11 the biggest retail event on the planet, but this year it has attracted lukewarm response from Chinese buyersindicating that consumers and retailers in the world’s largest market remain spooked by Xi Jinping’s zero-Covid policy and crackdown on excess.

The day ahead

Birthday of King Charles King Charles III turns 74 today and will be honored with a 41-gun salute and a rendition of ‘Happy Birthday’ during the changing of the guard at Buckingham Palace.

100 years of the BBC Today marks the 100th anniversary of the BBC first radio show.

Economic indicators The European Union releases monthly Eurozone industrial production data, India releases its October Consumer Price Index inflation rate figures and Japan will release its flash figures today third quarter GDP.

Company results Embraer released its third quarter results and Tyson Foods its fourth quarter data.

Elon Musk goes to court to pay Tesla The trial begins today in Delaware Chancery Court over Elon Musk’s $56 billion compensation at Tesla. A shareholder claims that the amount paid to the co-founder and managing director is an overpayment.

What else we read

China’s elite seeks safety abroad A herd of the rich Chinese fled of the world’s most populous country as Xi Jinping begins an unprecedented third five-year term. Some of those leaving cited the difficult business environment, while others fear the direction of future government policy.

US chipmakers go from brutal boom to bust A growing number of companies, including mobile chipmaker Qualcomm, have released surprisingly gloomy financial forecasts. The drop in consumer spending has hit smartphone sales, signaling a series of job cuts ahead for the industry.

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The real reason to quit Twitter The social media site stinks of low status, claims Janan Ganesh – but not because it’s free. The culture that has developed around the site is part of its charm, and yet leaves him with an anti-aspirational feelingplagued with self-mockery, political jargon and an aura of shared camaraderie for not having better options.

The Mortgage Time Bomb Under Polish Banks In the mid-2000s, hundreds of thousands of Polish home buyers were invited to take out mortgages in Swiss francs. Now the legal consequences of this regime threatens to sink the banks and shake up a fragile economy.

Beware the creeping normalization of the hard right Many mature democracies are now experiencing the normalization of the illiberal far right – and it is not easy to combat. It is more fundamental than a struggle for political representation, writes Timothy Garton Ash, it is also a struggle for the very definition of normality.


Critics Danny Leigh and Leslie Felperin review last week six best movie releasesincluding the return of Black Pantherthe first since the death of Chadwick Boseman.

Letitia Wright returns as Shuri, mourning her late brother King T'Challa, in 'Wakanda Forever'

Letitia Wright returns as Shuri, mourning her late brother King T’Challa, in ‘Wakanda Forever’

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