After more than two years, FTX will finally start repaying $16 billion to creditors on February 18, 2025. In the first phase, it will repay users whose claims are less than $50,000, totaling $6.5-7 billion. The payment will be based on the prices in November 2022. Except for stablecoins, other currencies are basically the lowest prices in the last bear market.
“FTX has two very good products that have no rivals so far. One is that users only need one account to use USDT to trade cryptocurrencies, US stocks, oil, gold and other assets. This feature was regarded as a breakthrough in the industry at the time, which could attract more traditional financial users and funds to participate. Of course, this concept has a new name today, and people call it RWA.
Another one is to provide a product that offers double the volatility of Bitcoin, similar to ETFs like BITU in the US stock market, allowing users to enjoy leverage without the worry of liquidation, smooth and enjoyable.
The hacker who infiltrated the SEC account and announced the approval of the Bitcoin ETF is facing trial:
A 25-year-old man from Alabama, Eric Coulson, has admitted to participating in the hacking of the SEC 'X' account. Judge Amy Berman Jackson is scheduled to issue a ruling on May 16.
“Last January, this guy used a forged ID to deceive an employee at a local mobile phone store into helping him hack into the victim's phone and published a message using SEC's account that the first spot Bitcoin ETF had been approved, resulting in a massive market surge that day. After it was confirmed to be false news, it plummeted again. This guy probably had already heavily leveraged long positions before the announcement 😂. I want to ask him which is worth more, making money or being in it.”
1. Binance and the SEC jointly submitted a motion to pause the lawsuit for 60 days due to the SEC's cryptocurrency working group potentially intervening in the case.
2. The SEC accepts 21Shares' applications for the creation and redemption of spot Bitcoin and Ethereum ETFs.
3. Bloomberg: Wall Street banks are betting on the IPO boom in the crypto industry and are expanding related businesses.
4. Reuters survey: More than 60% of economists surveyed believe the Federal Reserve will cut interest rates at least once by the end of June.
5. The strategy continued to increase its holdings by 7,633 Bitcoins yesterday at an average price of $97,255.
Perhaps the market is still immersed in the shadow of the decline, as so many positive news have had a lukewarm response.
……
Technically, $BTC there is almost no difference from yesterday. At 98k, there is an ICT 4h OB and resonance pressure from the downward trend line since January 30. Whether it can confirm a breakout depends on whether there is an increase in volume.
There is a Powell hearing tonight, be mindful of the risks. #比特币后市
That's it.
20250211 by CharlesK7
