NORN.xyz Newsletter Week 45
FTX crisis edition
FTX has gone from one of the biggest crypto exchanges to bankruptcy in the past few days. We’ve been covering the story and following all significant events closely. Our thoughts go out to everyone with funds stuck on FTX, we hope things are made right.
TL;DR
FTX on the verge of bankruptcy - has SBF traded customer funds?
Who is SBF? The man who went from DC to defrauding customers
Bitcoin sees lowest price point since November 2020
What the first week of Instagrams digital collectibles looked like
OpenSea scraps creator fee changes
Not your keys, not your crypto. How do I pick and install an Ethereum wallet?
FTX Crisis
FTX is on the verge of bankruptcy - we are covering the most important updates
Since Sam Bankman-Frieds trading company Alameda Research had its balance sheet leaked by Coindesk last week the (ex) billionaire and his exchange FTX have been in trouble.
Binance CEO Changpeng “CZ” Zhao came out last Sunday and announced that due to recent revelations Binance would be liquidating their entire position in $FTT worth around $540 million dollars at the time. $FTT is the native token for the exchange FTX, and due to financial engineering performed by Bankman-Fried and Alameda Research, a big decline in the price of $FTT led to the downfall of both Alameda Research and FTX.
We have been covering the most important events in the story, read more here (in Swedish).
From billionaire to reject in 48 hours - Who is SBF?
Who is Sam Bankman-Fried? The previous golden boy in crypto is now one of the most disliked men in the business.
Where did he come from and how did he end up here? We wrote a full story on Bankman-Fried and the relationship between Alameda Research and FTX. Read the full story here (in Swedish).
Norn.xyz emergency Twitter spaces on the FTX crisis
With everything that’s been going over the past week we think it’s a good time to hop on Twitter Spaces to debrief. We will be joined by CEO of the Nordic Block Exchange Stig Kjos-Mathiesen, CEO of Safello Frank Schuil, CEO of $HODL SPAC Vahid Toosi and more.
Set your reminder and tune in here:
Business & Markets
Bitcoin sees lowest price point since November 2020
Yesterday Bitcoin briefly dipped below $16,000 dollars per BTC - the lowest price we have seen since November 2020.
The US Consumer Price Index came in lower than expected, indicating inflation might be slowing down and rate hikes might get lower, leading to a bounce in the price of Bitcoin. While that might be temporarily bullish, we are cautiously monitoring how the situation with FTX unfolds and how it will affect markets. Keep in mind, this is not financial advice in any form or sort.
Innovation & Launches
What the first week of Instagrams digital collectibles was like
First ever Digital Collectable on Instagram, created by photographer @driftershoots, sold out in 10 seconds! Congrats to the owners of this unique artwork!
OpenSea scraps creator fee plans amid market chaos
Last week leading NFT marketplace OpenSea announced that they might make creator fees optional for traders. The plan was to combat competition from marketplaces that do not enforce creator fees, which are OpenSeas biggest rivals. This ended in the users and markets completely rejecting this new proposal, and OpenSea announced today that they will not pursue the changes.
Guides & Tutorials
How to select and install an Ethereum wallet
Amidst the chaos on the markets we’ve experienced over the past week one thing has become crystal clear: not your keys, not your crypto.
But how does one select and install an Ethereum wallet? We recommend using MetaMask as a starting point and then buying a cold wallet, preferably from our partner Ledger here.
But how do you install these tools?
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