BlockFi Bankruptcy EXPLAINED! (Are CBDC's Unstoppable?)
As block fight considers bankruptcy crypto adoption Marches On and news of another lending platform freeze broke.
Today one has ties to grayscale the company that owns 11 billion in Bitcoin don't forget to smash up that like button my name is Frankie candles and this is your crypto news wrap up let's get it looks like blockfi is going to file for bankruptcy after having a lot of skin in the game with FTX on Monday it denied having most of its assets on the platform but said it did have an undrawn line of credit from FTX and obligations that FTX owned it like a scene out of Baywatch FTX spent the summer flexing what was thought to be an impeccable balance sheet and saving struggling crypto companies overcome by waves of falling price action.
The Luna collapse block 5 was thrown a Lifeline getting 400 million in revolving credit and a debt deal that gave FTX the option to buy the company outright the life buoy evaporated and FTX turned out to be not a real lifeguard just someone that played one on TV and now block fi has filed for bankruptcy protection while conducting employee layoffs and working with experts on what they call the best path forward speaking of best path forward right now ours is to get those coins off centralized exchanges and onto a hardware wallet click here for a great deal on trezor now let's pass it over to Frankie candles for a market watch thanks Frank all right guys let's jump in and do a little market watch here we've got Bitcoin coming in at 16 696 down about point seven percent on the day ethereum coming in at 1218 down about 2.7 on the day now I do want to bring you guys over to the Bitcoin chart we are about to print a Green Dot on the four hour time frame with a nice little trigger wave sometimes these trigger waves can give us a nice move.
However we do have the money flow on the lower time frames starting to move up into the green as you can see here on the 10 minute the 12 minute is getting a crossover as we speak as well as the 15 minute getting dangerously close to crossing over into the green and not only that but we also have somewhat of a bullish pennant printing here with a nice move to the upside and some bullish consolidation this could potentially bring us back up to retest this point of control which is the key level I'm watching if we're gonna get a decent move to the upside here I would want to see this flip to support before potentially getting a bigger move and if that does happen the next level of resistance I will be looking at is gonna be in that 17 200 area.
However I am still leaning a bit bearish because we are in more of a macro bare pennant pattern which would break to the downside more often than it would break up and we also have the higher time frames still looking somewhat bearish so if you're looking for Longs just be careful and make sure you set your stop losses if you guys want to follow me and learn more about ta and how to make money trading crypto whether the price is going up or down you can find me on YouTube at Frankie candles or Frankie underscore candles on all socials back to the news thanks Frank be sure to pre-order Ben's book catching up to crypto by clicking this link it'll ship in January and your pre-order is your ticket to the 2023 bit boy meetups happening across the United States you might not be feeling it right now but in our hearts we know crypto is here to stay so do major Banks who are experimenting with blockchain tech with a proof of concept digital money platform they call rln or regulated liability Network the group includes big names like HSBC MasterCard and Wells Fargo and they're working with the New York Innovation Center which is part of the Federal Reserve Bank of New York like us they see blockchain as a better way to settle payments and a more efficient way to handle money Edward Snowden replied to the news with a cryptic it begins referencing the cbdcs that we all know are coming and that we also know will be riddled with issues and blind spots regardless this isn't the first time monetary systems digitization of assets and even the stock market looks to solve problems with blockchain and it won't be the last Apple pay is even making its crypto debut with circle announcing yesterday that its usdc can now be used for payments through Apple in a statement the company said that using Apple pay with companies that accept usdc will make it easier to purchase items in nft marketplaces on crypto games in exchanges and wallets they also said that cross-border remittance providers can help their business grow by using Apple pay and circle it's true that markets are taking a licking but crypto adoption well it just keeps on ticking this is the glimmer of hope we need to press on because when the bull market returns and we finally win it's going to be glorious just a few days ago Genesis put out a message that they hedged and sold collateral at a 7 million dollar loss and they have no material exposure to ftt they said their exposure to FTX will have no impact on their business and everything will continue to run smoothly backed by a strong balance sheet now this is something we're seeing a lot messages not to worry that turn into a signal for customers to start worrying true to form only five days later Genesis has closed shop suspending redemptions and the creation of new loans what is Genesis anyway it's the lending arm of Genesis exchange and partner of Gemini and is meant to connect institutional investors with digital assets its parent company is no none other than the digital currency group a venture capital firm that also owns grayscale who is one of the largest holders of Bitcoin globally and not to mention they also own crypto news Outlet coindesk last week Genesis did make it known that they had 175 million dollars stuck in an FTX account but an infusion from the digital currency group of 140 million was supposed to calm the waters prompting the earlier mentioned hold study Lads tweet will the wingspan of companies Genesis is associated with be a help to the company or a shock to the crypto system.
