Bitcoin volatile after another new record, crypto stocks go ballistic and FTX demands billions from Binance

There was so much news in the crypto world last day that it was impossible for us to put it all into one article, so here is an overview of the most important stories out there.

The crypto-related stocks on Wall Street have had a fantastic few days (yesterday we saw some profit taking), Bitcoin itself is becoming very volatile due to its record run and could initiate a strong pullback and finally FTX is demanding billions from Binance because of a botched 2021 deal.

Stocks

Crypto-related stocks rose sharply on Wall Street in the past few days. Michael Saylor’s MicroStrategy is, just like Bitcoin itself, stringing together record after record. Companies such as crypto exchange Coinbase and crypto mining companies such as Mara Holdings and Riot Platforms have risen more than 50% since Donald Trump’s victory was announced last week, mainly thanks to the continued rise of the Bitcoin price itself of course.

Stocks such as Bitfarms and Hut8 are also doing golden business.

Bitcoin volatility

The largest digital coin itself went up very quickly (and then quickly lower) in recent days. Analysts expect the $100,000 price point to come with a very strong ceiling and if met, a hard pullback (possibly back below $74,000) is not impossible. Watch out for the risk of volatility, which is clearly growing now, in the coming days.

FTX wants billions from Binance

Back in the fall of 2021, Binance management sold their 20% stake in FTX (which went bankrupt in the fall of 2022) back to FTX for $1.8 billion. Payment was made in stablecoins, BNB coins and FTT, FTX’s own cryptocurrency.

A year later, FTX went bankrupt and the legal team trying to recover money for FTX’s former clients is now demanding that $1.8 billion back from Binance as they state that the Binance management which arranged the deal already knew FTX was in trouble at the time.

Seems like a longshot to me, but in crypto you never know.