Direxion Daily Gold Miners Index Bear 2X Shares News - DUST

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"Hard cold fact, apes: precious metals cannot fully regain their traditional safe haven status until the scam digital gambling tokens called cryptocurrencies get utterly annihilated. Sorry about your losses, baggies, but don't say I didn't warn you."

https://www.bls.gov/cpi/

https://www.reddit.com/r/Wallstreetsilver/comments/yqlkhm/bitcoin_plunges_another_10_after_nearcollapse_of/

https://www.metalsdaily.com/

https://www.dailymail.co.uk/news/article-11407295/Cryptocurrencies-TUMBLE-amid-market-panic-near-collapse-troubled-giant.html

Bitcoin plunges another 10% after near-collapse of major exchange: FTX is hit by $6BILLION in withdrawals over 72 hours amid panic over its financial health as it strikes bailout deal with arch-rivals Binance

Cryptocurrencies have tumbled in a wild 72-hour market panic over the near-collapse of one of the world's biggest digital assets exchanges and a hostile takeover by its larger competitor sparked by a public squabble between rival billionaires.

Major crypto exchange FTX struck a tentative bailout deal with its giant rival Binance on Tuesday after concerns about its financial health triggered $6billion of withdrawals in just three days.

Bitcoin, the biggest cryptocurrency, was down than 11 percent on the day on Wednesday morning, at $17,448.70, after plunging 10 percent the day prior in its worst day since mid-August. Ethereum suffered as well, losing nearly 18 percent on the day.

Experts called the shock collapse of FTX another 'alarm warning' for the battered cryptocurrency market and said investors should be cautious for a while.

'This is another black eye for the industry,' said David Holt, a cryptocurrency industry expert at CFRA.

The turmoil comes after Binance's billionaire boss Changpeng 'CZ' Zhao shocked the $1trillion crypto industry with a move to take over troubled exchange FTX, which is led by his chief rival and onetime disciple Sam Bankman-Fried.

Zhao helped spark an exodus of users from the three-year-old FTX.com exchange by actively undermining confidence in its finances, and Bankman-Fried has seen 94 percent of his net worth wiped out as a result.

On Sunday Zhao tweeted that Binance would sell its $2billion of holdings of FTX's in-house digital token FTT, citing 'recent revelations that have come to light'. He did not specify the allegations, but his intervention came just days after pseudonymous crypto researcher Dirty Bubble Media had accused another of Bankman-Fried's companies, Alameda Research, of insolvency.

Markets were then stunned when Binance signed a nonbinding agreement yesterday to buy FTX's non-US unit to help cover what it called a 'significant' liquidity crunch.

FTX and Binance did not disclose the terms of their agreement, and markets face continuing uncertainty over whether it will proceed.

FTT, the smaller token tied to FTX, was down a further 23 percent, after collapsing 72 percent on Tuesday. Its market cap dropped below $600 million, down from around $3 billion at the start of the week, according to CoinGecko data.

https://i.dailymail.co.uk/1s/2022/11/09/11/64360215-11407295-image-a-43_1667993004987.jpg

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