Newsletter 12/14/22: Binance Withdrawals, Cathie + $COIN, FTX Saga

Hey there crypto enthusiasts! It’s time for your weekly roundup of all the wild and wacky happenings in the world of cryptocurrency.

First up, there’s been a surge in withdrawals from Binance, one of the world’s largest crypto exchanges, as concerns about its reserve report have spooked traders. So if you’re one of the people who has been pulling your money out of Binance, we hope you didn’t leave your wallet in your other pants.

Next, Cathie Wood’s ARK investment firm continues to buy up Coinbase’s dip, adding $32 million worth of the coin to its portfolio. We’re not sure if Wood is a glutton for punishment, or just really believes in Coinbase’s long-term potential. Either way, we’re glad she’s got a healthy appetite for risk.

In other news, there has been a growing correlation between the price of Bitcoin and the price of “Dr. Copper” (a nickname for copper, which is often used as an economic indicator). This has led some analysts to speculate that the increasing health of the global economy is contributing to the recent rise in the price of Bitcoin. So if you’re feeling bullish about the future of the crypto market, just remember: it’s all about the benjamins…and the coppers.

Finally, we’ve got an update on Sam Bankman-Fried, the CEO of crypto derivatives exchange FTX, who was recently arrested on charges of securities fraud. During his first hearing, Bankman-Fried pleaded not guilty and was released on $20 million bail. We’re not sure what’s next for him, but we hope he’s able to stay out of trouble…or at least hire a good lawyer.

That’s all for now, folks. Until next time, happy crypto-ing!