$WBTC, the largest wrapped version of bitcoin on the Ethereum blockchain, has traded at a discount to the bitcoin’s price FTX_Official filed for bankruptcy protection. _jocelynyang_ reports
Altcoin liquidity worsens
FTX’s fallout gave birth to a phenomenon that Kaiko analysts previously have termed the “Alameda Gap” –Kaiko said market makers are providing liquidity “asymmetrically, with spreads widening a lot more for higher-beta altcoins.” By comparing the average daily spreads for the top altcoins by market cap on the Binance and Coinbase exchanges in the weeks before and after FTX filed for bankruptcy protection, Kaiko found that Solana’sData chart shows altcoin liquidity worsens in post-FTX fallout.
SOL’s price has been falling sharply given its close ties with FTX/Alameda – plunging 59% in the past month. CoinDesk first reported onon Nov. 2 that the firm held $292 million of “unlocked SOL,” $863 million of “locked SOL” and $41 million of “SOL collateral.” “Alameda was one of the most important market makers for some small-cap altcoins, while other major market makers registered losses and are likely to review their risk controls, which could impact liquidity in the short term,” the report from Kaiko said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
El Salvador Establishes National Bitcoin Office to Manage 'All Projects Related to the Cryptocurrency' – Bitcoin NewsA report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office.
Read more »
Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies – Regulation Bitcoin NewsCryptocurrencies like bitcoin and ether cannot be classified as securities, according to the financial watchdog in Belgium.
Read more »
Netflix nights still come wrapped in red-and-white envelopesThere is still a steady — albeit shrinking — audience of diehards who are happily paying to receive DVDs in the iconic red-and-white envelopes.
Read more »
Netflix nights still come wrapped in red-and-white envelopesThere is still a steady — albeit shrinking — audience of diehards who are happily paying to receive DVDs in the iconic red-and-white envelopes.
Read more »
Musk points to VW Nazi origins after Alyssa Milano trades in her TeslaElon Musk points to Volkswagen's Nazi links after Alyssa Milano swaps her Tesla for a VW over 'hate and white supremacy' on Twitter
Read more »