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- 👀 FTX is… back?
Hey – it’s Big Joe Crypto, your trusty Bus Driver on “Highway Crypto”.
I'm here to navigate you through the bustling traffic of crypto news, so you can take the right exits, make wise choices, and pile up more tokens than a city bus during rush hour!
Here's what's happening today:
😳 FTX is making a surprise… comeback?
🤝 Mr. Cowan says ETH’s price is headed d-d-doooooowwwwnnnnn!
🟢 Bitcoin Cash pumps +200% – holy cow. 🐄
Got any big crypto questions for me?
BIG MOVERS: THE CHARTS
*Prices as of 9:00AM EST. BIG Movers based on top 300 cryptos by market cap.
TODAY’S BIG STORY
The Infamous FTX is resurrecting
Here's one for the crypto history books - a phoenix rising from the ashes or simply another dud, it's hard to tell.
Yes, we're talking about the infamous crypto exchange FTX, which is preparing for a complete overhaul.
Remember FTX, right? The exchange that went belly up (or blew up depending on how you look at it), left a gaping $8 billion hole, and more plot twists than a Tarantino movie? Good. Buckle up, because this wild ride is about to get a lot wilder.
FTX's restructuring chief, John Ray is reportedly schmoozing with potential bidders who have deep pockets, and are potentially brave (or crazy) enough to finance a rebrand and relaunch of the once-booming crypto exchange.
Among those taking a gamble on the FTX reboot is blockchain lending company, Figure. Does their leap of faith signal insider confidence, or are they simply swayed by a good yarn? Only time will tell.
🥨 Plot twist:
In an interesting twist, existing FTX creditors (the people who left their money on FTX and lost it) could snag a stake in the new exchange as part of their compensation package. This could make for some tense Thanksgiving dinners, depending on how this pans out.
And what's in a name? Apparently, a lot. The fresh start includes ditching the 'FTX' label altogether.
Guess they're hoping to leave the past and the lawsuits behind and start anew with a name less synonymous with scandal.
🤔 Why you should care:
If you're new to the crypto investing game, this tale is more than just a juicy piece of gossip over coffee. It's a cautionary tale, a lesson in due diligence, and a look at the wild west that is the crypto world.
For one, it highlights the importance of choosing a trustworthy exchange for your transactions. Not all platforms are created equal, and as FTX has shown, things can go south, and fast.
But this story also reveals the resilience of the crypto world. Even amidst chaos and controversy, there are still players willing to step up, invest, and believe in a second chance. They're ready to bet that, despite the tarnished reputation, the fundamentals of the exchange may still hold value.
As an investor, watching the FTX story unfold could also provide insights into the volatility and the potential rewards (and risks) of the crypto market.
And let's not forget, if FTX can pull off this relaunch successfully, it could mean a fresh start for the exchange and its users (old and new), with hopefully better practices in place.
In this wild world of crypto, anything is possible - unicorns, dragons, and now, phoenixes. But remember, sometimes things that rise from the ashes can still get burned. Keep a close eye on this one, folks. It's bound to be a spectacle.
More News…
Is ETH’s Price About to Collapse?
The crypto crystal ball gazers are at it again, and the prognosis for Ethereum isn't rosy. 🫣
Benjamin Cowen, a crypto analyst with a YouTube following nearing the population of North Dakota, predicts a potential tumble for ETH against its heavyweight opponent, Bitcoin (BTC).
If fact, he’s been sharing Twitter posts with scary looking charts and predictions like this one…
You don’t need to be a trading expert to see that the arrow is heading down south like a pack of seagulls for the winter ❄️
According to Cowen, Ethereum's value could plummet by more than 45% from here. Imagine bungee jumping off the Grand Canyon with a rubber band, and you've got the idea. It's a staggering drop that could potentially cause a massive shift in the crypto market.
Now, it's not all doom and gloom.
Cowen foresees a possibility for ETH to stage a recovery rally, much like Rocky Balboa in the later rounds, after this drastic dip. But this isn't about to happen overnight. It's a slow burn, a marathon rather than a sprint.
In the short term, ETH's record has been as erratic as a drunken sailor, with a series of lower highs. But if we zoom out a little, we also see higher lows over a longer period, which could indicate a potential recovery.
But (and it's a big but), any bullish trend won't start to show its face until Ethereum has hit the metaphorical gym, lost a few pounds, and slugged it out in the ring - essentially, gone through the necessary corrective move.
The prediction essentially sees Ethereum's trajectory akin to a rollercoaster, dropping down before it can build momentum to climb back up.
🤔 Why you should care:
If you're an ETH investor or looking to enter the market, you might feel like a deer caught in the headlights right now.
Firstly, this serves as a reminder that the crypto world is as volatile as a chemistry lab mishap. Prices can rocket sky-high one day and crash land the next.
Secondly, if Cowen's predictions do come to fruition, this could present a 'buy the dip' opportunity for those who believe in Ethereum's long-term potential. Buying at a lower price and selling high is Investing 101, after all.
Lastly, it emphasizes the importance of portfolio diversification. With Bitcoin remaining more stable relative to ETH, holding a mix of different cryptos could help mitigate some of the risks associated with these market shifts.
Remember, the crypto rollercoaster isn't for the faint-hearted. Strap in, keep your hands and feet inside the vehicle at all times, and whatever you do, don't close your eyes. This ride is about to get interesting.
TODAY'S BIG CRYPTO TIP
Reduce Risk with Asset Allocation
I have a crypto investment strategy called “RACI” which stands for Rational Asymmetric Crypto Investing. The basic premise of the strategy is to allocate your crypto investments to reduce risk, but maximize gains.
With the possibility of ETH’s price collapsing, it just shows the importance of having a good allocation of crypto (aka diversifying).
If ETH’s price collapses, then altcoins (crypto assets other that BTC and ETH) are likely to collapse too. If you have a good portion of Bitcoin and let’s say, cash, you’re better protected from price collapses… AND your positioned to buy more crypto during these kinds of crashes (if that’s part of your investment strategy).
If you want to learn more about which cryptos to buy and how much to reduce your risk to virtually ZERO but make incredible gains, check out Crypto Compass.
MORE BIG HEADLINES
Bitcoin Cash (BCH) pumped over 200% in two weeks. Supporters are saying “I told ya so”, but experts are not sold on BCH’s future.
Michael Saylor is sailing away with more BTC than you can shake a stick at. He now owns more than 152,333 BTC. Nice one Mike!
BIG LAUGHS! MEME OF THE DAY 😂 🤣
Pretty much. Haha!
Yes. I work Fridays too and BTC won’t leave me alone!
BTC is the current king. Let’s see how the weekend unfolds!
