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The UKs December CBI industrial orders balance will be released in ten minutes.On December 17, the Ukrainian General Staff stated that Ukrainian drones attacked Lukoil PJSCs Grayfer oil field in the Caspian Sea, damaging an offshore gas platform. The statement said the attack occurred on December 14, causing 14 oil wells to shut down. In the past few days, drones have also attacked two other Lukoil oil fields in the northern Caspian Sea—the Filanovsky and Korchagin fields. Kyiv has been intensifying its attacks on Russian energy assets, targeting refineries, offshore terminals, platforms, and tankers, in an effort to cut off Moscows funding sources. In recent weeks, infrastructure in the Black Sea and Caspian Sea has increasingly become a target of attacks, including a major Caspian port.Italian Prime Minister Meloni: Finding a solution to freezing Russian assets at the EU summit is "far from easy."Italian Prime Minister Meloni: This weeks Berlin meeting made significant progress in discussions on security guarantees for Ukraine.On December 17th, the British government announced in a statement that it would begin negotiations with the European Union on electricity market integration. London further noted that progress in these negotiations could reduce electricity costs for British citizens. The British government commented, "Closer electricity cooperation will bring real benefits to businesses and consumers across the UK, boost investment in the North Sea region, and strengthen energy security." Both sides also "set a deadline next year for reaching a food and beverage trade agreement and carbon market interconnection" before the 2026 UK-EU summit.

Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Cory Russell

Nov 10, 2022 16:34

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For the top 10 cryptos on Wednesday, it was a bearish session. BNB and XRP led the crypto top ten losses, while SOL fell by 38.6% to drop out of the top ten. For the fourth session in a row, BTC saw losses. BTC dropped below $16,000 for the first time since November 2020, which is noteworthy.


On Wednesday, the midterm elections and the US economic calendar took a backseat. Following news that Binance had signed a Letter of Intent (LOI) on Tuesday, the market's attention was still on the FTX and Binance transaction.


However, Binance indicated it would not move forward with the acquisition after doing thorough due diligence.


"As a result of corporate due diligence, as well as the latest news reports regarding the handling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," Binance said in a statement announcing its decision to pull out of the deal.


According to Bloomberg, Sam Bankman-Fried, the CEO of FTX, informed investors that there is a gap of up to $8 billion and that the business will have to declare bankruptcy absent a capital infusion.


Changpeng Zhao (CZ), CEO of Binance, summed up the situation by stating that "FTX going down is not helpful for anyone in the business. DON'T consider it a "victory for us." There is a serious loss of user confidence. Exchanges will be more closely inspected by regulators. Globally, obtaining a license will be more difficult. Because they believe we are the biggest, they will attack us more. Our level of openness, proof of reserves, insurance funds, etc., must be greatly increased. There will be a lot more in this area. We still have a lot of challenging work to do. not to mention the dramatic fluctuations in pricing.


Contagion risk and greater regulatory scrutiny will be a focus in the near future with FTX potentially declaring bankruptcy.


When speaking on the past 48 hours, SEC Chairman Gary Gensler said, "Investors suffer damaged when we don't rely upon the time-tested public policy guardrails."


The recent 48 hours' worth of cryptocurrency market developments caused a greater decoupling from the NASDAQ Composite Index. On Wednesday, the cryptocurrency market declined by 14% while the NASDAQ plummeted by 2.48%.


For the upcoming day, the news wires will continue to control the cryptocurrency market. The cryptocurrency market will likely experience a domino effect for a third day in a row. Investors can nonetheless cling to the dream of a last-minute agreement saving FTX from failure.

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