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The Bitcoin Minimalist Week 18 - Binance Solvency, Japan Mining, FTX Updates
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Binance Bank Run
Over the past week, Binance has seen many withdrawals, pointing to concerns about insolvency. The CEO has stated he welcomes people's withdrawals while Justin Sun postures, saying, “I just deposited 100 million USD”. Meanwhile, Jim Cramer also posts his confidence in Binance, sparking more concern.
Japan’s Largest Power Company Starts Mining
Tokyo Electric Power Company (TEPCO) is starting to mine Bitcoin with 1.5MW as a testing facility. The testing facility is near its office in Tokyo, downtown on campus. Namcios covers more here.
SBF FTX Updates
Business Insider never released video of Jack Mallers
Members of FTX inner circle had a signal group chat called “wire fraud.”
Sam Bankman-Fried was arrested in the Bahamas days before trial to testify
FTX funded The Block CEO to become the majority shareholder
Breez Raises Capital
A self-custodial lightning company called Breez just raised 4.5M “to accelerate “Lightning-as-a-Service” (LaaS). They posted a breakdown thread here.
Even with concerns of more exchange insolvency, Bitcoin’s price rose this week from $17,650 to over $18,000. Yesterday the CPI print came out at 7.1%, numbers not seen since earlier this year when the CPI began its climb. This might also be a factor in bitcoin’s rise.
Halving progress has hit 65%, historically showing the bottom of the bear market. This may not be the last time Bitcoin sees $18k, but it could mean the beginning of the end of the 2022 bear cycle.
Satoshi Disappeared 12 Years Ago
Bitcoin Hash Rate by Year
SEC Chair is Ready to Take Action on Securities
Elizabeth Warren Introduces Bill
What To Read
Saying Hello to Bitcoin
Mises: The Original Toxic Maximalist
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