Well, it’s been another week full of surprises, excitement and “fear” in the ever-changing 24/7 world of cryptos and stocks! (Not that we’re ever scared of course!)
First up, a wallet linked to bankrupt crypto exchange FTX somehow transferred $10 million worth of crypto assets from Solana to Ethereum. This sparked concerns that FTX might start dumping more assets to raise funds amid its bankruptcy. This in turn could put downward pressure on token prices and negatively impact the broader crypto market.
The cryptos involved include: FTX Token, Uniswap, HXRO, SushiSwap and Frontier Token. These were moved via the Wormhole Bridge (a communication bridge between Solana and other top decentralized finance (DeFi) networks).
According to plans to oversee the sale and management of FTX’s recovered crypto, it would be limited to selling $100-$200 million of the tokens per week in an effort to compensate creditors.
However, it should be remembered that FTX has recovered around $7.3 billion following last year’s multi-million fraud scandal, with $4.8 billion of that sum recovered back in November 2022. It’s also interesting to note that there could be a re-launch of the FTX exchange, possibly by mid-2024.
For investors, the key takeaway here is – brace for impact!
And you should also be bracing for a game-changing “China earthquake” that could have seismic impact on the prices of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Tron and Toncoin.
As you may know, everything crypto has been banned in China since 2021. However, a Chinese court has declared virtual currencies are legal property protected under law.
Therefore, China may be warming up to crypto trading and mining again. This potential re-embracing of crypto is very significant, as it could bring huge amounts of capital and activity back into the crypto market. This could boost crypto prices.
And with China’s economy struggling, the re-emergence of crypto could give the general economy a huge boost.
Therefore, investors can expect plenty of crypto volatility in the months to come!
The major stocks development this week features Airbnb. It’s price surged by 4.16% on news that it’s set to enter the prestigious S&P 500 index on September 18. Airbnb’s stock has grown by about 55% this year, indicating strong market performance.
This reflects growing investor confidence in Airbnb that will potentially attract more investors, its stock growth underlining its resilience and attractiveness as an investment.
It could make it the #1 growth stock to buy in September before it skyrockets.
Question is – are you going to make your bed with Airbnb and lie in it?
Check out our latest Trades of the Week episode to find out why we are bailing out on Binance’s stablecoin BUSD and transferring to USDC, along with other major crypto and stock developments.