Former Federal Reserve Chairman Ben Bernanke received the Nobel Prize in Economics. The Nobel Prize Committee believes it has “significantly improved our understanding of the role of banks in the economy, particularly during financial crises.” However, many people blame Bernanke for bringing us “on the brink of collapse and under a mountain of debt with QE”.
Former Federal Reserve Chairman Ben Bernanke Wins Nobel Prize in Economic Sciences
The Royal Swedish Academy of Sciences announced on Monday that it has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel to Ben S. crises. The Royal Swedish Academy of Sciences is responsible for selecting Nobel laureates in economic sciences.
This year’s Economics winners Ben Bernanke, Douglas Diamond and Philip Dipvig have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding of their research is why it is so important to avoid bank collapse.
“Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank operations were a critical factor in the exacerbation and prolongation of the crisis,” the announcement adds.
Bernanke is currently a Senior Fellow in the Economic Studies Program at the Brookings Institution. Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago School of Business. Dybvig is the Boatmen Bancshares Professor of Banking and Finance at Washington University’s Olin School of Business in St. Louis.
Bernanke brought us to the brink of collapse.
Many people have taken to social media to ridicule the Nobel Prize Committee for awarding it to Bernick.
Major investor Michael Perry tweeted: “Bernanke won the Nobel Prize in Economics. No joke.” Alasdair MacLeod, Head of Research at Goldmoney, Wrote: “Had it not happened before, I think this shows that the Nobel Prize Committee has lost all credibility.”
How fitting that Ben Bernanke should win the Nobel Prize in Economics for his research on the financial crisis that Greenspan helped create. Ironically, the biggest financial crisis that awaits him is mostly on him. Unfortunately, the Nobel Committee is as clueless about economics as Bernanke.
Fiore Group CEO and Lionsgate Entertainment founder Frank Justra opened: “I am speechless. The Nobel Prize is for the individual who promised us in 2009 that the Fed’s monetary policy would return to ‘normal’ – meaning that the central bank would return to a modestly sized budget. Instead, we got a historic bubble and inequality” .
What do you think of former Federal Reserve Chairman Ben Bernanke winning the Nobel Prize in Economics? Let us know in the comments section below.
Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.
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On-chain data shows signs of some new bitcoin accumulation over the past month.
The lifespan of Bitcoin UTXOs has increased from a week to one month in recent days
As one analyst at CryptoQuant pointed out: MailUTXOs purchased between 1 week and 1 month have gone up since the FTX crash.
The relevant indicator here is “Maximum Achieved – Age difference from UTXO’, which tells us which age group has the percentage of Bitcoin cap achieved.
The “Detective coverHere he refers to a type of BTC capitalization model where a cryptocurrency cap is calculated by weighing each coin in the circulating supply against the price at which it was last quoted, and then taking the entire supply total.
This method of capitalization differs from the usual market cap, as all coins are simply multiplied by the current BTC price.
“Age ranges” are groups that specify the time period in which UTXOs were last moved. For example, the “1m-3m” age range includes all UTXOs that have not shown any movement between 1 and 3 months ago.
Now, the relevant age group in the current discussion is the “1w-1m” group. Here is a graph showing how the contribution of this bitcoin range cap has changed over the past two years:
Looks like the value of the metric has been trending up recently | Source: CryptoQuant
As you can see in the chart above, the maximum realized Bitcoin UTXOs which are in the 1w-1m range were declining during the bear market and reached very low values by the time the FTX crash started.
But since the crash, the age group has been seeing a rapid upward trend. This means that there were a large number of coins purchased between 1 week and 1 month ago.
Based on this trend, it appears that some investors were preoccupied with piling on the lows seen after the crash, despite the broader market feeling uncertainty due to an FTX contagion that could trigger a series of other platform bankruptcies.
At the time of writing this report, Bitcoin price It floats around $16.5K, down 1% in the past week. Over the past month, the cryptocurrency has lost 15% of its value.
Below is a chart showing the trend in the currency’s price over the past five days.
The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
The massive collapse of FTX would become one of the biggest corporate scandals of all time. But, at least Sam Bankman Fried, or SBF, sorry. On November 22nd, the disgraced founder of FTX wrote a letter to his former employees describing his role in the company’s bankruptcy. “I never intended for this to happen,” he wrote. “I didn’t realize the full extent of a margin position, nor did I realize how much risk a highly correlated crash poses.” Get this: SBF still believes the company can be saved because “there are billions of dollars of genuine interest from new investors.” Shouldn’t he be busy trying to avoid jail right now?
bitcoin (BTC) and the broader crypto market has been reeling in the wake of the scandal. While this has allowed many diamond dealers to accumulate more BTC on the cheap, institutional investors are using this opportunity to short the market. We may finally have this final surrender to complete the current four-year cycle.
As always, this week’s Crypto Biz newsletter brings the latest high-profile business news from our industry.
Sam Bankman-Fried says he is “deeply sorry” for the crash in a letter to the FTX team
SBF letter to former FTX employees Painting a picture of a deeply remorseful founder who managed to squander billions due to excessive margins and poor oversight. He also blamed “running on the bank” for FTX’s eventual demise. For those of you keeping track, the bank management SBF mentioned was run by Binance CEO Changpeng Zhao who revealed on November 6 on Twitter that – of all places – he would be $500 Million FTX Token Sale. This announcement sparked a tidal wave of refunds on FTX as users rushed out. Within 48 hours, FTX was found to be insolvent.
FTX owes more than $3 billion to its 50 largest creditors: Files for bankruptcy
The hole in FTX’s balance sheet is estimated to be around $8 billion – and a good chunk of that is it You only owe 50 people. New bankruptcy filings in Delaware confirmed this week that FTX’s 50 largest creditors owe a total of $3.1 billion. One individual owes more than $226 million, while the rest of the top fifty have between $21 million and $203 million. Failed derivative exchange. So, when can FTX creditors expect to get some of their money back? It could take years or even decadesAccording to insolvency attorney Stephen Earle.
FTX disclosed that its 50 largest creditors owed $3.1 billion.
FTX crisis leads to record inflows into short investment products
Bitcoin believers as a sound financial alternative to the current monetary system used the latest market crash to accumulate more bitcoins. But for some institutional investors, the collapse of FTX has occurred Launch a new short sale opportunity. According to CoinShares, 75% of institutional crypto investments Last week went short investment products. In other words, they are betting that Bitcoin and other crypto assets will see a further price drop. BTC has It has already dropped to around $15,500, recording a new session low. Although Bitcoin could drop a lot, we are nearing the end of the current four-year cycle. Therefore, the bottom could be close.
US Senators Urge Fidelity to Reconsider Bitcoin Offerings After FTX Explosion
Members of Congress have strongly urged Fidelity Investments, one of the early institutional backers of digital assets, to limit Bitcoin investment offers. This week, Senators Elizabeth Warren, Tina Smith, and Richard Durbin again called fidelity To Reconsider Your Bitcoin 401(k) Product Offering In the aftermath of the FTX disaster. Since our previous letter [from July 26, 2022]The digital asset industry has grown more volatile, turbulent, and chaotic, the senators write, all traits of an asset class that no plan sponsor or person saving for retirement should approach. Crypto-skeptics can take a victory ride for now, but Bitcoin will have the last laugh.
The collapse of FTX shows that the digital asset industry is facing serious problems. I joined @tweet & @tweet to urge Fidelity to do better and reconsider its decision to expose retirement accounts and employer-sponsored plans to these volatile assets. pic.twitter.com/qQn4PF80APSenator Dick Durbin November 21, 2022
Before You Go: Could Grayscale Lead to the Next Bitcoin Price Crash?
Concerns about Grayscale’s Bitcoin (GBTC) investment fund began to mount last week after the company She refused to provide proof of the chain for her reserves. Now, investors are worried about whether Grayscale’s parent company, Digital Currency Group (DCG), may have to divest a portion of GBTC to cover a huge stake on Genesis Global Trading’s balance sheet. What is the relationship between DCG, GBTC and Genesis? In this week’s Market Report, Marcel Bechman and I discuss this relationship and why it matters to bitcoin investors. You can watch the full replay below.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered straight to your inbox every Thursday.
BNB price bounced from $250 as the price surged to $300 as the bulls take charge of the price.
BNB price remains strong as the bulls regain $300 despite the uncertainty in the market.
BNB price rebounded from the $250 low on the daily timeframe as the price regains $300 while the price is trading above $50 Exponential moving average (EMA)
The price action shown by Binance Coin (BNB) recently was the best performer as it rose from $250 to a weekly high of $300 compared to the previous week as the market experienced some price declines affecting most of the crypto assets. Despite the comfortable bounce from BNB (BTC), the price is still trading below a major area of interest that should attract the attention of many buyers. The Domino effect of the FTX chain and other large investors has left the market at a standstill as the market has yet to make a major move which leads to a lot of fear as to where the market could be headed. (data from Binance)
Binance coin (BNB) price analysis on a weekly chart
Despite the uncertainty and turmoil affecting the price of Binance Coin (BNB) and the cryptocurrency market in general, many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue their bearish price action.
Binance coin (BNB) suffered further price losses as the price dropped from a high of $600 to a weekly low of $250, fueling speculation of a further decline to $200-$150.
BNB price fell from the weekly $400 region to the $250 region due to the FTX fiasco, as the price found a slight support to keep the selling price to another weekly low.
BNB price responded well, halting the sell-off and bouncing from $250, up to $300, as the price faced a rejection to break higher. BNB price needs to hold above $310 to maintain hope for a rebound rally.
BNB Price Weekly Resistance – $310.
BNB Price Weekly Support – $290.
BNB price analysis on daily chart (1D)
BNB price is still quite strong in the daily time frame as the price is trading above $290 after BNB saw its price drop from $400 to $250 recently.
BNB price continues to suffer as the price looks good as the price aims to break and hold above the daily price of $305, which corresponds to the 50 and 200 Asian moving averages. BNB price needs to recover and trade above $310 for a short-term relief bounce. If BNB price fails to flip the $310 region and is rejected below $270, we may see further rejection in BNB price to the $200 region or even lower.
BNB price daily resistance – $310.
BNB Price Daily Support – $290 – $270.
Featured Image From Coinfomania, Charts From Tradingview