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Bitfinex Alpha | As Bitcoin Volatility, FTX's Crisis Gets More Exotic
The stickiness of inflation is a source of nervousness in financial markets. Despite the slightly positive PPI data last week, it is widely believed that it is too early to end persistent inflation.
Even with nearly a full year of rate hikes, wage pressures are still on the rise and home prices are not falling. While the market rallied on positive CPI data earlier this month, the positive CPI did not trend.
Global growth is declining. With international sanctions in place, Russia is now technically in recession, but the drop in oil supply is also contributing to slow and negative growth in the global economy.
In the cryptocurrency market, the collapse of FTX led to a revival of DeFi protocols at the expense of centralized exchanges, especially Gemini, whose reserves came under pressure.
There has also been a notable outflow of withdrawals across the board as investors store cryptocurrencies off exchanges. This is something to be admired. It not only encourages HODLing, but more importantly ensures higher security.
These are challenging times, but important lessons are being learned and the crypto industry should be better off in the long run.
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-ftx-implosion-gets-more-bizarre-as-bitcoin-remains-volatile/
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Bitfinex Launches Bitfinex Turkiye Mobile App to Drive Financial Inclusion in Turkey
Bitfinex Turkiye has launched a standalone Turkish-language mobile app for Turks (Bitfinex TR), providing smartphone users in the country with a valuable financial tool to empower greater financial gains.
As part of the exchange's global campaign to promote financial inclusion and improve financial literacy, the Bitfinex Turkiye mobile app makes it easier for users in the country to access one of the largest and oldest Bitcoin exchanges. The app provides Turkiye's clients with the ability to execute spot transactions on the platform.
With Bitfinex TR, users will be able to trade a variety of digital tokens and spot pairs, giving them access to some of the deepest and most liquid cryptocurrency markets in the world. Turkish lira trading is available for BTC/TRY and TRY/USDt.
Turkey is an emerging global crypto hub as the country's population uses Bitcoin and digital tokens as a hedge against the devaluation of the local currency to protect their savings. The woes of the Turkish lira, which has fallen more than 22 percent against the U.S. dollar since the start of the year, have further fueled the popularity of cryptocurrencies in the country.
According to TripleA, more than 2.4 million people (2.94% of Turkiye’s total population) own cryptocurrencies, and a statista study found that nearly 70% of Turks have heard of Bitcoin and cryptocurrencies by 2021, and 2020 by 2020. This proportion is only 8.5%.
Many cryptocurrency users in the country were drawn to bitcoin as prices rose sharply as Turkiye's official inflation rate rose to a 23-year high of 85.51 percent.
Bitfinex, the preeminent professional trading platform, has launched a Turkish language app that allows users to more seamlessly navigate the exchange's advanced trading services. The Turkish app is available for both iOS users on the Apple App Store and Android users on Google Play, and it has an intuitive design and user interface (UI).
Paolo Ardoino, Bitfinex CTO, said: "Turkiye has built a centuries-old tradition as a global business player and is now a major hub for the global digital token ecosystem, making the country an important venue for the launch of our Turkish-language app. "As inflation soars, we see Turks intuitively understanding the underlying premise and value of Bitcoin as a means of promoting financial inclusion."www.bitfinextr.comaccess the service
https://blog.bitfinex.com/media-releases/bitfinex-turkiye-mobile-app-launch-powers-increasing-financial-inclusion-in-the-country/
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Bitfinex to Delist FTX Token (FTT)
In keeping with our commitment to provide the best trading experience, we will be delisting the FTX Token (FTT).
We will continue to monitor all listed projects and review their listing eligibility.
Deposits for FTT have been permanently closed at 5:00 PM UTC on November 21, 2022. Trading in FTX Token (FTT) will cease on November 29, 2022 at 03:00 UTC. Additionally, Bitfinex will disable margin trading and FTT funding for the FTT/USD currency pair at 03:00 UTC on November 29, 2022.
Withdrawals for FTT will remain open until 03:00 UTC on January 17, 2023. We recommend users to withdraw these tokens as soon as possible.
All remaining margin and funding orders will be cancelled, and we will enforce a settlement of all open margin and funding positions on November 29, 2022.
https://www.bitfinex.com/posts/867
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Bitfinex to Close Contract Trading and Funding Accounts for Bitcoin SV (BSV)
In keeping with our commitment to provide the best possible trading experience, we are shutting down margin trading and funding functionality for Bitcoin SV (BSV).
We will continue to monitor all products listed.
From 03:00 pm UTC on November 28, 2022, clients will only be able to reduce margin positions in BSV/USD and BSV/BTC and reduce funds; the possibility to add new funding orders will be disabled.
Bitfinex will disable margin trading for BSV/USD and BSV/BTC pairs and BSV funding accounts on December 12, 2022 at 03:00 UTC.
BSV deposits, withdrawals, and spot trading are still available to customers.
https://www.bitfinex.com/posts/868
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Bitfinex integrates OTC settlement institution
Bitfinex on Tuesday announced a partnership with infrastructure provider Copper.co to integrate ClearLoop, a platform that provides OTC settlement and clearing.
With this integration, the crypto exchange is targeting institutional investors who are very interested in Bitcoin and other top cryptocurrencies.
"Our platform's relationship with Copper is driving the adoption of digital token trading among hedge funds and asset managers globally, changing the way institutional clients interact with digital tokens by providing market-leading custody and trading solutions," said Bitfinex Chief Executive Officer Technical Officer Paolo Ardoino said.
Create a secure encrypted trading environment for institutions
London-based Copper.co offers a segregated custody account that allows institutional clients to trade digital assets on the exchange without moving funds out of cold storage. According to the company, this is reducing counterparty risk and reducing deposit and withdrawal wait times.
"We are proud to have Bitfinex as a key partner for ClearLoop, Copper's instant OTC settlement and clearing platform," said Alex Ryvkin, Copper's CPO.
“As the crypto market becomes more efficient and regulatory standards evolve, the institutional investment space is becoming increasingly competitive. To continue to win, asset managers must prioritize infrastructure that facilitates a variety of traditional strategies, and beyond, Mitigating some of the most common risks associated with the crypto space."
Bitfinex, which has faced much opposition over its unsecured loans from stablecoin issuer Tether and its services to U.S. traders, has settled an $18.5 million fine with New York prosecutors.
https://www.financemagnates.com/cryptocurrency/news/bitfinex-targets-institutions-with-off-exchange-settlement/
