Sam Bankman-Fried, the jailed founder of the FTX cryptocurrency exchange has reportedly signed papers on Dec. 20 that will soon see him handed over to Federal Bureau of Investigation (FBI) agents and flown to the United States to face criminal charges.

The move was expected, as Bankman-Fried was reported to have agreed in principle to being extradited to the U.S. earlier this week on Dec. 19, despite earlier reports indicating he wanted to see the indictment against him first

Shiba Inu’s vague countdown timer was simply implying a new website design.

The SHIB community misinterpreted it as a countdown to the launch of Shibarium.

Shytoshi Kusama, SHIB’s chief, issued an apology over Twitter page:

"Please note that I am not responsible for every detail of Shib (i.e. website). So I applaud Trophias and his team for the new design and totally understand how the countdown could have been misleading. Although not in control of that, I apologize for any confusion. Stay tuned.

— Shytoshi Kusama (@ShytoshiKusama) December 20, 2022"

Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH), Ethereum’s native token, from its marketplace, citing a number of concerns around the world’s second-largest cryptocurrency by market capitalization.

Paxful CEO Ray Youssef announced the move in a message to some 11.6 million users of the platform, which he subsequently shared on his Twitter handle saying:

"We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue

Who is next ?"

https://twitter.com/raypaxful/status/1605529289054527488?s=20&t=aFGopfItQb2z8p3wzKShEQ

YOussef highlighted three major concerns around the Ethereum ecosystem which led to the marketplace removing ETH, citing Paxful’s intent to maintain its integrity and efforts to combat ‘economic apartheid’ around the world driven by fiat monetary systems.

As the FTX collapse continues to cause turmoil in the crypto industry, various crypto exchanges have delisted FTX Token (FTT) on their platforms. 

Binance, BitMEX and KuCoin have delisted FTX Token pairs from their crypto exchange platforms.

In an announcement, crypto exchange Binance highlighted that they have removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs on their platform citing that the pairs failed to pass their recent reviews.

 However, the exchange noted that the FTT/BUSD pair is still available on its exchange.

On the official binance twitter page (@binance) November 14, 2022

"At #Binance we conduct regular reviews of listed assets to ensure they meet our standards to protect our users. Based on our recent reviews, we will remove and cease trading of several $FTT trading pairs on 2022-11-15 04:30 (UTC): FTT/BNB FTT/BTC FTT/ETH FTT/USDT"

Last week’s fluctuations in the crypto market had the strongest impact on Solana, whose total value locked (TVL) in DeFi protocols fell by 60% to $377 million as of November 14. Solana’s market cap roughly halved over the past week.

The SOL price plunged by 56% over the past week. Between November 7 and 14, the token dipped to the $12.93 mark. According to CoinGecko, SOL is trading at $14.45 as of 12:00 (GMT+2) on November 14. Solana’s market cap decreased by 50% during this period, reaching $5.2 billion.

The term “volatility” implies the changeability of a phenomenon. It can be used in different contexts, but it’s usually applied as a financial characteristic. The term is especially often used today in the context of cryptocurrencies.

In a broad sense, “volatility” means a range of value fluctuations. The same goes for cryptocurrencies. The high volatility of cryptocurrencies is their value volatility, which can rise by 300% in a single trading session and then fall by 400%, or vice versa.

Factors of High Volatility of Cryptocurrencies

Below are some of the factors that affects the price of cryptocurrencies:

News. Media attention, the anticipation of some events, and rumors — these informational effects significantly impact the quotations of traditional financial instruments. In this sense, cryptocurrencies are similar to them. 

Market condition. The crypto market continues shaping up, becoming more instrumental, and attracting amateur investors and traders. Demand and supply aren’t stable. Information pressure, such as negative news, provokes a violent reaction. The market volume is still relatively small, so any turbulence has a major influence on the market as a whole. 

Low liquidity. Liquidity means the possibility to sell the asset at any time at a reasonable price. For this purpose, there should be a lot of active players in the market who bid both up and down. However, with sharp asset price fluctuations and market underdevelopment, it seems to be impossible. High volatility is both a consequence and one of the reasons for the low liquidity of cryptocurrencies compared to traditional financial instruments.

Lack of a legal framework. State regulation of the cryptocurrency market in most countries remains at the stage of discussing and adopting basic laws. Although the crackdown is already gaining momentum, this sphere still offers wide opportunities for scammers and speculators. Besides, legal uncertainty in many jurisdictions restrains the interest of major investors.   

Lack of real value. Currency rates are tied to commodity trading, production factors, macroeconomic statistics, and many other indexes. Stock prices are pegged to the financial performance of companies. Crypto rates are directly tied only to current demand, locally to demand for specific coins, and globally to demand for Bitcoin.

Below are the benefits of P2P trading:

1. Absence of intermediary:

 There is no intermediary in the Peer-to-Peer exchange platform. This makes it possible that exchange is not being interfered with by a third party and this makes transactions faster transparent. 

2. There is no centralized control:

The Peer-to-Peer platforms are decentralized and so are the transactions No one can interfere with the exchange process, not even the Central bank can influence the pattern and flow of transactions.

3. Security:

Peer-to-Peer platforms are highly secure because all transactions are fully protected against cyber attackers.

The  escrow accounts is used to hold funds until the transaction is completed which makes transactions very secure.

4. Anonymity:

The Peer-to-peer services do not collect user data, unlike the centralized exchange platforms.  There is no need for documents verification and other tests before you can be eligible to use the platforms.  This allows the parties to the transaction to maintain their privacy.

5. User rating:

Peer to Peer platforms evaluates the seller after the completion of the transaction. This feature provides access to view the volume and number of transactions, the level of trust, and the number of disputes which helps you to choose the most reliable users.

6. No commission:

Exchangers operating in Peer-to-Peer platforms do not charge for the transaction. Sellers pay the minimum fee which normally does not exceed 1%.

7. Best value:

 Prices are not set by the Peer-to-Peer platforms. This means that traders can trade for the most competitive price.

8. Convenient payment terms:

You can deposit or withdraw funds without using bank accounts and payment cards. Peer to Peer platforms allows traders to deposit or withdraw funds without using bank accounts or bank cards. Traders can use additional payment methods like international transfers, gift cards, phone top-ups, to make deposits or withdraw funds.

Peer to Peer trading is simply buying and selling cryptocurrencies directly between users, without the intervention of a third party or intermediary. 

Peer to Peer trading allows you to decide who buys the cryptocurrencies and who to buy from, the price you will charge, and execution time. Peer-to-Peer platforms use a freeze deposit function known as “escrow” to increase the security on their platform.

Binance is one of the best and most reliable platform which provides the best escrow services.

How does this work?

When one party sends the agreed amount of crypto or money for the transaction, it goes to escrow and will only be released when both parties have confirmed the trade. If any party is dissatisfied with the transaction, they can make an appeal to the platform’s customer support department and a mediator will settle their difference.

Given the benefits that Peer-to-Peer platforms offer the traders, many platforms have sprung up in the guise of Peer-to-Peer platforms which in reality, they are just fake and deceitful. This has made it necessary that you need to know the characteristics of a Peer-to-Peer platform before embarking on that trade.