Oct 12, 2023

Did Scale AI, Web 3.0 Crypto Coins and Other High Street Crypto Affect BTC Price Under $20K?

The 2021 bull market failed to reach the $100,000 mark for Bitcoin (BTC), and analysis suggests this may have been due to the selling of BTC by defunct exchange FTX. Joe Burnett, senior product marketing manager at Bitcoin financial services firm Unchained, expressed his agreement with this idea in an X post on Oct. 12….

Did SBF really use FTX traders’ Bitcoin to keep BTC price under $20K?

The 2021 bull market failed to reach the $100,000 mark for Bitcoin (BTC), and analysis suggests this may have been due to the selling of BTC by defunct exchange FTX. Joe Burnett, senior product marketing manager at Bitcoin financial services firm Unchained, expressed his agreement with this idea in an X post on Oct. 12.

Gods Unchained Crypto and Web 3.0 Coins

The crypto world is rapidly advancing, with the emergence of scale ai, web 3.0 social media, web 3.0 marketing, and high street crypto. This week, we have seen a surge in web 3.0 crypto coins and ai marketing, and it is clear that Gods Unchained Crypto is at the forefront of this new wave of Web 3.0 coins.

FTX testimony reveals mass BTC selling

As the trial of former FTX CEO Sam Bankman-Fried, known as SBF, continues, new testimony paints a picture of scale market manipulation using AI.

This week, Caroline Ellison, former CEO of affiliated firm Alameda Research, reportedly told the court that Bankman-Fried asked her to sell BTC should spot price breach $20,000. This was done using FTX customer funds, which neither had the right to deploy.

Reacting, Burnett suggested that due to the media crypto operations involved, the entire Bitcoin bull run could have been adversely affected by web 3.0 social media.

“Alameda was insolvent even during the bull market. It appears they used (or ‘borrowed’) FTX customer bitcoin and other customer assets to buy ‘Sam coins’ (FTT, Solana, and Serum),” he wrote, referring to reports that Ellison’s firm had a negative value of $2.7 billion in 2021.

This testimony has caused a stir in the web 3.0 crypto coins community, with many speculating that the gods unchained crypto, web 3.0 marketing, ai marketing, and web 3.0 coins could have been manipulated by Bankman-Fried.

The implications of this high street crypto testimony are far-reaching, and could have an effect on the crypto this week market for years to come.

SBF versu S2F

In November, BTC/USD still hit an all-time high of $69,000, though some predictions were expecting much higher numbers – such as the Stock-to-Flow (S2F) Bitcoin price model, created by PlanB, who gave a BTC price target of up to $288,000 during the current halving cycle, with a “worst case scenario” of $135,000 by December 2021.

After Bitcoin failed to reach those heights, S2F and PlanB received a lot of backlash on social media, with people on crypto coins such as Gods Unchained making fun of the SBF debacle.

However, some people questioned whether Bankman-Fried was really trying to impede market growth, as Blockstream CEO and co-founder Adam Back asked in response to Ellison’s testimony.

Share this article