The latest episode of “The Market Report” delves into the controversial rug pull of the BALD token and the possible involvement of Sam “SBF” Bankman-Fried, the founder of FTX. The token, which was launched on Coinbase’s Base network, experienced significant gains between July 30 and 31. However, suspicions arose regarding the authenticity of the trading volume and the manipulation of the token’s price on decentralized exchanges (DEXs).
Analyst Marcel Pechman highlights the difficulty in determining the extent of fake volume and the number of trades orchestrated by a single entity or small groups to artificially inflate BALD’s price. Adding to the suspicions, BALD’s price plummeted by 85% soon after its developer withdrew the liquidity from DEX pools.
Internet sleuths have pointed out several pieces of evidence that suggest SBF’s involvement in the rug pull. These include funding from wallets associated with FTX and Alameda Research, the developer’s early participation in decentralized finance project SushiSwap, the language used in tweets, and DYDX farming activity.
Pechman acknowledges that SBF possesses the technical expertise required to issue tokens and provide liquidity pools on DEXs. However, due to his current house arrest, the analyst questions what kind of devices and internet access SBF has at his disposal.
Shifting gears, Pechman delves into the recent gains of the U.S. Dollar Index, which led to Bitcoin’s price dropping below $29,000. The analyst suggests that this development demonstrates investor confidence in a soft landing by the United States Federal Reserve, indicating that the recession will be relatively mild.
The episode also teases an upcoming discussion on whether the U.S. government will be able to issue new debt during the latter half of 2023 and the potential consequences for Bitcoin’s price.
For further insights on these topics, viewers can tune in to the latest episode of The Market Report, available exclusively on the new Cointelegraph Markets & Research YouTube channel.
As technology and the cryptocurrency market continue to evolve, it is crucial to remain vigilant and informed about the nuances and risks involved. By staying abreast of market developments and conducting thorough research, investors can make informed decisions to navigate this ever-changing landscape.
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