EL SALVADOR WILL BE BUYING 1 BTC DAILY

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Nayib Bukele: El Salvador will start buying 1 Bitcoin every day; Alameda Research withdraws 55 million USDC from Circle; and FTX’s domino effect: Genesis’ crypto credit unit has stopped withdrawals.

Nayib Bukele: El Salvador will be buying 1 BTC every day

Nayib Bukele, the president of El Salvador, wrote on his Twitter that the country’s government will start buying 1 BTC daily to boost their investment in the first cryptocurrency. El Salvador is the world’s first country to have made Bitcoin its official currency. 

Justin Sun, the founder of the crypto money network Tron, supported the initiative and decided to do the same, according to his response to Mr. Bukele’s tweet. 

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Alameda Research withdraws 55 million USDC from Circle

According to Lookonchain, FTX’s subsidiary Alameda Research withdrew 55 million USDC from its issuer Circle today. USDC is the world’s second-biggest stablecoin. The purpose of the withdrawal remains unknown at the moment.

Alameda Research came in the crosshairs after the allegations that FTX used the company as a facade to embezzle customer funds. The situation quickly escalated into a major crisis in the crypto industry, making the current market downturn even more severe.

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FTX’s domino effect: Genesis’ crypto credit unit has stopped withdrawals

Genesis Global Trading, the crypto credit unit of crypto firm Genesis, has halted withdrawals following the collapse of FTX. The statement on the subject was made by Derar Islim, the interim CEO of the unit.

The collapse of FTX caused a noticeable multiplication of withdrawal requests from Genesis Global Trading, and this demand exceeded Genesis’ current liquidity supply. Genesis announced last week that approximately $175 million of its funds were locked in its trading account at FTX. The company is working on a remedy plan, which is expected to go public next week.

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