Lehman Brothers 🔥
This Week in Review☕️: A complete Crypto Breakdown | Thermal Leggings and Hoodies are in demand | Remote Work leads to back problems | Fast Fashion benefits as consumers are forced to prioritize value
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Quick Bites:
Crypto📈: For those sleeping under a rock, FTX- the World's 2nd largest crypto-exchange, ran by ex-Wall Street trader Sam Bankman-Fried, who happens to be CNBC's star child AND is frequently referred to as the next Jamie Dimon of the next J.P Morgan, saw his entire effing company blow up last week.
Can we get ONE normal day in crypto 🙏
Binance, the World’s largest cryptocurrency exchange run by CEO Changpeng Zhao, was set to bail out FTX. But then it backed out.
CZ is smart. He already lives in Dubai. Dude doesn't need to run when Binance explodes next
PS. Is this crypto's Lehman moment guys?
Background (in the simplest way):
💡May 2019: Sam Bankman-Fried founded FTX
💡January 2022: A $400mn funding round, from investors including Softbank, valued FTX at $32 billion
💡July 2022: FTX said it won full approval to operate its exchange in Dubai
💡November 2, 2022: A leaked balance sheet shows that Alameda Research (Bankman's crypto trading firm), was heavily dependent on FTX's native token "FTT"
💡November 6: Binance CEO said his firm would liquidate holdings of FTT due to "recent revelations"
💡November 8: In response, FTT's price plummeted by 72% as traders rushed to pull out.
FTX lost $6bn in a chaotic 72 hours due to user withdrawals. It seemed to enter a liquidity crunch, meaning it lacked the money to fulfill requests.
💡November 9: Binance decides to bail out FTX, only to later back out due to issues "beyond their control or ability to help"
💡November 11: FTX files for bankruptcy. Bankman-Fried resigns
💡November 12: Reuters reports that hundreds of millions of dollars had been moved from the platform in "suspicious circumstances". Bankman is rumored to be in the Bahamas
💡November 13: Bitcoin and Ether fluctauated wildly with prices dropping more than 20% at one point
Long story short: FTX gets destroyed, Binance offers bailout, Binance backs out, FTX files for bankruptcy, FTX gets mysteriously hacked for $1bn on Friday night
Is this the biggest scam in history?! STAY SAFE FROM CRYPTO Y'ALL 🙈
Our Thoughts💡: We're seeing tons of people going on and on about how FTX was doomed from the start- based in Bahamas, clearing house in Dubai, red flags everywhere blah blah
So, just out of genuine curiosity, exactly under what regulatory regime are the other crypto exchanges?
Sure, FTX turned out to be a massive dump of fraud, scam, conartistry and absurdity that duped the worlds TOP billionaires but we're sure other platforms are TOTALLY safe and doing nothing shady with your money!🙄
Health 🍫 : Calling all chocolate lovers! Eating foods rich in flavanols (a key ingredient in chocolate) could lead to better brain health, Harvard Health reports.
New research indicates that flavanols appear to improve blood flow to the brain.
Flavanols are a group of compounds found in cocoa, tea, apples, berries and many other plant-based foods.
So, basically "An apple a day" really does keep the doctor away 🍎
Certain compounds in chocolates especially, called cocoa flavanols, have been linked with improved thinking skills.
Key Highlights, according to Harvard Health:
💡Dark chocolate has more cocoa and thus, more flavanols than milk chocolate
💡The amount in dark chocolate can range from 100mg in 100g of chocolate to 2,000 mg
💡Flavanols have been shown to help lower blood pressure
💡Improve blood flow to the heart
💡Improve insulin resistance
💡Prevent blood clots
💡Fight cell damage
Fashion 🧦 : All retailers have had to deal with the cost-of-living crisis, but sectors like fast fashion are better positioned to benefit from it.
Inflation-weary shoppers are splurging on budget clothing at Primark, as consumer are forced to prioritize value.
Key Highlights, according to BBC:
💡Primark's costs rose by approximately £1bn this year due to inflation
💡The retailer decided not to increase prices to remain attractive
💡Sales rose to £7.7bn, up 43% from last year
💡Primark decided to 'stand by its customers'
The group said that cold weather items like thermal leggings and "snuddies", a type of oversized hoodie, had been selling "incredibly well" as people delayed turning their central heating on.
Regulators have warned customers face tough choices on "what they spend and where they spend it."
This comes as new data revealed that grocery prices were 14.7% higher than a year ago in October.
It means shoppers face paying roughly £682 extra a year for food at the supermarket if they do not switch to cheaper items or buy less.
Our Thoughts💡: Personally, we don't want to see anyone who paid £8 for a blue tick complain about the cost of living crisis!!
Health 💊 : Attention all desk workers!
We all know the hunched position we get comfy in while looking at a screen all day but how good is it for our posture?
Remote working has led to back pain and neck problems, with tens of thousands reporting as long-term sick.
Key Highlights, according to the Office for National Statistics UK:
💡Lack of body comfort has become partially responsible for labour shortages in the UK
💡The number of people being unfit for work because of neck and back injuries has risen by 62,000 between 2019 and 2022
💡Long-term sickness among those aged 25 to 34 had jumped by 42%
💡Around 454,000 people were affected by mental health disorders
Our Thoughts💡: Everything is temporary but our back pain is constant 🤷🏻♀️
Quicker Bites:
Iran issues first-known death sentence for protestor.
Put Elizabeth Holmes in jail for 15 years, prosecutors argue.
COP27: Climate progress hinges on crucial Week Two.
Biden and Xi meet for talk.
The UN is mulling another mission to Haiti.
World leaders gather in Bali for G20 amid geopolitical turmoil.