GM, welcome to The Seek. If you haven't seen the news today then you're in for a treat 👇 

Here is what to expect today: 

• Is Sam Bankman Fried Going To Jail?

• Binance Downfall

• U.S. CPI Report Breakdown

• Important Dates For The Week

• The Weekly Meme :)

IS SAM BANKMAN FRIED GOING TO JAIL?

Sam Bankman Fried, the former CEO/founder of the now-bankrupt crypto exchange FTX, woke up to police lights outside his door. Yes, he was finally arrested 😲

The U.S. government requested his arrest in the Bahamas, based on a sealed indictment from the Southern District of New York. This is set to become unsealed on Tuesday and most likely the U.S. will request Sam's extradition.

And if you are like me and need to see the awaited arrest live, I got you, just click me.

Although arrested, it does not mean he is going to prison. Will the jury throw him away for good?

To be continued...

BINANCE DOWNFALL

The biggest crypto exchange, Binance, is facing a sustained wave of withdrawals as investors express concerns over the state of the platform's reserves. PLZ don't be an FTX pt.2 we already have enough on our plate 😨

On December 12, Binance recorded its highest daily withdrawals since June, reaching over $2 billion. Just perfect timing as the high value of withdrawals comes at a time when investors are still concerned about their holdings on crypto exchanges following the FTX collapse.

Binance CEO Changpeng Zhao also announced that the exchange was temporarily halting the withdrawals of USDC. This led to speculation that Binance could be coming to an end, however, yesterday they reported they resumed USDC withdrawals.

Up to date, Binance is keeping up with the withdrawals, so maybe not an FTX pt.2.

U.S. CPI REPORT BREAKDOWN

The CPI report came in better than expected beating wall street expectations. This ofc led to a small rally in the financial markets.

The small increase in consumer prices boosted optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes. CNBC went as far as to state that they believe the FED will raise interest raise by 50 basis points, at least that's better that the 75 🚀

Why should you care:

Since the beginning of the gruesome interest rate hikes crypto as well as most financial assets took a beating. The higher the interest rates the more the FED is sucking money out of the market. Now as the FED starts to lower the interest rates many speculate we can see significant appreciation in financial assets.

IMPORTANT DATES FOR THE WEEK

• 12/14/2022 - FOMC Statement

• 12/14/2022 - Federal Funds Rate

• 12/15/2022 - Core Retail sales m/m

• 12/21/2022 - The Seek Newsletter

THE WEEKLY MEME 

That wraps it up, stay tuned for next Wednesday. If you haven't seen last weeks news then you need to check this out 👇

DISCLAIMER: The Seek does not provide any financial advice. This newsletter is strictly for educational purposes and should not be used to make any financial actions. Please be careful and do your own research.