Setback for Michael Saylor

Bitcoin's price fell $1,000 in the space of 20 minutes. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.03T (-3,71%) 24 Hour Volume $55.45B (+23.51%) Notable Movers[(EOS) $1.23]( (+2.48%) Notable Movers (DeFi)[(YFI) 12,874.84]( (+5.75%) Bitcoin Dominance 42,06%[(-0,27%)]( Bitcoin Price[(BTC) $22,407.00 (-4.52%)]( Ethereum Price[(ETH) $1,569.00 (-4.68%)]( Cardano Price[(ADA) $0,3385 (-4.68%)]( [Today’s Top Stories ]( Today’s Top Stories [Today’s Top Stories ]( [Bitcoin takes a nasty tumble]( 📉 After weeks of bullish momentum, Bitcoin has suffered a nasty correction. CoinMarketCap data shows the world's biggest cryptocurrency fell by $1,000 in just 20 minutes — dragging prices down to $22,400. All of this comes as the crypto sector reels from Silvergate Bank's warning that it may not survive another year. A virtual Who's Who of crypto firms have now announced they're cutting ties with the embattled firm — with others going to great lengths to stress that they have no exposure to Silvergate. This latest drama is especially worrying, as Silvergate is (or was) one of the most popular providers of fiat on-ramps. And it could leave crypto businesses increasingly isolated from the banking sector. [FTX's massive shortfall revealed]( 💸 Meanwhile, FTX's new management has revealed the "massive shortfall" in the company's books. Right now, it's lacking $9.47 billion that's owed to customers and creditors — and detailed analysis of the exchange's wallets has uncovered just $694 million of liquid assets that would be easy to cash in. FTX's new CEO, John Ray, warned: "The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent." There's also a shortfall at FTX US — flying in the face of Sam Bankman-Fried, who has long argued that the American-facing exchange was fully solvent. Many of the assets that have been recovered are illiquid, and could be very difficult to sell. [Setback for Saylor over tax evasion suit]( ❌ A judge has rejected Michael Saylor's request to throw out a tax evasion lawsuit. If he loses the case, MicroStrategy's executive chairman could be on the hook for more than $100 million. Saylor's accused of claiming to be a citizen of Florida while he actually lived in Washington, D.C. — where income taxes are much higher. A new law means that the whistleblower who reported Saylor could end up getting 30% of the funds that are recovered. While the alleged unpaid tax bill amounts to $25 million, Saylor also faces the threat of penalties and triple damages. Officials claim he's called Georgetown home since 2005, where he has a 7,000 sq ft penthouse. But Saylor has insisted that Miami is "the center of my personal and family life." [Ban teens from metaverse, Zuckerberg told]( 👀 Two U.S. senators are urging Mark Zuckerberg to keep teenagers out of his Horizon Worlds metaverse. Edward Markey and Richard Blumenthal say they're concerned by reports that the virtual landscape could be opened up to kids as young as 13. Pointing to what they called Meta's poor record of protecting children on social media — as well as "a growing body of evidence pointing to threats to young users in the metaverse" — the pair called for an "immediate halt" to such plans. The two largest blockchain-based metaverse platforms, Decentraland and The Sandbox, both require users to be 18 years or older. And have some definitely age-inappropriate content, such as casinos. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2023 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States