In the latest episode of “The Market Report,” Marcel Pechman investigates the recent rug pull of the BALD token and its alleged connection to FTX founder Sam “SBF” Bankman-Fried. The token, launched on Coinbase’s Base network, experienced significant gains before plummeting in value after the removal of liquidity from decentralized exchange (DEX) pools.
Pechman highlights the difficulty in determining the extent of fake volume and manipulation involved in propping up BALD’s price on DEXs. Internet sleuths point to funding from wallets associated with FTX and Alameda Research, as well as the developer’s involvement in SushiSwap proposals and language used in tweets, as evidence supporting the hypothesis that SBF orchestrated the rug pull.
While acknowledging SBF’s technical expertise in issuing tokens and providing liquidity on DEXs, Pechman also raises concerns about his current situation under house arrest, questioning the availability of devices and internet access.
The episode also delves into the potential reasons behind Bitcoin’s drop below $29,000, focusing on the recent gains of the U.S. Dollar Index from a one-year low. Pechman suggests that this reflects investor confidence in a soft landing by the United States Federal Reserve, indicating a mild recession.
For those curious about Pechman’s perspective on the U.S. government’s ability to issue new debt in the second half of 2023 and its implications for Bitcoin’s price, the latest episode of The Market Report on the Cointelegraph Markets & Research YouTube channel provides answers.