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Day: November 9, 2022
OKX, Kucoin say proof of reserves will be ready in a month
In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month. In an official tweet, OKX stated “We’re hiring Armanino for auditing & will publish an auditable Merkle POF asap.” The company then listed 23 BTC addresses and 13 Ethereum addresses containing some of the exchange’s reserves. For #OKX, transparency, risk management, & consumer protection come first. We’re hiring Armanino for auditing & will publish an auditable Merkle POF…
Market Wrap: Bitcoin, Other Cryptos Continue to Plummet
The largest cryptocurrency by market capitalization was hurtling toward $16K amid the growing fallout from crypto exchange FTX’s collapse. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Original
SBF Warns FTX Investors of Bankruptcy Without More Cash: Bloomberg
FTX is headed toward bankruptcy without a cash infusion. Source
FTX Website Experiences Temporary Outage, Warns Users Not to Make Deposits
While FTX US’s website is currently functioning fine, other websites associated with the struggling exchange have gone dark in the wake of its liquidity crisis and subsequent news that it would potentially be acquired by Binance – a plan that was scrapped on Wednesday after Binance walked away from the deal, citing “issues are beyond our control or ability to help.” Source
‘Crypto assets are not play money’
European Parliament economics committee member Stefan Berger has compared the current situation with FTX to the 2008 financial crisis, using “such Lehman Brothers moments” in justifying the need for regulating crypto. In a Nov. 9 tweet, Berger said proper regulation was needed to avoid issues which “cost enormous trust” in the crypto space, amid FTX reporting financial difficulties. The parliamentary committee member pointed to the Markets in Crypto-Assets, or MiCA, framework currently moving through the European Council as a way to require crypto firms to “ensure internal risk management mechanisms.”…
Binance Backs Out of FTX Acquisition, Cites Crypto Exchange’s Balance Sheet and Pending US Investigations
Global crypto giant Binance says it’s decided not to acquire the embattled digital asset exchange FTX. In a series of tweets, Binance lays out its reasoning for rapidly deciding not to pursue the deal. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX. In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are…
FTX Blowup Puts Trove of Prized Bored Apes at Risk of Liquidation
Yuga Labs, the NFT collective behind the majority of tokens held in the crypto empire’s wallet, has previously raised capital from FTX Ventures, though Alameda Research is in control of the wallet. Source
How Much Longer Till The Bottom
In this episode of NewsBTC’s daily crypto technical analysis videos, we are examining past Bitcoin bear markets to see how much further we could have before a bottom is in. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): November 9, 2022 Bitcoin price continues to set new low after low now that support has been decisively broken. Expanded Flat Corrective Pattern Fills Out Further The market is clearly bearish, but on the brighter side we have what could be the final wave in an expanded flat…
With FTX Bloodied, Rival in US Regulatory Fight Adds Another Knife
An old-guard rival of FTX from the derivatives markets sought to drive a stake through its heart as the crypto company struggled to save itself from financial disaster on Wednesday. A subsidiary of Cboe Global Markets Inc. sent a letter on Wednesday to its customers – addressed as the “crypto community” – reminding them of its own customer-protection practices. Source