Day: November 15, 2022

FTX debacle sees Nansen take stock of major exchange onchain holdings

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The collapse of cryptocurrency exchange FTX has put industry peers under the microscope with calls for transparent accounts of token holdings and assets under management. Major cryptocurrency exchanges like Binance, Huobi, OKX and Crypto.com have made efforts to share details of their assets and portfolios to assuage the wider space. This comes after investor confidence has been shaken, with users across the ecosystem moving Bitcoin (BTC) and other tokens off exchanges to avoid potential contagion from the FTX fallout. Blockchain analytics platform Nansen provides industry insights and is known for…

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Trezor reports 300% surge in sales revenue due to FTX contagion

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Amid growing concerns over centralized cryptocurrency exchanges in the wake of the FTX crisis, investors are increasingly moving to hardware crypto wallets. A major hardware wallet provider, Trezor, has recorded a major uptick in wallet sales in the aftermath of the FTX contagion, the firm’s brand ambassador Josef Tetek told Cointelegraph on Nov. 15. Trezor saw its sales revenue surging 300% week-on-week and it’s still growing, Tetek reported. The platform has also recorded a significant spike in its website traffic, which increased 350% over the same period, the exec noted.…

Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says – Metaverse Bitcoin News

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A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies. Metaverse of Entertainment to Grow, Fueled by Consumer Adoption The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. A report issued on…

How regulators reacted to the FTX crash

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Last week was tough — the alarming series of crypto meltdowns continued with the failure of FTX, one of the biggest exchanges on the market. The crypto industry’s very own “Lehman Brothers moment” pushed regulators to react. United States Senator Cynthia Lummis, famous for her openly pro-crypto position, promised deliberate with her colleagues on whether there was market manipulation, while Maxine Waters, chair of the United States House of Representatives Financial Services Committee, pushed for additional federal oversight of crypto trading platforms and consumer protection.  European Parliament economics committee member…

Mid-Cap Altcoin Soars 189% in One Week Amid Intense Scrutiny of Crypto Exchange Reserves

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The collapse of FTX and the subsequent skepticism of crypto exchange reserves is sparking huge rallies for mid-cap altcoin Trust Wallet Token (TWT). Trust Wallet is a non-custodial app that allows users to have full control over their crypto assets, as opposed to leaving them on a centralized exchange where the platform technically holds the keys to assets. Users of Trust Wallet can also stake their crypto assets, access certain decentralized applications and exchange coins. After it was revealed that FTX had ten times more liabilities than liquid assets on…

FTX Fallout Wipes Out $700M From Solana DeFi

“Solana has undoubtedly taken a massive blow, and the consequences of this blow seem far more dramatic and painful than for other blockchains,” Alexei Kulevets, co-founder of Walken told CoinDesk in a Telegram message. “Yet we’re in the midst of bear market, restless and unpredictable as it may be, it will eventually reveal the true worth of projects and token.” Source

BTC losses get real as Bitcoin SOPR metric hits lowest since March 2020

Bitcoin (BTC) sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests. Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows. BTC on-chain losses mount As Bitcoin holders attempt to pull funds from exchanges into non-custodial wallets, those moving coins around are doing so at multi-year high losses. SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.”…

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