Proof-of-reserves: Can reserve audits avoid another FTX-like moment?
Crypto exchanges are actively releasing proof-of-reserves audits in order to build transparency but experts believe it would take more than that to regain investor trust.
Crypto exchanges are actively releasing proof-of-reserves audits in order to build transparency but experts believe it would take more than that to regain investor trust.
Three high-ranking executives of failed cryptocurrency exchange FTX have reportedly been dismissed. Among them is one of the co-founders of what was one of the industry’s largest trading platforms, which is currently in bankruptcy proceedings in the U.S. court system. 3 Members of FTX Management Lose Their Jobs, Spokesperson Quoted Troubled cryptocurrency exchange FTX has […]
Soulbound tokens (SBTs) refer to digital identity tokens that represent the characteristics or reputation of a person or entity.
Ethereum was once again nearing a breakout of its $1,200 level, as bearish sentiment returned to start the weekend. Following price rebounds on Friday, cryptocurrency markets were back in the red, and are trading 0.68% lower as of writing. Bitcoin also slipped in today’s session. Bitcoin Bitcoin (BTC) was once again trading lower to start […]
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During the last decade or so, data has become a hot topic and often a controversial one. As a result of Big Tech abuses and government-led collection schemes, people’s data is mined continuously and in ever-increasing amounts. Almost all of this is done without the consent of the individual whose data is being mined, and […]
The growth of Bitcoin and crypto exchanges over the years reflects the industry’s evolution. Exchanges have been the most critical businesses supporting the blockchain and crypto protocols. In addition, the exchanges, led by the top figures in the industry, house most of the iconic brands in the crypto ecosystem. Related Reading: Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why Since the early days of Bitcoin till now, crypto exchanges have evolved and grown in many ways, gaining users’ trust. However, things have turned sour within the twinkle of an eye, and users have lost faith in crypto exchanges. The FTX collapse has spread its contagion across the crypto space, pulling most crypto exchanges down. Bitcoin Records Highest Exchange Outflow Since 2018 This week recorded a massive outflow of Bitcoin from crypto exchanges after the collapse of FTX. Recent data from Glassnode reveals that Bitcoin flows out of exchanges quickly. According to the report, users and investors have withdrawn all Bitcoins that flowed into exchanges since 2018. Since the FTX insolvency, primarily due to asset mismanagement, the demand for self-custody and spot-driven BTC markets has increased. This action has never been recorded in all previous bear markets that Bitcoin has survived. Bitcoin wasn’t the only asset that recorded massive withdrawals. Stablecoins such as BUSD and USDC also recorded massive outflow from exchanges in the last seven days. On-chain data shows that a large number of the outgoing stablecoins have been moving into self-custody wallets. Santiment’s data confirmed this report. According to Santiment, there was a constant inflow of stablecoins such as USDC, BUSD, and USDT into the crypto market in early 2022. In addition, the data suggested that new investors were buying assets as the prices declined. The stablecoins market cap rose to $134.07 billion, with the inflow of coins at the same time BTC peaked. However, things have changed since the fed’s interest rate hike in June. Related Reading: NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way Furthermore, the stablecoins market has been recording massive holdings reshuffle after Binance revealed its plans to convert USDC to BUSD. Self-Custody Is The Way To Go: Santiment Report Santiment highlighted that the recent crisis teaches everyone to embrace self-custody. The market has learned, reflected in the increased outflow of USDC and BUSD from exchanges. Several crypto firms and investors are facing the heat from the FTX downfall. For example, Crypto venture capital firm Multicoin Capital lost nearly $1 billion in assets held on FTX. The extent of damage in the crypto space and the massive outflow of assets and value declines has left questions on everyone’s minds. Many are wondering if crypto is still alive or dead. There might still be hope since the crypto space has survived similar blows. The Mt.Gox collapse is one event that left a cascade effect on the crypto industry. The Terra collapse also had a similar impact on crypto. Featured image from Pixabay, chart from TradingView.com
Bitcoin price action since FTX “feels like the world has ended,” says Stock-to-Flow creator PlanB.
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Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services. New Attempt to Legalize Cryptocurrency Mining in Russia After months of deliberations, efforts continue in […]