Category: Cryptocurrency News

Binance, the largest crypto exchange in the world, just released its 11th report for its reserves, and the numbers are staggering as always. According to the report, Binance’s XRP holdings, in particular, have increased in the past month. This is evident, as there have been reports of investors depositing XRP into exchanges in the past month. Binance Releases Proof Of Reserves Showing Massive XRP Holdings According to Binance’s Proof of Reserves report, the exchange holds a staggering amount of XRP to cover 104.15% of customer balances. Related Reading: When Are AMMs Coming To XRP Ledger? Ripple CTO Gives Clear Answer Binance currently has over 2.738 billion XRP tokens worth more than $1.35 billion against customer deposits of 2.629 billion XRP tokens. This marks a rise of almost 50 million XRP in its reserve as compared to the previous month’s total of 2,686,407,725 XRP. As one of the first major exchanges to list XRP in 2017, Binance has been known to be one of the major places for XRP trading. Data from Coingecko shows a trading volume of $84 million of Binance’s XRP/USDT trading pair in the past 24 hours, representing over 16.9% of the total XRP trading volume. This massive XRP stash cements Binance as one of the top holders of XRP and the amount of XRP trading on the exchange.  Cryptocurrency market cap currently at $1.07 trillion. Chart: TradingView.com Binance’s Reserves And XRP’s Promising Outlook The latest reserve report shows Binance is fully backed on other cryptocurrencies. Based on the report, the exchange has a BTC ratio of 104.67%, ETH ratio of 107.29%, BNB ratio of 113.72%, USDT ratio of 118.45%, BUSD ratio of 106.99%, USDC ratio of 104.09%, and LTC ratio of 101.31%. The Proof of Reserves report is part of Binance’s push for more transparency. By disclosing its reserves, it aims to assure users that client funds are backed 1:1. While some have backed the reserve data to be consistent with on-chain data, regulators have expressed concerns about the legitimacy of Binance’s reserve audit. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? XRP has also witnessed movement into other exchanges in the past few months, as recent sporadic updates regarding Ripple have always put the cryptocurrency in the limelight. According to NewsBTC, XRP witnessed a 1,300% surge in trading volume on exchanges at some point.  According to predictions from crypto analysts, XRP is set for massive gains in the near future. A new forecast by an analyst predicts that a recently formed 39-month cycle could push XRP as high as $1,000. At the time of writing, XRP is trading at $0.5228, up by 4.92% in the past month. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Pandaily

Finality ensures irreversible transactions — crucial for trust and security — prevents double-spending and fraud, and keeps blockchain records immutable.

A bearish Ethereum fractal meets lower network activity as Ether’s price struggles to break above $2,000.

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On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former chief technology officer (CTO), testified. During his testimony, the former FTX executive revealed details about the connection between the cryptocurrency exchange and Alameda Research. FTX’s Sam Bankman-Fried Allegedly Gave Alameda Research ‘Special Privileges’ According to various reports, on Friday, October 6, Wang appeared again in court and testified that Alameda Research’s account on FTX was allowed to trade more funds than it had available. The former FTX CTO reportedly said that Sam Bankman-Fried authorized the integration of a “allow negative” feature, which afforded Alameda “special privileges” on FTX. Wang reportedly revealed that the “allow negative” feature enabled Alameda to hold a negative balance more than FTX’s revenue at some point in 2020 ($200 million against $150 million). According to reports, Wang claimed that he increased Alameda’s line of credit several times and up to $65 billion under Bankman-Fried’s instructions. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? When the government’s prosecutors questioned where the money came from, Wang reportedly affirmed that it came from FTX’s customers’ funds. Based on the co-founder’s testimony, Bankman-Fried claimed that the “allow negative” feature was all about FTT, a native cryptocurrency “created to act as equity in FTX.” Wang reportedly acknowledged that the customers never authorized their funds to be used by Alameda Research. “The customers did not give us permission to use their accounts like this,” the former FTX chief technology officer allegedly said. Did SBF Repeatedly Lie About Connections With Alameda? During his testimony, Wang was asked whether he remembered Bankman-Fried making public statements about Alameda’s unusual connections with the FTX exchange. “Yes, he (SBF) said they (Alameda Research) were treated equally and didn’t use FTX funds,” the FTX cofounder allegedly affirmed. Furthermore, the prosecutors showed Wang – and the court – a 2019 tweet from SBF claiming that Alameda was not using funds from FTX. Interestingly, Wang affirmed that Bankman-Fried ordered the addition of “allow negative” in the exchange’s codebase on the same day the tweet was made. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? It appears that is not the only time Bankman-Fried lied about Alameda’s activities on the FTX exchange. The former FTX CTO testified that Bankman-Fried subsequently claimed on Twitter (now X) and on phone calls that customer funds were kept safe. On Thursday, October 5, Gary Wang reportedly admitted to committing fraud-related crimes while at the FTX exchange alongside Sam Bankman-Fried, former Alameda CEO Caroline Ellison, and former engineering director Nishad Singh. With the trial expected to continue till November, it remains to be seen whether or when the other former top FTX and Alameda executives will take the stand. FTT price trading at $1.188 on the daily timeframe | Source: FTTUSDT chart on TradingView Featured image from Vox, chart from TradingView

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Solana experienced a significant surge of approximately 20% during the last few days of September and into the first week of October. This sudden price increase has piqued the interest of investors and enthusiasts alike, sparking discussions about its underlying causes. One prominent question on people’s minds is whether this uptick in SOL’s value is directly correlated with Bitcoin’s performance during the same period or if there are distinct factors driving SOL’s price rise independently of Bitcoin’s movements. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? Before this increase, SOL had a tough time because a U.S. court allowed the sale of $1.3 billion worth of SOL from the bankrupt exchange FTX. So, there’s curiosity about whether SOL’s recent price jump is connected to Bitcoin or if there are other factors behind it. Solana: Challenges And Market Allure The Solana (SOL) blockchain network has seen recent difficulties, however it has garnered significant attention and demand in the market. Despite the lackluster price performance of its native token, the proof-of-stake (PoS) network has utilised the bear market to improve its technological capabilities and forge important alliances with prominent entities in the realm of traditional banking. Source: Coingecko The bankruptcy court has implemented mechanisms to mitigate the potential adverse impact of FTX asset liquidation on the cryptocurrency market. These measures involve mandating the sale of assets through a financial advisor in weekly installments, adhering to predetermined regulations. At the time of writing, SOL was trading at $23.43, down a measly 0.3% in the last 24 hours, but gained sustained an 18% rally in the last seven days, data from crypto market tracker Coingecko shows. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? SOL Liquidity Soars With Network Stability Nansen, an on-chain analytics firm, recently published a report on Solana, highlighting its key strengths and potential. Solana is known for its cost-efficiency and high-speed transactions, earning it the nickname “The Ethereum Killer.” It boasts a transaction processing speed of over 3,000 transactions per second, which is nearly 30 times faster than Ethereum. The chain’s liquidity improved as a result of the dramatic increase in network stability. At press time, the TVL in terms of SOL was $27.12 million, more than double what it was at the start of the year. SOL market cap currently at $9.7 billion. Chart: TradingView.com Solana’s Rise Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot The surge of SOL was further bolstered by the expansion in the adoption of decentralized applications (DApps) and the rise in nonfungible token (NFT) volumes on the Solana blockchain. The current price of SOL is now making efforts to establish a support level at $23, aiming to solidify its position as the fifth-largest cryptocurrency (excluding stablecoins) in terms of market capitalization. In the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate). a16z: BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY unstaked 2.033… — Wu Blockchain (@WuBlockchain) October 6, 2023 Meanwhile, recent updates to Solana Compass have revealed details about recent activities on the Solana network, particularly during the 512 epoch. The website that keeps tabs on SOL staking activity suggests that there were around 19.637 million SOL coins that were unstaked during this time. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock