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⚓What benefits will help Avalanche become the "Ethereum killer"?
Does Avalanche (AVAX) have a chance to become the new "killer Ethereum"? At first glance, does the altcoin have everything it needs to get ahead of the curve?
Avalanche's main goal is to become an equal competitor to Ethereum (ETH), for which its development team is solving the main problems that the main altcoin has in the market, namely high fees and low transaction processing speed.
The Avalanche network allows 4,500 transactions per second, compared to Ethereum's blockchain, which has a throughput of just 14 in the same period.
However, in the "Ethereum killer" category, all the competitors have the mentioned qualities. In this case, Avalanche has other important advantages that make the blockchain project a serious contender.
Its scalability is possible because the altcoin has three separate blockchains for different purposes:
X-Chain: a decentralized platform for creating and trading smart digital assets;
C-Chain: allows the creation of smart contracts;
P-Chain: coordinates validators, tracks active subnets and allows the creation of new subnets.
It's worth noting that Avalanche's consensus mechanism varies depending on its use cases. In addition, the development team is working on compatibility of its blockchain with Ethereum.
When a user makes a transaction with AVAX, the transaction fee is burned, resulting in an altcoin deficit. In addition, the token is used to protect the network during the stacking process, pay fees, and provide a basic unit of account between the various subnets created on the Avalanche platform.
In addition, AVAX is showing an impressive performance in tokenomics. This is due to the fact that Avalanche offers various services such as P2P lending, trading and sub-netting. All of these involve AVAX ownership.
Now let's talk about the risks: the emergence of ETH 2.0 raises doubts about the existence of the Ethereum killer in question.
The fact is that Avalanche validators must have at least 2,000 AVAX tokens, which at current prices equals $24,000. Given such a severe market correction, there is no doubt that this investment is not affordable for every investor. Most likely, this amount will be invested in larger cryptocurrencies, including ETH.
Moreover, the completion of Ethereum's transition to version 2.0, according to Vitalik Buterin, will allow 100,000 transactions per second. This will undermine Avalanche's prospects of gaining additional market share.
Admittedly, let's not discount Buterin's words that the move to PoS will not bring lower fees and increased scalability, all of which will come at the expense of Tier 2 solutions. In this respect, Avalanche still has advantages.
🪧India to test retail CBDC in December
On 1 December, the Reserve Bank of India (RBI) will launch a pilot project to test retail digital rupee. A "closed user group" consisting of consumers and merchants will participate in the test.
In the first phase, the testing will take place in Mumbai, New Delhi, Bangalore and Bhubaneshwar. In the future, the pilot will expand to nine more cities.
According to a press release, the retail CBDC will be distributed through intermediaries, which will be banks. State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank have already joined the initiative. RBI also intends to involve four additional lending institutions in the project.
"Users will be able to make digital rupee transactions through wallets offered by participating banks .... P2P transactions and transfers in favour of merchants are envisaged. Payments to merchants can be made through QR codes," the statement said.
RBI stressed that CBDC has properties inherent to paper banknotes. In particular, the digital rupee accounts will not accrue interest but they can be converted into bank deposits.
Recall that on October 31, the Reserve Bank of India announced the launch of a pilot project to test CBDC in wholesale payments.
⛔Media accuses cryptocurrency exchanges of monetizing abusive content
Large cryptocurrency exchanges contributed to the monetization of violent content with children, Reuters has found
Major cryptocurrency exchanges like Coinbase, Binance, ShapeShift, Bitonic and LocalBitcoins have in the past processed cryptocurrency transfers to addresses of the now-closed darknet site for trafficking child porn DarkScandals.cоm. This was reported by Reuters, citing the results of a Chainalysis study.
It is reported that in addition to the above-mentioned exchanges, customers of the closed site also used forty-five other platforms to buy cryptocurrencies to pay for illegal content. The publication does not specify which exchanges in question. According to Chainalysis calculations, from 2017 to 2020 the site was able to quadruple its profits from $250,000 to $1 million.
Through Coinbase and LocalBitcoins, DarkScandals.cоm customers were able to spend a combined $22,000 from 2013 to 2019. Binance and ShapeShift processed significantly fewer such transactions to the tune of $3400 before the darknet site closed in 2020.
Founded in 2012 by Dutchman Michael Mohammad, the DarkScandals.cоm site sold graphic content featuring the rape of underage children. Investigators estimated that more than 3,600 videos were uploaded to the site. In June 2022, a Dutch court sentenced Mohammad to ten years in prison.
In the summer of 2021, Chainalysis experts predicted that bots in peer-to-peer messengers would increase the decentralization of the darknet. As the analysts of the American onchain company found out, bots selling drugs for cryptocurrency are actively gaining popularity in messengers like Telegram.
Buyers of illegal drugs gain access to a bot group on Telegram, where they find a catalog of suppliers broken down by region and product. Experts also say the bots charge a commission (1-4%) depending on the size of the transactions. For example, the bot charges 4% for sales up to $50,000, and 1% if the $100,000 threshold is crossed.
🖊️NEAR Foundation signed a contract with STEPN analogue
The press service of NEAR Foundation announced a partnership agreement with the Growfitter platform to develop the Web3 sector. In the foreseeable future, the organizations will jointly launch the GFIT cryptocurrency token and support a smart contract based on the NEAR blockchain.
Growfitter is a kind of analog of STEPN with broader functionality. The developers positioned their project as a digital health platform. Ayush Gupta, CEO of NEAR India, assured that the goal of his company is to develop the ideas of local Indian entrepreneurs and developers.
His team is happy to join Growfitter and with the help of NEAR the firm will be able to attract a large customer base, as well as gain a competitive advantage through the use of decentralized Web 3.0 infrastructure.
Growfitter head Sanmati Pande emphasized: Growfitter will launch an ecosystem that will allow brands to interact with customers through a loyalty program using the Growfitter service token (GFIT). The organization's goal is to revolutionize the model of consumer engagement and loyalty.
Owners of crypto-assets will be able to exchange them for products from sponsored partners. These already include Amazon, boAt, Myntra, Byju's, Puma, Tata Cliq, P&G, Hyperice, EaseMyTrip, PharmEasy, Airtel, AJIO, MyGlamm and HealthifyMe, among others.
The company also works with various gym and fitness center chains. According to the founders, this is important to help people monitor their own health and fitness.
💡Key events of the day in the cryptocurrency industry
CryptoCompare experts told about main events in cryptocurrency industry for the past 24 hours as of November 23, 2022. They noted: lawyers of FTX trading platform declared absence of "substantial" part of assets on its balance sheets, Digital Currency Group disclosed liabilities for $2 billion, and Coinbase survey showed that 62% of investors increased the size of their investments in cryptocurrencies this year.
Lawyers at the FTX exchange have assured that most of the virtual assets owned by the trading platform have either been stolen or gone missing. This is the view they expressed during the bankruptcy hearing in federal court in Delaware (USA).
James Bromley, a partner at Sullivan & Cromwell, stressed that because of the poor management style of the former CEO Sam Bankman-Friede, the lawyers have limited information about the financial condition of the firm. The expert stressed: the digital assets were stolen by unknown persons in numerous cyberattacks on the platform.
The Digital Currency Group (DCG) press office told investors that it has $2 billion in debt, including a $575 million loan from a subsidiary of Genesis Global Capital. It also has a $350 million line of credit from a group led by Eldridge Industries and a $1.1 billion promissory note related to the collapse of Three Arrows Capital.
Coinbase representatives said: 62% of investors have increased the size of their cryptocurrency investments over the past year. At the same time, only 12% of respondents reduced their allocations. According to experts, this indicates that institutional investors continue to look at this asset class in the long term, even despite falling market prices.
🔊Member of the European Parliament spoke about the regulation of cryptocurrencies in the EU
The European Union should refrain from further regulation of digital assets after the collapse of the exchange FTX. This was said by a representative of the European Parliament, Stefan Berger, on Twitter. The official also stressed that the first thing to do is to wait until the relevant laws come into force in the EU.
According to Berger, the bankruptcy of FTX was a logical result of the lack of regulation. The government of the region should act according to the global rules of MiCA. Regulators would then have all the necessary tools at their disposal to effectively oversee the digital asset industry.
Many policymakers in the EU agree that MiCA rules for regulating crypto-service providers could have mitigated the crisis caused by the FTX crash. But some experts are rather reserved about such rhetoric. The fact is that a huge number of factors led to the company's bankruptcy, and the MiCA code would not have been able to take them all into account.
During November 2022 FTX experienced a sharp decline. The exchange filed for Chapter 11 bankruptcy. A complete restructuring of the corporation should occur in the foreseeable future.
Earlier on November 11 former FTX CEO Sam Beckman-Fried apologized to the cryptocurrency community for the collapse. According to the entrepreneur, the incident came as a surprise to him. He stressed that he is trying to reconstruct all the details of the circumstances, but still do not understand how FTX could have suffered a complete collapse.
Then it was reported that Sam Bankman-Fried hurriedly moved to the Bahamas. He announced it himself on November 12, refuting rumors about his move to Latin America. The entrepreneur refused to comment on why he decided to leave the U.S. territory.
💰Sam Bankman-Fried sold $300 million worth of FTX stock in a 2021 fundraiser
FTX founder Sam Bankman-Fried sold a $300 million stake in the company to buy back shares owned by Binance. This writes The Wall Street Journal, citing the financial documents of the exchange.
FTX raised $420 million in a Series B-1 funding round in October 2021. It was reported that the capital will be used for business development, strategic investments and expansion of the list of licenses.
According to the WSJ, three-quarters of the money raised went to Bankman-Fried personally, who sold a portion of his stake in the company. Interlocutors noted that then the founder of FTX called the transaction a partial reimbursement of its costs for the repurchase of shares owned by Binance.
Relevant transaction was held in July 2021. In November 2022, the head of Binance Changpeng Zhao said that as a result of this agreement, his company has received ~ $ 2.1 billion in tokens FTX (FTT) and stablkoin Binance USD (BUSD).
According to documents filed with the court by FTX's new CEO John Ray, Binance's previous stake in the company went to Paper Bird Inc., which is 100% owned by Bankman-Fried.
Ray's filing also indicates that Paper Bird received a $2.3 billion loan from Alameda Research-controlled firm Euclid Way Ltd.
As a reminder, according to Nansen research, about 86% of FTT was originally controlled by the bitcoin exchange itself and Alameda Research.
🗞️Binance curtailed deposits in Stablecoin based on Solana
The cryptocurrency exchange Binance temporarily stopped accepting USD coin (USDC) and tether (USDT) staplecoins based on the Solana network
Cryptocurrency exchange Binance temporarily froze deposits in USDC and USDT staplecoins based on the Solana network. The exchange announced this on its official website. It is not clear what exactly was the reason for stopping the deposits. The exchange said it would provide more information later.
Earlier Stablecoin based on Solana stopped accepting cryptocurrency company Crypto.cоm.
At the time, company representatives said they made the decision "due to recent events," alluding to the collapse of cryptocurrency exchange FTX, which actively supported Solana. Against the backdrop of the news, solana (SOL) quotes fell 3% to $13.6.
🤕David Chaum: New Solutions Needed to Avoid CeFi-Clan Collapse Stories
Speaking at the global Istanbul Blockchain Week conference, David Chaum, crypto pioneer and CEO of Elixxir, criticized the current situation in the crypto market.
The concentration of assets in the hands of intermediaries, which are all centralized exchanges, would sooner or later lead to the current situation, the expert believes. According to him, crypto solutions were originally conceived back in the 1980s as a concept to eliminate intermediaries in the exchange of assets. The mass adoption of cryptocurrencies again brought centralized players - "CeFi-clans" - to the market, and their subsequent collapse is no different from the collapse of hedge funds on Wall Street, and even worse, David speculates.
"Are people giving their assets to third parties again and then being outraged when they don't get them back? Little kids are taught financial literacy by such examples," David Chaum jokes.
According to the expert, he and his team are working on a new generation of technologies that would eliminate many vulnerabilities in the crypto market and offer new solutions. David noted that Zero Knowledge technology is now fundamental to creating new projects.
Also, contrary to the opinion in the cryptocurrency community that CBDCs are a threat to private cryptocurrencies, David Chaum called their development, testing and implementation a "definitely useful practice." It is worth noting that the crypto pioneer is currently involved in the work of the Swiss National Bank (SNB) on the Central Banks' digital currency privacy project.
📈TWT cryptocurrency jumped 43%
The value of virtual currency Trust Wallet Token jumped 43.1% in the past 24 hours, according to data as of 12:00 Moscow time on November 13, 2022. TWT quotes reached the value of $1.6, and the total supply of coins on the market rose to $666.3 million. This allowed the cryptocurrency to climb to the 56th line in the ranking of the best. The volume of daily trading amounted to $219.99 million. This indicator grew by 1010% over the past 24 hours.
Many experts suggested that this state of affairs is directly linked to the collapse of the FTX exchange and the fact that users showed confidence in the cryptocurrency wallet as a reliable storage for their virtual assets. Analysts assured: the value of the digital currency is likely to continue to rise in the coming days.
At the same time, none of the other cryptocurrencies from the top 100 by capitalization managed to show similar results. In second place in terms of profitability over the day was GMX (GMX), which quotations jumped 6.07% over the past 24 hours and reached $39.02. The total supply of coins equaled $312.23 mln.
The main loser of the last day was the cryptocurrency Huobi Token (HT), whose value lost 18.5% over the day and already 47.77% over the past week. Confidence in the trading platform fell on the background of the same story with the collapse of FTX.
The native token of Crypto.còm, another well-known trading platform, also suffered severely. Cronos (CRO) quotations fell by 16.7% during the day, and in the last 7 days it has already lost 44.86%.
As for FTX Token (FTT), this digital currency left the top 100 cryptocurrencies by capitalization and found itself in 101st place. It was trading at $1.98 with a total offering of $262.85 million.
🌨️Bahamian regulator froze assets of FTX
The Bahamas Securities Commission (BSC) has frozen the assets of FTX Digital Markets Ltd and related parties.
The commission added that it was aware of public rumors and suspicions about the crypto-exchange's illegal activities. This includes the use of customer deposits to help Alameda Research.
Just a couple of hours before this news, Sam Benkman-Fried wrote that FTX's Bahamian headquarters had stepped up withdrawals. They wanted to reroute payment routes to process more transactions and start paying out customer deposits.
🗞️Phemex exchange will publish confirmation of reserves of funds
The press service of cryptocurrency trading platform Phemex announced the release of the Proof-of-Reserves report based on the Merkle tree. This initiative will allow to visually confirm the provision of reserves of virtual assets of exchange users.
Representatives of the site noted that the security and availability of digital funds of the service's clients should always be of paramount importance for any platform offering trading services. Therefore, the Phemex team always keeps 100% of users' digital assets exclusively in safe and secure vaults.
In line with the key idea of blockchain transparency and verifiability, it was decided to publish a documented proof of Merkle Tree Proof-of-Reserves within the next 30 days, starting November 9, 2022.
According to the site's management, this will strengthen users' trust in the cryptocurrency platform and the entire virtual currency industry as a whole. The project team promised to work carefully to ensure that all information and data to be provided by users is as accurate and reliable as possible.
Representatives of Phemex noted: they always tried to listen to the interests of their clients and understood that the safety and protection of digital money is the company's priority.
The developers assured: Phemex aims to make a significant contribution to the evolution of the crypto-industry and set higher standards that will allow to popularize and develop blockchain and cryptography technologies.
📤Bitgo introduces WDOGE built on Ethereum
On November 2, 2022, Bitgo, a digital asset storage and financial services company, unveiled a wrapped version of Dogecoin memcoin built on the Ethereum blockchain. The company detailed that the Wdoge DAO initiative related to Dogecoin is a partnership between the Dogecoin Foundation, Bluepepper and the Mydoge wallet.
Wrapped Dogecoin (WDOGE) tokens are supported at a 1:1 ratio with Dogecoin (DOGE). The WDOGE token has its own website that explains the benefits of the project, including the use of WDOGE with decentralized finance (DeFi). The frequently asked questions (FAQ) section of the website explains that the developers will soon publish a toolbar similar to the WBTC toolbar for asset validation.
A Bitgo blog post says the company will also offer two types of storage services and will provide hot wallets for WDOGE. Dogecoin managed to rank eighth in market capitalization. Bitgo currently has a registration form to get started with the WDOGE project.
✍️Elrond Network rebranded
Benjamin Mincu, founder and CEO of Elrond Network, has announced a rebranding of the company. The project is now called MultiversX, reflecting its ambition to become a leader in the meta-universe market.
MultiversX is a new ecosystem, which will be based on three main products in particular:
- xFabric: a separate platform with built-in tools for artists and developers of virtual worlds;
- xPortal: a new version of the Maiar service, designed to simplify user interaction with objects in the metaclasseles, including those developed by MultiversX;
- xWorlds: a separate virtual world where users can interact for communication, leisure and entertainment.
📈Arweave (AR) soared 60% thanks to news of Instagram integration
The price of the Arweave AR token rose 60% after it became known that Meta plans to integrate the project's services into Instagram. In particular, Arweave services, or simply NFT, whose functionality was recently added to the popular social network, will be used to store digital collectibles.
Instagram will launch a marketplace for selling NFTs directly within the app, with initial testing currently underway on the Polygon blockchain. According to Stephan Kasriel, who is responsible for Web3 at Meta, all these innovations are primarily aimed at attracting creators and enabling them to make money.
The news of the integration of Arweave's decentralized storage increased the quotations of all cryptocurrencies belonging to this sector. Of the major infrastructure and storage projects, apart from AR, Filecoin (FIL) has noticeably increased by 15% in the last 24 hours.
📝Crypto-asset management report for November 2022
Experts at analytics service CryptoCompare have released their monthly report on cryptocurrency asset management in the market for November 2022. They highlighted that the past 30 days have been very stressful for industry participants due to liquidity issues and the collapse of the FTX exchange as well as venture capital firm Alameda Research.
According to official data, cryptocurrency organizations in the industry experienced an average 14.5% drop in the amount of funds in trust (AUM) in November. This is the most serious drop for this value in almost 2 years since December 2020. This state of affairs was indicative of market destabilization.
At the same time, the analysts stressed that the average daily aggregate volume of financial investments in all products for investment in digital assets in November significantly increased by 127% to $139 million. This indicator became a record since June 2022, breaking the downward trend that has been continuing since May of this year.
The Grayscale Bitcoin Trust (GBTC) product recorded average daily investment volumes of $72.9 million, up 155% from October. Grayscale Litecoin (LTCN) saw a record 428% increase in transaction volumes to $450k.
At the same time, GBTC saw a maximum discount of 45.1% against the bitcoin cryptocurrency (BTC) spot price. This occurred almost immediately after FTX management announced the launch of bankruptcy proceedings.
Ethereum network products showed negative net investment flows of $0.43 million. This negative trend has been ongoing for 3 months, having started after the merger of networks (The Merge).
📺Large investor Mark Mobius predicts a collapse of the BTC rate to $10,000
Mobius Capital Partners LLP co-founder Mark Mobius shared his prediction that bitcoin will continue to fall, with a near-term target of $10,000. He added that he would not invest his own or his clients' money in digital assets because "it's too dangerous."
"But cryptocurrency isn't going anywhere because there is some portion of investors who still believe in it," said Mobius, who has worked for more than three decades at Franklin Templeton Investments
At the same time, he was frankly surprised at "how bitcoin has survived" despite the collapse of major cryptocurrency exchange FTX.
The chaotic slide into bankruptcy of Sam Bankman-Fried's FTX exchange and subsidiary trading house Alameda Research has loomed over the digital asset market. The worry is that the crisis could hit even more cryptocurrency companies.
The prominent investor's prediction isn't alone. Some crypto analysts expect BTC to fall to $10,000, which would bring bitcoin back to levels last seen in 2020, before rising to a record high of nearly $69,000 by November of last year.
Options data from Deribit shows a large number of outstanding bitcoin put contracts, known as open interest, with an exercise price of $10,000 at the end of December. The concentration of options bets suggests that derivatives investors expect this level to be testable.
Bitcoin fell 3.2% Monday amid negative sentiment in global markets and was trading at about $16,200 as of 7:10 a.m. in London. Digital assets ranging from ether to the Dogecoin meme token also suffered losses. The top 100 cryptocurrency indicator has lost about 65% so far this year.
🙁The head of Binance regrets that he did not report the crisis in FTX earlier
The founder of the cryptocurrency exchange Binance Changpeng Zhao said in an interview with the media that he regrets that late reported problems in FTX
The head of cryptocurrency exchange Binance, Changpeng Zhao, regrets that he did not say about the problems of the bankrupt exchange FTX earlier. Zhao said this in an interview with Bloomberg. He noted that the industry missed FTX by allowing it to grow to unimaginable proportions without due diligence.
"I partially blame myself for reporting the FTX problems too late," Zhao said.
Remarkably, just a week ago, speaking at the Milken Institute's Africa Summit, the head of Binance assured quite the opposite. As CNBC wrote, Zhao explicitly stated that he "had no idea FTX was in trouble," adding that Binance would have long ago sold reserves in FTT tokens.
At the same time, the Binance founder hinted that the problems in the crypto market are unlikely to end at cryptocurrency broker Genesis. Zhao quipped that there are "a couple more" of similarly troubled companies, but quickly corrected himself, adding that he doesn't know the exact number of such companies. The head of Binance decided not to specify which crypto market participants he was referring to.
Recall that the crisis around FTX began shortly after Changpeng Zhao announced the liquidation of a stake in FTX tokens FTT. According to the head of Binance, his exchange decided to get rid of a share in FTT after the "recent revelations.
Zhao did not elaborate on what exactly he was talking about, but his announcement came a couple of days after an exposé in the media about the bloated balance sheet of trading firm Alameda Research, which was also founded by Bankman-Fried.
Zhao later publicly questioned the reserves of the U.S. exchange Coinbase, citing media reports. However, he quickly deleted the tweet after Coinbase CEO Brian Armstrong said panic was spreading in the market.
Read about what's wrong with proving exchanges' reserves and why they shouldn't rely on native tokens in a special BeInCrypto editorial.
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🔖Peter Schiff blamed Grayscale for the rise of BTC to $69,000
Peter Schiff, president of brokerage firm Euro Pacific Capital Inc, said it was the actions of Grayscale Investments fund managers that caused the bitcoin (BTC) bull rally in 2021. That's when the flagship cryptocurrency reached a record price value of $69,000.
He stressed: investor confidence in the largest crypto fund was one of the main reasons why digital gold prices flew up at the end of last year. The financier described the specific scheme used by the institutions.
According to Schiff, Grayscale executives advertised heavily on CNBC to attract the attention of smaller investors, who were willing to pay huge premiums to the trust's net asset value. After receiving the additional funds, the company issued more institutional shares and used the proceeds to buy bitcoins (BTC), directly pushing the price of the virtual asset to new highs.
Experts at U.Today noted that, purely technically, the economist isn't quite right. By issuing more shares, Grayscale was able to raise new capital, but buying digital currencies did not play well for Grayscale Bitcoin Trust (GBTC). Because of the imbalance between the total number of shares and the trust's net asset value, the price dropped. Therefore, it had to be sold at a discount, resulting in a serious discrepancy with the actual quotation of the spot asset, which made the Grayscale fund an anti-advertiser.
According to the latest data, Grayscale's discount on NAV has fallen to unprecedented levels in the past few days. It was 43% below the actual rate of digital gold.
🍀Expert predicted the rate of BTC at $78,000 by the end of 2022
Chinese journalist and cryptocurrency expert Colin Wu said that he studied the bitcoin (BTC) chart and Stock To Flow (S2F) model created by anonymous trader Plan B. According to the data, the price of the metric deviates greatly from the actual value of the flagship cryptocurrency and this difference is greater than ever in history. The analyst noted that S2F indicates that Bitcoin will be worth $78,280 at the time of December 31, 2022.
Many Twitter readers have assured that the trader and analyst is completely wrong and there is no way digital gold quotes can reach such a mark in less than a month and a half. Some of the users noted: Plan B's predictions almost never come true and users see no reason to trust his predictions.
Stock To Flow (S2F) is a tool for predicting BTC rates. Its working principle is quite simple. It forms a line on a chart that shows an estimated price level for bitcoins based on the number of coins circulating in the market relative to the number of Bitcoins mined by miners each year.
The stock-to-flow line estimate is the projected price of BTC at that particular point in time. The author of the system argued that to date, the metrics were generally correct in predicting the price as the value of Bitcoin followed the stock flow line.
As the number of bitcoins mined decreases over time, the amount of stock to flow (the s2f ratio) increases as the supply entering the market gradually decreases.
🙅♂️Major exchanges have suspended operations with stabelcoins deployed on Solana
Some major cryptocurrency exchanges have suspended deposits and withdrawals in Stablecoins, which are placed on the Solana blockchain.
BitMEX, Binance and OKX have already banned deposits and withdrawals of digital currencies with fiat USD Coin (USDC) and Tether (USDT). This decision was made due to the fact that the Solana project is associated with the collapsed exchange FTX, which uses the power of this blockchain.
In a statement, Binance noted that the decision to suspend transactions with Stablecoins based on Solana is temporary in nature. Later, the exchange resumed accepting deposits in USDT.
However, the administration reserved the right to leave transactions again at any time.
The press service of Binance stressed:
We reserve the right, at our sole discretion, to make changes to our operations at any time without prior notice.
Other exchanges BitMEX, ByBit and OKX have not yet resumed transactions with Solana-based Stablecoin. The USDC offering (more than $5 billion) is about twice the value of USDT tokens on the SOL blockchain (about $1.9 billion).
✋Australian regulator suspended the license of the local branch of FTX
The Australian Securities and Investments Commission (ASIC) has suspended the financial services license issued to the local unit of the bitcoin exchange FTX. This is stated in a press release.
The restrictions are in effect until May 15, 2023. However, ASIC allowed FTX Australia to provide "limited financial services" until December 19, 2022.
The regulator added that John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha have been appointed as voluntary administrators of FTX Australia and its "subsidiary" FTX Express Pty Ltd.
In March, Sam Bankman-Frieda's company announced that it had opened a division in Australia and was licensed to provide financial services. The platform offered users a full range of exchange and OTC products, as well as derivatives.
On November 11, FTX Group filed for insolvency under Chapter 11 of the U.S. Bankruptcy Code. Bankman-Fried stepped down as CEO.
The bitcoin exchange operator has more than a million creditors, according to court documents. Bloomberg deemed it unlikely that customers would repay the funds.
Recall, the Bahamas Securities Commission blocked the assets of FTX Digital Markets and affiliated entities, as well as suspended the company's license in the country.
The Cypriot authorities took similar steps against FTX Europe.
On November 15, the Supreme Court of the Bahamas granted the regulator's petition for the appointment of temporary liquidators of FTX Digital Markets.
📈Which altcoins benefited from the FTX crash. Top Coins to Rise in Price
The bankruptcy of Sam Bankman-Fried's FTX Group had a negative impact on the cryptocurrency market, bringing down the capitalization of most assets. But there are projects that managed to benefit from this situation. First of all, these are non-custodial wallets and decentralized exchanges (DEX).
Which altcoins rose in value? The TWT token rose to a record $2.52, adding 52.35% in the last 24 hours alone. TWT is the native token of the Trust Wallet software wallet, launched in 2018. It allows interaction with more than 40 blockchains and gives the ability to store about 160,000 different tokens and cryptocurrencies.
The SFP token has added 33.79% over the past 24 hours and is trading at $0.5673. On the morning of November 14, a local high of $0.6499 was reached. SFP is the native token of the decentralized cryptocurrency wallet SafePal, which allows you to trade on the Binance exchange through its own mobile app.
The price of the DYDX token rebounded from a local low of $1,191 on Nov. 9 to hit $2.57 on the afternoon of Nov. 13. DYdX is a DEX crypto exchange for margin trading in digital assets and perpetual contracts. It offers exchange, trading and lending services. The platform runs on smart contracts on the Ethereum network. Transactions are carried out between users directly (P2P).
Among centralized platforms (CEX), the native token of the cryptocurrency exchange KuCoin showed a good increase in the last 24 hours. The value of KCS increased by 18.89% to $7.99.
🤔Experts predicted the bitcoin exchange rate on Halving Day
Dmitry Noskov recalled that the next halving is scheduled for April 12, 2024.
He opined that the crypto market still remains under pressure from the tightening monetary policy of the U.S. Federal Reserve. The U.S. regulator raised the rate again, this time to 4%, the highest level since 2008. Against this backdrop, investors are shifting their money from risky assets like cryptocurrencies to higher-priced dollar-denominated U.S. Treasury bonds.
According to the analyst, it's hard to say how long such a situation will last. It is possible that in 2022-2023 the Fed will not be able to overcome inflation. However, if the U.S. regulator manages to cope with difficulties in the economy and loosen monetary policy, it is possible that by the time halving the bitcoin rate will rise significantly.
Founder of InvestFamily community and investor Nadezhda Narzieva assured that bitcoin value is directly related to halving. She recalled that the last time rewards to miners were halved was in May 2020, and a year and a half later, BTC reached its all-time price high of $68,000.
The analyst emphasized: the value of BItcoin has risen 100 times since the 2012 halving. At the current price level of just under $20,000, the price could soar by at least 5-6 times. She predicts that bitcoin quotes will be around $120,000 to $150,000 by the end of 2024 - early 2025.
CVO of the company Top of the World Yaroslav Ivanov assured that the day of the next halving, the rate of BTC will not exceed $30,000, but in half a year - a year after the market participants will see the inevitable growth.
🌐XCAD Network (XCAD) will be listed on Bitfinex
Cryptocurrency exchange Bitfinex announced the upcoming listing of token XCAD Network (XCAD). No listing date was disclosed.
XCAD Network is a bridge between influencers and their fans. The project allows the creation of rare and unique NFTs of famous personalities, and users will be able to collect them, exchange them, and take part in content development.
🤝ProprHome partners with Ripple to modernize Portugal's real estate industry
ProprHome is partnering with Ripple to provide customers with new ways to buy, sell and rent properties in Portugal. According to the announcement, ProprHome will use XRP Ledger from Ripple and NFT to provide faster, more energy-efficient and lower-cost transactions for real estate buyers and sellers.
Through ProprHome's partnership with Ripple and its utility NFT, the company will offer different types of tokens, starting with digital property certificate tokens called DOC. The DOC tokens will be issued to customers who want to buy or rent property using ProprHome. The token will help customers bypass the time-consuming and complicated verification and approval process required to own a property.
In addition, the token will give homebuyers and renters access to a variety of utilities, including electricity, water, telecommunications and more. Going forward, ProprHome will also issue Propr (PRP), a form of reputational currency that developers, owners and agents can earn and exchange.
☁️Google Cloud will implement Solana in Blockchain Node Engine
Google Cloud announced a partnership with Solana that will launch a network node and integrate blockchain with the Blockchain Node Engine platform.
So far, Blockchain Node Engine only supports the Ethereum network, and Solana is promised to be added in 2023.
🐉China's treasury contains $6 billion worth of cryptocurrency
The PRC today is one of the most unfriendly countries for digital asset counterparties. But at the same time, the Chinese government controls more BTC than the largest known holding company, MicroStrategy.
This was stated by the co-founder and CEO of CryptoQuant analytical agency Ki Young Ju. According to him, the Chinese government currently controls 194,000 BTC and 833,000 ETH, as well as other cryptocurrencies, totaling about $6 billion.
These funds were seized during the PlusToken investigation. Also, Kee Young Joo noted that CryptoQuant has been tracking the movement of funds in this case since 2019.
🇭🇰Hong Kong may legalize cryptocurrency trading
The Hong Kong authorities have published a resolution to start consultations on "expanded access" to cryptocurrency for retail investors.
The measure is part of a global strategy to restore the region's status as a financial center.
So far, it is only a question of listing crypto-ETFs, and it is possible that the authorities will present the first draft of the regulatory framework in this area by March next year.
