From claims that Bitcoin could hit new lows, to Binance launching an industry recovery fund to help projects survive a liquidity crisis. Here are some highlights of the crypto market.
Earlier today, the largest cryptocurrency bottomed out at $15,784 on the Bitstamp exchange.
That was just above the two-year low of $1,632 set on Sept. 11, the day cryptocurrency exchange Binance withdrew from trading FTX.
BTC Price Chart | Source: TradingView
The largest cryptocurrency rallied 14% on Nov. 10 as a U.S. inflation gauge fell short of expectations.
However, the crypto market began to erase this gain after FTX Group filed for bankruptcy.
In a recent tweet, trader Jake Wujastyk said he would be “shocked” if Bitcoin didn’t retest the 9/11 lows in the coming days.
Analysts at JPMorgan Chase recently predicted that the Bitcoin price could drop to $13,000. At the same time, Fundstrat’s Mark Newton believes that Bitcoin price may drop below $10,000 for the first time since November 2020.
Bitcoin prices are currently down 76.84% from their all-time high of $69,044 set in November last year.
This morning (November 14), lots of information and photos programme Huobi was unable to withdraw funds from FTX, with a total value estimated at around $18 million.
“Huobi Hong Kong Branch announced that FTX was unable to withdraw US$18.1 million, of which US$13.2 million was user assets. Equity managing partner Li Lin will provide unsecured loans of up to US$14 million to help cover the balance sheet deficit.
Soon after, Huobi’s Twitter account was hacked forward information about the frozen funds above.
On October 8, Huobi Management Company transferred all the shares of Huobi Global to the fund of About Capital. Therefore, New Huo Tech is a completely independent institution. The operations of Huobi remain stable, and we will continue to provide users with safe and reliable services. “
Also in the report provided by the company, Huobi’s reserve fund is worth about $3.5 billion. Most are HT (~$900 million), TRX ($820 million), and $820 million in tokens. Meanwhile, other large-cap assets include 274,000 ETH and 32,000 BTC.
Ethereum co-founder Vitalik Buterin donate There are 20 million DOGE in the Dogecoin community.
It’s unclear how the nonprofit will use the donation.
This is not Buterin’s first contribution. The fund reportedly received 500 ethereum (ETH) from Canadian programmers.
Buterin joined Neuralink CEO Jared Birchall on the fund’s advisory board last August.
The developer Solana is worried that the platform may leak information after the FTX hack, so it intends to fork the Serum project, the AMM platform, on Solana.
After witnessing hundreds of millions of dollars withdrawn from the exchange, FTX’s Telegram said the exchange was likely hacked.
Many Solana developers wondered whether this incident would affect the Serum application, a liquidity platform developed by FTX and used by many other applications on the Solana blockchain.
Solana founder Anatoly Yakovenko says developers are speeding up to fork Serum on November 13 and restart the project without interference from FTX.
According to the founders, currently Serum’s private keys can be controlled by someone at FTX. After FTX is cracked, the ciphertext may be leaked.
Cryptocurrency exchange AAX said it had suspended operations, citing a planned upgrade delayed by market volatility.
The company is headquartered in Hong Kong Notice Services on the exchange will be delayed by 10 days as a third partner collapses, said Sunday. The exchange did not identify a partner and said it has no connection to FTX.
“In order to avoid fraud and exploitation, withdrawals have been suspended,” the company said. AAX will continue to make every effort to resume normal operations over the next 7-10 days to ensure the highest level of accuracy. ”
Binance CEO Changpeng Zhao, disclosure on the 14th, the exchange will launch an industry recovery fund to help project parties overcome the liquidity crisis.
CZ made this statement amidst the liquidity crisis of the recent bear market that has affected several crypto projects, forcing many businesses out of business.
According to CZ, the fund will be open to other companies in the industry who wish to invest. More information on the initiative will be available soon, he added. CZ has asked to consider himself eligible to contact the Binance Labs project.
Binance Delists FTT Spot Trading Pair
Binance Notice Remove the entire FTT spot trading pair, leaving only FTT/BUSD
FTT/BNB, FTT/BTC, FTT/ETH, FTT/USDT trading pairs will be delisted at 11:30 AM on November 15th, Vietnam time.
Shiba Inu News
The SHIB burn rate has increased by 1,064% in the past 24 hours when the community excludes 23,823,149 tokens from the circulating supply. According to a recent tweet from the tracking platform, the meme coin was burned in just one transaction.
Overall, the recent Shib burn program has been underwhelming. Only 99,774,731 SHIB were sent to Burn wallets in the past week, an all-time low.
This may be due to the recent collapse of the FTX exchange, which filed for bankruptcy on Friday and was subsequently hacked.
Payments company Curve is in active discussions to acquire more than 87,000 BlockFi credit card customers whose credit cards have been suspended since November 11th.
A spokesperson for Curve said the “outreach and negotiation” process began on Nov. 12, and conversations with Deserve, the banking-as-a-service (BaaS) company that offers BlockFi’s card program, are still ongoing.
“Terms are being actively negotiated between Curve and Deserve, but are still awaiting the outcome of a sale or partner due diligence,” the spokesperson said.
Wave Field News
TRON (TRX) Recent Announce The launch of Tronpedia, a new platform where people can learn about Tron-powered projects.
The site has several categories, including DeFi, GameFi, NFTs, Web3, Stablecoins, Blockchains, and more, which can be seen as a positive development for the Tron blockchain.
However, TRX’s recent price action has not benefited buyers as it has lost more than 20% over the past seven days.
The data records more than 90,000 transactions made on Crypto.com over the past few hours.
The community found some doubts about the exchange’s reserve assets on Saturday. Thus, Crypto.com “accidentally” transferred 320,000 ETH (worth over $400 million) by mistake to its rival Gate.io exchange.
Crypto.com CEO Kris Marszalek announced that the transfer was just an incident in which Crypto.com transferred money to cold wallet storage, but mistakenly transferred it to the Gate.io exchange. Gate.io then returned 285,000 ETH and the remaining 35,000 ETH was transferred to another wallet.
Tokensoft’s community managers have uploaded an Excel file of allegedly “fraudulent” user information, including residential addresses and email accounts.
On the project’s Discord page, a CM named Nicky G posted a list of what he believes was deliberately “cheating” to win the airdrop. This action caused controversy, and many people said that at least the CM should delete the user’s personal information and leave the wallet address. The file has now been removed from the forum.
Tokensoft, a chain-agnostic launchpad token platform that has attracted over 4,000 users, is organizing an airdrop to reward active community members.