For a while, Bitcoin (BTC) has not been able to experience a bullish run. The trading price of Bitcoin has continued experiencing a downtrend and even the relief rally was not good enough to push its price.
Despite the efforts, the bulls have not been able to make much of a difference. They are constantly being pushed down by the bears who seem to be in a very strong position at the moment.
Bulls Failed to Sustain Bearish Pressure
After a strong selling spree, the bears finally slowed down. Many investors were under the impression that it was a relief for the bulls so they could push with their strong buying rallies.
The bulls did try their best to push the trading price of Bitcoin over the $16,972 (20-day EMA) mark. However, the situation was completely opposite to the expectation.
The bulls failed to push BTC’s price over the particular level as the bears soon regained their strength and launched their selling spree.
Since then, the bears have continued selling BTC on a larger scale. As a result, the trading price of BTC has continued to experience a great plunge.
The trading price of BTC has kept falling in the downward direction and seems to be falling closer to its crucial support.
The crucial support for BTC at the moment is $15,476. The bulls may try their best to push the price of BTC farther from this mark. They may try to push BTC’s trading price to a higher level.
BTC Price May Dip to $13,330
Given the amount of pressure the bears have managed to build on the bulls, they may not be able to defend the $15,476 level.
If the bears continue with their strong selling momentum, the price of Bitcoin may continue experiencing a downtrend. This would end up pulling BTC’s price even lower and it will keep falling below the support levels.
If the selling spree continues for a longer period, then the trading price of BTC may lose the $14,500 level. If the situation becomes even more bearish, then the trading price of BTC may fall to $13,330.
The moving averages for Bitcoin are also moving downstream, which is a clear signal that the price of Bitcoin will continue plunging.
Most Alarming Predictions
While the price of Bitcoin is moving at the bottom, analysts are coming up with even more predictions. According to many senior analysts, there is a possibility that the Bitcoin prices may dive lower.
If the contagion from the FTX exchange’s collapse does not come to an end, then Bitcoin price may plunge to a low of $10,000.
Rubic, a decentralized exchange (DEX) and a multi-chain swaps protocol has recently become a victim to an exploit.
Rubic Reports an Exploit
The decentralized exchange has confirmed it has fallen victim to an online exploit. Due to that, they have ended up losing cryptocurrencies that are worth over $1,000,000.
The most concerning part is what the Rubic officials added to their notification. They revealed that the hackers were able to gain access to the private keys.
As confirmed by the officials, the private keys stolen by the hackers belong to the wallet of the administrator.
It was early in the morning today when Rubic came to know about the exploit. They established that one of the wallets belonging to their administrator had its private keys stolen.
The particular wallet addresses are used for the management of the staking rewards as well as the bridge rewards.
Now that the private keys to these addresses have been compromised, it is a major concern for the entire Rubic community.
According to the officials at Rubic, the hackers were able to plant hacking (malicious) software into their system. This allowed the hackers to gain access to their system and they were exploited.
Hackers Stole RBC and BRBC
As a result, the staking and the RBC/BRBC rewards that the hackers have managed to steal. The RBC exists as the native token on the decentralized exchange Rubic.
Whereas, BRBC is RBC’s wrapped version, which allows the users to carry out their trading activities with the token on the BSC network. Using the token, the users are able to take advantage of multiple benefits.
Using the tokens, the users do not have to worry about paying very high overall fees. The token is also beneficial for bringing in more users to RBC.
Funds Stolen by the Hacker
From the exploit, the hacker or the hackers were successful in stealing BRBC and RBC tokens. The total quantity that attackers were able to steal was 34 million for the respective tokens.
The hackers went on to sell the tokens on a couple of cryptocurrency exchanges. These exchanges were PancakeSwap and Uniswap.
The value of the stolen RBC and BRBC tokens is more than $1.2 million. Rubic officials also shared the details of the hacker’s wallet, revealing it held more than 205 Binance Coins.
In addition to the 205 BNB, the hacker also held many ETH that translate to more than $205,000.
Right after the announcement, the value of the RBC token has taken a major hit. The value of the token has plunged more than 98% after the update from the Rubic officials.
However, in the past 24 hours, the token’s value has recovered by 15%, trimming some of the losses it recorded following the exploit.
from CryptocyNews.com https://www.cryptocynews.com/rubic-suffers-major-exploit-losing-private-keys-1000000-exploit/
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In the past 24 hours, the trading price of Dogecoin (DOGE) has experienced a 4% dip. It happened after the reports started to come in about the Twitter account of Donald Trump being put back on.
No matter how much people protest despise Donald Trump or talk bad about him, the fact is that he was the 45th President of the United States.
Donald Trump was among the highly influential people in the entire world who were very active on Twitter and other social media channels.
However, the former president was impeached, which also led to his Twitter account being banned permanently. It appears that Elon Musk had different plans as he has reportedly reinstated his account.
Performance of Dogecoin
Just as more and more people started to realize Trump’s account had been reinstated, the word spread like a wildfire. As Elon Musk is a DOGE proponent, the people soon blew their anger on the meme coin.
It can be seen that in a 24-hour window, the trading price of the meme coin plummeted by 4%. Despite being down in the past 24 hours, the past 7-day gains of DOGE still stand at 23%.
A look at the past 30-days is also promising as it shows that DOGE’s price rose by 14%
It was Expected
Even before Elon Musk had acquired Twitter, he had mentioned that he would not ban any users from Twitter, he it was to be under his control.
He added that everyone had the freedom of expressing their thoughts and make them known to the entire world.
Therefore, as Twitter was bought by Musk, people know that Trump’s account reinstating was the next thing to happen.
Musk made More Promises
However, what the followers of Elon Musk and the DOGE community want to see from the richest man in the world is when he fulfills his other promises.
In the past, Elon Musk had promised that he would add Dogecoin as a payment method if he were to acquire Twitter. Now, the community wants to know if he is going to realize his other promises or not.
If that happens, then something really big will happen to Dogecoin. Just the mere idea presented by Elon Musk back in April 2022 had the entire DOGE community flying high.
IF Twitter does adopt DOGE as a payment method, it could be a game-changer for the meme coin.
DOGE Price to Hit All-Time Highs
Twitter is a major social media platform, which Elon Musk wants to turn into a payment platform that rivals PayPal and other payment services platforms.
If that happens, then the trading price of DOGE may experience the largest rally ever. In such a scenario, the value of the DOGE may cross the $0.80 mark, which would be an all-time high for the meme coin.
from CryptocyNews.com https://www.cryptocynews.com/price-prediction-dogecoin-donald-trump-reportedly-returned-twitter/
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Litecoin (LTC) has demonstrated a strong performance in the past 24 hours. The price chart shows that the trading price of LTC has surged over 21% in the particular window.
SHIB was overtaken by LTC
The strong performance demonstrated by Litecoin has helped it overtake Shiba Inu (SHIB). Due to the recent strong rally, the market valuation of LTC has grown enough to challenge and defeat SHIB.
In the latest trading sessions, the market valuation of LTC has taken over the valuation of the second-largest meme coin.
LTC has Continued Building Strength
The month of November has proven to be one of the worst experiences for the entire cryptocurrency industry in the year 2022.
The situation turned ugly due to the FTX crash and the entire market is still hoping to recover from the disaster.
Even major cryptocurrencies such as Bitcoin and Ether have all witnessed great downfalls. Cryptocurrencies are still trying hard to get through the hard times without any strong recovery in sight.
While the crypto market is trying hard to recover, Litecoin appears to have been exempted from the impact. The report shows that the majority of the month of November has turned out to be lucky for LTC.
The digital asset has continued gaining strength in the respective month and the situation has only gotten better in recent days.
The asset has gained enough strength that it has overtaken the second-largest meme, Shiba Inu in terms of market capitalization.
The core reason behind the downfall of the entire cryptocurrency industry, FTX collapse is still growing worse for the entire cryptocurrency industry.
The FTX contagion has been spreading throughout the cryptocurrency. Over time, multiple firms have come out revealing the truth that they had spent quite a fortune in the FTX exchange.
Now, every firm that had invested in FTX, is paying the price and is on the verge of going bankrupt.
Current Performance of LTC
Just when the majority of the cryptocurrencies are experiencing downtrends, Litecoin has recorded a 21% surge in the past 24 hours. At the time of writing, the trading value of LTC is at a high of $78.
Given the current situation of LTC and its constant backing by the bulls, the asset is only going to grow bullish. As a result, the trading price of the asset may continue to grow stronger.
When the FTX crash took place, its trading value was at a high of $72 but right after the grieving news, its value plunged to lower than $50.
After the brief plunge, LTC’s price continued pushing higher and at the time of writing, it is floating at a higher level.
In the past 7 days, the value of LTC has surged 35% and following its rally, it has moved higher in terms of its market rank. Prior to the rally, it ranked as the 20th largest crypto but now, it is at the 15th spot.
Litecoin has defeated Shiba Inu in the market valuation competition and has taken over its 15th spot in the process.
from CryptocyNews.com https://www.cryptocynews.com/litecoins-value-surged-21-24-hour-window-overtakes-shibs-market-position/
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The cryptocurrency industry has proven to be very unstable ever since the beginning of 2022. Due to the market downfall, almost every major cryptocurrency is facing a bearish trend.
During these difficult times, investors are looking for new ventures that are promising and have the potential to offer huge gains.
Therefore, for any new venture that seems like a promising one and sounds great, the investors go for it without giving it a second thought.
Oryen (ORY) is a Promising Asset
Just when the majority of the new tokens and ventures are appearing as fluctuating and volatile, Oryen is proving to be a token with great potential.
Therefore, the investors have already started gathering around the token as it is already offering them huge gains. The investors believe that over time, it will bring in huge returns against their investments.
Even now, ORY is in its initial coin offering (ICO) phase, still, it is proving to be a highly profitable investment for the users. The early investors of the ORY token are already looking at 200% gains.
This is a quite impressive demonstration of power and potential by the token. The token is proving to be a very impressive asset so far with great potential to offer its investors.
Other Major Coins are suffering
ORY is demonstrating a strong performance even before its official launch. Its strong performance comes at a time when all major cryptocurrencies are going through difficult times.
The major cryptocurrencies such as Cardano (ADA) and Solana (SOL) are currently under too much pressure, and even their rallies are not strong enough.
While these major cryptocurrencies are going through bearish market trends, ORY has a high potential of achieving strong rallies.
Despite the general market sentiments being in the bearish territory, ORY is brushing off all the negative factors. It is currently moving in the positive direction and its value will be much higher as it goes on the mainnet.
Oryen Network’s Performance
The first presale that the token held was on September 26. From September 26 until now, this is the 5th initial coin offering by the Oryen Network.
On the first day of the ORY ICO, the trading price of the asset was at $0.05. However, at the time of writing, the value of the ORY unit is worth $0.15.
The asset has already started showing its great potential and the investors expect that its value will continue rising even after its mainnet launch.
The coin has been created on the Binance Smart Chain and the firm that will be auditing its protocol is SolidProof.
There is a high possibility that the token may get enlisted on the Binance exchange as it goes live. This is going to be even more promising for investors as its price will shoot tremendously.
from CryptocyNews.com https://www.cryptocynews.com/oryen-launched-5th-initial-coin-offering-witnesses-200-gains-early-investors/
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The value of the WEMIX Token (WEMIX) has taken a huge fall in the recent trading sessions and it is all because of its recent delisting.
It has come as a huge shock to the entire WEMIX community that the cryptocurrency exchanges in South Korea have decided to delist the asset.
SR Crypto Exchanges to Delist WEMIX
WEMIX is the native token issued by Wemix, a blockchain platform backed by Wemade, a major gaming company in South Korea.
According to the cryptocurrency exchanges based in South Korea, the platform “Wemix” has provided them with misleading and wrong information pertaining to the asset.
The exchanges have also issued an investment warning for their users where they have intimated their users about the false information provided by Wemix.
Following the accusations, the exchanges have made it clear that they will be delisting the token from their platforms.
Major Exchanges Partaking in the Delisting
The major cryptocurrency exchanges in South Korea that are supporting the delisting include Gopax, Korbit, Coinone, Upbeat, and Bithumb.
These exchanges form a collective, mainly known as DAXA (Digital Asset eXchange Alliance). The DAXA announced the delisting of the WEMIX token from their platforms on November 24.
The firms have revealed in their announcement that the contract for the particular token will be terminated from their end in the month of December.
The communication reveals that December 8 would be the last day of trading for the users with the particular asset. After that, the token will be decommissioned with no access to trading or acquisition.
Claim by DAXA
It was back on October 27, when the DAXA highlighted the matter for the first time. At that time, the DAXA argued that the number of WEMIX tokens in circulation are much higher than communicated by Wemix.
After the issue was highlighted, Wemix provided assurances that it will work with DAXA to address the matter. Wemix assured the entire WEMIX token community that they will deal with the problem at hand.
They will work together to alleviate the concern and everyone will be on the same page. From the looks of it, no progress was made on the matter, forcing the exchanges to make a radical decision.
However, Wemix officials completely denied the claim made by the DAXA about the actual versus the communicated supply of WEMIX.
In a statement, Wemix officials stated they do not appreciate the decision that has been announced by the DAXA on the matter. They have not circulated a single WEMIX more than the communicated supply.
Following the announcement, the value of the WEMIX token has plummeted by 70.8%. At the time of writing, it is trading at a low of $0.476.
As the day of the delisting approaches, the value of the WEMIX token would continue plunging.
from CryptocyNews.com https://www.cryptocynews.com/wemix-tokens-trading-price-faced-70-plunge-latest-delisting/
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The FIFA World Cup 2022 – Qatar is turning out to be full of surprises for all football fans. The biggest surprise the FIFA World Cup has given to the fans is Argentina’s defeat against Saudi Arabia.
ARG vs KSA
One of the most exciting matches that have taken place in the FIFA World Cup so far is between Argentina and Saudi Arabia.
The match was filled with excitement and shockers for football fans not only from both countries but from the entire world.
As the Saudi Arabian fans successfully scored 2 goals against 1 from Argentina, they emerged victorious. This is a huge victory for the Saudi Arabian fans and a major upset for Argentina.
Argentina Fan Token Plummets
Due to Argentina’s recent loss against Saudi Arabia, the value of the Argentina fan token has taken a major dip. The name of the particular token is “ARG”, which reportedly plunged after Argentina’s defeat.
The die-hard soccer fans who had placed bets on the ARG token ended up getting upset with the team’s performance. They started to get rid of the token the moment Argentina lost to Saudi Arabia.
Price Movement of ARG
Prior to the match kick-off, the value of the ARG token was at a high of $7.21.
However, as the fans saw the poor performance of Lionel Messi as a player and a captain, it became ARG would lose its value.
With the Argentinean National Team losing the match to Saudi Arabia, the value of the ARG token has plunged. The value of the token has experienced a 31% plunge in the past 24 hours.
After the loss, the trading price of ARG has shed $2.25, and it is currently at a low of $4.96 per ARG. However, the price of ARG did pick up after plunging, and it rose to a high of $5.22.
Even at the time of writing, the value of ARG is at a high of $5.22 per ARG. CoinGecko, a major blockchain data analytics firm has confirmed the details about the latest price of ARG.
Saudi Arabia-Linked Assets Rose Significantly
While the trading value of the ARG token has traveled in a negative direction, the value of the assets linked with Saudi Arabia has moved higher.
A non-fungible token “The Saudis”, which is linked with Saudi Arabia, has also experienced a major surge in recent trading sessions.
The data shows that the value of “The Saudis” has surged 52.6% in the past 24 hours. Prior to Saudi Arabia’s win, the value of the NFT was at 0.196 ETH but it rose to 0.3 ETH after the match.
At the time of writing, the value of the NFT is at 0.225 ETH, which translates to $250.
It seems that the Saudi team is in very high spirits. If they continue performing the same way they did against Argentina, the value of KSA-related assets may rise tremendously.
from CryptocyNews.com https://www.cryptocynews.com/argentinean-fan-token-plunges-defeat-saudi-arabia-fifa-world-cup-2022/
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AlfaBTC is a prominent brokerage organization with offices all over the globe. Its successful services have earned a trustworthy reputation in the financial field. Thanks to the broker’s security standards and procedures, traders from all over the globe depend on it.
AlfaBTC has tailored its services and policies to meet the demands of the public and offers innovative methods and tools to clients. Here is a full AlfaBTC review that shows why it is a reliable broker for crypto traders.
Security
The dangers of cybercrime are rising with the advancement of technology within the digital industry. As a result, asset protection must be the first objective to be examined before beginning the deal.
AlfaBTC follows robust regulatory measures to safeguard the security of its client’s funds. Their servers have numerous strong security layers installed. The user’s credentials are initially encrypted using the AES 256-bit protocol. Furthermore, KYC laws ensure that every individual starting a trade is a legitimate person with valid identification.
Conditions
Before beginning a transaction, AlfaBTC requires consumers to agree to their conditions and terms to do business securely and prevent future problems. Customers should verify to see whether the brokerage’s service is authorized in their country and if there’s no legal responsibility. AlfaBTC restricts access to online service in locations where service is prohibited without alerting.
Fees
In a period of rising inflation, brokerages also charge hefty fees to clients as incentives for their trading platforms. However, AlfaBTC has kept the prices and commissions to a minimum. Their prices are reasonable and readily accessible to anyone.
In the event of a financial transaction, the brokerage does not take any fees. However, whether the transactions are carried out through wire transfer or other electronic platforms, the banks charge service costs that are not the brokerage’s responsibility.
Bonuses
Bonuses are extra services brokers offer to attract more consumers to their company. Many brokers provide their clients with sign-up incentives and forex bonuses.
AlfaBTC also provides a welcome bonus to new clients who register accounts with them. It is a technique of assuring customers that they would get a portion of their investment back after working with the broker. Furthermore, the broker provides customers with a deposit incentive. The deposit bonus value fluctuates according to the money put in the account.
Customer Support
This platform provides customer service on an advanced level. They may be contacted by telephone or email, and their website also has a live chat feature for customers to use. If a client has difficulties while carrying out a transaction, he or she is able to get in touch with customer care by sending a single message. They never take more than the minimum amount of time to react to clients.
Trading Instruments
AlfaBTC provides hundreds of trading products to customers when they begin trading with the company. It offers several advantages to consumers, including an easy trading environment for traders. It also offers a diverse selection of trading assets to trade, including indices, digital currencies, stocks, and even precious metals. Compared to other brokers, the service fees and commission percentage are cheaper. Furthermore, traders may quickly create their bank accounts with the brokerages according to their needs.
Education and Training
To trade professionally and profitably, you need to know a lot about the methods and rules of trading. Those just starting in the world of CFD trading must first get a firm grasp of the basics. Through its platform, AlfaBTC provides its customers with training and educational tools to assist them in acquiring advanced conceptual understanding. Customers receive education through downloadable guides, online tutorials, and live webinars. In addition to that, they schedule one-on-one meetings with their customers in order to instruct them.
Conclusion
AlfaBTC is a reliable online platform quickly gaining popularity among trading companies because of its reliability. It uses modern methods, gives users a choice of appealing policies, and does all of this while keeping the needs and preferences of users in mind. These all characteristics make it a trustworthy platform to experience smooth trade.
On November 21, the government of Kenya introduced changes to the Kenyan Capital Markets Law. The Kenyan government’s approach is to make sure that the taxation on cryptocurrencies is streamlined.
The Amendments
The amendments suggest that any individual or entity that is involved in dealing with or owning cryptocurrencies will be required to provide information on their activities.
The information for cryptocurrency ownership and dealing would be required for taxation purposes. The information is already public in Kenya through local media sources.
For the first time, the government of Kenya has decided to take a step in streamlining the taxation process in the country.
Kenya Government is Taking Interest in Crypto Taxation
The government was never interested or concerned about the involvement of their locals or entities in Kenya with cryptocurrencies.
This indicates that the government and regulators of Kenya have realized the importance of cryptocurrencies. They know how much revenue the crypto sector can generate to boost their economy.
Therefore, the country is now taking an interest and is determined to implement taxes on cryptocurrency activities.
Amendment Details
The amendment details suggest that the people dealing in cryptocurrencies and generating capital gains would be liable to pay taxes. The Kenyan Revenue Authority will be responsible for the collection of taxes.
The regulator would ensure that the taxes are paid by the individuals and entities who are involved with crypto and are generating gains.
Whether it is owning (holding) the cryptocurrencies or selling them via trades, taxes would apply to the capital gains.
The income tax would also apply to individuals or businesses who keep held the cryptocurrencies for less than a year.
If the cryptocurrencies are held across the 1-year timeline, then the income tax will be removed but the capital gains tax will be implemented.
As of now, the ranges of income tax implementations in Kenya are between 10% and 30%. On the other hand, the banks are already charging a huge (20%) in the form of excise duty.
The excise duty is implemented on all kinds of fees and commissions that involve cryptocurrency trades.
New Amendment is Problematic for the Locals
Given the number of fees the locals were already paying to the banks, the Kenya authorities implementing income and capital gains taxes are going to be very cruel.
Kenya is among the countries where the locals have found cryptocurrencies to be a way to improve their lifestyles. However, the new taxes would simply bar the locals from doing that.
A great decline is expected in cryptocurrency ownership and trading volumes from Kenya, following the implementation of the new taxation laws.
As a result, all major cryptocurrencies may take a huge hit and push the cryptocurrencies into even darker territory.
from CryptocyNews.com https://www.cryptocynews.com/cryptocurrency-market-suffer-yet-another-dip-due-kenyas-crypto-taxation/
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Genesis Global Capital denied having imminent plans for the bankruptcy filing by disclosing its priority to hold constructive conversations with the creditors.
Genesis Exposure to FTX Downfall
Genesis, a popular cryptocurrency lender, disproved current speculations of initiating bankruptcy proceedings if unable to bridge the $1 billion shortfall attributed to the sudden FTX Group downfall. While it admitted facing difficulties raising working capital for the lending unit, Genesis’ spokesperson refuted the bankruptcy filing. Instead, the lender’s spokesperson declared its desire to resolve the challenge consensually.
The speculation for plans to file for bankruptcy traces to the November 16 announcement indicating Genesis temporarily halted customer redemptions. Further, the announcement attributed to the unprecedented market turbulence following the FTX Group collapse. In an earlier communication conveyed during the November 10 briefing, Genesis admitted facing a liquidity crunch as $175 million remained locked in the FTX Trading account.
Search for Fresh Liquidity Source
The presser conveyed by the interim chief executive Derar Islim that Genesis Global Capital was serving institutional client base and, by the third quarter, had an active loans book of $2.8 billion. While announcing the temporarily suspension of loan originations, Derar clarified that Genesis Trading was an independently capitalized dealer for Genesis Global Capital. The remarks expressed hope for Genesis Global Capital securing fresh liquidity.
The devotion to secure extra funding saw Genesis Global Capital approaching crypto exchange Binance for a bailout. Insiders privy to the conversations indicated that Binance overlooked the deal citing the acquisition would yield a conflict of interest. Efforts by Genesis to raise new $1 billion capital necessitated it to approach private equity provider Apollo Global Management. To date, Apollo is yet to convey a decision toward funding Genesis.
Genesis Global Capital Counterparties
Genesis Global Capital’s woes trace to the huge losses it suffered earlier this year following the downfall of Three Arrows Capital (3AC). However, it has suffered harsher punishment following the implosion of FTX and Alameda Research that triggered mass withdrawal requests that strangled its liquidity. Its parent company – Digital Currency Group (DCG) had declared a $140 million equity infusion welcomed by Genesis counterparties including Gemini, Tether, and Galaxy Digital (GLXY).
Galaxy Digital suffered a similar fate as Genesis Global Capital as it reported $76.8 million exposure to the FTX collapse. Galaxy refuted the exposure to Genesis lending operations. Circle – the issuer of USDC stablecoin – acknowledged that Genesis remained its counterparty within the Circle Yield. The announcement made on November 17 affirmed that its $2.6 million outstanding loans featured robust collateral agreements while other balances were overcollateralized.
from CryptocyNews.com https://www.cryptocynews.com/crypto-lender-genesis-global-capital-dismisses-imminent-bankruptcy-filing-following-ftx-collapse/
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Binance was founded back in 2017 and since then, it has earned itself the title of being the largest cryptocurrency exchange.
It has continued achieving more and more in the cryptocurrency industry and things are getting even more promising for the exchange.
In the running year, several centralized cryptocurrency exchanges have been criticized for misusing the assets of their users.
One of the biggest examples is FTX which was using its users’ crypto holdings to back up funds at Alameda Research.
However, as time are passing, centralized exchanges are becoming a problem for investors. This is the reason why people have started to lose confidence in such exchanges.
Binance is the Savior
At a time like this when investors have started to lose their confidence in centralized exchanges, Binance has come up to the sector’s support.
The largest cryptocurrency exchange by trading volume is indeed a centralized exchange and it is running its business better than any other exchange.
Whether it is a centralized exchange or a decentralized one, Binance has been performing really well. The exchange feels no harm from the regulatory scrutiny or investigations.
The reason is that the exchange is fully regulated and strictly adheres to all the regulatory policies. Therefore, the exchange is able to perform well, and thus, it can claim that its investors’ funds are safe.
Binance has Shared Bitcoin Holdings
Due to the recent crashes of major cryptocurrency platforms, investors are concerned about whether their funds are safe with third-party firms or not.
The investors are not ready to face another cash, which causes them to suffer from the same losses they faced due to FTX and Terra crashes.
Now, the investors are demanding to be provided with the proof-of-reserves. In such an environment, Binance has attempted to lighten the mood by sharing the addresses of its assets.
Statement by Changpeng Zhao
The CEO of Binance made a statement about the current reserves of Binance and how it will share its data with the crypto community.
He stated that they are working on the process of performing proof-of-reserves and it will soon be available to their users.
Changpeng Zhao Provided Bitcoin Reserves Stash Data
Although he claimed that they are working on the proof-of-reserves data for all the cryptocurrencies, they do have data available for Bitcoin.
Zhao revealed that on November 6, they had a total of 526,128 Bitcoin which amounted to around $8.63 billion.
However, as of November 12, their total stash had been reduced to 447,964 Bitcoin, amounting to around $7.34 billion.
This is an assurance for the cryptocurrency community that despite all the ups and downs, Binance is going nowhere. Therefore, investors must not lose their confidence in Binance.
This is also an assurance that the price of Bitcoin is going to rise soon as not many investors have withdrawn their funds from the exchange.
There are a few strong trends that have emerged in the last couple of decades and one of them is online trading. There was a time when you had to venture out in order to even think about trading, but those days are long gone, thanks to the internet and technological progress.
Today, you can trade from the comfort of your office or your home and still be able to access all the opportunities that the financial markets have to offer. As a matter of fact, trading has become a lot more simplified because you don’t need to have copious amounts of money and neither do you need any experience or education to begin.
The only real requirement that you have to fulfill is to find a reliable and dependable broker that can provide you with access to the markets. Finding anything online nowadays is pretty straightforward; you run a simple search on Google and a list of options will be available.
The same applies to brokers, but you have to remember that not every name on the list is capable of doing a good job. This is where you have to do your homework and find out whether a company is the right fit for you or not.
Look at their asset index
The first place to begin your research into Interacinvestor is to consider their asset index. What assets will you be able to trade through their platform? This answer can make a big difference in your decision, especially if you have a specific asset you want to trade, or you are looking to diversify your portfolio.
No matter what the scenario, this company can be a good fit because they are offering an extensive variety of assets to their clients. Their aim is to permit traders to invest in as many financial markets as possible, due to which they have added a great variety.
When you decide to use International Market Service Board as your broker, you will be able to invest in the indices market, which includes some lucrative choices like NASDAQ 100 and S&P 500. You can also go with the commodities market for consistent profits by trading precious metals like gold, silver, platinum and palladium.
Currency pairs, such as EUR/USD, USD/CHF, GBP/USD and USD/JPY can also be traded. In fact, they have even added the option of cryptocurrencies, such as Bitcoin and Ethereum, to their offerings. This gives every trader the opportunity of finding an asset that suits their risk appetite.
Consider their trading platform
After evaluating the assets they are offering to you, it is time to look into how you can trade them. This is another important aspect because it determines your trading experience as a whole. Interacinvestor is well-aware of the role of trading platform, so they have incorporated the superior option i.e. the MetaTrader5.
It is a simple yet powerful trading platform that uses innovative technology and features to deliver an optimal trading experience to its users. If you are a professional trader, you can download the MT5 on your PC or Mac for a full-fledged trading experience.
If you wish to have an easier-to-navigate and less hassle-free option, Interacinvestor allows you to use the web version of the MT5, which you can access through their website.
Traders who enjoy trading on the move can download the mobile apps that have been designed for both iOS and Android ecosystems and take only a few minutes to download and install. You can use them for accessing your trading account anywhere and everywhere.
Go over registration and account opening
What exactly do you need to do to register with Interacinvestor? This is an important question that you need to ask because if you have to jump through a lot of hoops, it is better to steer clear.
Luckily, you only have to fill a single form on their website to complete the registration process and this doesn’t take more than a few minutes. As far as account opening is concerned, they provide you a demo account option that you can use for getting in some practice.
After you have gotten acquainted with how the system works, Interacinvestor gives you the option to open a real live trading account for executing trades in the market.
Assess the support options
It is also important to determine what kind of support you can expect to receive from a broker because it can affect your experience. If you get stuck with a problem, you don’t want to wait for days for help, as it can result in losses and missed opportunities.
Interacinvestor has been proactive where customer service is concerned. They have a dedicated department, which can provide assistance 24/7, and you can reach out to their support staff through numerous channels. You can get in touch with them via phone call, or you can send in your query via email. You also have the option of using the live support option provided on their website.
Other than these features, you will also come to know that Interacinvestor offers robust security measures and have an excellent pricing policy that allows their clients to maximize their profits. You can find everything you need on this platform and can achieve your trading goals without any problems.
Nayib Bukele, the El Salvador President recently made a statement showing what a real Bitcoin (BTC) pro sounds like. He is a strong supporter and advocate of Bitcoin and he is proving that with his ambitions.
According to him, the current downfall in the Bitcoin market is just a test for the entire Bitcoin community. It is the test of their loyalty and patience because success does not come for free it has to be earned.
He added that to become successful in the adoption of Bitcoin, they have to stay loyal to it and keep believing in its potential. If they withdraw now, they will only show that they are giving up on their country’s success.
Current Market Situation of Bitcoin
The reason why Nayib Bukele has made such a statement is that due to the recent crash in the crypto market, many investors have lost faith in crypto.
Even Bitcoin investors are losing their confidence in investing in Bitcoin. People have started withdrawing their Bitcoin holdings from centralized exchanges and they are resorting to self-custody solutions.
At the moment, there is too much uncertainty in the cryptocurrency market and not much can be said about the future of any cryptocurrency. Even the future of Bitcoin is currently facing a lot of uncertainty.
At a time like this, Nayib Bukele has stood up in support of Bitcoin, boosting the confidence of the Bitcoin community. He has made a huge announcement that is ought to bring back the masses to the Bitcoin market.
Situation of Bitcoin
It was in July 2021, when Nayib Bukele announced that he had presented a bill at the El Salvador parliament to grant legal status to Bitcoin in the country.
Then in September 2021, Bitcoin was indeed inducted into the ES law as a legal tender. At that time, Bitcoin’s trading price was hovering over $50k and it even went all the way up to $69k.
Since then, Bitcoin has not been able to hit another all-time high and the situation has gotten worse for BTC ever since the year 2022 began.
Despite the constant deterioration of Bitcoin’s price, Nayib Bukele has continued supporting it, which means ES is supporting the coin.
ES to Purchase 1 BTC every day
As the price of Bitcoin is currently hovering at a low of $16,642.82, Nayib Bukele perceives it as the best opportunity to buy the currency.
According to him, they will be starting a new program from Friday that would see one BTC being bought every day. This would mean that El Salvador would continue accumulating BTC to no end.
Although Bitcoin is currently experiencing a downtrend with support coming from Bukele and other Bitcoin proponents, its price is destined to surge.
from CryptocyNews.com https://www.cryptocynews.com/amidst-global-crypto-market-downfall-nayib-bukele-doubles-bitcoin/
via Bitcoin News
via Bitcoin News Today
Solana (SOL) has become one of the top losers in the list of top cryptocurrencies in the past 24 hours.
This is because two of the largest crypto exchanges have made alarming announcements that do not go well with the Solana network.
Announcements by OKX and Binance
OKX and Binance are among the top crypto exchanges known throughout the world for their strong user bases and trading volumes.
Both exchanges have recently announced that they have revoked the deposits feature of Tether (USDT) and USD Coin (USDC). Initially, the announcements confused the crypto communities.
The users were not able to understand why the exchanges had suspended USDC and USDT. This is when the officials at the exchanges posted the reason for suspending the two largest stablecoins.
The officials clarified that they had suspended the deposit feature for the USDC and USDT which are based on the Solana blockchain.
In reality, the exchanges had blocked the Solana USDT and Solana USDC on their platforms for the users. Still, the communities were a bit confused about the decision made by the exchanges.
The reason is Solana’s strong ties with the founder of the FTX exchange, Sam Bankman-Fried (SBF). He was among the most prominent and top supporters of the Solana blockchain.
With SBF’s exchange filing for bankruptcy, leaving millions of people at billions’ worth of losses, the exchanges decided to suspend the particular stablecoins.
Solana’s trading price has fallen all the way down to $13.26 at the time of writing, after plunging more than 5% in the past 24 hours.
YTD Loss of SOL is Over 90%
The trading price of SOL has experienced a 5% decline in the recent trading session. The decline was recorded after both exchanges announced the temporary suspension of Solana-based stablecoins.
The users are currently unable to process deposits for the USDT (SOL) and USDC (SOL). The users are to face no problems when processing deposits for the USDT and USDC stablecoins.
Crypto.com was the first cryptocurrency exchange to take safety measures and suspend deposits for the said stablecoins. They also confirmed that the deposit suspension would be temporary.
Neither of the exchanges has confirmed when they plan on lifting the suspension from the respective stablecoins.
The exchanges suspending the deposit features have cited industry events and crashes caused by the FTX exchange.
Solana has been one of the most supportive networks behind the FTX exchange and its founder, Sam Bankman-Fried.
It is due to its connection with the FTX brand that is causing problems for the Solana network. Even in the past 60-minutes, SOL’s trading price has dipped 3% and it now trades at a low of $13.26.
From year to date, SOL has lost more than 90% of its value and it currently trades at $13.26.
Given the current situation of SOL and its connection with FTX, it is recommended that investors stay away from investing money in it.
FirstCapital1 is a cryptocurrency broker that provides services to a wide range of cryptocurrency traders. In this FirstCapital1 review, we will be looking at some of the platform’s characteristics and evaluate how it compares to others.
Continue reading for a FirstCapital1 review in which I describe the greatest aspects of this cryptocurrency platform. After reading this review, you will be able to understand more about the platform’s prominent elements.
Cryptocurrency trading is such a type of investment you may make to augment your earnings. You can no longer wait to get profits from your investments because of this cryptocurrency broker. Years after years, the crypto market has proved to deliver quick profits. To begin, you must choose an online broker to help you with your crypto endeavors. The best part is that you may select from a variety of brokerages.
Examine different brokers before entrusting your capital to any broker. FirstCapital1 is one of the firms you will come across when researching cryptocurrency firms. However, conduct more research to confirm that the firm meets your trading requirements and aspirations. It is an obvious thing that your trading requirements may differ from those of other traders. When you intend to begin your crypto journey, consider the features and tools offered by a crypto business. The best part is that most brokers include profitable features, tools, and functions that might improve your chances of making huge profits. In this FirstCapital1 review, we will look at the online company’s many services and how you can increase your income by using them.
If you ask, numerous traders would say that one of the most effective types of trading is online trading. There are thousands of traders who make money by trading online. If you are a workaholic and work a typical nine-to-five job, you must be wary of it. If you wish to supplement your income to pursue your ambitions, you should begin trading online as other traders have already started. If we check successful traders, we can see that several have made millions simply by trading online. Therefore if you believe that online trading is not successful, you may be mistaken. Several assets fall under the heading of online trading when we talk about it.
The cryptocurrency was initially introduced into the market in 2009, with the first cryptocurrency, Bitcoin. Many traders who’ve already traded in this market have failed to see its significance and believe it has no future, but they were wrong. However, the world has witnessed how cryptocurrency trading has grown into one of the largest marketplaces. During the path of cryptocurrencies, which began with cents, there were many peaks and troughs in the market, which many traders faced, but they stood firm. Then, after several years, it has suddenly attained an ATH (All-Time High) of over sixty thousand dollars, catching the attention of several traders.
The availability of platforms is growing in parallel with the rise of cryptocurrencies and crypto trading. But, before we go into the market, let me tell you how to get started because without knowing the initial, it would be impossible to succeed in cryptocurrency trading. The initial step in cryptocurrency trading is to create an account with an broker. Cryptocurrencies may be traded on various trading platforms, but the ideal way is through a crypto broker. A cryptocurrency broker is a portal that allows you to purchase and sell multiple currency pairings. Let me explain currency pairings to you if you are unfamiliar with them. Currency pairings are made up of two sorts of currencies.
Most professional traders consider this to be one of the easiest and most preferred strategies. Experienced traders who have been trading in the market for quite some time will choose to trade with the assistance of a crypto broker. However, selecting a trading platform is not a simple task. There may be several obstacles along the way. Let me explain what those obstacles are. The first challenge for traders is locating a trustworthy platform. Fraudsters have risen in number as cryptocurrencies, and the crypto world has advanced.
There has been an increment in fraud cases involving new and immature traders who fraudsters have duped. If you are new to the market and don’t know much more about it, you should conduct a thorough study before enrolling with any platform. You could save effort, labor, and money by doing so.
However, research is an exhausting task. It isn’t easy to get traction on a certain platform, especially if new to the field. Hundreds of perspectives exist on a single site, making it exceedingly difficult for traders to choose what is best for them. However, after reading this essay, you should be able to make a decision rather fast.
Simple Registration
If you wish to use a cryptocurrency broker‘s services, you must first register with it. This is to be anticipated of any internet platform, and broker is no exception. However, there is no set pattern for these interactions, so that you may expect anything and everything about them. Most individuals are scared by this procedure because certain conversations seem to drag on and prolong it needlessly. Others also request a great deal of information, which is concerning since you would not want to commit so much of your private details in the hands of a firm you’ve never used previously.
Undoubtedly, you’d like to know how FirstCapital1 handles it and what steps you need to take to begin utilizing their trading platform for trading cryptocurrencies. When you start your registration process, you will realize that it is far simpler than most other platforms available. They don’t make you leap through any hurdles, and you might not have to submit a great deal of information straight immediately, which is quite comforting. What steps must you take to join up? You must go to their website by clicking on the ‘Join Now’ button.
This will bring up a form that must be filled out, and it will ask for some very basic information. You must enter the email address, passcode, and cellphone number. For verification, you must give a valid phone number. The final step is to check the Terms & Conditions as mentioned on FirstCapital1’s website. You can look over them thoroughly to ensure that you understand what you are committing to. Then you click ‘Accept,’ and the procedure is completed.
This is all you have to do to become a member of the FirstCapital1 broker. They do not require you to wait for the acceptance of their sign-up application, nor do they demand you to finish any additional procedures before you can begin using their broker.
Trading Platform
Once you sign up with an broker, how would you purchase and sell cryptocurrencies? What would you implement? How would you find out about bitcoin prices? Where would you be able to access your available placements? This is when the platform enters, which is essentially the software that allows the user to access and close positions while also connecting you to the bitcoin market. It assists you in managing your assets, checking prices, and provides tools to help you make purchasing and selling decisions. However, it is critical to remember that each broker’s platform is distinct.
After registering into your account, you may access the trading platform through the FirstCapital1 site. The user interface design is straightforward since it has been developed for both novice and expert investors. You didn’t have to worry about a period of adjustment, and navigating will be simple. The platform responds quickly and allows users to view everything in real-time, thanks to sophisticated technologies. Furthermore, because the platform is available through a website, you may utilize it on any appropriate platform.
Anyone can acquire any cryptocurrency using fiat currency, and you will simultaneously be free to sell any cryptocurrency and get dollars straight in your bank account. In terms of other tools, FirstCapital1 has introduced a range of graphs, technical indicators and notifications, certain signals, and market research that may come in useful and enable investors to make purchasing, retaining, and trading choices.
Variety of Cryptocurrencies
The entire purpose of searching for a crypto broker is to purchase and sell cryptocurrencies. But have you considered which cryptocurrencies you wish to invest in? Gone are the times when Bitcoin was the only digital currency worthy of consideration, but the industry has developed and developed rapidly over the years. Many other cryptocurrencies have been created from that time, and there are currently hundreds of alternatives accessible.
Not all of them can provide the same interest rate, and certain cryptocurrencies are just excellent investments. Furthermore, due to the instability of the cryptocurrency market, you should not limit yourself to one or two cryptocurrencies. Variety is preferable, which implies spreading your cash over a few alternatives. However, to do so, you must have access to the relevant cryptocurrencies, where multiple digital currencies come into play. Because no two brokers will give you similar cryptocurrencies to trade, you must compare their services.
You must take extra precautions since some cryptocurrency brokers offer a wide range of cryptocurrencies but fail to deliver on their promises. It’s merely a tactic to get people to join up, and you’ll discover afterward that they may not have the cryptocurrencies you’re looking to purchase and sell. You wouldn’t want to join up with a new broker every time since this is inconvenient and time-consuming. Similarly, you do not wish to keep several accounts with different broker because it could be tough to handle them all. You’ll make terrible judgments since you won’t be able to maintain track of many accounts simultaneously.
Choosing a single cryptocurrency broker that can supply you with everything you want is preferable, and FirstCapital1 is a viable alternative. For starters, they are a cryptocurrency broker; hence they will supply you with everything you need to trade these cryptocurrencies. Furthermore, they provide diversity in cryptocurrencies so that you won’t have any issues with variety. A wide range of digital assets is supported on the trading platform of this cryptocurrency broker.
At FirstCapital1, customers will be able to purchase and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Monero, and various other cryptocurrencies, allowing you to broaden your crypto investments. You will indeed be forced to have a single account, making it much easier to monitor your assets and get the most out of them.
Privacy and security
Examining the security and privacy standards of broker is one of the greatest methods for anyone to assess whether or not it is trustworthy and reputable. People are indeed conscious of the security and privacy dangers of online trading, but these concerns have been amplified in the cryptocurrency industry. This is because the sector is unregulated, and hackers have seized the chance to abuse as many users as possible. There were several cases when the marketplace was just getting started in which brokers were attacked, and users lost their digital assets and sensitive personal data.
Cryptocurrency brokers have become wiser over time; they are strengthening their online privacy procedures to prevent this from happening. However, not every business provides the same amount of confidentiality, and you must exercise caution in this regard. If the broker cannot provide appropriate protection, you may be susceptible to identity fraud or have your digital and fiat goods robbed. One of the most serious issues with digital asset fraud is that there is no way to recover them owing to the anonymity of bitcoin transactions.
On the FirstCapital1 website, you also will discover a Privacy Policy that you can then read to learn about what data they collect, how they collect it, and why they do it. Furthermore, the policy emphasizes that no foreign entity has access to your details without your consent. No details are sold, exchanged, or licensed to anybody without the customer’s permission.
Customer Support Service
The majority of internet trading platforms do not provide adequate customer assistance to traders. If a trader has a problem with the platform or is unsure about a transaction, there ought to be some help available to answer his questions. Many faults might exist in computers and the internet, necessitating robust backup assistance in customer service.
FirstCapital1 provides a strong customer support service, but it has also established a separate division of teams dedicated to responding to traders’ inquiries. Assume you are unfamiliar with the site or are experiencing difficulties when trading. In that situation, you don’t have to worry since FirstCapital1 has a fast and responsive, and experienced staff of customer support services available to you.
Final Verdict
After reviewing all FirstCapital1 has to offer, I expect you are in a stronger position to determine what is ideal for you. Many other sites have intriguing characteristics, but the services provided by FirstCapital1 are simply outstanding. Surprisingly, I found no negative comments regarding this interaction. If you’ve chosen to sign up with FirstCapital1, you may do so by going to the platform. Including these functionalities, FirstCapital1 offers various payment options and is also available to traders to assist them in delivering crypto services internationally.
The world’s biggest crypto exchange, Binance, announced recently that it was suspending deposits on the Solana blockchain of stablecoins USDT and USDC.
Since the announcement, it has reopened USDT deposits on Solana. USDT is the stablecoin that belongs to Tether, while USDC belongs to Circle.
Both stablecoins exist on numerous blockchains, including Ethereum and Solana, and are pegged to the US dollar.
No explanation
Binance did not give any explanation as to why it had made this decision. It should be noted that it was not the only crypto exchange to have paused withdrawals of the Solana-based versions of the two leading stablecoins.
This week, crypto exchange OKX also announced that it would remove the two stablecoins on the Solana blockchain, which means that users will not be able to make deposits or withdrawals in the two tokens anymore.
An email had also been sent out by crypto exchange Crypto.com in the previous week, which cited ‘recent market events’ as the reason for suspending deposits and withdrawals of USDC and USDT based on the Solana blockchain.
It should be noted that people who use the Solana network for using the two stablecoins will be impacted because of these decisions.
Users who are making withdrawals and deposits in the two stablecoins on other networks will remain unaffected. These include Polygon, Algorand, and Ethereum.
Confusion
Similar to Binance, Crypto.com and OKX did not provide a detailed explanation for their decisions. The chief executive and co-founder of Cirlce, Jeremy Allaire was also confused.
He said that the Solana-based USDC was also issued by Circle and did not have any problems. He went on to say that the motivations behind the actions of the exchange were unclear and it was quite disappointing.
Solana tanks
Last week was one of the most turbulent weeks to have been recorded in the history of the crypto industry, as it saw the downfall of the FTX crypto exchange.
Since it occurred, the SOL token of the Solana network has been performing rather poorly. Due to FTX filing for bankruptcy, almost every token in the market dipped.
However, it was the SOL token of the Solana Foundation that seemed to take the biggest hit, as its value was battered.
CoinGecko’s data shows that the value of the token has plunged 94.9% at the time of writing, as it is down to $13.13 from $259.96.
On November 5th, the token reached a peak of $38.03, but it declined from that value as well. Moreover, there was also significant exposure to FTX of the Solana Foundation.
It had about 3.43 million FTT coins, which is the FTX’s native token, common stock of FTX Trading LTD of 3.24 million shares, and $1 million worth of assets on the exchange itself.
As of November 6th, it also had SRM tokens of about 134.54 million. These tokens belong to the decentralized exchange Serum, which was also affiliated with FTX.
It is possible that Solana’s troubled situation could have prompted the exchanges to come to this decision.
Top law enforcement agencies along with the judicial authorities in Turkey and Russia have agreed to the need for Mutual Legal Assistance (MLA) agreement for preventing cybercrimes in the digital industry.
Further collaboration will be made between the two countries for stopping the illegal use and abuse of digital currencies.
Turkey and Russia Agree on MLA
A Mutual Legal Assistance (MLA) has been signed between Turkey and Russia which will initiate a 2-year mutual cooperation program.
As per the program, top watchdogs and judicial authorities of the two countries will cooperate together.
The agreement was signed in Istanbul, Turkey in which Igor Krasnov, Prosecutor General represented Russia while Bekir Bozdag, Minister of Justice represented Turkey.
Focus Would Be Countering and Preventing Cybercrimes
The mutual cooperation between Russia and Turkey will focus on combating and preventing crimes committed by cybercriminals in the digital asset industry.
Furthermore, it has been agreed that misuse of digital currencies must be curtailed by all means necessary.
After executing the mutual cooperation agreement, the Russian representative pointed out that Russia has vast experience in the relevant field.
Russian Rep Comments
Krasnov suggested that Russia has laid down the infrastructure for conducting investigations and trying disputes pertaining to digital assets. He also said that the law on the subject in Russia has been further updated.
On the other hand, the Russian central bank is in the process of conducting pilot testing of Russian CBDC, told Krasnov.
He also made mention of the draft proposal which is under consideration by the United Nations and deals with the misuse of technology for cybercrimes.
Criminalization Required
He pointed out that Russia believes that there are various acts in the technology sector that need to be criminalized.
According to him, non-criminalization of such acts are encouraging extremism, brainwashing common people, and causing harm to the national security of political regimes.
European Sanctions
As regards the European initiative of dealing with cybercrimes, he commented that Europe’s approach is limited. He said that the approach does not deal with the core problem.
Currently, the European region has imposed one after the other sanctions on Russia particularly because Russia waging war on Ukraine.
Europe also took notice of the matter that Russia was utilizing digital currencies and assets for bypassing the restrictions imposed through sanctions.
Russia’s Plan for Digital Assets
Resultantly, Russia’s access to the global markets to has been severely curtailed. To counter these sanctions, Russia has come up with a proposal that it should need to utilize digital assets for settling international payments.
Particularly state matters involving imports have been proposed to be settled through digital currencies. However, the initiative has not been taken yet because Russia is still considering the matter.
In the meantime, Russia has approved a draft proposal relating to the mining of digital currencies in the country.
A press release was published by the Securities Commission of the Bahamas (SCB) on November 14th, 2022 that explained that they had chosen the provisional liquidator for dealing with the FTX situation.
According to the SCB, they have opted to hire one of the ‘Big Four’ accounting firms, which is PwC (Pricewaterhousecoopers), and it added that they had to move quickly due to the magnitude of the problem relating to FTX.
New announcement
On Monday, the SCB’s press release dictated that they had appointed Peter Greaves and Kevin Cambridge from PwC and the court had also approved them as joint provisional liquidators.
As compared to conventional liquidators, provisional ones are not responsible for funds distribution and their job is to safeguard the assets of the bankrupt firm.
The Bahamas regulator also added that they were collaborating with other supervisory authorities for dealing with the FTX fallout.
The SCB said on Monday that since the collapse of FTX was multijurisdictional, they would engage with other authorities in the coming days and weeks to deal with it on a regulator-to-regulator basis.
Moreover, the securities regulator also added that they needed to speed up the case because of the magnitude of the implications associated with the collapse of the crypto empire.
Previous actions
The securities regulator of the Bahamas said that considering the international implications, the urgency, and the extent of the damage associated with FTX, they have had to take swift action.
It said that it had used its regulatory powers for protecting the interest of creditors, clients as well as other global stakeholders of FTX Digital Markets Ltd, which are granted under the DARE Act that relates to digital assets and the exchanges registered in the country.
The Bahamas regulator had also frozen the assets of FTX earlier and had submitted a request to the Supreme Court for appointing a provisional liquidator.
More details
The Bahamas regulator had also said on November 12th that they had not given approval for prioritizing the withdrawals of clients of FTX in the Bahamas.
On November 13th, there was an announcement from the Royal Police Force in the Bahamas that it had launched an investigation into the activities of FTX.
A spokesperson for the Bahamian police said that the Financial Crimes Investigation Branch had set up a team of financial investigators.
They were working with the Securities Commission of the Bahamas (SCB) to determine if there had been any criminal misconduct where FTX is concerned.
It should be noted that while FTX had halted withdrawals for its clients, it did resume withdrawals for its users in the Bahamas.
The exchange cited regulatory requirements as the reason for giving this option to its Bahamian users, which had obviously drawn the ire of others.
The fact that FTX had been operating from an offshore zone like the Bahamas has also given rise to concerns about lack of regulation.
Lawmakers in the United States have also lashed out at the SEC for now providing a regulatory framework for the crypto space, pushing people into using such offshore companies.
from CryptocyNews.com https://www.cryptocynews.com/bahamas-regulator-appoints-pwc-joint-provisional-ftx-liquidator/
via Bitcoin News
via Bitcoin News Today
The financial markets regulator of Australia has taken an action against the FTX branch operating in Australia. The reports coming in have confirmed that the regulator has suspended the exchange’s license.
Australia Takes Action against FTX Australia
The FTX-backed entity currently operating in Australia offering crypto services is FTX Australia. The reports have confirmed that the license for FTX Australia has been suspended by the Australian regulators.
It is the financial markets regulator of Australia that has reportedly suspended the license of FTX Australia. The regulator took action against the exchange after a complaint was raised against it by the local investors.
The investors involved a total of 132 companies from Australia and 30,000 local citizens who are eager to get their funds back from FTX.
The complaint has been raised by a voluntary administrator who has been appointed to pursue the case against the exchange.
The announcement by the ASIC
On November 16, the Australian Securities and Investments Commission issued a statement involving the FTX Australia exchange.
The regulator announced that they have suspended the license that the exchange was registered within Australia.
The regulator confirmed that it is the Australian Financial Services (AFS) license that the exchange had acquired from them. The ASIC has added that the license has been suspended until May 15, 2023.
Benefits of the AFS License
By acquiring the AFS license, the exchange was able to offer the Australian locals foreign exchange contracts. The exchange was also granted the license to operate and create a derivatives market.
With the permission, the FTX Australia entity would be able to target individual, wholesale, and retail clients.
Anyone who wanted to become a trader and signed up for digital assets was directed to the FTX Australia platform.
Despite the suspension, the exchange has the ability to perform a limited level of financial services to the locals in Australia. The exchange is now barred from offering derivative contracts to Australians.
Voluntary Administrators Pursuing the Case
The reports confirm that three administrators from KordaMentha, an advisory and investment firm in Sydney have picked up the case voluntarily. They are Rahul Goyal, Scott Langdon, and John Mouawad.
At the moment FTX Australia is in a crippled state as it operates in Australia. It is not the only entity facing the suspension of FTX Express, its subsidiary is facing the same suspension since November 11.
Now, the exchange has to return the funds of thousands of investors from Australia. If it is not able to do it, then it will proceed with filing bankruptcy, adding another bankruptcy to FTX’s failure list.
In the meanwhile, the trading price of FTX Token (FTT) has taken another hit. This time, FTX Token’s price has taken a 14.48% hit in the past 24 hours.
At the time of writing, FTT trades at a low of $1.56 and it is constantly losing its market value.
from CryptocyNews.com https://www.cryptocynews.com/australian-regulators-suspend-ftx-australias-operating-license/
via Bitcoin News
via Bitcoin News Today
Markets were more than shaken up by the collapse of one of the leading crypto exchanges in the world. The FTX implosion caught the attention of many lawmakers in the United States
They used the resulting fiasco as leverage to claim that the crypto industry requires stricter regulation. A number of officials were quite vocal about the condition of the market and how investors are suffering, especially those who have suffered by the swift downfall of FTX.
Numerous lawmakers have asserted that a regulatory framework for the crypto market is urgently required.
Regulation
Before things became so convoluted, it had seemed that Binance might acquire FTX, which prompted a statement from Congressman Patrick McHenry.
Hailing from the House Financial Services Committee, the leading Republican said that there was a need for crypto regulation.
He said that the need for Congressional action was quite apparent in recent events and that a framework should be established by Congress to ensure that people have adequate protection in space.
Maxine Waters, who heads the committee, also expressed similar concerns on Thursday about the crypto industry.
She suggested that they could have prevented the significant amount of harm that investors suffered, had there been any federal regulation in place.
Investor protection
She said that it had become apparent that the consequences of crypto entities operating without any regulatory oversight can be disastrous because there are no protections for customers.
Sherrod Brown, the head of the banking committee, said that the collapse of the FTX exchange should be studied by financial watchdogs to determine exactly how customers’ funds had been mishandled.
The US Senator said that the implosion of the FTX exchange was a warning sign that there could be a failure. He added that the turmoil in the crypto market shows that crypto should be regulated and their role in the economy should be determined.
Lack of clarity
Brad Sherman, who heads the committee on investor protection, said that the key reason that the FTX situation was so disastrous was that there is no clarity when it comes to regulations for crypto.
The Congressman said that this was partly due to the Securities and Exchange Commission (SEC). He said that the SEC needs to take decisive action because there are still some gray areas in the crypto market.
He added that the efforts of billionaire crypto entrepreneurs of preventing meaningful legislation by lobbying spending and making campaign contributions worth millions of dollars have been quite effective.
Senator Patrick Toomey also said that a clear regulatory framework is required. He has previously criticized the SEC for using enforcement as their approach to regulation in the crypto space.
He said that the FTX incident highlights the need for a proper regulatory framework that should include the segregation of customer funds by centralized exchanges.
The SEC has been under fire before as well when the Terra ecosystem imploded in May, and things do not appear to have changed.
People have now become concerned about other crypto exchanges that are operating in the market because of a lack of regulatory clarity.
FirstCapital1 is a cryptocurrency 
