Bitcoin (BTC) Drops To 2-Year Low At $15.8K, Ethereum (ETH) And DOGE Fall
With the full impact of the FTX explosion slowly emerging, the cryptocurrency market has suffered another sharp decline. On Sunday, November 20, Bitcoin (BTC) dropped more than 5% to drop below $15,800.
Bitcoin’s drop below $15.8K marks the first time the asset has fallen below the area in two years. However, Bitcoin has recovered slightly, as it is now trading at $16,060, down 3% over the past 24 hours.
Ethereum (ETH) decline was sharper, with a loss of 8% sending ETH below the $1,180 and $1,170 support levels. ETH bottomed at $1,110 and is now trading at $1,120, with many anticipating further declines.
Ethereum (ETH) price chart 24 hours. source: CoinMarketCap
Dogecoin (DOGE) suffered the biggest drop of the 20 cryptocurrencies ranked by market cap. Track losses DOGE resistance to the breakdown of FTX. The DOGE index remained down 8% over the past 24 hours, trading at $0.07565 from yesterday’s high of $0.08568.
Dogecoin (DOGE) 24-hour price chart. source: CoinMarketCap
The decline in the major cryptocurrency can be linked to the FTX crash, which collapsed after the FTX hacker converted the stolen cryptocurrency into BTC and ETH.
FTX owes $3.1 billion to its 50 largest creditors, asks other exchanges for help
In documents filed Saturday in Delaware bankruptcy court, embattled cryptocurrency exchange FTX has announce It owes its 50 largest creditors about $3.1 billion, although it was valued at more than $32 billion earlier this year.
According to FTX, the ten largest creditors have more than $100 million each in unsecured claims, which amounts to $1.45 billion combined. The largest creditor is over $276 million and his 50th is about $21 million.
in that filingFTX notes that the debt does not include anything owed to company insiders. FTX has it too called on others Exchanges to step up and help track funds that were transferred “without authorization” from the exchange last week.
funds He said to exceed $650 million. FTX has asked the exchanges to “take all measures” necessary to secure the funds so that they can be returned to the estate that is presiding over its bankruptcy.
The deposit can only be scratching the surface of the amount FTX owes creditors. The company revealed last week that it may have more than 1 million creditors.
Examiner says Celsius has ‘inadequate’ accounting and operational controls
The independent examiner in Celsius Network’s Celsius Bankruptcy, Shoba Pillay, has mentioned The company failed to put in place “adequate” accounting and operational controls in dealing with clients’ funds.
Celsius ran two programs, Custody and Withhold, both of which required separate infrastructure. However, according to the report, Celsius failed to develop a separate infrastructure for Custody software.
According to Pillay’s interim report, Celsius continued to mix deposits in withholding accounts with the rest of its funds. This allowed the shortfall in conservation portfolios to be funded from her other properties.
Pillay explains that the custodial portfolios are underfunded on June 11th.
She adds that due to the co-mingling of funds "customers now face uncertainty regarding which assets, if any, belonged to them as of the bankruptcy filing.”
The report provides insight into how the court will advance discussions about Celsius’ Custody and account blocking at the upcoming meeting.
EMURGO will launch Cardano’s first regulated stablecoin, USDA, by 2023
EMURGO, the official trading arm and founding entity of Cardano (ADA), owns announce Launch of USDA – the first fully backed stablecoin, compliant with the regulations of the Cardano ecosystem.
USDA is developed by EMURGO as the first product in Anzens. The Anzens suite of products designed by EMURGO aims to bridge the gap between “the protocols of traditional financial institutions (TradFi) and decentralized finance (DeFi).”
According to EMURGO, the stablecoin will be backed by USD and will be launched before the end of the first quarter of 2023. The USDA will combine low-cost, fast, and resource-efficient infrastructure with USD stabilization.
EMURGO also disclosed that it has formed a partnership with a US-based regulated financial services firm in order to make cash deposits to support the USDA in a regulatory-compliant manner.
The introduction of the USDA can help strengthen Cardano’s DeFi ecosystem by making it more sustainable, robust, and resilient.
Grayscale refuses to share Proof of Trust Reserve, citing security concerns
Grayscale, the issuer of the world’s largest crypto fund, has decided not to follow this trend by publishing a Proof of Reserves or a wallet address showing the underlying assets of crypto products.
according to greyscale Its decision not to publish evidence of the fund’s reserves is due to security concerns. However, the fund noted in a Twitter thread that all of the cryptocurrencies behind its investment products are stored in Coinbase’s custodial service.
More grayscale explained Coinbase is the only regulated, publicly traded cryptocurrency exchange in the US regulations that require Grayscale crypto funds and also prohibit the underlying assets from being sold, loaned or otherwise transferred.
The move comes amid growing pressure from the community for exchanges to publish proof of reserves in the wake of the FTX crash. However, Grayscale reassured investors that their money is safe.
Grayscale has made it clear to its investors and crypto community that the regulations that apply to its entities make an FTX-like scenario nearly impossible.