Bank Run Leaves FTX Reserves In Shambles, What Happens If The Exchange Falls?
The FTX-Binance troubles have continued and there has been a profound impact on the crypto market during this time. While Binance looks to be holding up quite nicely through all of this, the same cannot be said for the FTX crypto exchange. Over the last 48 hours, the exchange’s woes have been climbing as users […]
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Huobi announced (via reddit, yesterday) that it will be implementing an industry standard Proof of Reserves program by the end of August, with a Trading/Asset Separation scheme to follow in September. Huobi is following in the footsteps of its foreign and domestic exchange counterparts by submitting its database and hot and cold storage wallets to a third-party audit. Their action follows on from wider concerns raised by the Chinese Bitcoin community that Chinese exchanges are operating by fractional reserve and user demands that exchanges prove 100% reserves. The Spectre of Mt. Gox means....
Data shows Bitcoin and Ethereum exchange reserves continue their downtrend as the supply shock tightens its grip. Bitcoin And Ethereum Exchange Reserves Trend Downwards As pointed out by a crypto trader in a tweet, both Bitcoin and Ethereum continue to experience a decline in their exchange reserves. The exchange reserve of an asset is an […]
On-chain data shows the USDC exchange reserves have started to trend downwards recently, a sign that buyers may be exchanging the coin for Bitcoin and other cryptos. USDC Reserves On Exchanges Have Fallen Down Over The Past Few Days As pointed out by an analyst in a CryptoQuant post, investors may have started to exchange […]
Is this the beginning of the end for FTX and Alameda Research? Or will both organizations come out stronger on the other side? As NewsBTC reported, Binance’s CZ smelled blood in the water and announced that his exchange was selling their FTT reserves. That created a sort of a bank-run that left FTX in a dangerous position. Are both of the Sam Bankman-Fried-led organizations’ destinies tied to the FTT token? Or will they be fine even if it falls? In the most recent Bitcoin Magazine Pro report, they describe the current situation as, “a wave of panic taking shape that questions the solvency....
The Swiss National Bank (SNB) has rejected the notion of incorporating Bitcoin into its reserves. The central bank has no interest in retaining the cryptocurrency, as it is too volatile and risky, according to SNB President Martin Schlegel. Related Reading: Crypto Heads To The White House As Trump Hosts 1st Summit Price Swings Raise Concerns […]