Daily Crypto News | November 15th, 2022
Welcome to Barmy’s Daily Crypto News – November 15th, 2022
1. Over $3.4 Billion in Bitcoin Has Been Removed From Exchanges Over the Last Week
Since the FTX fiasco began a week ago, it’s safe to say that the event has greatly alarmed cryptocurrency investors. Metrics demonstrate that withdrawals have increased significantly on trading platforms in addition to exchanges coping with some of the largest trade volumes in months.
On Sunday, Nov. 13, crypto exchange volumes saw momentum decline to levels seen before Nov. 7 after seven days of notable changes in cryptocurrency prices. According to data from cryptoquant.com, exchanges held 2,312,458 bitcoins (BTC) on November 7; on Sunday, November 13, they had 2,098,600 BTC.
This indicates that since November 7, 213,858 bitcoin, worth around $3.4 billion, have been removed from exchanges. According to the website Cryptoquant.com, as exchange reserves continue to decline, there is less selling pressure.
The leading exchange for holding bitcoin (BTC) at the moment is Coinbase, according to data gathered by Peckshield, Bituniverse, and etherscan.io. The cryptocurrency exchanges Binance, Huobi Global, Kraken, and Okx, in that order, follow Coinbase’s hoard of bitcoin reserves.
2. Binance Establishing Crypto Industry Recovery Fund
Binance said that it is establishing a recovery fund for the cryptocurrency industry following the collapse of cryptocurrency exchange FTX. Binance is creating an industry recovery fund to assist projects that are otherwise solid but are experiencing a liquidity problem in an effort to lessen the negative effects of FTX that will continue to cascade.
The head of Binance continued, “Welcome to other industry participants with cash who wish to co-invest.” “Crypto will not vanish. We remain here. Rebuild, then. CZ discussed bitcoin regulation and his company’s efforts to establish global standards for cryptocurrencies in cooperation with other industry participants at a fintech conference in Indonesia on Friday.
He expressed concern about cascade repercussions and compared the FTX mess to the financial crisis of 2008. At the conference, the CEO of Binance said: “We must promote transparency as a sector. To strengthen this industry, we must collaborate closely with regulators on every continent. Regulators must play a significant role, but no one party is to responsible for this.”
3. Paxos Complies With U.S. Law Enforcement Request to Freeze 11,184 PAXG
The business has frozen 11,184.38 pax gold (PAXG) tokens that were held on the FTX platform, according to a Paxos announcement to the public on November 12, 2022. General Counsel for Paxos International, Ben Gray, wrote the update. The most tokenized gold coin in terms of market cap is called PAXG, a cryptocurrency that is backed by one ounce of.999 pure gold at a 1:1 ratio.
According to Gray’s blog post, “Earlier today, U.S. federal law enforcement directed Paxos to freeze Paxos-issued assets connected to four ethereum addresses: 0x59A, 0xc40, 0x5Ea, 0x9c4 .” “In response to the request, Paxos frozen 11,184.38 PAXG tokens worth about $19 million. In the previous day, these tokens had been transferred from an unidentified wallet address that they had previously been on the FTX.com platform.
The Paxos CEO explained that “this is a quickly evolving topic.” When new information becomes available, they plan to publish updates as necessary. Paxos will continue to cooperate closely with law enforcement and authorities as usual.
4. Visa has terminated its global agreements with FTX
The cooperation between payments giant Visa and FTX to launch a debit card program in 40 countries around the world was announced only a month ago. However, Visa quickly halted the program due to FTX’s recent insolvency and bankruptcy troubles.
Last week, Binance CEO Changpeng “CZ” Zhao declared that Binance would liquidate all of its FTX Token (FTT) holdings. This unintentionally sparked a bank run, which in turn caused FTX liquidity concerns.
The native cryptocurrency of the FTX trading platform, FTT, increased by roughly 7% in October as word of the relationship between FTX and Visa spread online, hitting a high of $25.62. Following the recent twist in the story, FTT is now trading at $1.89.
It is not surprising that organizations like Visa are trying to disassociate themselves from the disgraced platform given how rapidly the once-reputable crypto currency exchange, FTX, has gone downhill.
The FTX situation is bad, and they are keenly observing events. Security and trust continue to be at the forefront of all of their endeavors, whether they are related to digital currency or not. Our global agreements with FTX have been cancelled, and their issuer is winding down the US debit card operation.
5. Ramp Raises $70 Million in Series B Funding Round
On Nov. 9, Ramp, a business that specializes in offering fiat to cryptocurrency and cryptocurrency to fiat flows for various Web3 applications, declared that it had raised $70 million in its most recent funding round. The funding round, which was co-led by Korelya Capital and Mubadala Capital with participation from Balderton Capital and Cogito Capital, will enable the business to continue expanding despite the market’s current circumstances.
These money will make it easier for the business to function in the future, enabling it to “invest further into our product range, add local fiat currencies and payment methods, expand into new regions, and continue to hire the greatest people in the market,” according to a news release. With this investment, the company has now raised more than $120 million in the past 12 months.
Ramp claims that despite these challenging circumstances, it has been able to prosper while other businesses in the crypto sector have seen substantial setbacks during the crypto winter. This is due to the nature of its business strategy, which tries to make it easier for customers to switch between wallet apps and Web 3 applications. This enables users to buy cryptocurrency quickly and easily utilizing methods like bank account deposits, for example. Depending on the nation, the company also permits integrations with Visa, Mastercard, Apple Pay, Google Pay, and others.
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