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Despite the continued downturn in the crypto market, exacerbated by the collapse of crypto exchange FTX, many seasoned investors are showing their strong belief in cryptocurrency. Dallas Mavericks owner Mark Cuban said he believes the usefulness of smart contract technology can secure their future.
“A fundamental question. Why did I invest in crypto? Because I believe that smart contracts will have a significant impact on creating applications of value. I have said from day one that the value of a token depends on the applications that run on its execution on the platform and derives from the profit they create”, tweeted the American billionaire.
The entrepreneur has long touted Ethereum (ETH) as the superior cryptocurrency to Bitcoin (BTC) and “the closest thing to real money.” Indeed, ETH as a store of value has “much more built-in utility in its organic, native form” and “applications using smart contracts and extensions on Ethereum will eclipse Bitcoin,” he said. . Cuban is also a Dogecoin (DOGE) enthusiast and last year revealed that he owns a small amount of the token.
In April 2021, the businessman said that around 60% of his crypto portfolio was invested in Bitcoin, around 30% in ETH, and the remaining 10% in other unspecified digital assets.
At the same time, the American billionaire admits in his recent tweets that so far there is no cryptocurrency app that is “ubiquitous”.
“One that everyone obviously needs and is willing to go through the learning curve to use. It may never come. I hope and believe it will,” Cuban said.
The bankruptcy of crypto exchange FTX not only shocked the industry, but also sent prices crashing. The Austrian stock exchange Bitpanda took the opportunity to reassure its customers.
This is to ensure a special audit by the audit company KPMG. After all, the events of the past few days have taken many customers by surprise. They wonder if their assets are safe and want answers.
Bitpanda profits from bankruptcy
Bitpanda now wants to proactively provide them through independent experts. At the same time, Bitpanda boss Eric Demuth went public and commented on the current situation in an interview with Bloomberg:
We do not speculate with our clients’ assets.
Demuth further assured that all client funds are safe with Bitpanda. As if that weren’t enough, the crypto exchange has seen an influx of new client funds since the collapse of FTX. Bitpanda only made new coins available on its platform in September this year.
Money and assets are separated
The special audit commissioned by Bitpanda itself by KPMG aims to prove that customer funds are backed by crypto-assets. These are stored in Bitpanda cold wallets. The special test covers the five most important digital currencies. These include Bitcoin and Ethereum. Their prices have had to accept serious setbacks in recent days.
Last week was very difficult for the crypto industry and its investors. As gold, stock prices and the euro rise, show Bitcoin and Altcoins a distinct weakness. But there are clues that the The crypto reserve currency will soon see its bottom.
BTC reaches $18,000 – and could fall below $16,000
Bitcoin loses 20% compared to the previous week
The surrender candle indicates approaching bottom
BTC is currently trading sideways, battling resistance at $17,000
Wide commercial range between $18,000 and $16,000
A 38.2% Fibonacci retracement was made at $18,100 over the 4-hour time frame, a positive cross is indicated when it breaks above this level
61.8% Fibonacci retracement level at $19,350, reachable after breaking above $18,250
Weekly Trading Volume on Coinbase Reaches All-Time High (Above Corona Low)
Clear Surrender Candle Indicates Approaching Bottom
MACD forward looking technical indicator has entered the buy zone
Bitcoin Price Prediction November 2022: Buy When Everyone Sells?
Last week Bitcoin has hit its lowest level in two years and lost 65 percent against its high of the year. We are currently in what could be a pivotal week for Bitcoin in 2022.
Even if the FTX Surrender Shockwaves have further added to the already weakened crypto market, the displacement of big market players such as FTX may also mean a trend reversal.
As the sudden collapse of FTX continues to sow uncertainty among global crypto investors, some industry figures believe the cryptosphere could emerge stronger from the turmoil. That said Brad Garlinghouse, the CEO of the American blockchain company Ripple Labs, which also announced major updates.
“As I said on stage, I firmly believe that the the cryptocurrency will emerge stronger from this situation, if we continue transparency and focus on trustnot. Ripple is and will continue to be a leader in this regard,” Garlinghouse said in a tweet, referring to his remarks during this year’s edition of the annual Ripple Swell conference.
The Managing Director also took the opportunity to recent achievements of the company as part of Ripple’s growth strategy.
“We have about RippleNet Payments in an amount of $30 billionr unrolled (both in fiat like also in cryptocurrencies),” Garlinghouse said.
Earlier this week, Ripple announced that a series new locations for Cash on demand (ODL) have been added, including Africa, Argentina, Belgium and Israel, “as well as current fiat-based RippleNet customers who are in Australia, Brazil, Singapore, United Arab Emirates, United Kingdom and the The United States is moving to ODL.”
“The company continues to work on the Improved liquidity management solutions, by this advanced machine learning capabilities in addition add a product, the XRP for the immediate payment of Payments used, which makes it possible to meet the liquidity needs at the request of customers to meet optimal costs“, said the company.
FTX’s bankruptcy surprised many crypto exchange customers. They fear this is just the beginning. Crypto.com is currently the subject of speculation, but CEO Kris Marszalek is ruling it out.
He checked the many social media channels and assured that everything was fine with Crypto.com. His business is on solid ground, the deposits are safe. But in recent months, Crypto.com has laid off at least a quarter of its employees, according to media reports, raising concerns among customers that Crypto.com could take over from FTX.
Bankruptcy increased mistrust. This is especially true as Crypto.com takes a similar approach to FTX before it. Here, too, reliance is placed on celebrity advertising and eye-catching, expensive marketing.
Like FTX, Crypto.com is privately held and based outside of the United States, in Singapore. The wallet is extensive and includes a range of products for trading, storing, buying and selling cryptocurrencies.
Similar appearance in public
Although Crypto.com is smaller than FTX, it is still one of the biggest and best-known crypto exchanges in the world. The collapse of FTX was so shocking as many customers were no longer able to withdraw their deposits. Lack of liquidity was the cause, so there are growing fears that it could happen to other exchanges once problems arise.
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