Biverse 2 minutes reading from Bitcoin

What’s Next for Crypto? Proof of Reserves After FTX Collapse

1/9 What’s happening in Crypto by Biverse 21 Nov 2022

💰BTC Price: 16,073.31 🔋Hashrate: 262.66 EH/s 📊Difficulty: 36.95 T Bitcoin BTC cryptocurrecy Crypto airdrop Blockchain climate

💹Market Place 2/9 Grayscale said it's not the safest to perform a proof of reserves following clamors from users after the FTX fiasco. In effort to calm investors, the crypto giant says regulations that apply to its various entities make an FTX-like scenario nearly impossible.

3/9 The proposition for proof of reserves has started to get a lot of buzz in the cryptocurrency community in the wake of the FTX meltdown.

4/9 The idea is to provide a way for users to verify a business’s assets via cryptographic techniques that ensure data transparency. Binance recently agreed to work alongside Vitalik Buterin to implement a new proof-of-reserves protocol.

5/9 Contagious effects following FTX collapse persisted through the past week, with equities cratered. Coinbase fell 18%, Block lost 6.3%, and MicroStrategy slid 0.7%. Among the worst preforming was Silvergate Bank with a 30% slide into the red.

🦍Big Guys 6/9 Binance makes largest Bitcoin holding exchange by stashing close to 600,000 BTC worth 9.62B in reserve. The unofficial crowning comes amid discussions concerning proof-of-reserves and more than 5 billion in bitcoin and ethereum leaving exchanges in through Nov.


has announced CEX Education Program to reward victims of centralized crypto failures. | Buy BTC, ETH & BCH | Wallet, news, markets info and education

🗳️Crypto and Politics 8/9 Governments call for tightening of regulations and oversights for crypto. The US’s Biden and Deputy PM Lawrance Wong of Singapore among the most noticeable.

9/9 Singapore’s state-owned Temasek Holdings is said to be preparing to write off up to 300M in investment into FTX.

This post is based on this twitter thread.


Please login to comment.
Biverse Biverse
read at 1 minutes

0 0 0
Phoenix Phoenix
read at 26 minutes

0 0 0