The past week has been somewhat positive for the entire cryptocurrency market, both in terms of pricing and overall development. While the FTX is bearish over the industry and most market participants still fear contagion, the total capitalization has grown to over $10 billion amid continued growth.
First of all, this week’s overall increase is not due to bitcoin, which is actually down about 1% over this period. The cryptocurrency attempted a push towards $17K but stalled quickly and is currently trading around $16,500.
Meanwhile, BNB has gained 12% over the same period. It is now trading solidly around the crucial $300 mark, instilling confidence in the market. This comes as the world’s leading exchange Binance – recently introduced a system for cryptographic proof-of-reserve. Initially, the team only worked with bitcoin, but the team promised to add other cryptocurrencies in the coming weeks. This is a big step forward as now anyone can verify their BTC balance on the exchange through Merkle Tree.
Another cryptocurrency that made an impression in the past 7 days was Litecoin. LTC has gained as much as 22% and is the market leader, at least in the top 20 cryptocurrencies by total market capitalization. One of the reasons cited is the upcoming halving which is estimated to take place in about 8 months, and the big players are hoarding ahead of time.
Meanwhile, there was more news from the Binance front – the company’s Industry Recovery Fund has launched a massive $1 billion to support projects that have liquidity problems during the FTX downturn.
All in all, it has been an eventful week and while fears of possible contagion from recent events are still present, it seems that steps are being taken in the right direction.
It will be interesting to see what the next few days will look like, especially as we head into the holiday season.
Market Cap: $868 Billion | 24 hours Volume: 45B | BTC dominance: 36.6%
BTc: $16,542 (-1%) | ETH: $1,192 (-0.8%) | bnb: $301 (+12%)
This week’s crypto headlines not to be missed
Litecoin (LTC) is up more than 30% to reach a 6-month high. Litecoin was one of the biggest surprises of the week. The cryptocurrency rose by as much as 30% in one day, reaching a 6-month high. Here are some reasons for the sudden increase.
The Fall of Sam Bankman-Fried’s Crypto Empire: A Timeline of the Fall of FTX. FTX collapse is undoubtedly the biggest story of 2022. This is a complete timeline of how it all went from the beginning, all the way to the information we have to date.
These are the most shocking findings of FTX’s bankruptcy filing. FTX’s bankruptcy filing revealed some truly shocking facts. Did you know that the stock exchange hardly keeps any records? Here are some of the most interesting findings.
Binance SAFU Insurance Fund is 44% backed by its own token. After the demise of FTX, many exchanges took it upon themselves to provide evidence of reservations about what and how much cryptocurrency they store. Binance’s SAFU fund has also been in the spotlight, with some reporting that up to 44% of its reserves are actually BNB.
Russia is about to launch a national crypto exchange (report). Russia is one step closer to adopting cryptocurrencies. The country is working on a national crypto exchange and it could see the light of day if the Ministry of Finance approves it.
Cathy Wood repeats her $1 million bitcoin bet. Arch Invest CEO Cathy Wood has once again expressed an extremely bullish stance on bitcoin. She thinks the cryptocurrency will reach $1 million by 2030 and gives some reasons why.
This week we have chart analysis for Ethereum, Ripple, Cardano, Binance Coin and Litecoin – click here for the full price analysis.
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