Binance Leads PoR Effort, Bitcoin’s Battle Above $16K and Crypto Market’s Attempt at Recovery: This Week’s Recap
The past week was somewhat positive for the entire cryptocurrency market, both in terms of pricing and overall developments. While the meltdown of FTX looms over the industry and most market participants are still afraid of contagion, the total capitalization added over $10 billion amid ongoing developments.
First things first, this week’s overall increase doesn’t come on the back of Bitcoin, which is actually down about 1% over the period. The cryptocurrency attempted a push toward $17K but was quickly halted and has descended to where it’s currently trading at around $16,500.
Meanwhile, BNB is up a whopping 12% over the same period. It’s now solidly trading around the pivotal $300 mark and instills confidence in the market. This comes as Binance – the world’s leading exchange – recently launched a system for cryptographic proof-of-reserves. Initially working only with Bitcoin, the team vowed to add other cryptocurrencies in the next couple of weeks. This is a big move, as anyone can now verify their BTC balance on the exchange via a Merkle Tree.
Another cryptocurrency that impressed over the past 7 days was Litecoin. LTC is up a massive 22% and is the market leader, at least amid the top 20 cryptocurrencies by total market capitalization. One of the reasons brought forward is the approaching halving which is estimated to take place in about 8 months, and big players accumulating in advance.
Meanwhile, more news from the Binance front came as well – the company’s industry recovery fund has been kicked off with a massive $1 billion to support projects that have experienced liquidity problems amid the FTX fallout.
All in all, the week was quite eventful, and even though the fear of possible contagion from the recent events still looms, it seems that steps are being taken in the right direction.
It’s interesting to see how the next days will shape up, especially as we approach the holiday season.
Market Data
Market Cap: $868B | 24H Vol: 45B | BTC Dominance: 36.6%
BTC: $16,542 (-1%) | ETH: $1,192 (-0.8%) | BNB: $301 (+12%)
This Week’s Crypto Headlines You Can’t Miss
The Reasons Why Litecoin (LTC) Surged by Over 30%, Hitting 6-Month High. Litecoin was one of this week’s biggest surprises. The cryptocurrency soared by a whopping 30% in a single day, hitting a 6-month high in doing so. Here are some of the reasons for the sudden surge.
The Fall of Sam Bankman-Fried’s Crypto Empire: A Timeline of FTX’s Collapse. FTX’s downfall is undoubtedly the biggest story of 2022. This is a complete timeline of how the entire thing went down, from the beginning, right up to the information that we have up until this moment.
These Are the Most Shocking Findings From FTX’s Bankruptcy Filing. The bankruptcy filing of FTX revealed some truly shocking facts. Did you know that the exchange barely kept any records whatsoever? Here are some of the most interesting findings.
Binance SAFU Insurance Fund is 44% Backed by its Own Token. Following the demise of FTX, many exchanges took it upon themselves to provide proof of reserves as to what and how much cryptocurrency they store. Binance’s SAFU fund was also in the spotlight, with some pointing out that up to 44% of its reserves are actually comprised of BNB.
Russia Inches Closer to Launching a National Crypto Exchange (Report). Russia is moving a step closer to embracing cryptocurrencies. The country is working on a national crypto exchange, and it could see the light of day if the Finance Ministry approves it.
Cathie Wood Reiterates Her $1 Million Bitcoin Bet. The CEO of Ark Invest, Cathie Wood, has once again expressed her overly bullish stance on Bitcoin. She thinks that the cryptocurrency will reach $1 million by 2030 and also gave a few reasons why.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Litecoin – click here for the complete price analysis.
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