This week’s cryptocurrency prices were a mixed bag. However, as of Saturday morning, just a handful of the top 20 coins by market cap had lost money in the previous seven days. That begs the question, hath the devastation caused by the recent FTX accident subsided?
Binance Launches Proof of Reserves for BTC holdings
Binance crypto exchange has launched a new website that describes its proof-of-reserves method. The corporation will begin with BTC reserves.
Since then, crypto organizations, especially crypto exchanges, have worked for more transparency towards customer funds. Binance now has a reserve ratio of 101%. It signifies that the firm has enough bitcoins to cover all users’ balances. It entails disclosing additional details regarding hot and cold wallets.
The move comes after the popular crypto exchange FTX collapsed due to a liquidity crisis. With this move, the company demonstrated that it has many assets and can process many withdrawals.
The popular meme coin witnessed an upward move this holiday season even as BTC and other currencies moved sideways.
Dogecoin had risen 16% on Sunday and was worth more than 10 cents then. DOGE has increased by roughly 50% since Monday. One cannot pinpoint the reason. However, there are various rumours. Elon Musk’s Twitter 2.0 will have payment integration, and users speculate that he might endorse Dogecoin for this. Others believe that Ethereum founder Vitalik Buterin and Elon Musk will work together to improve Doge.
Bitcoin (BTC) has remained almost unaltered since seven days ago. According to CoinGecko statistics, it is down 0.30% from a week ago and now trades at $16205.
Ethereum (ETH) fared similarly. The world’s second-most popular digital asset gained 0.60% last week and is now priced at $1170.52.
Well, that was last week in crypto! Watch this space for more altcoin news, and check back next week for another recap.