Category Archives: beincrypto.com

Over 380,000 crypto market traders have been liquidated in the past 24 hours, resulting in over $875 million in positions closed. Both Bitcoin and Ethereum experienced double-digit drops.
The crypto market has taken suffered massive bleeding in the past 24 hours. The global market cap tanked by 6.8% to $950 billion. Over $875 million has been liquidated in the past 24 hours, as bitcoin drops by 11% to around $18,400.
Bitcoin suffered the most in terms of liquidations, with traders losing roughly $233 million in BTC. Ether followed with $175 million in liquidations. The Solana and FTX tokens, both of which have been in the news lately, followed with $41.5 million and $28.4 million in liquidations.

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The single largest liquidation took place on Binance, with the BTC/USDT value amounting to $6.7 million. Overall, over 380,000 traders saw their positions liquidated. Most of these liquidations took place on Binance, with accounted for $243 million.
Traders who have been hoping for an improvement in the market have been hit hard by the turnaround. Bitcoin and others had been looking good as the market heads into the end of 2022, but there may be drama yet.
Crypto Liquidations Pile On, Bull Market Canceled?
Analysts are pondering what might have triggered the drop in prices, given that the market showed signs of improvement in the past few weeks. It is true that a lot of concerning developments have occurred in the past few days, though it’s unclear to what extent these have impacted prices.

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The biggest of these developments is the fact that Binance will acquire FTX, which was rumored to have liquidity issues. After having denied it before, FTX CEO Sam Bankman-Fried said that the exchange was in facing a liquidity crunch. He said that Binance’s acquisition would resolve the matter and protect customers.
The FTT token has crashed considerably since the news. Bankman-Fried thanked Binance CEO Changpeng Zhao and said that FTX was in the “best of hands.”
BTC and ETH both fell past support levels
The FTX token is down by over 70% and may be one of the market’s biggest victims — but bitcoin and ether are not unscathed either. Both of these have taken deep dives. Bitcoin fell past its support level of $20,000 to briefly reach a new long-term low of $17,100. Ethereum is also now significantly below its support level of $1,500 and is trading at $1,300.

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For a while, both BTC and ETH were looking good to break past their respective resistance levels — of $22,500 and $1,550. Investors will now have to wait a little longer before that happens while the market focuses on stabilizing itself.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Japanese bank Nomura will offer institutional clients crypto trading in early 2023. The bank is one of Japan’s largest and launched a crypto unit earlier this year.
Japanese bank Nomura is reportedly set to launch crypto trading for institutional clients in early 2023. The crypto unit of Nomura, which is one of Japan’s largest banks, is working on the crypto trading facility and hopes to grow the team in the upcoming months. Blockworks first reported the news.
Nomura first announced the crypto trading plan in May 2022, revealing that it would create a new digital assets company called Laser Digital. Focused on a “comprehensive suite of trading, investor products and investment services,” the company will offer services linked to crypto, DeFi, stablecoins, and NFTs.

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Speaking to Blockworks, Jez Mohideen, the CEO of Laser Digital, said that there was anticipation for more institutions to come in. He told the publication,
“The deep skills that we’ve acquired in the area of quant, electronic-trading platform builds and rigorous risk management skill sets. So, that’s what we hope to bring. I think that this sort of skill set is invaluable for the institutionalization of digital assets. There’s no question everybody’s waiting in the crypto ecosystem for institutions to come in.”
The crypto trading platform will be available to institutional clients, family offices, high-net-worth individuals, and hedge funds actively involved in the crypto space. However, the intention is to open up the client base later on.
Laser Digital Wants to Lead Crypto Trading and Institutional Investments
Laser Digital was given its name in September, with the office set up in Switzerland. Since then, it has quickly begun working on plans for the near future. The three priorities that the company outlined are secondary trading, venture capital, and investor products.

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As a trading platform for institutional clients, company members have made it clear that now is the time to enter, as it may become too difficult to compete later. It’s a step forward for the market and representative of the change that the institutional markets are experiencing.
The Japanese crypto ecosystem is growing
Nomura also has a strong focus on web3, with plans already laid in place. The bank is building a team to help other companies enter the metaverse. Specifically, it is thinking of ways to use its investment banking knowledge to help companies raise money and navigate regulations.
Nomura is one of many banks in Japan to make a foray into the crypto market. Sumitomo Mitsui Trust launched a new company for institutional clients earlier this year in a joint venture with Bitbank.

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Meanwhile, the Japanese government is keen on leveraging web3 and the metaverse to boost the economy. Prime Minister Fumio Kishida also spoke of the importance of expanding the social integration of these technologies in October.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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The U.S. Securities and Exchange Commission won another victory over a crypto project this week. The outcome has raised concerns over its battle with Ripple, but things may not be that bad.
Earlier this week, the SEC notched up another enforcement win over a digital asset project. It accused LBRY of selling unregistered securities on its decentralized video publishing platform and won the case.
The crypto community reacted with concern that this could set precedence for the rest of the industry. At the time, the LBRY team warned:

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“The language used here sets an extraordinarily dangerous precedent that makes every cryptocurrency in the US a security, including Ethereum.”
Why Ripple Case Is Not The Same
On Nov. 9, CryptoLaw posted ten reasons why the SEC’s latest victory won’t affect Ripple.

10 reasons why the LBRY case should not impact the Ripple case (in order of @JohnDeaton’s livecast) 🧵(1/11)— CryptoLaw (@CryptoLawUS) November 9, 2022

CryptoLaw is a YouTube channel backed by John E. Deaton, who is fighting on behalf of more than 75,000 XRP investors.
Deaton said that the first reason was that the judge was following the SG case. This case from 2003 was brought against a company operating a “virtual stock exchange” that ended up being a Ponzi scheme. The Ripple judge is not following the SG case, he said.

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Furthermore, the different cases the SEC has won have been in different circuits, which have different applicable laws. There are 12 regional circuits in the U.S. legal system, organized from the 94 U.S. judicial districts.
The Ripple case is being held in the second circuit, which is Connecticut, New York, and Vermont. The LBRY case was in the first circuit of New Hampshire. Deaton added that the SEC chose an obscure company in a small jurisdiction because “they had a favorable judge and wanted to get a favorable ruling.”
Flawed Reasoning
According to the SEC, it doesn’t matter if the issuer did not promote the asset in any way. Judge Torres, who is presiding over the Ripple case, could find that this is flawed reasoning. Deaton exclaimed:

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“In 76 years of case law no investment contract has ever been found when there’s no connection between the purchaser and the seller.”
Furthermore, the XRP Ledger has utility to it. It is supported by MasterCard and Visa and used as a substitute for fiat in some cases.
Finally, several international jurisdictions, such as the UAE, Japan, the UK, Singapore, and Switzerland, have declared XRP is not a security.

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The Ripple XRP asset has taken a massive hit during today’s market slump. As a result, it’s down 10% on the day, trading for $0.387 at the time of press.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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10 hours ago

American crypto exchange giant Coinbase has confirmed that it has no exposure to FTX, which continues to leach liquidity.
2022 has been the year of crypto contagions, and markets are reeling from this week’s debacle between Binance and FTX.
The latest development, as reported by BeInCrypto, is that FTX will be sold to Binance, making it the largest centralized crypto monopoly on the planet.

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That leaves Coinbase as the second-largest CEX in the crypto industry by 24-hour volume. On Nov. 9, Coinbase CEO Brian Armstrong took to Twitter to confirm that the company had no exposure to FTX.

1/ First off, I have a lot of sympathy for everyone involved in the current situation with FTX – it’s stressful any time there is potential for customer loss.— Brian Armstrong (@brian_armstrong) November 8, 2022

No FTT Holdings For Coinbase
“Coinbase doesn’t have any material exposure to FTX or FTT (and no exposure to Alameda),” he stated. FTT tokens have dumped a whopping 75% over the past 12 hours in a fall to $4.82 at the time of writing, according to CoinGecko.
Armstrong went on to tout the advantages of his own company, stating that the event appears to be the result of risky business practices. It has also been exacerbated by “conflicts of interest between deeply intertwined entities and misuse of customer funds,” he added.

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He said that Coinbase doesn’t take risks with customer funds unless the customer instructs them to do so. The exchange has never issued its own token, and it is publically listed with total transparency and audits.
Armstrong fingered focused regulation as part of the problem:
“Part of the issue here is that regulators have been focused onshore in each of their respective markets, while customers have moved offshore to companies with more opaque and risky business practices.”
He said that Americans are losing money on these “overseas blowups” because of the regulatory uncertainty and lack of clarity at home.

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Coinbase, which charges some of the highest fees in the industry, reported a 50% revenue slump in Q3 compared to the same period in 2021.
Crypto Markets Dump $160B
The crypto contagion has impacted the wider market, which has lost $160 billion since its weekend highs.
Total market capitalization has tanked a whopping 12.3% on the day, falling to $937 billion. As a result, markets are now at their long-term support zone and in danger of another large drop.
Bitcoin has been battered by 11.6% in a fall to $18,116 at the time of writing. Meanwhile, Ethereum has tanked 15.5% to $1,293, according to CoinGecko.
All of the altcoins are bleeding at the moment, with XRP, DOGE, MATIC, and SOL taking the biggest hits.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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9 hours ago

Web3 will play a critical role in bringing new value to traditional sporting events like football, in this case, the World Cup 2022. Crypto exchanges such as OKX and Binance aim to bridge this gap between sports and the virtual world
The FIFA World Cup 2022 is almost here. The biggest teams, icons, and champions are all aiming for one goal: to lift that golden trophy.
Qatar, the host of the World Cup 2022, has spent almost $220 billion to host around 1.5 million visitors from across the globe. 

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Source: FIFA
But what makes this event so special is the added touch of two legends. Two of the most prominent names in football, Cristiano Ronaldo and Lionel Messi, will be playing. This will likely be their last shot at a World Cup victory before they retire.
Apart from that, the blockchain and web3 elements have added a touch of uniqueness to this event. Imagine interactive games, fan communities, collectibles, and much more. 

The demand for web3 is growing. 

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Each month there are now thousands of jobs posted by companies aiming to hire the talent they need to build, innovate, and grow web3 projects.
The web3 and NFT space has been grabbing more and more attention from mainstream brands as of late. This is mainly because NFTs have become a popular approach for brands to communicate with their customers and showcase their products. 
As per Bloomberg, cryptocurrency companies committed more than $2.4 billion to sports marketing in the past 18 months. As the 2022 FIFA World Cup draws closer, NFTs and web3 are certainly looking to capitalize on this momentum.

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This time around, the biggest crypto exchanges like OKX and Binance are giving fans the ability to get involved more so than ever before.
OKX Hosts Web3 Version of World Cup 2022
On Nov. 8, OKX, the second-largest crypto exchange by trading volume, launched its OKX Football Festival in anticipation of the upcoming footballing event. The event consists of prize pool money of more than $3 million in tokens, limited edition NFTs, and exclusive experiences.
(The prize pool, which first stood at $1M, was increased to $3M in an exclusive turn of events shared with BeInCrypto by Jack Sutherland, the company’s communication manager.) 

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The OKX Football Festival consists of the NFT Football Cup, the 2022 OKX Football Cup Trading Competition, and the Earn Super Hattrick fan token staking series. 
Beginning with the NFT Football Cup on Nov. 8, fans can mint up to three free NFTs corresponding to their preferred teams. Although they need to stake 10 USDT per NFT, the funds will be fully returned after the tournament’s completion. 
Source: NFT Football Cup
NFT holders will split rewards of 20,000 USDT each time their respective team progresses through the group stage. Likewise, the prize pool for each eliminated team is transferred to the team that knocked them out. 

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Celebrate Your Passions
Fans also have a chance to hone their trading skills against each other in the 2022 OKX Football Cup Trading competition. OKX also offered to stake deals for fan tokens of Manchester City ($CITY), Portugal ($POR), Argentina ($ARG), and Flamengo ($MENGO) in the Earn Super Hatrick event.
Haider Rafique, Chief Marketing Officer, OKX, told BeInCrypto: 
“Potential APYs for the staked tokens will rise as high as 300% for $CITY and 200% for $POR, $ARG, and $MENGO.5 $CITY is the official fan token of the Manchester City Football Club, for which OKX is the official cryptocurrency exchange partner.”
Rafique went on to say,
“OKX is here to help people find new and innovative ways to celebrate their passions. As we raise our flags in support of our national teams this year, I hope these digital experiences help bring the crypto and football communities together and show newcomers the world of opportunities Web3 and crypto can offer them.”
He added, “OKX is investing heavily in its already leading web3 wallet and NFT marketplace platforms, and I can confidently say that this exciting festival is only the beginning of the new opportunities we’ll be offering.”
Other giants join the party 
Binance, the largest cryptocurrency exchange, took steps ahead of the much-anticipated event. As BeInCrypto reported, it launched perpetual contracts for its fan token index.
The new cryptocurrency price index will track the market performance of football club fan tokens listed on Binance’s spot market in USDT.
Also, the payment gateway, Visa. The payment giants released five soccer-themed NFTs in partnership with Crypto.com. The digital payments company will auction off five NFTs, which feature World Cup goals from Jared Borgetti (Mexico), Tim Cahill (Australia), Carli Lloyd (U.S.), Michael Owen (England), and Maxi Rodríguez (Argentina). 
Meanwhile, the popular fan-token platform Socios added Argentine Football to help drive Web 3 fan engagement. Renowned clubs like Real Madrid and Barcelona filed applications and registered a trademark covering cryptocurrency transactions and their web3 metaverse offerings.
A Cry for Help
The idea is clear. Demand for NFTs is still there, but can they be used to deliver on the hype?
There’s no hiding the fact that the NFT market has suffered immensely in 2022. Despite this, fan token values have appreciated greatly as we get closer to the opening event. This makes sense, given their increasing and engaging utility.
But as for your legacy NFT collections, not so much. As per DappRadar data, Q3 2022 saw $3.4 billion in sales, down from $8.4 billion in the previous quarter. NFT sales volumes peaked at $12.5 billion in the year’s first quarter. 
Source: DappRadar
Overall, fading traction, hacks, and uncertainties have bogged down this sector. 
Nonetheless, the World Cup and web3 expansion could be the reviving moment here. Even crypto exchanges are playing their part in bridging this gap while also trying to improve the utility aspect.
And it’s not just web3 football or web3 Games, there’s a new web3 sex niche as well. Have a crack at it! 
Got something to say about this article or anything else? Write to us or join the discussion in our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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9 hours ago

The Polkadot price has yet to break above crucial resistance levels, and on-chain metrics for DOT aren’t suggesting much respite for holders. 
The global crypto market cap took a dip below the $1 trillion mark on Nov. 8 as most of the top cryptocurrencies reversed their recent gains. Bitcoin, Ethereum, and most of the top altcoins, including Polkadot, traded in red once again. 
At the time of press, the DOT price oscillated near the $6.20 mark, already down 10% since the start of the weekly candlestick.

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Polkadot price struggles 
Despite the crypto market’s bullish momentum (up until yesterday), there wasn’t much keeping the Polkadot price going. Recently, the Web3 Foundation tweeted, arguing that DOT has morphed from a security into software. 
The tweet caused a significant stir in the market, aiding DOT in a nearly 15% price rise between Nov. 4-Nov. 6. 
Even though Polkadot remained in the news, its weighted social sentiment had been negative for most of the last week. DOT social volumes, after peaking on Nov. 1, have also started to lose momentum. 

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Source: Santiment
Despite the weak price momentum and negative sentiment, trading volumes maintained a high level. Trade volumes for DOT were at a similar level at this time in August when the Polkadot price was above $9. 
Source: Santiment
Data from CoinMarketCap also showed a major 79.52% spike in trading volumes to $627 million. However, such high volumes alongside bearish price action, like in this case, indicate a sell-off in the market.  
Long liquidations hit $1M
At press time, Polkadot’s price dropped another 1.5% on the day to $6.18.  Data from Coinalyze highlighted that Polkadot long positions worth close to $1.3 million had been liquidated in the last 24 hours. 

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Perpetuals and futures markets also painted a bleak picture for the coin as funding rates for DOT turned negative. 
Source: Santiment 
Funding rates are periodic payments made by traders based on the difference between prices in the futures and spot markets.
Another bearish trend for DOT was its low development activity. Notably, development activity had been falling since Oct 24 and is now nearing a 3-month low. 

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Source: Santiment 
In addition, the percentage of stablecoin total supply held by DOT whales with more than $5 million was also in a drawn-out downtrend. This suggests lowered interest in the coin from whales.
With most of the on-chain metrics leaning bearish for DOT, it could fall back to $6 in the near term. In case of a bearish invalidation, the Polkadot price could potentially recover above the short-term resistances at $7.00 and $7.50. 
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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9 hours ago

Ripple Singapore has rejected crypto influencer BitBoy’s application to be the Director of Strategy and Operations.
Ben Armstrong (aka BitBoy) tweeted a rejection letter from Ripple’s Talent team after applying for a senior position earlier this year.
Background of Armstrong’s application
On Nov. 4, 2022, Armstrong applied for the senior position in response to a Ripple Singapore LinkedIn advertisement. He cited Ripple’s CTO, Joel Katz, as an inspiration.

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If successful, Armstrong would be responsible for driving Ripple’s corporate strategy through cross-functional teams and ensuring cooperation between operating regions. He would also need to partner with the Finance Department to push annual planning.
Unfortunately for BitBoy, the company responded that it would review his application but only four days later sent Armstrong a rejection letter.

At press time, the job post had received over 200 applicants.

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XRP sees third week of $1 million inflows
As the SEC vs. Ripple case draws near its second anniversary in Dec. 2022, investors have grown increasingly bullish on the price of XRP, anticipating a Ripple win. Accordingly, XRP has seen $1.1 million in asset inflows for the third week running.
Source: CoinShares
In the latest developments in the case, Coinbase and Senator Cynthia Lummis (R-Wyo) were among 12 entities that filed amici curiae briefs to show their interest in the case. The U.S. Securities and Exchange Commission responded by asking Judge Analisa Torres to set a deadline of Nov. 11, 2022, for all amici briefs to be filed. It has also asked Judge Torres to extend the window to file reply briefs to Nov. 30, 2022.

In Dec. 2020, the SEC accused Ripple Labs and two executives of misleading XRP investors by not registering XRP as a security with the SEC. The SEC accused CEO Brad Garlinghouse and co-founder Christian Larsen of selling XRP while ignoring legal advice that it may be an investment contract. 

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Ripple has argued that XRP is used for making cross-border payments and is not a security. Furthermore, its use in international payments puts it outside the jurisdiction of the SEC. Ripple has also lobbied aggressively to bring crypto assets under the supervision of the Commodities and Futures Trading Commission.
SEC vs. LBRY another crucial case to watch
Ripple’s aggressive litigation has not stopped the SEC from pursuing other enforcement actions against crypto industry participants. 
On Nov. 7, 2011, the SEC won a court case against LBRY, a decentralized content distribution network, following a 2021 complaint. In the complaint, the SEC alleged that LBRY had offered its LBC token as an investment contract without providing investors with full disclosure.

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LBRY launched its LBC token in 2016 and sold over 50 million tokens directly to the public and through centralized exchanges. LBRY said that the token would grow in value as the company continued the development of the LBRY network. 
Despite the company appending various disclaimers to promotional materials, the court ruled that LBRY knew its tokens were investment vehicles and failed to inform investors fully.
LBRY has decried the ruling, saying that it sets a “dangerous precedent” that would result in most cryptos in the U.S. being classified as securities. 
After the ruling, LBRY hinted that it may appeal. If true, this could, together with the Ripple case, reshape regulations either in favor of or against the crypto industry. Either way, the crypto industry is not going down without a fight.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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5 hours ago

FTT token plunged by more than 50% after the announcement of the Binance acquisition. Nearly $500 Million have been liquidated in the last 4 hours.
The crypto market is going through the most dramatic developments. FTX and Binance were in a fierce war before Sam Bankman-Fried, the CEO of FTX, announced the truce.

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.— CZ 🔶 Binance (@cz_binance) November 8, 2022

Both longs and shorts are being liquidated with volatility led by FTT.
According to data from CoinGlass, nearly $500 Million have been liquidated in the last four hours as of writing. FTX token (FTT) pumped almost 38% to nearly $21 after the announcement of the Binance Acquisition. This liquidated the short positions of traders.

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However, in the following hours, FTT is trading at around $4, nearly 78% down from $21. The decline liquidated the long positions of the traders.
Source: TradingView
Not just FTT, even BTC is down by 10% from the high of $20,700. Total longs worth over $360 Million and shorts worth over $122 Million are liquidated as of writing. BTC went as down as $17,100
The CZentralization of the crypto market.
The sentiments were positive after the truce between FTX and Binance; hence the market pumped. But shortly, the community realized that this meant an increased market share for Binance. There are questions about how is it decentralization if the Binance is the last exchange left.

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While some praise CZ, stating that their respect for CZ increased on how he bought their biggest competitor overnight, others accuse him of manipulation. With these, the community speculates that the crypto market has entered a monopoly and is bound to suffer. Decentralization became centralized. A Twitter user commented that CZ Binance and SBF might face jail time or a fine for market manipulation. 

Got something to say about FTT, Binance, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Germany’s financial markets regulator BaFin has cautioned Coinbase about its German operations following an audit by Deloitte. 
The regulator instructed the crypto exchange to put a “proper” business structure in place after the audit found deficiencies in Coinbase Germany GmbH’s organizational structure.
The nature of BaFin’s censure of Coinbase
The censure comes to bring Coinbase’s German operations in line with Section 25a Paragraph 2 Sentence 2 of the German Banking Act ( KWG ). 

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Section 25a of the Act primarily lays out rules for “appropriate and effective risk management” to ensure that a business is well-capitalized. 
Furthermore, the Act outlines the need for internal rules on how an organization structures itself with employees of appropriate skill levels at each position. It also stipulates that a financial institution like a bank must have processes to identify, manage and report risks.
The censure came as Coinbase’s business posted three-quarters of losses, losing $545 million in Q3, 2022. Its core revenue driver, speculative trading, has been hit hard by the spate of interest rate hikes introduced by the Federal Reserve. The company also laid off 18% of its workforce in June 2022.

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Meanwhile, Coinbase was testing a fix to a connection problem for its application and website, first announced at 10:03 a.m. PST.
Coinbase reports robust risk management
The BaFin censure is incredibly poignant when the crypto market is experiencing the fallout of bankrupt and insolvent companies that failed to practice proper risk management.
In a July blog post, Coinbase explained that Three Arrows Capital and Celsius failed because of inadequate risk management.

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“Notably, the issues here were foreseeable and actually credit-specific, not crypto-specific in nature. Many of these firms were overleveraged with short-term liabilities mismatched against longer duration illiquid assets,” the company said.
According to the blog post, Coinbase conducts due diligence on counterparty credit risk, and stress tests exposures to counterparty risk. It also develops mitigation plans for unforeseen circumstances.
At press time, BaFin had not released the Deloitte audit to the public.

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Meanwhile, Coinbase and other exchanges have yet to see how the recently-delayed Markets in Crypto-Assets (MiCA) bill will affect exchanges in the EU. Exchanges will hope that MiCA’s passing will not result in a patchwork of regulations that complicate compliance.
Crypto exchanges have frustrated regulators globally for having opaque organizational structures. Exchanges like Coinbase and Binance having no formal headquarters, making it difficult for regulators to pin them down.
Coinbase shares fall after Binance-FTX deal
Coinbase’s shares fell 12% after Binance announced on Nov. 8, 2022, that it had agreed to purchase rival FTX in the wake of a liquidity crisis. Coinbase investors appeared spooked that FTX, once known for its bailout of major crypto firms, experienced a liquidity crisis.
Source: TradingView
“It shows that liquidity in crypto exchanges could be very fickle,” said Dan Dolev of Mizuho Securities.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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5 hours ago

At the end of the third quarter of 2022, the Global Crypto Market was worth approximately $934.85 billion.
While this represents a decent increase of around 4% on the total market cap registered at the end of the second quarter, it is only just over 43% of the total market cap value that was recorded at the end of the first quarter.
But, the infamous terra/LUNA catastrophe occurred in May, during the second quarter, and did so much damage to the market that some people formed the view that the whole crypto sector was finished for good.

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This was an exaggeration, but the recovery still has some way to go, especially since investors are a lot more cautious now and things are more erratic. This can be seen in the way that Ravencoin (RVN) is struggling while Orbeon Protocol (ORBN) is exploding with 6000% growth. 

Ravencoin (RVN) got pumped and dumped
The blockchain platform, Ravencoin (RVN), was developed to make it possible to transfer assets like tokens, smart contracts, and more.
Additionally, users of Ravencoin (RVN) can create their own tokens. In that regard, Ravencoin (RVN) is comparable to Ethereum. The Ravencoin platform may manage tangible assets, virtual commodities, or security tokens.

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P2P asset transfers are a major priority for Ravencoin. The blockchain for Ravencoin is intended to be quick, effective, and secure.
They focus on P2P asset transfers and have several potential applications. For instance, using tokenized assets might be used to transfer stocks, bonds, and other types of securities.
Ravencoin can also be mined at home by individuals armed with only a desktop or laptop computer, without any complexity.

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Yet, despite all this, the price has been falling and experts believe that this could be because early investors took their gains and then sold in a classic ‘pump and dump’. Ravencoin will need a lot of recoveries to get over this.
Orbeon Protocol (ORBN) is re-vitalizing the crypto market
Orbeon Protocol is a new entrant to the market, bringing with it a well-thought-out and solid business case.
The Protocol provides a platform where new businesses seeking venture capital can circumvent the traditional channels, such as VC firms and crowdfunding platforms, and appeal directly to the crypto community.

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This is possible as startups are minted as fractionalized NFTs, representing equity in the company, and sold for as little as $1.
For the everyday investor it is a first as well; never before have small-scale investors been able to access the truly exciting, new investment opportunities that are usually reserved for venture capitalists and larger firms. 
Orbeon Protocol’s native token, ORBN, is available during the presale phase which commenced at the end of October and will continue, through three stages, up until the end of January 2023.
But the market is already impressed with Orbeon’s rapid movement as $400,000 worth of coins were purchased just in the first two days of the presale.
This is compounded with exciting predictions from analysts that suggest the token has the potential to go 60x, from $0.004 to $0.24 in a matter of months. In a crypto market that is still fighting back, Orbeon Protocol is leading the way. 
 Find out more about the Orbeon Protocol presale:
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