Decentral Block Post

Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish "audited proof of reserves," amid the downfall of rival exchange FTX. 

"We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," said Marszalek, adding that his company "will be publishing our audited proof of reserves."

The idea for crypto companies to publish their proof of reserves has gained traction in the wake of the FTX liquidity fiasco. Binance CEO Changpeng “CZ” Zhao on Nov. 8 also pledged to start a Proof-of-Reserves audit system to give the public insights into the state of their reserves. 

The Crypto.com CEO's comments come only hours after the exchange temporarily suspended withdrawals and deposits of USDC and USDT on the Solana network on Nov. 9.

In an email to users on Nov. 9, which had been circulating on Twitter, Crypto.com reportedly notified users of an “Immediate suspension of UDSC and USDT Deposits and withdrawals on Solana.”

Financially-troubled crypto exchange FTX has brought its website back online following a period of intermittent downtime — with the trading platform now sporting a banner confirming withdrawals are halted and advising users against depositing.

The FTX website returned online at approximately 9:00 pm UTC  on Nov. 9, after encountering five separate periods of network downtime spanning over two hours, according to the “IS IT DOWN OR JUST ME” website.

The crypto community on Twitter has also noticed a new bright red banner that can be seen throughout the website that reads:

“FTX is currently unable to process withdrawals. We strongly advise against depositing.”

A pinned message on the official FTX Telegram Group on Nov. 8 also confirmed the halting of withdrawals, without any estimates about when they would return. 

The total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem. 

According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time-high (ATH) of $10.17 billion on Nov. 9, 2021.

TVL measures the total value of all assets locked into DeFi protocols. As TVL increases that means more coins are deposited within the DeFi protocols, and can indicate bullish sentiment, while a falling TVL shows that investors are pulling their funds out of the ecosystem for one reason or another.

The fall in TVL went as far as a 51.7% decline over 24 hours, however, but slightly corrected leading up to the writing of this article.

The Solana-based liquid staking protocol Marinade Finance has seen the biggest loss in TVL on the chain, having fallen 35.1% to $115.79 million within the last 24 hours.

Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. 

Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused by FTX’s potential insolvency and the failure of the Binance deal. Analysts are turning to technical charts to try and find the next price path.

Analyst expects downside continuation with brief support at $12K

Independent market analyst, CanteringClark said that BTC price could possibly find a short-term bounce at $15,000. Citing an assortment of indicators, the analysts suggested that Bitcoin could eventually settle around the $12,000 level.

Will Bitcoin price drop below key multi-year moving averages?

Analyst Caleb Franzen explained that the estimated moving average (EMA) is an indicator utilized to gauge price over a certain period of time. According to Franzen, if Bitcoin price continues to fall, it would be the first time in its history that the 52 week and 104 week EMA's crossed below the 156 week EMA.

Read more: Bitcoin sinks to new yearly low at $16.8K as FTX insolvency fears turn into contagion

Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. 

Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused by FTX’s potential insolvency and the failure of the Binance deal. Analysts are turning to technical charts to try and find the next price path.

Analyst expects downside continuation with brief support at $12K

Independent market analyst, CanteringClark said that BTC price could possibly find a short-term bounce at $15,000. Citing an assortment of indicators, the analysts suggested that Bitcoin could eventually settle around the $12,000 level.

Will Bitcoin price drop below key multi-year moving averages?

Analyst Caleb Franzen explained that the estimated moving average (EMA) is an indicator utilized to gauge price over a certain period of time. According to Franzen, if Bitcoin price continues to fall, it would be the first time in its history that the 52 week and 104 week EMA's crossed below the 156 week EMA.

Read more: Bitcoin sinks to new yearly low at $16.8K as FTX insolvency fears turn into contagion

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

In comments to Reuters, the sovereign wealth fund said it was "aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder," avoiding providing further details about the case impacts on its portfolio.

Temasek invested in a series of FTX's round findings that led to the exchange's $32 billion valuation in January. Ten months later, the Singaporean firm is taking part in rescuing the exchange. Temasek participated in FTX's Series B, Series B extension, and Series C funding rounds, when the exchange raised US$1 billion, US$420 million and US$400, respectively.

Some shareholders learned about the agreement, via Twitter on Nov. 8. In his letter to shareholders sent later on, Sam Bankman-Fried, aka SBF, apologized for being "hard to contact" in the past days, acknowledged he has no idea what exactly the agreement with Binance means, and lastly, close the letter saying he will be "quite swamped" in the coming days, and will write again "when I have time too."

FTX was backed by other big players in the venture capital scene, including Sequoia Capital, BlackRock, SoftBank, Ontario Teachers’ Pension Plan, Paradigm, Circle, Ribbit Capital, Alan Howard, Tiger Global, and Multicoin Capital.