Home
News
- 1 OKX published a PoR report which revealed that it has a balance of $11.3 billion in Bitcoin, Ethereum, and USDT.
- 2 FTX’s demise wiped out billions of cryptocurrencies in 78 hours of the trading session.
FTX, once the third-largest centralized cryptocurrency exchange, collapsed in the last quarter of 2022. The unprecedented crypto exchange collapse has troubled dozens of other crypto exchanges globally.
The demise of the exchange forced trading platforms to conduct a quarterly PoR (Proof-of-Reserve) to make their users believe that their platforms are not performing any illicit activities using customers’ funds.
Most recently, world-famous centralized exchange OKX published its Proof-of-Reserve reports, revealing that it has a balance of $11.3 billion in Bitcoin, Ethereum, and USDT. OKX is among the top exchanges in terms of trading volume.
FTX’s failure has stirred the entire crypto market and wiped out over a billion dollars in cryptocurrencies within just 78 hours of trading sessions. Following the bankruptcy of FTX, dozens of other crypto lenders and crypto-focused companies filed for bankruptcy.
Sam Bankman-Fried was one of the co-founders of FTX and was also holding the position of Chief Executive Officer of FTX. Global security regulators allege that he knew his exchange would collapse in a few weeks but still did not take any mandatory steps to safeguard his users/ consumers.
According to the information provided, OKX stores a significant portion of reserved assets in cold storage, which is known as one of the most secure methods to safeguard the assets of users/consumers.
What is Backing Bitcoin’s Price Surge?
Since the last few days, the price of the leading cryptocurrency, Bitcoin, has surged over 5-7%, and the reason behind the rise is claimed as the filing of the Blackrock ETF application. Blackrock, one of the largest institutional investors, recently filed its application under SEC for Bitcoin exchange-traded fund (ETF) .
On Friday, June 23, a senior strategist at Bloomberg, Mike McGlone, warned crypto enthusiasts that Bitcoin could slide further, despite BlackRock’s recent presentation of a Bitcoin ETF, which resulted in boosting the price of BTC.
Others believe that BlackRock’s decision to file an ETF application will not support BTC prices in the long run. Earlier this month, BTC prices fell below the $25k mark for the first time after December 2022.
According to CoinMarketCap, at press time, BTC was trading at $30,336 with an intraday trading volume of $16 billion. Earlier, Bitcoin was also ranked as the most traded cryptocurrency, but recently, Tether bypassed it and became the most traded digital asset in the crypto market.
It is the first time after a couple of quarters when BTC crossed $30K since the past few months; it was trading between $21K- $25K.
The SEC is yet to approve spot ETF applications of various names like Cathie Wood’s ARK and 21 shares which filed for approval three times. Another company was Grayscale which, upon refusal, took the SEC to the appeals court to argue about the soundness of Bitcoin’s future.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
