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CoinMarketCap Launches Exchange Reserves Test; A new trading tool

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CoinMarketCap has announced that a stock test tracker has been launched for cryptocurrency exchanges, according to a new tweets.

This tool provides users with an easy way to track foreign exchange reserves by viewing a list of total assets and public wallet addresses of exchangesalong with the balance and value of each portfolio displayed in the list.

More transparency

It was announced today that the leading market researcher and tracker in the cryptocurrency industry has added a feature to its platform that will allow users to update their financial information on an exchange-by-exchange basis.

An independent Proof of Reserve (PoR) tracker. it is used to check the liquidity levels of cryptocurrency exchanges over a specific period of time for transparency purposes. The ad claims that the tracker details the company’s total assets, as well as associated public wallet addresses, along with the current value, balances, and current price, as well as the balances of the wallets listed on the tracker.

There is a report from CoinMarketCap that PoR trackers will update the data every five minutes. There was a guide posted on Twitter on Nov. 22 by the company explaining how to use the tool and how to navigate it.

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Among the five Twitter threads at the time, Binance was used as an example with its combined wallet address containing over $65 billion as an early example.

It is important for exchanges to provide proof of reserves to their customers by providing the number of reserve assets they have in place to cover any drawdowns by their customers.

The backup test is a method of verifying that an exchange or cryptocurrency wallet has the reserves it claims have by checking the balances on the exchange or wallet. As a result, fraud is prevented and your personal information is protected.

You can demonstrate reserves in a number of ways, but the most popular is for an exchange or wallet to offer a cryptographic statement confirming that the money it claims to possess actually exists and that it’s not just a fraud. This proof can be verified by anyone to ensure that the exchange or wallet is not just making numbers up out of thin air.

For cryptocurrencies to develop into a more trustworthy and open ecosystem, proof of reserves should be adopted as a new benchmark for increasing trust in cryptocurrencies. However, we have to wait and see if the new solutions can help make the ecosystem more transparent in the future.

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Genesis Escape Plan; Hire a renovation consultant

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Troubled cryptocurrency lender Genesis has hired a restructuring consultant according to a new report released by the New York Times. FTX, one of the largest cryptocurrency exchanges in the world, has faced mounting pressure from its creditors since this month, when the exchange went bankrupt.

Get out of the situation

According to three people familiar with the situation, Genesis Global Capital, which is troubled in the cryptocurrency lending industry, has hired an investment bank Moelis & Company to undertake a review of its optionsincluding bankruptcy if necessary.

It is in the company’s best interest to avoid going bankrupt and for this reason the people, who requested anonymity because the process is confidential, stressed that no definitive decisions have been made and the company can still avoid going bankrupt.

Earlier this year, Genesis confirmed it had engaged a team of advisors to help address a liquidity crunch. They included Alvarez & Marsal and Cleary Gottlieb, a law firm with a history of managing its own cash flow issues. Following Moelis’ advice, Voyager Digital filed for bankruptcy in July, resulting in the bankruptcy of the lender.

Genesis is trying to resolve the current situation without the need to file for bankruptcy, according to a company spokesperson. He declined to specifically say whether or not other advisers had been hired to help Genesis with his current situation.

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FTX, which is owned by an organization called the Digital Currency Group, has come under pressure from its creditors in recent weeks following the exchange’s crash. When FTX froze accounts this month, just days before the exchange filed for bankruptcy, Genesis, a trading partner of FTX, said it $175 million of its assets were locked up at the exchange.

In a letter to clients on Tuesday afternoon, Barry Silbert, founder and chief executive officer of Digital Currency Group, revealed the following:

“This is a liquidity and maturity mismatch issue in the Genesis loan book. Importantly, these issues do not impact Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.

Genesis leaders and board of directors agreed to hire financial and legal adviser in the aftermath of FTX implosion and they are exploring all options in the wake of such an event.

Genesis has informed its customers that due to liquidity issues, withdrawals have been halted. According to Genesis’ quarterly report, at the end of the third quarter, it had $2.8 billion in loan assets on its books.

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Cryptocurrencies are in the green. Why is the market going up?

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After the FTX crash a few days ago, the cryptocurrency market had to experience major shockwaves. This has resulted in a significant sell-off in cryptocurrencies and hence, major cryptocurrencies have lost their value. The total loss suffered by the cryptocurrency industry was an insane $1.4 trillion.

The global cryptocurrency market downloaded a whopping total of $60 billion over the past two days before making a major comeback today. Several cryptocurrencies are now back in the black. The current global market capitalization of cryptocurrencies is up to an improvement of $829.28 billion. It’s up an impressive 5.85% over the course of 24 hours.

As reactions to the FTX crash cooled within the market, it was widely believed that short selling activity on many exchanges could play a major role in this. As reported by Binance, traders were seen shorting at their highest rates in five months. It is essential to permanently change the direction of the market. The previous price low occurred when the shorts reached the same levels in June of this year. Therefore, it was quite easy to assume that a market rebound would come.

The cryptocurrency market recovers as users become optimistic

Many leading cryptocurrencies in the cryptocurrency market have managed to show an increase in their values ​​as of today. Bitcoin managed to hit a 2-year low just yesterday. However, it has now regained a position of over $16,000. At the time of writing, Bitcoin is trading at $16,600 and has shown an impressive 5.60% increase in 24 hours. The rise of Bitcoin has also propelled many altcoins.

Cryptocurrencies are in the green.  Why is the market going up?

Ethereum (ETH) has shown an impressive appreciation in its value. Currently, the crypto token is trading at $1.174 and is up a solid 8.34%. Similarly, the values ​​of popular meme coins have also seen an increase. Dogecoin is up an impressive 10.09% and is currently trading at $0.08186, while Shiba Inu is up 8.91% and is trading at $0.0000095.

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A sigh of relief was observed by SOL investors, as the token also soared. On the other hand, BNB and LTC were the most prominent players in the market meanwhile. Since the FTX fallout, the cryptocurrency market has undergone a significant change. However, the current trend change is considered to be quite positive for the crypto space.

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How Cryptocurrency Can Affect the Banking Industry

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Millions of people in America use cryptocurrency for the benefit of their commerce. It comes with several benefits. This is why people, especially young people, find it highly beneficial to trade cryptocurrency. Do you trade cryptocurrencies? If not, start safely with the profit builder app. Then, you can leverage the software to trade cryptocurrency.

Looking to the bright future, more and more people consider it a great opportunity to invest in Cryptocurrencies. However, the banking sector sees cryptocurrency as a threat. People are debating whether cryptocurrency can affect traditional banking. Let’s find out here to get a better answer.

The role of central banks

The role of central banks has become important for many reasons. In a thriving democracy, central banks stabilize monetary systems. They ensure that banks achieve stability in tax systems.

If there is a shortage of currency, central banks have the power to print money. They are called banks of banks as they lend money to different financial institutions. Therefore they use their machinery to control the entire financial structure of a country.

How Cryptocurrency Affects the Baking Industry

While the cryptocurrency world is constantly expanding and gaining popularity, traditional banks are reluctant to use or adopt digital assets. This is because they fear that cryptocurrency could affect the current or existing system.

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However, the Comptroller of the Currency believes that digital currencies can play a positive role in the banking sector and usher in the development of the sector with new innovations.

According to a study conducted by the Association of Certified Anti-Money Laundering Specialists, approximately 66% of banking industry employees believe that cryptocurrency is more of a risk than an opportunity. For Why?

Are banks worried about the arrival of digital money?

1. Decentralized nature

Cryptocurrencies are decentralized in nature. This denotes that it follows its own system rather than aligning itself with any centralized intermediaries such as the government, banks and others.

Thus, it is clear that Cryptocurrency follows its own rules and regulations rather than completely undermining any centralized organization. However, the traditional banking sector could be threatened by decentralized transactions. This decentralized nature of transactions can place the entire banking sector at risk and uncertainty.

2. KYC Concerns

Whenever you have an account with a financial institution, you must produce documents that guarantee registration with the financial institution. In this case, you have to do KYC with the bank. KYC transactions are mandatory.

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This is not applicable to digital currency. When you use digital currency, transactions happen between peer-to-peer peers. Therefore, it leaves no intermediaries in the way. Therefore, banks often think that cryptocurrency will be used to shape lawlessness.

This leads the banking sector to form a trust deficit with cryptocurrency, and is reluctant to integrate it into the traditional currency system.

3. Volatility

Another reason prompts interested parties to arouse fear and suspicion towards cryptocurrency. Cryptocurrency is completely volatile. This denotes that you can be at the pinnacle of economic success. But at the same time, you completely break down in a few days.

The traditional banking system isn’t that volatile, which means it doesn’t increase in value abnormally, or decrease in value in a way that puts you completely at risk. The banking system does not collapse unless an economic recession hits it. Therefore, volatility becomes an element of risk associated with cryptocurrency.

Could cryptocurrency be the future of banking?

Amid fear and apprehension that cryptocurrency could completely dismantle the banking sector, people are also debating the benefits. Traditional financial services follow a centralized structure. Therefore, they can be completely threatened. If some malicious element successfully enters the system, it can wreak havoc with the information.

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But Cryptocurrency uses blockchain technology where information can be recorded in a decentralized ledger. A large network completely governs the entire functioning of Blockchain technology. Once someone logs information, it is safeguarded in Blocks. So you get efficiency and security.

Furthermore, using Blockchain, it is possible to manage cross-border transactions with relatively low costs compared to traditional systems.

Closing the discussion

The banking system follows its own rules. The central government controls the banking systems and makes sure that every single section of the banking system runs under a centrally managed system.

On the other hand, cryptocurrency follows its own terms and conditions and completely undermines the traditional banking system. Therefore banks see the rapid rise of cryptocurrency as a threat.


Press releases or guest posts published by Crypto News have been submitted by companies or their representatives. Crypto News is not part of any of these agencies, projects or platforms. At Crypto News, we do not give investment advice and encourage our readers to do their own research.

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