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Another major exchange is offering Proof of Reserves after Binance

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to prove that Cryptocurrency Exchanges back investors’ assets 1:1, and this week two cryptocurrency exchanges produced Proof of Reserves. On December 7, 2022, between youe issued a report which included information on the global auditor, Mazars Group. This created a lot of uproar as the community was divided over deciding whether the move was actually helpful or just another PR stunt.

POR audits revealed by Crypto.com and Binance

After the assurances given by exchange officials after FTX disasterTwo very important cryptocurrency exchanges released Proof of Reserves (POR) papers this week. According to trading volume, Binance, the world’s largest cryptocurrency exchange, provided a detailed look at the assets including BTC, BTCB, as well as BBTC stored on the Mazars Group website. These assets are stored on the Bitcoin, Ethereum, and Binance Smart Chain systems, respectively.

The review was conducted by Mazars on November 22, 2022, around Bitcoin block level 764327, and according to the report, the asset is collateralized reserves 101% of the time. Mazars’ study states, “At the time of the evaluation, Mazars noted that Binance held resources within range in addition to 100% of the platform’s total commitment.” The collateral ratio includes loans granted using in-band assets secured by out-of-band assets through margin as well as loan service offerings. Merkle Core was created by consolidating the outputs of all clients’ funds into a single hash, according to a Mazars audit.

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Additionally, “total liabilities” are included in the certification, according to Mazars’ audit on Binance. After Binance disclosed POR addresses at the end of November 2022, Kraken’s Jesse Powell questioned the evidence and declared that “a statement of assets is useless without liabilities.” Powell shed light on the latest audit on Binance as well and blew up the Binance POR again on December 8th.

Cryptocurrency trading site Crypto.com We issued a press release announcing their POR audit, which was also performed by the Mazars Group, right after Binance released their POR audit, which was also inspected by the Mazars Group. The company claims that as of December 7, 2022, “The Mazars Group has verified the assets stored in [onchain] The addresses are confirmed to be owned by Crypto.com along with the balances of customers around an auditor-supervised ongoing query of an underlying database.”

According to Crypto.com, existing users can use the site to confirm their holdings. You can read about the audit details over here. Mazars’ audit states that their report is “in order to provide greater transparency and convenience to Crypto.com’s customers that their goods are fully allocated within scope, mostly located on the blockchain, and are under the control of Crypto.com on the reporting date specified below.”

Proof of Reserves: What is it?

Proof of Reserve demonstrates that user deposits and funds are secure, up-to-date and fully backed 1:1 by on-chain resources. The exchange emphasized the use of Merkle trees to secure blockchain transaction data in their news article. Users will be able to confirm both their holdings and the overall holdings of the exchange thanks to this.

The cryptocurrency community applauded the idea, and many other exchanges have embraced it. Listed below are the three exchanges that have currently released Proofs of Reserves.

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binance

Binance Throws In The Towel On FTX Deal - The Exchange Needs $8 Billion, And Fast

Binance becomes the first platform to disclose Proof of Reserves after the FTX crash. Among the 600 commodities, which they hold on the exchange, the audit provides a clear and open analysis of the six largest. Binance USD (BUSD), Tether (USDT), Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH) and USD Coin (USDC) are among these assets. In all, Binance holds funds in cold storage valued at around $70 billion.

Bitfinex

bnx

On November 11, the same day as Binance, Bitfinex, one of the leading cryptocurrency exchanges in the market, issued a POR. The platform had $5.06 billion in assets, of which $3.36 billion was in bitcoin, according to a publicly available POR.

USDT ($88 million), ETH ($1.49 billion), and USDC ($55 million) make up the remaining reserves. 135 hot and cold wallet accounts contained these holdings as well as other accounts. The exchange also revealed plans to revive Antani, the exchange’s open source storage and proof of solvency solution.

OKX

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On November 23 OKX They released proof of their reserves. The exchange promised to continue publishing routine PoR audits so that users can check the status of their holdings at any time. OKX uses the Merkle Tree method to verify its assets.

The majority of its holdings, notably USDT ($2.43 billion) as well as USDC ($195 million), are stablecoins, according to PoR Review. According to Defi Llama, one of the largest decentralized finance aggregators, the exchange also reportedly holds 91,000 bitcoins. Users can audit an exchange’s reserves on its Proof of Reserves website to ensure that it is still able to pay its debts.

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What is the long term effectiveness of this Proof of Reserve?

Accounting professor Vivian Fang of the University of Minnesota highlighted doubts about the validity of the proof-of-reserve method. She said PORs do not fully disclose the details of any hidden liabilities the exchange could have.

These reports, for example, do not disclose whether the platforms have pledged users’ assets as collateral for loans. Furthermore, PoRs do not include information about a platform’s non-crypto assets, including fiat money.

conclusion

Authorities in the US are under increasing pressure as a result of the FTX collapse to force more cryptocurrency firms and exchanges to comply with investor protection regulations. Gary Gensler, chairman of the SEC, avoided commenting on the use of Proof of Reserves, but continues to take a hard line against cracking down on cryptocurrency firms with obscure holdings.

But Proof of Reserves remains a positive development with some potential for investors and users. As new technologies that may provide complete transparency develop over time, they may become increasingly common. Investors are currently reluctant to invest in stock exchanges, especially in light of the FTX debacle. It remains to be seen if Proof of Reserves can keep its word and achieve its goals in such a setting.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

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BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

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DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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