Crypto Flipsider News – Cryptos Rebound; Bahamas Freezes FTX; Stablecoins Destabilize; BlockFi Halts Services; Binance Reserves Proof

Daily crypto news flipsider

Read in the Digest:

  • Crypto market rebounds after Wednesday’s bloodbath – Chiliz top gainer.
  • Bahamas freezes FTX assets as global regulators take action against FTX.
  • Major stablecoins destabilize as market volatility and redemption surges.
  • Crypto lender BlockFi pauses withdrawals amidst FTX & Alameda collapse.
  • Binance publishes Proof of Reserves, revealing $69 billion in assets.

Crypto Market Rebounds After Wednesday’s Bloodbath – Chiliz The Top Gainer

The effect of FTX’s collapse intensified on Wednesday, November 10th, leading to double-digit losses across the crypto market, the aftermath of which saw the global crypto market cap fall to below $800 billion for the first time since December 2020.

However, Thursday 11th brought respite to the crypto market, as it initated a recovery phase. After falling to a 2-year low of $15,682, Bitcoin spiked more than 15% in value, and is up 5% in the last 24 hours to trade at $17,280 at the time of writing, having briefly reclaimed the $18k mark.

The 48 hour price chart for Bitcoin (BTC). Source: CoinMarketCap

Ethereum (ETH), which suffered steeper declines than Bitcoin, also experienced a sharp recovery. Having fallen to as low as $1,083 on Wednesday, Ether spiked by more than 30% to trade above $1,340 on Thursday. At press time, ETH currently exchanges hands at $1,280.

The 48 hour price chart for Ethereum (ETH). Source: CoinMarketCap

The Friday 11th recovery is being led by leading crypto sports platform Chiliz (CHZ). With the FIFA 2022 World Cup just days away, Chiliz has made huge strides, gaining more than 25% in value over the last 24 hours to trade as high as $0.2302.

The 24 hour price chart for Chiliz (CHZ). Source: CoinMarketCap


  • FTX Token (FTT), the beleaguered crypto exchange’s native token is trading at a price point 85% lower than it before this week’s saga began, even despite attempts to stabilize.
Digest breakers Coins

Bahamas Freezes FTX Assets as Global Regulators Take Action Against FTX

The Bahamas’ securities regulator has the frozen assets of FTX Digital Markets, the most talked about exchange in the world owing to its recent liquidity crunch. FTX relocated its headquarters from Hong Kong to the Bahamas in September 2021.

The Securities Commission of the Bahamas has further suspended FTX’s operational registration, and has proposed for the Supreme Court of the Bahamas to appoint a provisional liquidator for the crypto exchange.

In a related move, regulators across the globe are taking action against the beleaguered crypto exchange. On Thursday, November 10th, Japan’s Financial Services Agency ordered FTX to suspend operations in the region.

Regulators in the United States are investigating the collapse of the crypto exchange. As global regulators take action, FTX is reportedly scrambling to raise an estimated quoted $9.4 billion from investors to save the exchange from total collapse.


  • The crypto community continues to hit a wave of rumours and conspiracies as the fall of FTX enters its fifth day, with Sam Bankman-Fried reportedly having been arrested in the Bahamas.

Why You Should Care

The increased attention from global regulators could hasten the enactment of new laws to govern the digital asset sector.

Digest breakers NFT

Major Stablecoins Destabilize As Market Volatility and Recovery Surges

The FTX saga, which has caused crypto volatility to pique, has expanded to take a toll on stablecoins, causing the otherwise “fixed” digital assets to lose their pegs, as crypto prices across the board rapidly fell before recovering once more.

Data from CryptoQuant shows that leading stablecoins have undergone various stages of peg volatility amidst the ongoing collapse of FTX. Confirming this, Tether (USDT), the world’s largest stablecoin pegged to the U.S. dollar, fell by 3% to trade at as low as 97 cents. 

According to CryptoQuant, The Tether de-pegging incident coincides with USDT redemptions surging to higher than $600 million in the span of just two days. Moving in tandem with the crypto market’s general recovery, the USDT has recovered and is maintaining its $1 peg.

Similarly, Circle’s USD Coin (USDC) fell to as low as $0.977, as redemptions toppled the $1 billion mark, before swiftly recovering its peg. TrueUSD (TUSD) also dropped to $0.98, while Pax Dollar (USDP) dipped at $0.96 amid redemptions to the tune of $100 million. 


  • Sentiment around Tron’s algorithmic USDD stablecoin has been poor, as investors theorize that FTX could look to dump the USDD holdings from its ongoing deal with Tron.

Why You Should Care

The de-pegging incidents coincided with investors moving their stablecoins out of the struggling FTX exchange on November 10th.

Digest breakers Chart

Crypto Lender BlockFi Pauses Withdrawals Amidst FTX & Alameda Collapse

Crypto lending service BlockFi has announced a restriction to platform activity and the suspension of all withdrawal services due to the collapse of the FTX crypto exchange and sister company Alameda Research.

Although BlockFi did not clarify whether deposit services would also be halted, the crypto lender advised users not to deposit funds into their wallets or interest accounts.

BlockFi tweeted that they were “shocked and dismayed” by the news regarding FTX and Alameda. BlockFi, a troubled digital-asset lender once worth $3 billion, signed an agreement with FTX for a $400 million revolving credit facility in July.

BlockFi’s exposure to FTX has left the crypto lender without clarity, however, BlockFi affirmed that it will continue to communicate with clients and other shareholders on the matter.


  • BlockFi’s tweet comes just two days after founder Flori Marquez tweeted that “all BlockFi products are fully operational,” and was an independent entity until July 2023.

Why You Should Care

The FTX deal to acquire BlockFi has been thrown into doubt following the revelation of a $10 billion hole in the FTX account books.

Digest breakers Blocks

Binance Publishes Proof of Reserves Revealing Exchange $69 Billion in Assets

In alignment with its resolve to provide full transparency on its asset holdings, Binance, the world’s largest cryptocurrency exchange has released a list of its cold wallets and reserves.

The assets shown in Binance’s Proof of Reserves reveal that the exchange holds 475,000 BTC, 4.8 million Ether, 17.6 billion USDT, 601 million USDC, 58 million BNB. and approximately 21.7 billion of its own stablecoin, BUSD.

All told, the reserves held by Binance as of Thursday, November 10th, are worth an approximate $69 billion. Binance also notes that its secure asset fund for users (SAFU) has been topped up with an additional $1 billion.

According to Binance, the major objective is to create a Merkle Tree Proof of Funds, which would be shared with the community in the coming weeks.


  • Some users on Reddit have questioned the proof of funds published by Binance with Monero (XMR) not being on the list, though they are available for purchase on the exchange.

Why You Should Care

The Proof of Funds published by Binance and other exchanges aim to improve transparency in the industry and safeguard against security risks such as those witnessed in the case of FTX.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss


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