Bitcoin worth $1.5 billion leaves Coinbase; Mid-Cap Tokens Outperform Bitcoin

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The biggest cryptoverse news for Nov. 25 includes Binance releasing proof of BTC reserves, BNB reaching 6% market dominance as mid-cap tokens outperform Bitcoin, 100,000 Bitcoin worth over $1.5 billion leaving Coinbase in 48 hours and CoinList denying insolvency rumors.

Bitcoin worth $1.5 billion withdrawn from Coinbase in 48 hours

Glassnode data reveals that Coinbase BTC the reserve lost about 50,000 BTC on November 24 and another 50,000 BTC on November 25.

As a result, Coinbase lost Bitcoin worth over $1.5 billion in 48 hours, marking the third-largest BTC drawdown in exchange history.

Binance releases proof of BTC reserves to provide more transparency on customer funds

First crypto exchange Binance began rolling out its proof of reserves (PoR) starting with Bitcoin. Binance PoR shows that the client balance on the exchange was 575,742.4228 BTC, while its on-chain reserve is 1% higher at 582,485.9302 BTC.

Binance said it will publish the PoR of other crypto assets and engage third-party auditors to audit its reserve in the coming weeks.

Mid-cap tokens outperform Bitcoin in past 7 days as BNB reaches 6% market dominance

In the past seven days, the market cap of mid-cap tokens (projects with a market cap between $100 million and $1 billion) jumped 4% while Bitcoins dominance dropped from a high of 45% to 40%.

Similarly, Binance BNB has gained over 31% against Bitcoin since October 23, with its market dominance reaching an all-time high of 6% of the total crypto market capitalization.

CoinList Denies Insolvency Rumors, Says Technical Difficulties Are Causing Withdrawal Issues

Over the past seven days, CoinList reportedly failed to process withdrawal requests, raising concerns about its insolvency risk.

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The ICO platform, in response to insolvency rumours, said it was experiencing technical issues from its custodian partner which affected user deposits and withdrawals.

CoinList added that it is working to resolve the issues and will release its proof of reserves soon.

Belgium Says Bitcoin and Ethereum Are Not Securities

The Belgian Financial Services and Markets Authority said that assets with issuers and investment objectives are labeled as transferable securities.

Based on this, the regulator clarified that Bitcoin and Ethereum are not securities, since there is no issuer, but are created by computer code.

FTX Attacker Turns to ChipMixer to Launder Tokens

The hacker who attacked FTX on November 12 decided to launder some of the stolen Bitcoins through Chipmixer. So far, the attacker has laundered around 360 BTC.

However, ongoing discussions in the crypto community led by FatManTerra suggest that the mixing protocol may have been deployed by the US government to break Bitcoin’s secrecy.

Bahamas Securities Commission Calls FTX CEO John Ray’s Allegations Inaccurate; says his actions were ‘misinterpreted’

FTX CEO John Ray III has alleged that the Securities Commission of The Bahamas (SCB) was behind the unauthorized decision to transfer his assets to the regulator.

SCB claimed that the asset transfer was executed to protect crypto assets under FTX’s control from potential theft and hacks.

Massive Ethereum pullbacks staked by whales allow arbitrageurs to profit

In the past 24 hours, two Ethereum whales reportedly withdrew 84,131 ETH and 42,400 stETH respectively from the Aave V2 protocol.

As a result, the stETH/ETH pair on Curve dropped to 0.9682, which saw arbitrage traders taking advantage of the price difference to pocket massive profits.

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On-chain data flashes multiple bear market bottom signals

As the Bitcoin halving of 2024 draws near, on-chain data analyzed by CryptoSlate indicates that the bear market may be nearing its bottom.

Looking into the Supply P/L bands, its blue (profits) and green (losses) lines have converged, coinciding with previous bear market lows. This is the fifth time in Bitcoin’s history that convergence has occurred. The previous events of 2012, 2014 and 2019 were followed by a surge towards a new all-time high price.

power strips

Likewise, the short-term supply metrics of holders have surpassed three million coins, indicating that Bitcoin crabs are filling their bags at the market low.

News from all over the Cryptoverse

El Salvador opens Bitcoin office

The government of El Salvador led by Bitcoin Maximalist Nayib Bukele created the National Bitcoin Board (ONBTC) to manage all Bitcoin-related projects.

The ONBTC will oversee the development of Bitcoin, Blockchain and Cryptocurrency companies in the country.

Binance Allocates $1 Billion to Crypto Recovery Fund

Changpeng “CZ” Zhao, CEO of Binance said its stock exchange allocated an additional $1 billion to increase the size of the industry stimulus fund to more than $2 billion.

Other major crypto companies, including Jump Crypto and Aptos Labs, have pledged to contribute around $50 million to the recovery fund.

Sam Bankman-Fried under investigation by Turkish authorities

Turkish Financial Crimes Investigation Commission said it is investigating FTX founder Sam Bankman-Fried for allegedly facilitating money laundering. Therefore, the authority seeks to seize the “suspicious assets” from the bankrupt crypto exchange.

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Crypto market

In the past 24 hours, Bitcoin (BTC) edged down -0.28% to trade at $16,526, while Ethereum (ETH) fell -0.5% to trade at $1,196.

The biggest winners (24h)

The Biggest Losers (24h)



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