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Binance, the largest cryptocurrency exchange by trading volume, recorded a significant decline in its digital asset reserves over the past week. The top exchange witnessed an $8 billion plunge in its Bitcoin , Ethereum , Tether , and USD Coin reserves over the last seven days, according to an X post by CryptoQuant analyst Julio Moreno. Moreno hinted at the pre-crash market conditions when Binance’s reserve value was “growing” by roughly $14 billion due to inflated asset prices. The CryptoQuant analyst’s ...

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FTX top lawyer quashes SBF solvency claims. Credit: Credit: Tom Williams/CQ-Roll Call, Inc via Getty Images. Key Takeaways FTX’s ex-general counsel says the exchange was insolvent when it filed for bankruptcy. Ryne Miller dismissed claims by Sam Bankman-Fried that customer assets were recoverable. SBF’s appeal hinges on the argument that FTX was solvent and mishandled, not fraudulent. Almost three years after FTX’s spectacular collapse, Sam Bankman-Fried (SBF) is preparing for an appeal built aro ...

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Core Insights - The surge in gold prices is attributed to investors moving away from digital assets, with gold reaching a record high of over $4,100 per ounce as the crypto market experiences significant outflows [1][2][7]. Gold Market - Spot gold increased by 2.2% to $4,106 per ounce, with a peak at $4,116, while U.S. gold futures for December delivery rose 3.3% to $4,133, marking a 56% increase year-to-date [2]. - Analysts predict that gold prices could exceed $5,000 by the end of 2026, indicating strong future growth potential [3]. Crypto Market - Following a flash crash on October 10, billions of dollars have exited the crypto markets, with CoinGlass reporting $21 billion in outflows from Binance alone, although Binance has disputed these figures [4][7]. - The outflows are part of a broader trend of investors seeking safer assets amid market volatility [1][4]. Binance Allegations - Binance faces allegations from Limitless Labs CEO regarding the firm allegedly dumping tokens on the market, which Binance has strongly denied, labeling the claims as false and defamatory [8]. - Binance emphasized the importance of confidentiality in its listing communications and indicated potential legal action to protect its interests [9].

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Core Insights - Bitcoin price experienced a sharp decline, dropping from $68,000 to $61,000, resulting in a single-day drop of over 10% [3] - Approximately $1.9 billion in leveraged liquidations occurred in the global digital asset market within 24 hours, highlighting the fragility of high-leverage structures in the crypto market [1][4] - XBIT decentralized exchange initiated a cross-exchange liquidity compensation mechanism to support affected liquidity pools during market disruptions [1][4][8] Market Reactions - The surge in global risk aversion led to rising prices in precious metals, with silver surpassing $51 per ounce and gold reaching $4,140 per ounce [1] - The volatility in the cryptocurrency market contrasts sharply with the rising prices of commodities, indicating a capital flight from high-risk assets [1][6] - The market volatility is attributed to multiple factors, including anticipated interest rate cuts by the Federal Reserve and a slight decline in the US dollar index [1][4] Mechanisms and Responses - The XBIT liquidity compensation mechanism is designed to automatically trigger through smart contracts when liquidity pool outflows exceed a certain threshold, providing short-term liquidity support [4][8] - Analysts view the recent market events as a stress test for the digital asset ecosystem, with implications for emerging market capital flows [6][8] - The decentralized trading system demonstrated resilience during the pressure, maintaining liquidity adjustment and price discovery functions [8] Future Outlook - As regulatory frameworks improve and technological architectures are optimized, decentralized finance is expected to shift from rapid expansion to stable governance [8] - Transparency, risk control capabilities, and user trust will become core factors in assessing the long-term competitiveness of platforms in the digital asset space [8]

Binance closer to South Korea re-entry as FIU reopens Gopax acquisition review: report https://t.co/zqRRYpb8N4 ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Disgraced FTX founder Sam Bankman-Fried says his “single biggest mistake” was handing the company over to restructuring officers as part of bankruptcy proceedings. “The single biggest mistake I made by far was handing the company over,” Bankman-Fried told the magazine Mother Jones in an interview published last week. Bankman-Fried is appealing his 25-year prison sentence for defrauding FTX investors and c ...