Dear Teroxx Community,

This week we experienced a market of digital assets, which continued to be unable to record positive price changes due to the uncertainties

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.

Digital Asset News

Grayscale Bitcoin Trust (GBTC) is also coming under pressure in the wake of the situation surrounding the insolvent crypto exchange FTX. Given the risk of contagion and fears that the market for Bitcoin and Altcoins could collapse further, concerns are emerging even about the best-known and most trusted names in the crypto industry.
In recent days, mistrust has now also arisen towards GBTC, a much-disputed Bitcoin investment fund, following problems at crypto firm Genesis Trading.
“With 10 years of experience in building a secure and compliant custody solution, Coinbase Institutional is proud to offer segregated cold-storage custody services with our qualified custodian,” said a Coinbase spokesperson.
Skepticism has been building about GBTC for some time. Since 2021, it has traded at a discount to the BTC spot rate. This discount currently amounts to nearly 50 percent.
Although this is a difficult moment for many in the crypto industry, I am thoroughly optimistic about the future of this industry, Grayscale’s business and the opportunities for investors,” said Michael Sonnenshein, CEO of Grayscale.

Austrian crypto exchange Bitpanda has hired auditing firm KPMG to conduct a special audit of its assets. In light of the recent events surrounding FTX and Alameda Research, the management wants to use this audit to assure its nearly four million users that their funds are safe. Bitpanda has engaged KPMG annually since 2019 – but this time Bitpanda’s crypto assets for Bitcoin, Ether, Cardano, Ripple, and Dogecoin were additionally analyzed outside of the routine inspection. All five cryptoassets are covered up to 100%, according to the Bitpanda report obtained by the editorial team.

Market-leading crypto exchange Binance announced today, November 17, that it is “temporarily halting” all Solana-based USDT and USDC deposits “until further notice.
The crypto trading platform emphasizes that this deposit freeze only applies to “USDT (SOL)” and “USDC (SOL).” The two stablecoins Tether (USDT) and USD Coin (USDC) can still be used on Binance in all other variants without any problems.
Other influential crypto exchanges such as OKX and Bybit are also shutting down deposits for Solana-based stablecoins. For example, both OKX and Bybit also took this step today, November 17. Solana is a promising blockchain project with associated cryptocurrency that maintains close ties to Sam Bankman-Fried and its insolvent crypto exchange FTX, as SBF has invested early and heavily in Solana through its affiliated hedge fund Alameda Research. In light of the systemically important crypto trading platform’s massive crisis, the Solana cryptocurrency has fallen almost in lockstep with the FTX token collapsed.

Technical term of the week

MiCA regulation: Describes the future rules applicable in the EU for all crypto service providers. This regulation will come into force in 2023 and will ensure a further increase in professionalism in the digital asset market.

Digital Asset Markt

In the past week, there were market movements that continued to keep the markets in a slightly negative price movement.The effects of the FTX bankruptcy continue to be felt and provide temporary negativity in the market. The markets saw little / hardly any buying volume and thus offered short sellers and sellers favorable opportunities, so that prices fell. Temporarily, due to the started Football World Cup, football correlated digital saw a small upswing, which we traded. Otherwise, there were only minor short opportunities that we could take.

BTC/USDT, 60

Bullish outlook: Positive global markets and a flattening of events around FTX could provide a bounce towards ~$18,000-$19,000.

Bearish outlook: Failure to see buying volume could result in a decline to ~$15,000-$14,000.