The overall cryptocurrency market regains ground as the risks of FTX’s collapse spreading appear manageable. The total market capitalization of cryptocurrencies is $868 billion, a 2% increase from yesterday. Furthermore, the total volume traded on the cryptocurrency market has increased by 26.53% in the last 24 hours to $37.73 billion.
Cryptocurrency Market Cap: $1,163,005,282,970
In Canadian Dollars
It just feels better:)#Crypto
— Mike Doran (@Mikeys_coins) December 6, 2022
Given the failure of FTX, the price of bitcoin and other cryptocurrencies has dropped by more than 60% this year. Furthermore, the collapse has now reached publicly traded companies’ exposure to digital assets.
Shares of software company MicroStrategy, led by crypto enthusiast Michael Saylor, crypto bank Silvergate, Square-owner Block, bitcoin miners Hive and Riot, and Coinbase have all fallen precipitously in the last month.
#Cryptocurrency firms including #Coinbase, #Galaxy Digital. and #MicroStrategy. all plunged more than 25% last month. While that trio of firms rallied this week, they’ve still wiped out roughly $52 billion of shareholder value in 2022.https://t.co/fE3m29z8ks
— Bryan Daugherty (@BWDaugherty) December 4, 2022
Cryptocurrency prices were also declining. The short-term gains provided some relief to the market after a bearish winter. Analysts continue to speculate on when the bear market will end. However, several indicators indicate that prices will rise soon.
Recent Cryptocurrency Market Uptrend
Bitcoin and other cryptocurrencies were up on December 5, with the largest digital asset surging past a critical threshold. As investors continue to anticipate a more dovish US central bank, bitcoin maintained its most recent position safely above $17,000.
US central bank Chair Jerome Powell was dovish, saying that the Federal Open Market Committee (FOMC) would likely raise interest rates by 50 basis points (bps) rather than the current 75 bps.
Mazars to Verify KuCoin’s Proof of Reserves
The global accounting firm Mazars was hired by KuCoin, a cryptocurrency exchange, to conduct an independent audit of its proof of reserves. According to an announcement made on December 5, the verification would provide exchange clients with greater transparency and visibility into the collateralization status of their in-scope assets.
I always say that KuCoin is a People's Exchange where we place the safety and security of users' funds as our top priority. I'm honored to announce that KuCoin has engaged Mazars, a leading international audit firm, to provide a 3rd-party PoR. #BUIDL https://t.co/XVECxsYxpS
— Johnny_KuCoin (@lyu_johnny) December 5, 2022
Mazars will provide greater transparency and reporting to KuCoin’s current and potential consumers on whether their in-scope assets are collateralized. It will also provide the necessary information to promote KuCoin’s proof of reserves and client responsibility.
It will also take into account users’ main, trading, margin, robot, and contract accounts for BTC, ETH, USDT, and USDC. In a few weeks, the report will be available on the KuCoin website. Furthermore, KuCoin CEO Johnny Lyu claims that the move is the next step in the exchange’s efforts to increase user fund transparency.
As crypto’s transparency improves, more investors will decide to invest in digital assets, causing a surge in crypto assets.
Binance Reenters Japan
Binance confirmed that it paid an undisclosed sum for 100% ownership of Japan Sakura Exchange Bitcoin (SEBC). The acquisition of Sakura, which is listed with the Japan Financial Services Agency (JFSA), marks Binance’s entry into the Japanese market and “Binance’s first license in East Asia,” according to the company.
➡️@binance reenters Japan by acquiring Sakura Exchange BitCoin (SEBC), a Japan Financial Services Agency-licensed business.
— Z (@tzehingchan) December 2, 2022
Japan’s recent efforts to loosen restrictions on the digital asset market, as well as Japanese initiatives to give exchanges more leeway in deciding which fly-by-night tokens to list, are likely what drew Binance to the country.
SEBC, headquartered in Tokyo, offers brokerage, advisory, and trading services, as well as exchanges for trading 11 cryptocurrencies against the Japanese yen.
Top Coins to Invest In
Coins to Buy The Dip
The cryptocurrency market is currently bearish, but the coins listed below have massive upside potential. Let us explore.
Dash 2 Trade (D2T)
D2T is a cryptocurrency analytics platform that also serves as a decentralized trading platform, allowing users to backtest strategies and see how they performed in the past. It helps traders by allowing them to carry out transactions automatically without requiring human intervention.
The project will be listed on the BitMart and LBank exchanges following the presale. Despite the fact that the presale is still in its early stages, the platform is rapidly approaching the end of stage 3.
The native token of the platform, D2T, will be used to pay for platform services as well as participate in community initiatives and competitions. The cryptocurrency is currently in pre-sale, with more than $8.7 million raised. Its presale is nearly complete, with a 99% completion rate.
Calvaria defies traditional pay-to-earn gaming by awarding NFTs to users immediately after they sign up. As a result, participants in the game do not require any financial or technological resources. Calvaria’s early-round crowdfunding piqued investors’ interest. The first four stages of its presale were quickly sold out, and stage five is nearly 72% sold out.
Investors looking to purchase 30.77 RIA tokens for USDT 1 must act quickly before the presale ends. Calvaria has raised about $2.2 million since the presale began. The total project funding will be $3,075,000 when stage 5 is completed. Trading signals can also be used by traders.
IMPT – Less than a week left to buy presale
IMPT’s team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was extremely opaque; it only applied to businesses, and trading with them was inefficient and out of date. Carbon credits can be traded as NFTs on the blockchain 24 hours a day, seven days a week.
LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch. The IMPT presale has now raised $14.3 million and is nearly full. The price of the IMPT token has risen with each stage of the presale to $0.023.