#FTX #Crypto #Binance #Huobi #OKX #KuCoin #Deribit #Bitfinex
Experts’ opinions are divided.
Due to the current situation, cryptocurrency exchanges’ assets are under scrutiny in the markets, and there have been repeated demands for exchanges to make asset and token accounting as transparent as possible. As some investors have become disillusioned with cryptocurrency markets in general, the viability of cryptocurrencies is already being questioned by some. As FTX was recently ranked 5th in cryptocurrency transactions, it was about to be bought by Binance, but last weekend the exchange declared itself bankrupt.
This is why many experts are adamant in their judgment that cryptocurrencies cannot be used as an asset for diversification, because you never know what you can expect from it in the next moment. Cryptocurrency markets are the most volatile of all, before the collapse of FTX there was already the collapse of Terra and the bankruptcy of cryptocurrency lender Celsius. On top of that, bitcoin has fallen from $70,000 to around $16,000 in the last year. Cryptocurrencies are as dependent on macroeconomics as other markets.
Another group of analysts, on the other hand, believe that the entire cryptocurrency industry should not be judged by these few failures as a whole.
They believe that crypto exchanges are failing because cryptocurrency has become ubiquitous and the number of companies, services, and services related to crypto assets is growing. Consequently, the number of companies that are unable to meet their obligations has grown accordingly. As the players are very large, bankruptcies of this level of company cannot go unnoticed and are passing with great excitement in the markets.
Apart from FTX, there are currently difficulties with the AXX exchange, which has had to restrict withdrawals, officially due to maintenance, although this looks very suspicious to some investors against the backdrop of recent events. However, when there are force majeure situations with banks like revoked licenses, everyone keeps using cards and credit accounts. So perhaps we should not make any definite conclusions about cryptocurrencies, it is an emerging industry that has everything ahead of it, according to another group of analysts.
Nansen publishes the assets of crypto exchanges.
Analysts at Nansen have conducted a survey of the assets of key crypto exchanges following the bankruptcy of FTX.
The largest cryptocurrency exchanges Binance, Crypto.com, Huobi, OKX, KuCoin, Deribit, Bitfinex have opened up information about their assets to investors in a bid to win back their trust.
Binance has the largest assets with $64.3 billion.
The second largest exchange by a significant margin is Bitfinex, with $8.23 billion in assets. The OKX exchange had a budget of $5.84 billion. Huobi has $3.3 billion in assets across various networks.
This is followed by Crypto.com with $2.36 billion, KuCoin with $2.65 billion and Deribit with $1.46 billion.
In addition, the analytics company published the ratios of deposits and withdrawals on largest crypto exchanges over the past 24 hours.
Nansen also plans to publish its findings on the FTX situation shortly. Binance is setting up a fund with the aim of rebuilding the cryptocurrency industry.
The exchange CEO said on Twitter: “To reduce a further cascade of negative effects of FTX, Binance is forming an industry recovery fund. It will help projects that are generally strong but are experiencing a liquidity crisis. More details will emerge shortly. We also welcome other cash industry players who want to invest together. Cryptocurrency is not going away. We are still here. Let’s rebuild.”
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