Both the Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies have been very stable, ranging between gains and losses. It’s still unclear at this point if the weekend will see a substantial price change. In the past, the BTC/USD exchange rates fluctuated erratically between a small range of $22,000 and $22,500.
On March 2, 2023, the debtors of FTX issued their second stakeholder presentation. The presentation includes a preliminary examination of the shortcomings of the shuttered cryptocurrency exchange, which reveals a sizable deficiency. According to the research, the company’s assets totaled over $2.2 billion, but just $694 million of those are classified as “Category A Assets,” which comprise liquid cryptocurrencies like bitcoin, tether, or Ethereum.
Moreover, John J. Ray III, the current CEO of FTX, said that the debtor made significant efforts and that the exchange’s assets were “extremely commingled.” Debtors of FTX and its CEO John J. Ray III have published a presentation outlining the deficiencies of the bitcoin exchange. The study draws attention to a cyberattack that happened after FTX declared bankruptcy.
The holdings of FTX are divided into two categories in the report: “Category A Assets” and “Category B Assets.” There is a $8.9 billion gap in client funds, according to the public presentation. Just a limited quantity of cash, stablecoin, Bitcoin, Ethereum, and other Category A Assets are still present in wallets that are tentatively linked to FTX.com, according to the study. Alameda Research is mostly to blame for the deficit.
In a filing made after the market closed on Wednesday, Silvergate told the Securities and Exchange Commission (SEC) that it would need to postpone the submission of its annual report while it evaluated the effects of different events on its business.
The price of Bitcoin has fallen dramatically as a result of the delay in Silvergate’s annual report submission, among other cryptocurrency values. The market has, however, since sent conflicting messages over the event’s effects. The Silvergate crisis has had a huge impact on the cryptocurrency market, it is important to note.
Due to losses from the November FTX crash and several regulatory inquiries, Silvergate Capital (SI), which filed its annual report on Thursday, said on Wednesday night that it would postpone doing so. Investors and traders lost faith in the stability and security of the cryptocurrency business as a result of this news, which negatively impacted market sentiment.
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