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The new FTX management has located $1B in assets, including $720M cash

  • Poor record keeping is making the unwinding of the collapse FTX exchange difficult.
  • The new FTX management is trying to trace millions of dollars from several bank accounts.
  • So far, the new management has identified over $1 billion.

FTX’s new management, which took over from the founder Sam Bankman-Fried, on Tuesday told a procedural hearing that it has identified assets worth more than $1 billion since it started a strategic review of its assets. It also said that it had located about $720 million held by US financial institutions, which it is yet to consolidate.

The US financial institutions were authorized to hold funds by the US Department of Justice and about $500 million are already confirmed held in US institutions.

The new FTX chief financial officer (CFO), Mary Cilia speaking under oath during the bankruptcy hearings said:

“We are reaching out to all of those banks and changing the signatories on the accounts so that we can get access to the accounts and move the cash as much as we can to authorized depository institutions.”

$423 million held at a single broker

The CFO also mentioned that about $423 million held by US authorities are from a single broker though she never mentioned the broker by name. Cilia said, “$485 million are already in an authorized deposit institution”

Besides the funds held in the US, there is about $130 million in cash that is locked up in Japan where local authorities have ring-fenced the funds for local customers.

Steve Coverick, a senior director at FTX’s financial advisors Alvarez & Marsal told the hearing that the new management is working to identify FTX’s international crypto assets and transfer them to cold wallets using custodial providers like Bitgo, which FTX hired in November.

Difficulties in winding up FTX

While the Chapter 11 bankruptcy hearings are supposed to wind up the FTX exchange, there have been complications due to poor record keeping and weak governance under the former CEO, SBF. The new management is being forced to look for details by reviewing customer terms and conditions stored in a variety of places including Slack and Google Drive.

As a result, the exchange is yet to file a statement of its financial position or of its assets as required under the US bankruptcy law. It however estimates it could do so in April next year.

The post The new FTX management has located $1B in assets, including $720M cash appeared first on CoinJournal.

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Apes give up as ApeCoin now stares at a possible drop below $3

  • ApeCoin has lost the battle at the resistance of $4.2

  • The cryptocurrency has been hit by the general weak crypto sentiment

  • APE could drop to $3 if the bear pressure mounts

ApeCoin (APE/USD) traded at $3.5 as the cryptocurrency came under bear pressure from the $4.2 resistance. Buyers have been defending the $4.2 resistance for some time, giving hopes of a potential breakout and the start of a bull market. Apes seem to have now been defeated as the cryptocurrency looks at a possible decline to $3.

Recent strengths in ApeCoin coincided with the launch of the staking feature earlier this month. Despite witnessing a lot of success, the users of the staking service have been warned of numerous phishing attacks. Horizen Lab, the developer of the staking feature, has told users to only use the official link, ApeStake.io, for the service.

Nonetheless, from the price outlook, APE seems to be getting hit by the overall crypto sentiment. The decline comes despite Ape-coin-linked NFTs continuing to record leading sales volumes. A technical outlook shows APE still trapped in a descending channel.

APE slides from $4.2 resistance as weakness develop

APE/USD Chart by TradingView

APE initiated a bearish MACD crossover on the daily chart. The indicator has shifted to the negative territory after the latest price decline. 

The cryptocurrency now trades below $4.2 resistance after bears took control. APE price has now crashed back to the descending channel. The price is gaining stability at $3.5, but the established support lies at $3.0.

Concluding thoughts 

If bulls do not take control of APE at $3.5, the next decline could take the cryptocurrency to $3.0. APE price must overcome resistance at $4.2 and the descending channel to become bullish.

Where to buy APE 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

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The post Apes give up as ApeCoin now stares at a possible drop below $3 appeared first on CoinJournal.

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Solana struggles again as price slips below 20-day MA

  • SOL trades at $12 with weak momentum

  • The cryptocurrency is weighed by weak market fundamentals

  • SOL could consolidate further before pushing higher or lower

Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL. 

A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.

But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period. 

The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.

SOL trades with weak momentum at the $12 support

SOL/USD Chart by TradingView

From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.

What next for SOL?

SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today

The post Solana struggles again as price slips below 20-day MA appeared first on CoinJournal.

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Fingers crossed as Dogecoin retreats to the 200-day MA

  • DOGE has lost by double digits in the past week.

  • The cryptocurrency has been weighed by limited fundamentals around its use on Twitter.

  • DOGE faces further lows if it crashes below the 200-day MA.

Dogecoin (DOGE/USD) is again fighting off the onslaught of bears. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its peers. Perhaps to underline DOGE’s status as a meme coin, the cryptocurrency has been labelled a “giant con” by CNBC’s Jim Cramer. It is easy to see why the decline has been immense for DOGE. Positive fundamentals have been hard to come by, and investors’ enthusiasm around DOGE’s use on Twitter has subsided.

DOGE fans could be a little disappointed as Elon Musk sends mixed signals around Twitter. The billionaire investor asked his followers if to step down as Twitter CEO. An overwhelming majority of 58% voted “Yes” supporting the proposal.

As you already know, DOGE has been earning support from Musk’s comments and views. His latest tweet does not augur well with DOGE since he relinquishes an important position in the social media giant. Will Musk be able to influence the use of DOGE in Twitter payment from a different role other than the CEO? That would be the question that DOGE fans would ponder. The negative sentiment around it could influence the price of Dogecoin. But investors will, at least, hope that DOGE does not crash below 200-day MA.

DOGE faces pressure as the selling continues below $0.09 support

DOGE/USD Chart by TradingView

Investors have been selling DOGE aggressively since tapping $0.11. That is indicated by the RSI reading shifting from above the midpoint to a near-oversold reading. 

From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE has also crashed below the 50-day MA. The cryptocurrency now trades at the 200-day MA, an important level that could spell doom for bulls. 

Will DOGE trade lower or higher?

The next direction for DOGE price will depend on whether the 200-day MA will hold. If bulls resist bears, DOGE could roar back to $0.09. On the flip side, DOGE will head to $0.058 support.

Where to buy DOGE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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The post Fingers crossed as Dogecoin retreats to the 200-day MA appeared first on CoinJournal.