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BIT price on a slippery slope amid fears that Alameda dumped millions of BIT tokens

The price of BIT, BitDAO’s native token, saw a massive drop in the early hours of November 8 where it hit a daily low of $0.3031 before slightly rebounding as the day progressed. At press time, BIT was trading at $0.3888, a drop of about 4.48% in the past 24 hours.

The sudden price drop was a result of fears that Alameda Research, a sister firm to FTX that has been at the centre of the ongoing FTX financial crisis, had dumped about 100 million BIT tokens.

BitDAO has requested proof of funds from Alameda

BitDAO signed a token swap and hold an agreement with quant crypto trading firm Alameda Research on November 2021. Following the agreement, BitDAO swapped 100 million BIT tokens for 3,362,315 FTX tokens (FTT). The two entities had agreed not to sell the tokens for the next three years, which would be up to November 2, 2024.

BitDAO is now threatening to terminate the agreement following fears that Alameda has breached the agreement by dumping about 100 million of the BIT tokens it held after the swap. BitDAO has today filed a proposal asking Alameda to provide proof of funds through an on-chain address.

BitDAO has asked Alameda to respond within the next 24 hours, failure to which BitDAO could take action with the over 3.3 million FTT tokens that it holds after the swap.

In the released BitDAO communication, BitDAO stated:

“If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury.”

Alameda says it has nothing to do with the BIT plunge

Responding to BitDAO, Alameda CEO Caroline Ellison has said that the firm has nothing to do with the BIT price fall. The CEO said:

“Busy at the moment but that wasn’t us, will get you proof of funds when things calm down.”

It is unclear whether Alameda will be able to provide the proof of funds within the 24 hours ultimatum that BitDAO gave. In the event the proof of funds is not produced, BitDAO may opt to sell its FTT tokens which would only complicate things for the already stressed native token of FTX exchange.

The post BIT price on a slippery slope amid fears that Alameda dumped millions of BIT tokens appeared first on CoinJournal.

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REEF price prediction as it defies gravity

Reef price defied gravity on Tuesday as cryptocurrency prices retreated. The little-known coin surged to a high of $0.0067, which was the highest level since October 20th. It has jumped by more than 20% from the lowest level this week. 

Why is REEF soaring?

Reef, which stands for Reliable Extensible Efficient and Fast, is an Ethereum Virtual Machine (EVM) network. It is an EVM-compatible blockchain network for Decentralized Finance (DeFi). Some of its top features are fast, scalable, and low transaction costs. It was created using the Substrate Framework.

Reef’s ecosystem is growing. Some of the top applications in its ecosystem are Reef app, Reef extension, Reefscan, Subscan, and Reefswap. Reefswap is similar to Uniswap while Swid is the first NFT marketplace in the Reef ecosystem.

Reef price has done well in the past few weeks as investors cheer the network’s expansion. In October, Pax.world selected Reef to be its platform for it metaverse network. Pax offers advanced audio, video, and chat features for the metaverse. 

Reef price also rallied after Isekaiverse adopted its network for its metaverse growth. Isekaiverse is a next-generation decentralized anime metaverse based on the original TV show Mystic Reign. It was established in 2021. In a note, Reef’s founder said:

“Reef is thrilled to welcome Isekaiverse to our expanding ecosystem. This strategic development is focused on supporting the unique idea of Isekaiverse and delivering exciting opportunities to our communities.”

Another key catalyst for the Reef price was the addition of Binance as a validator of ReefChain. That was a major issue since Binance is the biggest crypto exchange in the world. REEF was also listed in Bitget, a leading crypto exchange.

Reef price forecast

Reef price surged to a high of $0.0066, which was the highest level on October 20th. As it rose, the coin surged above the important resistance level at $0.0057. It rose above the 25-day and 50-day moving average while the Stochastic Oscillator is at the neutral point at 50. 

Reef has dropped by more than 12% from the highest level on Tuesday. It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a bearish breakout in the near term. If this happens, the next key support to watch will be at $0.0050.

How to buy Reef

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy REEF with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy REEF with KuCoin today

The post REEF price prediction as it defies gravity appeared first on CoinJournal.