BitMEX and Kraken crypto exchanges received highest scores for their proof of reserves attestations.
Binance ranked lower for its ‘incomplete’ PoR among other metrics.
Nic Carter says the PoR momentum is good for crypto and a “silver lining” out of the FTX chaos.
BitMEX and Kraken score highly in an assessment of proof-of-reserves attestations by major crypto exchanges.
That’s according Nic Carter, one of the most popular Bitcoin advocates out there.
In a Medium article highlighting the score list and rankings of some of the leading crypto trading platforms, Carter points out the latest PoR results and offers insight into why some of the exchanges just getting to publish their cryptographic proof of reserves may still have a lot of work to offer the assurances the market seeks.
While Kraken and BitMEX rank highest, the world’s largest crypto platform Binance posts a relatively low score. But according to the crypto analyst, the move to have PoRs is undeniably one in the right direction. He sees the momentum as a good signal for cryptocurrencies, terming it “a genuine silver lining from the FTX debacle.”
“We may well yet emerge from this crisis with a major step forward in exchange credibility,” he wrote in his ‘The Status of Proof of Reserve as of Year End 2022’.
BitMEX, Kraken rank higher on various metrics
Looking at crypto exchange reserves attestations via metrics such as assets for which the platform provided the attestation, estimates of deposits covered and disclosure of liabilities, BitMEX scored the highest with 5 out of 6.
Crypto platform Kraken was second, while Deribit, KuCoin and OKX ranked third to fifth in that order.
Exchange proof of reserves scores and ranking. Source: Nic Carter on MediumWhile some platforms scored highly Binance’s proof of reserves was mostly ‘incomplete’ and thus the exchange scored poorly. In a comment on this, Carter wrote:
“Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets. It does allow individual users to verify their inclusion in the liability set but does not contain the entire liability list, making it hard for a third party to verify the procedure.”
The decline was caused by both internal and external factors.
It will only recover if the Fed shifts its tone and its ecosystem rebounds.
Polkadot price plunged by more than 84% in 2022m capping its worst year on record. DOT slipped to a low of $4.2, which was lower than its record high of $55. This performance was due to the overall weakness of cryptocurrencies, high-interest rates, and the collapse of key players in the crypto industry.
Polkadot parachain challenges
Polkadot price had its worst year on record due to multiple factors. First, it suffered from the biggest crypto newsduring the year following the collapse of FTX and Alameda Research. This collapse led to major challenges in the industry as exchanges like Binance and Coinbase recorded remarkable outflows.
Polkadot also plunged following the collapse of Terra and its ecosystem, which led to over $40 billion in total losses. The collapse pushed more people to lose faith in crypto tokens.
Further, an extremely hawkish Federal Reserve had an impact on Polkadot and other cryptocurrencies. The Fed hiked rates by 450 basis points and pointed towards more in 2023. This happened as inflation jumped to a 40-year high.
Internally. Polkadot’s ecosystem faced issues of its own. The most significant was the de-pegging of Acala Dollar, an algorithmic stablecoin developed by Acala Network. The stablecoin is yet to regain its peg.
Other Polkadot parachains also had major challenges. For example, Enjin’s Efinity saw little traction as demand for Non-Fungible Tokens (NFT) collapsed. Total NFTs sold dropped by more than 90% from January.
Meanwhile, Moonriver and Moonbeam have also struggled to gain traction in the DeFi and other industries like the metaverse.
Looking forward, the main driver for Polkadot price in 2023 will be the actions of the Federal Reserve. A dovish shift by the Fed will lead to more growth for the stock. DOT and other coins will not recover until the Fed shifts its tone and its ecosystem rebounds.
Polkadot price outlook
Turning to the daily chart, we see that the DOT price sell-off caught no breather in 2022. The coin continued falling as risks in the industry rose. As it crashed, it managed to move below all moving averages. It also moved to the lower side of the Bollinger Bands.
Therefore, the coin will likely continue falling as bears target the next key support level at $2. A rebound to about $20 will only happen if the Fed suddenly becomes dovish.
How to buy Polkadot
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.
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.
Cryptocurrency prices drifted downwards on the final week of the year as concerns about a global recession coincided with those of high interest rates. Bitcoin darted lower and reached a low of $16,485. Other coins like XRP, ETH, and ADA dropped as well. Here is the crypto price prediction from the last week of the year.
Mirror Protocol (MIR)
Mirror Protocol, a dead cryptocurrency, was one of the best-performing cryptocurrencies in the final week of the year. It spiked to a high of $0.24, which was about 173% above the lowest level this year. It has now pulled back to $0.14.
Mirror Protocol was an important part of Terra’s ecosystem, as I wrote here. It used its technology to make it possible for people to buy and sell financial assets in a tokenized manner. For example, it was possible for people to buy Apple shares in a token form. The benefit of this was that users could trade these tokens on a 24-hour basis.
Mirror went obsolete following the collapse of Terra Protocol and the Terra USD stablecoin. Now, the price has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral point at 50. Therefore, I suspect that MIR price will remain under pressure as sellers target the key support at $0.1225.
As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‚connect‘ your wallet to it.
4. You can now swap your ETH for MIR
Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.
Serum (SRM)
Serum is another dead cryptocurrency. It was a leading player in Solana’s ecosystem, where it had a total value locked (TVL) of more than $1.5 billion. Serum’s problem was that its personal key was held by FTX, which led to a loss of confidence in the ecosystem. Today, Serum’s total value locked has slumped to less than $395k.
SRM dropped to a low of $0.115 this week and then zoomed higher to $0.15. It has managed to move above the moving averages but it has also gotten overbought. Therefore, I believe that the bearish momentum will resume during the weekend. If this happens, it will likely retest the important support point at $0.12.
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.
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.
Solana had one of the hardest downfalls in 2022. It plunged from an all-time high of $260 to $10. The most recent sell-off was due to its close affiliation to FTX and Alameda, which were its key funders. Therefore, the collapse of FTX led to a major liquidation, which pushed the price significantly lower.
On the daily chart, Solana remains below all moving averages and the psychological level of $10. The Relative Strength Index (RSI) has moved below the oversold level. Therefore, Solana will likely continue falling as sellers target the next key support point at $5.
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.
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.
The United Kingdom’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
NFT spend in the UK will increase from $1,725.2 million in 2022 to $9,257.0 million by 2028.
Increased adoption, government support and venture funding are key factors to that growth.
The global non-fungible tokens (NFT) market took a hit alongside the rest of the market in 2022, with sales volumes and creator revenue seeing a significant decline.
But despite the brutal crash that’s characterised the crypto sector throughout the year, the latest trends and projections suggest the NFT industry will continue to grow over the next six years.
Key segments in the next few years will be collectibles and art, real estate, sports, gaming, fashion & luxury and utility.
UK’s NFT industry to grow at a CAGR of 34.5% up to 2028
2021 remains a benchmark year for various sectors, yet according to a recent Research and Markets NFT industry report, 2022-2028 would see growth at a CAGR of 34.5%.
The United Kingdom will see its NFT industry grow from $1,725.2 million in 2022 to $9,257 million by 2028. The forecast put the NFT Spend Value for the UK on an upwards trajectory of an annual 48% for this year.
The Research and Markets report highlighted on Thursday forecasts widespread adoption of digital assets across the country’s different user groups will spark even further interest in NFTs.
Among factors to aid the UK NFT industry is the increased participation from innovative startups, sports clubs and even real estate giants. Just recently, Premier League giants Manchester United unveiled their NFT collection, joining an industry that’s already boasting of major global brands.As previously reported, the soccer club partnered blockchain platform Tezos in February this year.
The growing recognition and support for the industry from the UK government is another factor, as is the rising number of investors backing NFT startups.
Crypto is famous for producing insane returns, and getting in on crypto presales is the easiest way to ensure the highest potential for gains. This high potential for earning, followed by a decrease, is caused by an economic principle called the law of diminishing returns, which states that an asset’s value growth will begin to slow down over time.
One presale that has proven to be a significant success is Metacade (MCADE). Metacade is building a major GameFi platform to rival some of the biggest names in the space, so it’s worth investigating before the price rises even further.
The Metacade presale is a big investment opportunity
Crypto presales are extremely popular, especially for projects with strong fundamentals like Metacade. Case in point, the beta phase of the MCADE presale attracted over $1.3 million worth of investment in just four weeks, reflecting the project’s long-term potential.
Metacade launched its MCADE token at $0.008 at the beginning of its crypto presale, but now the price is rising. The price will continue growing until it reaches $0.02 at the end of the presale. For investors looking to get a good deal, the sooner you pick up tokens the better.
MCADE price prediction: 2023 and beyond
After reaching $0.02 at the end of its presale, MCADE will be launched on decentralized exchanges (DEXs), and the team will start to form partnerships to expand the reach of the token. Aside from this, the MCADE token will gain utility once it opens the comprehensive gaming experience planned for the Metacade platform.
The long-term potential of Metacade is very promising as a result. Experts predict explosive price action during 2023, which could see gains of up to 50x. This price explosion would give the MCADE token a value of $1 – a significant increase from its final crypto presale value of $0.02.
After 2023, analysts expect the crypto market to begin its next bull run once Bitcoin’s halving event ends during 2024. Bull markets usually produce major gains across the board, which could push the MCADE token up in value even further. By this time, MCADE could reach over $5, a massive 250x increase between the crypto presale and 2025.
What is Metacade?
Metacade is creating the biggest arcade on the blockchain, bringing advanced gaming capabilities to the world of Web3. GameFi enthusiasts can play a wide range of arcade-style games that each offer crypto rewards and participate in paid entry tournaments to win MCADE prizes.
Several additional features truly make Metacade stand out as a prime investment opportunity during its crypto presale. First, the project aims to serve Web3 users directly by providing a central location for gamers to get together and access valuable information about the space.
Over time, Metacade aims to become a decentralized autonomous organization (DAO). This shift will give complete control over the platform to the Metacade community, as all MCADE token holders will be able to vote in governance proposals and help drive the project’s future progress.
How does Metacade work?
Blockchain gamers can access endless challenges across many play-to-earn (P2E) games. Whether looking to play casually or competitively, Metacade offers players the chance to enjoy various addictive arcade games while earning MCADE tokens for their efforts.
In the Metacade, gamers also earn crypto tokens for contributing useful information to the community. These contributions can include the latest tips and tricks and anything else to help other gamers make the most out of their blockchain gaming experience.
Another key feature offered by Metacade is the chance to test out brand-new blockchain games before they officially launch. These beta-testing roles allow players to provide feedback to game developers, who can implement any improvements suggested by the Metacade community, including bug fixes and gameplay optimizations.
Metacade is expanding the reach of blockchain-based gaming
Metacade also aims to provide a critical service that can help the wider GameFi industry to grow. Its Metagrants program will provide funding for the most in-demand blockchain games, as the Metacade community will be able to vote for the titles that they most want to play in the future.
Blockchain is a technological advancement hub, and Metacade supports continuing progress in this area. Early-stage funding is critical in the process, as creating and launching new games requires a high level of support. Through connecting developers with its community of gamers, Metacade is directly helping to expand the scope and scale of innovation in blockchain.
Is Metacade worth buying in 2023?
The Metacade presale is a significant buying opportunity for crypto investors. Luckily, $0.008 is a meagre price for a project that offers real promise for the future, and it’s no surprise that the beta phase sold out quickly.
The presale will see the MCADE token rise to $0.02, so investors still have time to make some bear market gains. However, Metacade is undoubtedly a great addition to any investment portfolio, and it will be fascinating to see if it will reach the $1 mark during 2023.
Exchange proof of reserves scores and ranking. Source: Nic Carter on MediumWhile some platforms scored highly Binance’s proof of reserves was mostly ‘incomplete’ and thus the exchange scored poorly. In a comment on this, Carter wrote:
