Bahamian regulators have seized FTX Digital Markets funds, which filed for Chapter 15 bankruptcy in New York through Bahamas court-appointed joint provisional liquidators, reportedly to avoid court supervision. It is said to be part of a fight between regulators in the US and the Bahamas over control of the bankruptcy proceedings. Grayscale’s Bitcoin Trust is also trading at a discount of under 42% after Genesis stopped its lending programme under the Digital Currency Group, while RippleNet is to adopt On-Demand Liquidity, projecting massive growth next year. Top exchange platforms have delisted Solana native USDC and USDT, causing a tumble in its price.
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Bahamian Regulators Seize FTX Funds
The Bahamian Securities Commission has seized FTX Digital Markets funds, citing their power as a regulator under the authority of the Supreme Court of the Bahamas. The funds have been put in government-controlled wallets for safekeeping, leading to a fight between regulators in the US and the Bahamas over who gets to control the bankruptcy proceedings for FTX. It’s been reported that FTX Digital Markets filed for Chapter 15 bankruptcy in the Southern District in New York through Bahamas court-appointed joint provisional liquidators, instead of filing for Chapter 11 bankruptcy in Delaware.
Market Watch
Bitcoin and Ethereum prices have both gone down, with Bitcoin coming in at $16,672 (down 1% on the day), and Ethereum at $1,210 (down 0.1% on the day). The major level for Bitcoin would be to get above $16,779 with higher hourly timeframe candles.
Grayscale’s Bitcoin Trust Trading at a Discount
Grayscale’s Bitcoin Trust (GBTC) is currently trading at a discount a little under 42%, likely due to Genesis stopping its lending program. GBTC is now at a record discount because the price of GBTC to the net asset value of Bitcoin is negative, usually trading at a premium.
RippleNet Update
RippleNet will adopt On-Demand Liquidity (ODL), according to an announcement by CEO Brad Garlinghouse at the Ripple Swell conference. Ripple is projecting massive growth next year, with machine learning and automation efforts focused on liquidity, and 40 payout markets already live on ODL.
Solana Delistings
Top exchange platforms are delisting Solana native USDC and USDT. As the rest of the crypto market got a little bit green, the price of Solana tumbled down 6.7%. Binance, OKX, Bybit, and BitMEX have all suspended deposits of Solana stables.
