Building a Path for Crypto Recovery & New FinTech Collaborations

Last week Worldometer, which draws estimates from a 2022 United Nations report, stated that the global population reached an astonishing 8 billion. Interestingly, market research firm GWI suggests that as much as 10.2% of global internet users aged 16 to 64 own crypto.

To help crypto users get through the recent FTX scandal, we highlighted recent market news and gathered thoughts from analysts and Binance CEO about crypto trading tactics that work at the end of 2022.
Market Cap
In the past two weeks, the market cap fell to $0.827 Trillion, according to CoinMarketCap. Bitcoin price dropped to $16,411.3 and Ether is currently trading at $1,176.9 on the Aximetria app.
$827 Billion
* Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the cryptocurrency price with the number of coins in circulation.
BTC Treasuries
BTC Treasures are alternative inflation hedges and stores of value that are especially popular in the times of world economic destabilization.
Exchange Traded Funds
808,688 BTC
244,779 BTC
194,000 BTC
Public Companies
258,100 BTC
130,000 BTC
Private Companies
316,067 BTC
Mt. Gox
141,686 BTC
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
46,351 BTC
El Salvador
2,381 BTC
40,000 BTC
Galaxy Digital Holdings
Voyager Digital LTD
12,260 BTC
140,000 BTC
The Tezos Foundation
17,500 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
25,284 BTC

  • The aftermath of FTX collapse

FTX Token
  • BlockFi reportedly filed for bankruptcy, as reported by the WSJ

  • Japanese cryptocurrency exchange Liquid halted withdrawals amid the ongoing crisis amid centralized crypto exchanges. The FTX-owned crypto exchange Liquid took to Twitter to officially announce a suspension of fiat and crypto withdrawals on its Liquid Global platform.

  • Kraken froze accounts related to FTX and Alameda

  • Crypto lending platform SALT paused withdrawals and deposits

  • Visa terminated the long-awaited debit card program with FTX

  • The Securities and Exchange Commission of Cyprus, or CySEC, reportedly stated FTX's filing for Chapter 11 bankruptcy in the United States, requesting the exchange halt operations for its Europe arm.

The fintech company Plaid which facilitates communication between financial services apps and users' banks and credit card providers, suspended FTX US access to its products, citing "concerning public reports" of fraudulent activity.

  • Genesis denied 'imminent' plans to file for bankruptcy

On Nov. 16, Genesis announced it had temporarily suspended withdrawals citing "unprecedented market turmoil" after FTX's collapse. The company previously revealed on Nov. 10 it had around $175 million worth of funds stuck in an FTX trading account.

The firm has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy, according to a Nov. 21 Bloomberg report, citing people familiar with the matter.

But a spokesperson for Genesis told Cointelegraph that there were no plans to file for bankruptcy "imminently" and that it continued to have "constructive" discussions with creditors:
We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.

  • Binance launched an industry recovery fund to help projects struggling with liquidity
As the effects of the FTX crisis continue to affect the markets negatively, crypto exchange Binance is creating a fund to help potentially strong projects with liquidity issues.

In a tweet, Binance CEO Changpeng Zhao stated that the fund plans to reduce the cascading damaging effects of the collapse of FTX by helping projects that the Binance CEO described as "strong, but in a liquidity crisis."

  • CoinMarketCap launches proof-of-reserve tracker for crypto exchanges
CoinMarketCap, a leading market researcher and tracker in the crypto industry, announced the launch of a new feature on its platform that gives users updated financial insights on exchanges.

The proof of reserves (PoR) tracker audits active cryptocurrency exchanges in the industry for transparency on liquidity at a given moment. According to the statement, the tracker shows the total assets of the company, its affiliated public wallet addresses, the balances, current price, and values of the wallets.

CoinMarketCap reports the PoR trackers will update data every five minutes. On November 22, the company tweeted a navigation guide for users.
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  • Crypto stablecoin issuer Circle adds Apple Pay support
USD Coin
Circle, the issuer of the United States dollar-pegged stablecoin USD Coin, has added support for Apple Pay to bring the crypto and traditional payment systems closer together.

According to Circle, the addition of Apple Pay support will benefit traditional businesses by allowing them "to shift more retail payments to digital currency."

  • Trust Wallet launches browser extension, integrates with Binance Pay and Coinbase Pay
Trust Wallet
The self-custody Trust Wallet launched its long-awaited browser extension and collaborated with Binance Pay and Coinbase Pay, whose users can now transfer their funds directly to a Trust Wallet account.

The browser extension was launched on Nov. 14 and is now available in Google Chrome and Opera. The extension allows users to store, transfer, and receive crypto across all Ethereum Virtual Machine (EVM) chains and Solana. A network auto-detect function provides users with a seamless DApp experience without having to manually add networks.

Moreover, the extension includes multi-wallet support, NFT support, fiat on-ramp providers, non-EVM blockchain integrations, and hardware wallet support.
Crypto Regulation Updates
Kenyan legislation establishes crypto taxation, creates consumer protections
Read more
The Japanese central bank plans to make a decision on whether to issue a digital yen by 2026.
Read more
Russia plans to create a 'national crypto exchange'
Read more
El Salvator government introduced a bill to launch the 'Bitcoin bonds'
Read more
El Salvator
The Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the "digital rupee" within a month
Read more
Analysts Talk
So far, 2022 has been one of the most turbulent years for the crypto market in recent years. We've seen so many ups and downs that it is reasonable to ask yourself if buying crypto in this turbulent time is a smart move?

We went to institutional investors and analyzed recent interviews with Binance CEO Changpeng "CZ" Zhao to share some of the most valuable insights with you.
  • Chris Kuiper

    Chris Kuiper is a Director of Research at Fidelity Digital Assets
    Why are institutional investors buying crypto right now?

    "They're agnostic to some of this crazy volatility and price because they're looking at it from a very long-term perspective.

    They're looking over the next few years, five years, decade or more."
  • Changpeng "CZ" Zhao

    Changpeng Zhao, who goes by CZ, is the founder and CEO of Binance, the largest cryptocurrency exchange in the world.
    What average crypto investors should do in Q4 2022?

    "You should not invest in crypto if you're using money that you need for next week or next month, you should only be using discretionary cash that you don't need for a long time, like maybe a couple of years."

    "If you don't know what's going on, don't try to guess what's going to happen. It's very hard to predict. So we will go through a period of high volatility and unpredictableness."
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