The week is almost over and, like almost every week, a lot has happened again. In this rewind of week 50 we list the biggest crypto news for you. We start with Bitvavo, the Dutch exchange that made headlines.
Bitvavo has a gap of € 280 million, but can cough this up itself
The biggest news this week was that Bitvavo has a $280 million gap. This gap was created after crypto lending platform Genesis faced liquidity problems. This in turn follows from the situation at FTX.
Bitvavo has €280 million of customer funds tied up in this construction. There was a moment of panic among Dutch crypto investors. Fortunately, it all turns out to be okay. Quite soon, the CEO of the trading platform announced that the € 280 million will be coughed up by Bitvavo itself. Customers will therefore not notice the gap. The crypto exchange will therefore not go down due to the situation.
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Volatile bitcoin price due to news from US
This week, the bitcoin (BTC) price was suddenly very volatile after a relatively quiet period. In the first half of the week, BTC rose in value by nearly 8%. That was in the run-up to the FOMC meeting in the United States on determining the interest rate.
Unfortunately, this increase did not last. In the second week, the bitcoin price fell by almost 10% in value. In short, it looks like the price is set to close lower this week.
Binance can handle outflows of billions for the time being
In addition to Bitvavo, Binance also faced problems. Binance, the world’s largest crypto exchange, could be sued by US authorities, according to sources. So far, that doesn’t appear to be true. Nevertheless, this was one of the reasons why investors preferred to be on the safe side; take their crypto away from Binance.
According to Andrew Thurman of blockchain analytics platform Nansen, the yellow giant at one point experienced an outflow of as much as $3 billion in 24 hours. For the time being, Binance can handle the pressure, and fortunately that pressure is decreasing again.
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