Auditing firms Mazars Group and Armanino have reportedly dropped their cryptocurrency auditing services.
December 16, 2022 | | | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $16,981 | Bitcoin price has continued to erase its recent gains, sliding all the way back under the $17,000 mark Friday. | Top-20 altcoins have also continued to tumble, as Ethereum drops 5%, BNB slides 6% and Litecoin is the largest mover with a 7% loss. | Top Stories for December 16, 2022 🔥 | | Auditing firms Mazars Group and Armanino have reportedly dropped their cryptocurrency auditing services, leaving exchanges that were working with them in a difficult position. | Mazars Group worked with several major exchanges, including Binance and Crypto.com, while Armanino worked with OKX, Gate.io, and the troubled FTX exchange. | The sudden halt to these services comes at a time when transparency is needed in the cryptocurrency industry following the collapse of FTX. Binance has stated that it is seeking alternative accounting firms to provide assurances to users that their assets are secure. | | Bitcoin could be weeks away from forming its very first "death cross" pattern on the weekly chart – typically a bad sign for price action. | The phenomenon refers to when a short-term moving average, such as the 50-week simple moving average (SMA), falls below a long-term moving average, such as the 200-week SMA. | Despite the signal being regarded as negative, analysts point out that such a formation is a lagging indicator and somewhat unreliable. | | The European Union (EU) is preparing market participants for the launch of a pilot program that will allow them to experiment with decentralized ledger technology (DLT) in financial instruments. | The pilot will allow traditional finance players and new entrants, such as crypto firms, to use DLT for innovative market infrastructure that removes intermediaries. | The European Securities and Markets Authority (ESMA) will oversee the project and has laid out guidelines for participation, including the requirement for a criminal record check, expertise in DLT, and the sharing of takeaways from the pilot with national authorities. |
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