Friday, December 16th, saw a crypto-wide market sell-off caused by auditor Mazars stating that it was suspending all its services to crypto exchanges wishing to verify their digital asset reserves.
The move by Mazars was particularly shocking given that Binance, KuCoin and Crypto.com had contracted the auditor to verify that their customer assets were 100% backed by similar digital assets held by the crypto exchanges.
Mazars, however, saw it fit to clarify that such proof-of-reserves should not be considered true audits. They said:
They do not constitute either an assurance or an audit opinion on subject matter. Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time.
Aptos (APT) Could Retest November’s Low of $3.42
The Aptos (APT) digital asset was also affected by yesterday’s sell-off, which saw the crypto drop by 15.5% from $4.70 levels to a local low of $3.9689. The 6-hour ATP/USDT chart below, courtesy of Tradingview, shows that Aptos is in bear territory below the 50 (white), 100 (yellow) and 200 (green) moving averages.
In addition, the bearish sentiment surrounding Aptos could result in a continuation of selling till a retest of the November low of $3.4356 or lower.
However, the 6-hour MFI (green), MACD and RSI (red) are in oversold territory and could provide the first signs of a slow rise back towards $5, where likely a rejection will occur. Thus returning Aptos towards a bearish trajectory.
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