Crypto industry – pressnews

Bitcoin miners are devouring energy at a record pace during the cryptocurrency runup

10Mar

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Technology

Bitcoin miners are devouring energy at a record pace during the cryptocurrency runup

[ad_1] After recovering from a near-death experience during the most recent crypto winter, Bitcoin miners are back in survival mode — spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currency's code that threatens revenue streams. The surge in activity is sparked by a runup in the world's largest cryptocurrency, fueled by newly launched spot Bitcoin exchange-traded funds, and a quadrennial event called the halving that is slated to take place in April. Bitcoin has surged more than fourfold since plunging by 64% in 2022 amid a series of crypto industry bankruptcies and scandals. Also read: Mark Zuckerberg criticises Apple Vision Pro again, says Meta Quest 3 is better Since February 2023, 13 of the top mining companies have p...

Bitcoin Jumps the Most in Almost a Month After US Supports Banking Sector

13Mar

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Technology

Bitcoin Jumps the Most in Almost a Month After US Supports Banking Sector

[ad_1] Bitcoin jumped the most of almost a month after US authorities sought to stem concern about the health of the nation's financial system. The largest cryptocurrency gained as much as 5.3% to $21,582, the biggest increase since Feb. 15, after US agencies pledged to fully protect all depositors' money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans. Signature Bank was closed by New York state financial regulators, while saying depositors will have access to their money.“The Federal Reserve's rescue plan has bolstered market confidence and allayed concerns about the potential collapse of additional players, particularly given that Signature is a major bank within the crypto industry,” said Rachel Lin, co-fo...

Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain

18Nov

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Technology

Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain

[ad_1] There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin. There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin this week.The token is up some 3% over the period, topping global stocks, while a gauge of the leading 100 virtual coins has added about 1%. That compares with Bitcoin's 23% slide last week as Sam Bankman-Fried's FTX empire collapsed. To recap the backdrop: FTX's chaotic bankruptcy left even the man who liquidated Enron Corp. flabbergasted and put the likes of crypto lender BlockFi Inc. on the cusp of their own Chap...

FTX Wipeout Is Latest Test of Nerves for Asia’s Crypto Rule Makers

17Nov

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Technology

FTX Wipeout Is Latest Test of Nerves for Asia’s Crypto Rule Makers

[ad_1] Crypto’s latest existential crisis, courtesy of Sam Bankman-Fried’s epic faceplant, flared amid far-reaching planned changes in the digital-asset rulebooks of Asian centers. Crypto's latest existential crisis, courtesy of Sam Bankman-Fried's epic faceplant, flared amid far-reaching planned changes in the digital-asset rulebooks of Asian centers including Hong Kong and Singapore.The fall of his FTX exchange showed the world lacked the true picture of its operations. As a result, officials in both jurisdictions and further afield face calls to ensure greater transparency, especially on customer assets. The immediate focus in Asia is on “disclosures of leverage ratios, any conflict of interest with user funds, details of those funds and risk management,” said Cici Lu, founder at V...

After FTX collapse, cryptocurrency sector fights back

16Nov

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Technology

After FTX collapse, cryptocurrency sector fights back

[ad_1] The failure of the FTX platform has undermined investor confidence and threatened the young cryptocurrency sector, pushing its main players to mobilise to save it. The failure of the FTX platform has undermined investor confidence and threatened the young cryptocurrency sector, pushing its main players to mobilise to save it.The boss of the largest cryptocurrency exchange platform, Binance, did everything to reassure investors on Tuesday. "The projects that survive this difficult time will be much stronger later on," said Changpeng Zhao in response to questions from Internet users on Twitter. But for now, the market is shaken.Cryptocurrencies are valued at $870 billion, according to data from Coingecko, a site that lists more than 13,000 of them through 600 exchanges.Less than ...

Crypto’s Binance Plans Push for Global Digital-Asset Standards

14Nov

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Technology

Crypto’s Binance Plans Push for Global Digital-Asset Standards

[ad_1] Binance plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX. Changpeng “CZ” Zhao, head of crypto exchange Binance Holdings Ltd., said the firm plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX.“As an industry we need to increase transparency,” Zhao said at a conference in Bali, Indonesia. “We need to work very closely with regulators all around the world to make this industry more robust. There is a strong role for regulators to play but we can't blame this on any single party.” Zhao was involved in a public feud with Sam Bankman-Fried's FTX, a dispute that was part of the chain of events ahead of the latter's rapid collapse. The shak...

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

14Nov

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Technology

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

[ad_1] The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far:WHY DID FTX GO BANKRUPT?Customers fled the exchange over fears about whether FTX had suffici...

Crypto’s $2 Trillion Wipeout Is Coming for the C-Suite

21Oct

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Technology

Crypto’s $2 Trillion Wipeout Is Coming for the C-Suite

[ad_1] After a period of tumult that is still shaking crypto companies to the core, a wave of management turnover is now sweeping across the industry. The convulsions that set the cryptocurrency market tumbling earlier this year and delivered shock waves through the industry have subsided. Now comes the shakeup in the C-suite. More than two dozen high-ranking executives — from Alex Mashinsky, the charismatic and controversial co-founder of now-bankrupt crypto lender Celsius Network to Brett Harrison of digital-asset exchange FTX US and Jesse Powell, the outspoken head of FTX's rival Kraken — have vacated their posts in the past two months alone. While an assortment of idiosyncratic reasons has been given for the exodus, it's clear the turbulence that shook the market starting in ...

Cryptocurrency Crash Was Good for Industry, Weeded Out ‘Tourists’

28Sep

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Technology

Cryptocurrency Crash Was Good for Industry, Weeded Out ‘Tourists’

[ad_1] The difficult economic climate has weeded out crypto industry “tourists,” leaving behind a stronger set of companies. This year's difficult economic climate has weeded out some of the crypto industry “tourists,” leaving behind a stronger set of companies, said Irina Haivas, a partner at venture capital firm Atomico. “It's not bad that the hype has gone,” she said, speaking at the Bloomberg Technology Summit in London on Wednesday, as it means the people building crypto companies are aware of the market conditions and “want to build something more sustainable rather than speculate around it.” Edward Cooper, head of crypto at fintech startup Revolut Ltd., agreed. He said that 2020 was very frothy and euphoric with l...