Tag: Crypto market

After FTX collapse, cryptocurrency sector fights back
16Nov By adminNo Comments
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 ...
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Crypto’s Binance Plans Push for Global Digital-Asset Standards
14Nov By adminNo Comments
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...
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Solana Leads Crypto Slump With FTX’s Serum Project In Distress
14Nov By adminNo Comments
Technology

Solana Leads Crypto Slump With FTX’s Serum Project In Distress

[ad_1] A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network’s most prominent and FTX-affiliated projects. A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network's most prominent and FTX-affiliated projects. Solana fell as much as 11% to $12.11 on Monday in Asia's morning. Crypto bellwethers Bitcoin and Ether also slumped, with Bitcoin at one point dropping below $16,000. Other altcoins, including Polkadot and Avalanche, typically more volatile than larger cryptocurrencies due to lower liquidity levels, fell as well.  The crypto market has lost about $200 billion in value in the past week itself, as the collapse of FTX CEO Sam Bankman-Fried's crypto empire took its toll on inve...
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EXPLAINER: What’s happening at bankrupt crypto exchange FTX?
14Nov By adminNo Comments
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...
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TIMELINE-Rise and fall of crypto exchange FTX
14Nov By adminNo Comments
Technology

TIMELINE-Rise and fall of crypto exchange FTX

[ad_1] FTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned. FTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned, the crypto exchange said on Friday, in a spectacular collapse that has sent shivers through the industry. Here is a history of FTX since its foundation in 2019:  2019: May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange.  2021: July - A $900 million funding round valued FTX at $18 billion. September - FTX signed a sponsorship deal with Mercedes' Formula 1 team. October - FTX raised capital at a valuation of $25 billion from inve...
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Big Investors Are Giving Up on Crypto Markets Going Mainstream
13Nov By adminNo Comments
Technology

Big Investors Are Giving Up on Crypto Markets Going Mainstream

[ad_1] Institutional investors were souring on cryptocurrencies even before this week. Institutional investors were souring on cryptocurrencies even before this week. The sudden downfall of Sam Bankman-Fried's FTX.com may have permanently damaged their prospects of being included in mainstream portfolios.While plenty of industry die-hards remain, many professional money managers are saying the case for crypto as a portfolio diversifier or digital gold has been debunked. The losses are too great and the market structure is too risky, they say.  “What's become clear is it will not find a home in institutional asset allocation,” said Hani Redha, a multi-asset portfolio manager at Pinebridge Investments in London. “There was a period when it was being considered as a potential asset clas...
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Crypto Markets Pull Back From Brink in Respite From FTX Rout
10Nov By adminNo Comments
Technology

Crypto Markets Pull Back From Brink in Respite From FTX Rout

[ad_1] Cryptocurrencies regained some ground following Wednesday’s plunge, offering investors a respite from a rout fueled by Binance Holdings Ltd.’s withdrawal of its offer to buy FTX.com. Cryptocurrencies regained some ground following Wednesday's plunge, offering investors a respite from a rout fueled by Binance Holdings Ltd.'s withdrawal of its offer to buy FTX.com. Bitcoin rose as much as 4.4% after tumbling as low as $15,574, a level unseen since November 2020. Ether climbed 3.6%. The MVIS CryptoCompare Digital Assets 100 Index was down 3.9% as of 10:23 a.m. in Singapore on Thursday, after having fallen as much as 6.8%. “Expect the unexpected in the days ahead,” Genesis Trading analysts Ainsley To and Gordon Grant wrote in a note Wednesday that highlighted the explosion of ...
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Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow
9Nov By adminNo Comments
Technology

Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow

[ad_1] Cryptocurrencies extended declines as Binance’s potential takeover of FTX highlighted how strains in the industry are now buffeting some of its top players. Cryptocurrencies extended declines as Binance's potential takeover of embattled rival exchange FTX highlighted how strains in the digital-asset industry are now buffeting some of its top players. Bitcoin, the largest token by market value, fell as much as 5.4% on Wednesday after a near-10% decline a day earlier and was trading at about $17,700 as of 9:50 a.m. in London. Just about every digital coin was struggling: Ether, Solana, Polkadot, Avalanche, and meme token Dogecoin all dropped. Binance Chief Executive Officer Changpeng “CZ” Zhao stunned the crypto world on Tuesday with an announcement that his firm was moving ...
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Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning
4Nov By adminNo Comments
Technology

Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

[ad_1] A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. That's the view of JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou, who said Thursday such funding is running at the equivalent of about $10 billion a year, less than a third of the pace seen in 2021. “This is a concerning development as it shows reluctance by VC funds to deploy capital into the digital-asset space, increasing the likelihood that the current weakness in crypto markets would be long lasting,” the team wrote in a note. Venture capital investment into th...
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Cash Is Flowing From Stablecoins to Treasuries, CEO Says
4Nov By adminNo Comments
Technology

Cash Is Flowing From Stablecoins to Treasuries, CEO Says

[ad_1] Investment is flowing out of stablecoins into assets like US Treasuries in response to prevailing macroeconomic conditions, according to Circle Internet’s CEO Jeremy Allaire. Investment is flowing out of stablecoins into assets like US Treasuries in response to prevailing macroeconomic conditions, according to Circle Internet Financial Ltd.'s Chief Executive Officer Jeremy Allaire. Rising interest rates have led institutions to rethink how much exposure they want to crypto and instead purchase lower-risk assets like US government bonds or money-market instruments, Allaire said in an interview Friday. “This is just a macro phenomenon,” Allaire, whose company operates the USD Coin stablecoin, said on the sidelines of the Singapore FinTech Festival. “That's not in our control...
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