Tag: crypto price today

A Hedge Fund Hit by FTX Collapse Defaults on $36 Million of Debt
6Dec By adminNo Comments
Technology

A Hedge Fund Hit by FTX Collapse Defaults on $36 Million of Debt

[ad_1] Contagion from the collapse of crypto exchange FTX is spreading into the world of decentralized finance. Contagion from the collapse of crypto exchange FTX is spreading into the world of decentralized finance, as lending protocol Maple Finance severed ties with a hedge fund that defaulted on almost $36 million worth of crypto loans on its platform.Sydney-based Orthogonal Trading said in a tweet on Tuesday that it defaulted on a $10 million loan after being “severely impacted by the collapse of FTX and associated trading activities,” without giving further details. M11 Credit, which runs a lending pool on Maple, on Monday said Orthogonal Trading had informed it on Dec. 3 about its inability to repay. Orthogonal Trading had taken out $31 million of loans in the USDC stablecoin an...
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SPACs and Crypto’s Loveless Marriage was Doomed
6Dec By adminNo Comments
Technology

SPACs and Crypto’s Loveless Marriage was Doomed

[ad_1] Crypto companies seeking the public markets’ stamp of approval face a rightly skeptical SEC. Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss's dealmaking ability probably wasn't the issue. Nor was the target's financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its bottom line. Instead, the party pooper was almost certainly the Securities and Exchange Commission. Following the collapse of crypto exchange FTX in November, the regulator's already elevated wariness of crypto is now at DEFCON 1. Trying to match a crypto company wi...
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Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’
5Dec By adminNo Comments
Technology

Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’

[ad_1] Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. The moves are part of an ongoing reorganization aimed at refocusing efforts, and reductions will be across the board, Zhou said Sunday, adding the priority is to ensure business operations are unaffected and client assets remain safe. He cited crypto prices trending lower and the struggles of companies such as bankrupt crypto lender BlockFi and embattled crypto brokerage Genesis as signals “to tell us that we are entering into an eve...
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Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service
2Dec By adminNo Comments
Technology

Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service

[ad_1] This year’s long list of crypto security exploits targeting decentralized finance has another unwelcome entry. This year's long list of crypto security exploits targeting decentralized finance has another unwelcome entry. Binance, the largest digital-asset exchange, said Friday it's helping to probe an attack on a token offered by the Ankr protocol. The token, aBNBc, is now almost worthless after trading at about $300 a day ago. The aBNBc token had derived its value in part from a link to Binance Coin and was intended to give holders of the latter ways of earning returns. About $123 million of assets are deposited on the Ankr protocol, according to its website. Ankr said it was working with exchanges to stop trading of the affected coin. Blockchain security specialist P...
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‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says
2Dec By adminNo Comments
Technology

‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says

[ad_1] There’s a lot going on in crypto following the collapse of the FTX exchange. But traders’ focus has turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. There's a lot going on in crypto following the collapse of the FTX exchange. But traders' focus has in recent days turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. Wrapped Bitcoin, or wBTC, is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. The offshoot normally trades on par with the original token but had over the past few days traded at a discount to Bitcoin. Mike Belshe, chief executive officer of BitGo, spoke with Bloomberg News on Tuesday about wrapped Bitcoin, the state of crypto markets and mo...
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Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years
2Dec By adminNo Comments
Technology

Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years

[ad_1] Crypto advocate Mike Novogratz dropped his forecast for Bitcoin to climb to $500,000 in five years, citing the Federal Reserve’s interest rate increases. Crypto advocate Mike Novogratz dropped his forecast for Bitcoin to climb to $500,000 in five years, citing the Federal Reserve's interest rate increases.It will, but “not in five years,” Novogratz said Thursday during an interview on Bloomberg Television. The biggest change that happened is that Fed Chair Jerome Powell found “his central banking superpowers.” Like most risk assets, Bitcoin has slumped this year because the Fed is raising rates to contain inflation, Novogratz, the chief executive of Galaxy Digital, said. Bitcoin has tumbled more than 60% this year, dropping to around $17,000. Fallout from the bankruptcy of the ...
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Kraken to cut about 1,100 global jobs as crypto winter bites
1Dec By adminNo Comments
Technology

Kraken to cut about 1,100 global jobs as crypto winter bites

[ad_1] Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%. Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year. Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies adding to the uncertainty. "Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets," the company said. Kraken said it has seen a drop in trading volumes and fewer client sign-ups, adding that the layoffs will take total headcount to where it was 12 months ago. Earlier this month, crypto excha...
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Shock ‘N’ Awe! Crypto’s Future Could Look Like Iraq’s Past
30Nov By adminNo Comments
Technology

Shock ‘N’ Awe! Crypto’s Future Could Look Like Iraq’s Past

[ad_1] Money, digital or fiat, depends on faith in the institutions that back it. The Iraqi dinar was ahead of its time. Years before Bitcoin was invented, American day traders were lured by the viral economic narrative that the Iraqi currency was a ticket to retirement riches following Saddam Hussein's downfall. Economists and regulators warned it was a gamble, but punters still paid high fees to own an illiquid currency that some thought might just become the most valuable in the world. Instead, it was devalued by 20% in 2020. The dinar is on economists' minds again as the cryptocurrency market reels from its latest crash — with $2 trillion of value wiped off a market rife with fraud, theft and high-profile corporate collapses including FTX and BlockFi. The parallels aren't just ...
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Bitcoin Climbs to 2-Wk High Ahead of Speech by US Fed’s Powell
30Nov By adminNo Comments
Technology

Bitcoin Climbs to 2-Wk High Ahead of Speech by US Fed’s Powell

[ad_1] Bitcoin spiked higher Wednesday in the countdown to a speech by US Federal Reserve Chair Jerome Powell that may cement expectations for a slower pace of interest-rate hikes in the US. Bitcoin spiked higher Wednesday in the countdown to a speech by Federal Reserve Chair Jerome Powell that may cement expectations for a slower pace of interest-rate hikes in the US. The largest token added as much as 3.7% and was trading at about $17,010 as of 10:41 a.m. in Singapore, the highest level in two weeks. Ether climbed over 4%, while the likes of Binance Coin and Dogecoin also jumped. Powell is due to speak later Wednesday at an event hosted by the Brookings Institution and may echo fellow Fed officials in signaling a half-point rate rise at their final meeting of the year after fou...
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Genesis meltdown: Inside a Once-$10 Billion Crypto Empire That’s Suddenly Cracking
17Nov By adminNo Comments
Technology

Genesis meltdown: Inside a Once-$10 Billion Crypto Empire That’s Suddenly Cracking

[ad_1] Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert. Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert, the man at the helm of the Digital Currency Group empire.Silbert, who rarely does press interviews or speaks at the multitude of industry conferences, founded the Stamford, Connecticut-based crypto conglomerate DCG in 2015, according to the 46-year-old's LinkedIn profile. Last year, DCG's valuation reached $10 billion, after it sold $700 million of stock in a private sale led by SoftBank Group Corp. DCG had 66 employees at the start of November and holds more than 200 companies in its ...
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