Tag: crypto prices

Technology

FTX Latest: Crypto Prices Still Under Pressure as Billions Owed

Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once-powerful FTX empire. The largest token Bitcoin has shed about 4% over two days, while second-ranked Ether is roughly 7% lower. Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried's once-powerful FTX empire. The largest token Bitcoin has shed about 4% over two days, while second-ranked Ether is roughly 7% lower.Crypto exchange FTX and related companies now in bankruptcy collectively had a carryover federal net operating loss of at least $3.7 billion as of Dec. 31 last year based on tax returns, according to court filings. FTX owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affi...
Technology

Crypto Winter Spurs Delisting of Bitcoin, Ether ETFs in Australia

A clutch of crypto exchange-traded funds launched with much fanfare in Australia are headed for delisting. A clutch of crypto exchange-traded funds launched with much fanfare in Australia are headed for delisting, becoming the latest casualties of the this year's digital-asset rout. The management teams behind the Cosmos Purpose Bitcoin Access ETF, Cosmos Purpose Ethereum Access ETF and Cosmos Global Digital Miners Access ETF applied to revoke their quotations on the exchange run by Cboe Australia Pty. Cosmos Asset Management was part of the race to roll out the first crypto ETFs in Australia earlier this year. But a $2 trillion slump in digital assets over roughly the 12 months has dulled investor ardor for virtual coins. “While we strongly believe in the asset class, we are ...
Technology

In True Halloween Form, Zombie Coins Just Won’t Die

You've likely heard of Bitcoin and Ether as digital tokens, but there's actually tens of thousands of cryptocurrencies you probably haven't heard of. In fact over 12,000 of those coins are virtually defunct. Not that they're ‘dead' per say, but they're also not considered ‘alive' or active. They're called ‘zombie' coins: tokens that have stopped trading activity lately and are simply dormant. These zombified coins are not a new phenomenon, but the substantial increase in their volume (from the hundreds in 2019 to 12,100 at recent count) has been eye-opening as another symptom of chilly market conditions. Source link
Technology

NFT Bargain-Hunting Is in as Crypto Bust Craters Prices

NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus. A year ago, Daniel Maegaard, one of the higher-profile collectors of nonfungible tokens, was spending tens of thousands of dollars on CryptoPunks featuring funky-looking people or apes. In the last few months, he's been buying NFTs that typically sell for less than $2,000. The shift is indicative of the metamorphosis taking place in the market for the once-coveted digital images promoted by the likes of Justin Bieber and Madonna. NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus, leaving the sector mostly to the dedicated long-term believers in the various potential use cases, and collectors betting that the plunge in prices wil...
Technology

Bitcoiners Hunker Down for ‘Storms Ahead’ as Retail Stays Away

Crypto investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Crypto investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Yet the hunt for a bottom continues as long-term holders cling on with expectations that there's more pain to come -- and retail investors stay on the sidelines. Even with the narrative going around that crypto hung tough in the July-September stretch, the mood has remained sour. While around 83,500 new digital wallets are coming online daily, that's a low for the 2020-2022...
Technology

Crypto ETF Outflows Drop 97% as ‘Get-Me-Out’ Rush Eases

The money flowing out of crypto-related funds in the third quarter has slowed down. The money flowing out of crypto-related funds in the third quarter has slowed down, a sign that many bearish investors may have already piled out of the risky asset class.Investors pulled out $17.6 million from crypto exchange-traded funds in the three months ending Sept. 30, according to data compiled by Bloomberg Intelligence. That figure, as of Friday morning, is far below the record $683.4 million withdrawn from such funds in the second quarter. The outflows mainly took place in the past two months. In July, investors poured upwards of $200 million into crypto ETFs. Record outflows in the second quarter tracked plunging cryptocurrency pri...
Technology

A Hot Jobs Report Could Send Bitcoin Price to $15,000, Hedge Fund Says

A stronger-than-expected US jobs report on Friday could send convulsions through cryptocurrencies and push Bitcoin to as low as $15,000, according to a hedge fund that dumped much of its crypto holdings in late August. A stronger-than-expected US jobs report on Friday could send convulsions through cryptocurrencies and push Bitcoin to as low as $15,000, according to a hedge fund that dumped much of its crypto holdings in late August. Elevated employment figures would raise the odds of more jumbo interest rate increases by the Federal Reserve, jeopardizing the $20,000 level at which Bitcoin has been holding firm since a mid-August selloff, said Max Gokhman, chief investment officer of AlphaTrAI. Bitcoin “is very tied to ...
Technology

Bitcoin Price Today Dips Below $20,000, Extending Second Weekly Retreat

Bitcoin price today dipped below the bottom end of the narrow range that it has traded in the past two weeks. Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin price today dipping below the bottom end of the narrow range that it has traded in the past two weeks. “Powell's admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments. The largest cryptocurrency by market shed as much as 3.4% to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57%. ...