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Crypto Mining Stocks Eye Best Month in a Year Atop Bitcoin Jump

17Jan

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Technology

Crypto Mining Stocks Eye Best Month in a Year Atop Bitcoin Jump

[ad_1] A Bitcoin rebound has put crypto mining stocks on course for their best monthly performance in at least a year, providing some respite from the debt and energy-price worries that pummeled the shares in 2022. A Bitcoin rebound has put crypto mining stocks on course for their best monthly performance in at least a year, providing some respite from the debt and energy-price worries that pummeled the shares in 2022. The 20-member MVIS Global Digital Assets Mining Index is up 64% so far in January, outstripping Bitcoin's 28% advance. That's the gauge's best month since its inception at the end of 2021 and contrasts with last year's 88% drop. The Luxor Hashprice Index — which seeks to measure how much a miner can expect to earn from the computing power used for the Bitcoin netwo...

4Jan

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Technology

Beware the Dangers of Crypto Regulation

[ad_1] With so many unknowns and the risks of contagion mostly contained, the best policy right now is caution. The collapse of FTX and the charges against Sam Bankman-Fried have brought many renewed calls for crypto regulation, from both commentators and legislators. That is precisely why this is a time for caution. No matter how strong the temptation, we should not overregulate. Begin with two central facts. First, there are numerous ways for small and large investors to lose their money, including by investing in risky equities. Regulating crypto won't end that danger. Second, despite being one of the largest financial frauds in history, FTX has not created systemic financial risk, which should be the main concern of regulators. And market forces already have made the risk from ...

YEARENDER-Cryptocurrencies at crossroads after annus horribilis

22Dec

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YEARENDER-Cryptocurrencies at crossroads after annus horribilis

[ad_1] Crashes, contagion, collapses came in such quick succession that investors were, towards the end of the year, asking serious existential questions. To borrow from Britain's Queen Elizabeth, 2022 is not a year on which the cryptocurrency world shall look back with undiluted pleasure.Crashes, contagion, collapses came in such quick succession that investors were, towards the end of the year, asking serious existential questions. After all, the largest cryptocurrency, bitcoin, has not kept its head above water for more than a week at a time, and is down about three-quarters from last November's $69,000 peak. The market value of the 22,000-odd tokens and coins is now at less than a third of the peak $3 trillion in November 2021, and many of them are comatose, if not outright dead.T...

SPACs and Crypto’s Loveless Marriage was Doomed

6Dec

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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...

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

5Dec

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Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

[ad_1] Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered.A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank's Global Head of Research Eric Robertsen wrote in a note on Sunday. Demand could switch from Bitcoin as a digital version of gold to the real thing, spurring to a 30% rally in the yellow metal, Robertsen also said. This possible outcome involves a reversal in interest-rate hikes as economies struggle and more crypto “bankruptcies and a collapse in investor confid...

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

5Dec

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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...

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

2Dec

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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...

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

2Dec

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‘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...

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

1Dec

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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...

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

30Nov

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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 ...