Crypto winter – 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...

SEC lawsuits against cryptocurrency companies raise questions about industry’s future

11Jun

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SEC lawsuits against cryptocurrency companies raise questions about industry’s future

[ad_1] First came the crypto winter, then the alleged fraud wrought by FTX founder Sam Bankman-Fried, and now the lawsuits.The U.S. Securities and Exchange Commission filed lawsuits last week against the world's biggest cryptocurrency exchanges, Binance and Coinbase, deepening tensions between the government and a volatile industry that has been marred by scandals and market meltdowns. Binance and Coinbase are both alleged to have violated the law by operating as securities exchanges without registering their businesses with the SEC. Binance faces additional charges, along with its CEO, of diverting customer funds to a separate business, among other accusations. Most recently, the SEC asked a federal judge to freeze the assets of Binance's U.S. platform. The lawsuits are the latest in a...

‘Very Cold Crypto Winter’ Kills a Pioneer of Bitcoin Trading

11Feb

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‘Very Cold Crypto Winter’ Kills a Pioneer of Bitcoin Trading

[ad_1] One of the earliest peer-to-peer platforms for trading Bitcoin is shutting down, a casualty of the prolonged crypto downturn. LocalBitcoins cited the “ongoing and very cold crypto winter” for its decision in a tweet on Thursday. Its mission to “Bring Bitcoin Everywhere” and promote financial inclusion fell prey to falling volumes and market share, the company said. Launched in 2012 in Helsinki, LocalBitcoins was one of the earliest and most popular P2P platforms for trading the biggest token, but it gradually lost ground to other crypto exchanges. Weekly volumes peaked at almost $130 million during the 2017 bull market and have since tumbled to around $5 million to $6 million, data from CoinDance show. LocalBitcoins matched buyers and sellers and held the tokens in escrow...

Bitcoin Barrels Toward Historic January as Crypto Market Jumps by $280 Billion

31Jan

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Bitcoin Barrels Toward Historic January as Crypto Market Jumps by $280 Billion

[ad_1] Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing. Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing.The largest token is up 40% since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland have doubled in value, part of a $280 billion January climb in digital assets overall, CoinGecko figures show. Bitcoin retreated 2.5% to $23,200 as of 11:37 a.m. in London on Monday amid broad declines in risk assets. The rebound from last year's deep rout is part of a wider revival in risk appetite on expectations that central banks will slow...

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...

Coinbase Cuts 60 Jobs in Latest ‘Crypto Winter’ Layoff

11Nov

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Coinbase Cuts 60 Jobs in Latest ‘Crypto Winter’ Layoff

[ad_1] Coinbase said it was eliminating 60 positions, the latest in a series of job cuts by the exchange as the months-long slump in cryptocurrencies deepens. Coinbase Global Inc. said it was eliminating 60 positions, the latest in a series of job cuts by the exchange as the months-long slump in cryptocurrencies deepens.The largest US digital-asset trading platform plans to reduce its recruiting and institutional onboarding groups, according to a statement Thursday. “Today's actions were surgical. We are just making sure we are not wasting a dollar,” Coinbase's Chief Financial Officer, Alesia Haas, told Bloomberg TV. “If we see that there is going to be further depressed revenue, and if we believe this is going to impact beyond the scenarios we have already planned for, we will have t...

Crypto Winter Spurs Delisting of Bitcoin, Ether ETFs in Australia

2Nov

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Crypto Winter Spurs Delisting of Bitcoin, Ether ETFs in Australia

[ad_1] 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, w...

Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

25Oct

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Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

[ad_1] October may bring ghosts and ghouls alive, but Bitcoin bulls’ hoping for “Uptober” are finding that even the typically positive month can’t resurrect the token’s price. October may bring ghosts and ghouls alive, but Bitcoin bulls' hoping for “Uptober” are finding that even the typically positive month can't resurrect the token's price. The largest digital asset is down roughly 1% this month, which, were it to close at that level, would mark its first down October since 2018, coinciding with the last time it was mired in a crypto winter. At this time last year, Bitcoin had gained 40%, 30% the year before that and 12% the one prior. This year's tepid moves prompted analysts at Genesis, among others, to wonder: “Wen Uptober?” That's the name crypto fans have bequeathed the mo...

Paris A Crypto Hub? Macron’s Dream May Be a Gamble

24Oct

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Paris A Crypto Hub? Macron’s Dream May Be a Gamble

[ad_1] The French president wants to make Paris a crypto hub, but tougher rules are needed to safeguard users. Paris is offering shelter from crypto winter. The City of Lights has welcomed Binance and more recently Crypto.com (of Matt Damon cringe fame) with regulatory licenses; an “NFT Factory” showcasing digital artworks has also opened its doors opposite the Centre Pompidou. President Emmanuel Macron's administration sees an advantage in luring tech talent and investment, while France's culture and entertainment champions have felt pressure to dabble in meta-collectibles in a Silicon-Valley-dominated world — even as enthusiasm has dimmed somewhat. But hopes for a French “exception” to the wider crypto market wreckage are running into the need for tougher rules. Case in point...

The Crypto Winter’s Latest Casualty Is Data Center Firm Compute

23Sep

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The Crypto Winter’s Latest Casualty Is Data Center Firm Compute

[ad_1] Compute North Holdings Inc., which provides data center services for cryptocurrency miners and blockchain companies, filed for bankruptcy in Texas on Thursday. Compute North Holdings Inc., which provides data center services for cryptocurrency miners and blockchain companies, filed for bankruptcy in Texas on Thursday.Based in Eden Prairie, Minnesota, Compute North said it owed as much as $500 million to at least 200 creditors. The company's assets are worth between $100 million and $500 million, according to its Chapter 11 petition. Chapter 11 filings allow a company to keep operating while it develops a plan to repay creditors. The company filed bankruptcy to stabilize its business while it restructures under court pr...