Tag: cryptocurrency exchange

Beware the Dangers of Crypto Regulation
4Jan By adminNo Comments
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 ...
Read More
YEARENDER-Cryptocurrencies at crossroads after annus horribilis
22Dec By adminNo Comments
Technology

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...
Read More
Animoca Founder Says Crypto ‘Cheering’ Sam Bankman-Fried’s Arrest
15Dec By adminNo Comments
Technology

Animoca Founder Says Crypto ‘Cheering’ Sam Bankman-Fried’s Arrest

[ad_1] A co-founder of crypto investor and game developer Animoca Brands Corp. said many in the digital-asset industry welcome the arrest of Sam Bankman-Fried because it helps to separate the fallen tycoon from the sector. A co-founder of crypto investor and game developer Animoca Brands Corp. said many in the digital-asset industry welcome the arrest of Sam Bankman-Fried because it helps to separate the fallen tycoon from the sector. “The reputational impact for crypto has definitely been affected because Sam was such a prolific figure,” Yat Siu, also chairman of Animoca Brands, said on Bloomberg Television on Wednesday. “But I think today, especially the news of his arrest, many people in our industry are actually cheering it on.” The US has charged Bankman-Fried with wire frau...
Read More
Binance, Tether to Solana, After FTX Fall, These Crypto Entities Are Grabbing the Spotlight
14Dec By adminNo Comments
Technology

Binance, Tether to Solana, After FTX Fall, These Crypto Entities Are Grabbing the Spotlight

[ad_1] Sam Bankman-Fried’s arrest in the Bahamas pending a possible extradition to the US opens a fresh chapter in efforts to untangle whether his crypto empire was built using fraudulent methods. Sam Bankman-Fried's arrest in the Bahamas pending a possible extradition to the US opens a fresh chapter in efforts to untangle whether his crypto empire was built using fraudulent methods.Regardless of the outcome, the demise of his digital-asset exchange FTX continues to shake the wider crypto market's foundations. Skittish investors are pulling money out of rival exchanges, fearful of having their assets stuck should any of those venues collapse. At least one major crypto firm has filed for bankruptcy in the wake of FTX's unraveling, while two others were forced to suspend some withdrawal...
Read More
Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette
13Dec By adminNo Comments
Technology

Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette

[ad_1] Plucky bitcoin's been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023. Plucky bitcoin's been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023. Battered bitcoin's been unresponsive since being clobbered by the FTX collapse, taking in a deep ragged breath before plunging towards the depths of $5,000. Place your bets, spin the wheel. The world's dominant cryptocurrency has certainly been uncharacteristically muted over the past two weeks, treading water between about $15,770 and $17,350 in the eerie wake of the FTX-induced market mini-crash in November. What happens next is anyone's guess. "T...
Read More
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...
Read More
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...
Read More
How Two Crypto Hedge Funds Dodged the Market Collapse
5Dec By adminNo Comments
Technology

How Two Crypto Hedge Funds Dodged the Market Collapse

[ad_1] The cryptocurrency space is undergoing one of its roughest stretches in memory. The cryptocurrency space is undergoing one of its roughest stretches in memory, with trouble brewing at exchanges and lenders, and token prices collapsing. But one company has been able to ride out the volatility. Pythagoras Investment Management LLC has two funds that have been rare bright spots in a market that's been eviscerated by a number of scandals. Both its Market Neutral Fund -- a strategy that doesn't have exposure to the price of any crypto at any time -- and its trend-following Pythagoras Token Fund have each gained about 8% this year, according to the company. Meanwhile, the world's largest digital token Bitcoin is down around 60% this year. “We particularly outperform in bear mark...
Read More
Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets
5Dec By adminNo Comments
Technology

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...
Read More
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...
Read More