Tag: cryptocurrency market

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 Drops as Tremors From China Unrest Spook Global Markets
28Nov By adminNo Comments
Technology

Bitcoin Drops as Tremors From China Unrest Spook Global Markets

[ad_1] Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Bitcoin, the largest token, at one point shed 3.2% and was trading at about $16,170 as of 12:40 p.m. in Tokyo. Second-ranked Ether fell about 4%, while the likes of Solana, Avalanche and Dogecoin suffered even sharper losses. The nerves stoked by China come during a period of vulnerability for crypto markets, which are on edge over the contagion spreading from the fall of Sam Bankman-Fried's FTX exchange and sister trading house Alameda Research. Crypto watchers also pointed to worries about wrapped Ethe...
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Coinbase Debt Was ‘Canary in the Coal Mine’ for Crypto Meltdown
24Nov By adminNo Comments
Technology

Coinbase Debt Was ‘Canary in the Coal Mine’ for Crypto Meltdown

[ad_1] In the wake of the spectacular meltdown of Sam Bankman-Fried’s crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. In the wake of the spectacular meltdown of Sam Bankman-Fried's crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. One possibility? Coinbase Global Inc.'s junk bonds.The largest US digital-asset trading platform has seen the price of its bonds plunge this year. In early January, the price for one of its most active notes was at about 92 cents. It then slid to about 77 cents in April before dropping to 63 cents amid the Terra Luna market crash in May. The bonds traded around 53 cents on the dollar -- a level typica...
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Crackdown! Global regulators to target crypto platforms after FTX crash
24Nov By adminNo Comments
Technology

Crackdown! Global regulators to target crypto platforms after FTX crash

[ad_1] The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023. The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview.Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. Cryptoassets like bitcoin have been around for years but regulators have resisted jumping in to write new rules. But the implosion at FTX, which left an est...
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Burned by Crypto? Don’t Learn the Wrong Lesson- How Not To Make It Worse
11Nov By adminNo Comments
Technology

Burned by Crypto? Don’t Learn the Wrong Lesson- How Not To Make It Worse

[ad_1] It’s not that the market for digital currencies was rigged, it’s that no financial market can offer those kinds of staggering gains without huge risk. I must admit I've been rooting for the crypto market to crash and burn. Not because I never invested in it and was resentful to see so many people get rich from it (though there were moments). But because I don't understand it, what value it serves or what problem it solves.So I spent the last 12 years assuming — and hoping — that crypto would go away. And now it might. Or at least, it might become a smaller part of the financial market. But now I'm worried. After a decade of drawing in investors, minting new millionaires and billionaires, and inspiring passion for investing among a new tech-savvy generation, I fear the consequen...
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Crypto Prices Sink Amid Further FTX Woes After Surging on US CPI
11Nov By adminNo Comments
Technology

Crypto Prices Sink Amid Further FTX Woes After Surging on US CPI

[ad_1] Cryptocurrency prices retreated Friday as the knock-on effects from FTX’s downfall persisted, even as other risk assets surged after US inflation data. Cryptocurrency prices retreated Friday as the knock-on effects from FTX's downfall persisted, even as other risk assets surged after US inflation data. Bitcoin dropped as much as 5.5% to as low as $16,837. It had jumped 13% on Thursday as the CPI reading came in lower than expected, fueling expectations that the Federal Reserve would slow the pace of rate increases. A gauge of Asia-Pacific shares rose as much as 3.6%. “Contagion risks in cryptocurrencies, following on from the FTX-Alameda collapse, will take a long time to work through and the market remains vulnerable,” said John Toro, head of trading at digital-asset exch...
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Tether Price Dips Below $1 as FTX Fallout Continues to Roil Markets
11Nov By adminNo Comments
Technology

Tether Price Dips Below $1 as FTX Fallout Continues to Roil Markets

[ad_1] Tether’s USDT token, the largest stablecoin by market value, veered off its dollar-peg on Thursday as market instability continued to roil the crypto sector and the issuer froze some coins in the wake of FTX’s collapse. Tether's USDT token, the largest stablecoin by market value, veered off its dollar-peg on Thursday as market instability continued to roil the crypto sector and the issuer froze some coins in the wake of FTX's collapse. USDT slipped as much as 4% to around 96 cents, according to pricing data available on Bloomberg. Other major stablecoins, including Circle's USDC, Binance's BUSD and MakerDAO's DAI, were broadly flat or trading at a slight premium. The issuer also sought to freeze a pile of USDT tokens, subject to an active investigation by law enforcement. ...
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Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning
4Nov By adminNo Comments
Technology

Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

[ad_1] A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. That's the view of JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou, who said Thursday such funding is running at the equivalent of about $10 billion a year, less than a third of the pace seen in 2021. “This is a concerning development as it shows reluctance by VC funds to deploy capital into the digital-asset space, increasing the likelihood that the current weakness in crypto markets would be long lasting,” the team wrote in a note. Venture capital investment into th...
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Crypto Winter Spurs Delisting of Bitcoin, Ether ETFs in Australia
2Nov By adminNo Comments
Technology

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...
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Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’
25Oct By adminNo Comments
Technology

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...
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