Tag: cryptocurrency price

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’s Slide Pauses in Wait for Next Domino to Fall After FTX
22Nov By adminNo Comments
Technology

Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX

[ad_1] Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire. Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried's FTX empire, but investors are braced for more ructions as further digital-asset sector bankruptcies loom.The largest token Bitcoin added about 1.5% on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. Coins such as Ether, Solana and meme token Dogecoin also posted modest gains. The latest sign of contagion from the fall of the FTX exchange came from Genesis, a digital-asset brokerage that warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat. FTX's unraveling...
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FTX Latest: Crypto Prices Still Under Pressure as Billions Owed
21Nov By adminNo Comments
Technology

FTX Latest: Crypto Prices Still Under Pressure as Billions Owed

[ad_1] 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 10...
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Cash Is Flowing From Stablecoins to Treasuries, CEO Says
4Nov By adminNo Comments
Technology

Cash Is Flowing From Stablecoins to Treasuries, CEO Says

[ad_1] Investment is flowing out of stablecoins into assets like US Treasuries in response to prevailing macroeconomic conditions, according to Circle Internet’s CEO Jeremy Allaire. Investment is flowing out of stablecoins into assets like US Treasuries in response to prevailing macroeconomic conditions, according to Circle Internet Financial Ltd.'s Chief Executive Officer Jeremy Allaire. Rising interest rates have led institutions to rethink how much exposure they want to crypto and instead purchase lower-risk assets like US government bonds or money-market instruments, Allaire said in an interview Friday. “This is just a macro phenomenon,” Allaire, whose company operates the USD Coin stablecoin, said on the sidelines of the Singapore FinTech Festival. “That's not in our control...
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Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens
14Oct By adminNo Comments
Technology

Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

[ad_1] Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens. Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens and that he intends to try and boost the latter now that he's an adviser to its linked crypto exchange. “I would see myself as one of the biggest holders” of Huobi Tokens in the world, Sun said in a Bloomberg Television interview with Emily Chang on Thursday. He added that he began accumulating the token associated with the Huobi crypto exchange in 2013. The coin has rallied about 80% in the last week after Sun became an adviser for the exchange. Huobi is a top-10 crypto exchange globally, according to tracker CoinMarketCap, with about $879.5 million in volume in the last 24 hours. Sun said he hasn't purchased a stake in the bus...
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Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid
13Oct By adminNo Comments
Technology

Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

[ad_1] As crypto miners flock to the state, they’re piling massive extra electricity demand on an already shaky power system. One scorching hot afternoon, Justin Ballard drives a Nissan Frontier pickup across a stretch of West Texas oil country. For years, Ballard worked these mesquite-covered expanses like any good oil landman, trying to persuade people to let the drill rigs come in and do their work. But he left that search early last year. Now he's scouring the same barren landscapes for a different sort of fuel: natural gas that's being burned off and wasted. This lost gas can be harnessed to power huge arrays of computers that create, or mine, Bitcoin and validate transactions on its ledger, the blockchain. “It's all about stranded energy—searching for it, finding it, mining ...
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