(Bloomberg) — 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 […]
Read More(Bloomberg) — Wall Street’s waning conviction in Coinbase Global Inc. has done little to deter Cathie Wood. Instead, she’s been scooping up shares of the struggling cryptocurrency exchange in the wake of the collapse of Sam Bankman-Fried’s FTX. Wood’s Ark Investment Management funds have bought more than 1.3 million shares of Coinbase since the start […]
Read More(Bloomberg) — Bitcoin’s movements in relation to other assets may indicate that investors see it becoming a haven again, after a stretch where it’s traded basically as a risk asset, according to Bank of America Corp. The largest cryptocurrency has a 40-day correlation with gold of about 0.50, up from around zero in mid-August. While […]
Read More(Bloomberg) — Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse. The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. […]
Read More(Bloomberg) — It’s a perennial exercise whenever an asset is mired in a prolonged and deep drawdown: People look at the charts, they go over this or that indicator and they get their checklists out to try to figure out when it might find a floor. For Bitcoin, there’s plenty of such action happening right […]
Read More(Bloomberg) — A public dispute between a longtime crypto investor and a digital-asset exchange is the latest in a series of mini-crises that have rocked crypto markets in recent weeks. CoinFlex, a crypto exchange, on Tuesday named Roger Ver as the counterparty who failed to pay $47 million of stablecoin in a margin call. CoinFlex […]
Read More(Bloomberg) — Bitcoin resumed a fall on Wednesday, moving in tandem with weakening stocks amid mounting concerns about a global recession. The largest cryptocurrency declined as much as 2.9% to $20,244, holding right above the key $20,000 level. Ether fell by a maximum 3.3% to $1,084.80. Shiba Inu, the 14th-biggest cryptocurrency by market cap, rallied […]
Read More(Bloomberg) — Bitcoin fell below $20,000 for the first time since December 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening. Bitcoin fell as much as 6% to $19,377.08 at 2:54 pm Hong Kong on Saturday. The largest token by market value has fallen for […]
Read More(Bloomberg) — Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17% to $22,603 — its lowest since December 2020. […]
Read More(Bloomberg) — Bitcoin miners are beginning to sell tokens they’ve hoarded to cover burgeoning costs with the prospects for industry growth slowing and the price of the largest cryptocurrency showing few signs of rebounding following the recent collapse from record highs. Miners transferred about 195,663 coins to exchanges in May, the biggest monthly increase since […]
Read More(Bloomberg) — Crypto had another bad week — and it may only get weirder. Bitcoin led a decline in digital assets across the whole crypto spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011. Bitcoin fell 2.4% on Friday to about $28,700 as […]
Read More(Bloomberg) — The first US Bitcoin-futures backed exchange-traded fund is turning into a target for crypto bears. Short interest in the $748 million ProShares Bitcoin Strategy ETF (ticker BITO) as a percentage of shares outstanding is nearly 11%, close to the highest since the fund’s October 2021 inception, IHS Markit Ltd. data show. Meanwhile, the […]
Read MoreFor investors, Bitcoin (BTC) may be the most surprising asset class in recent times. Even as it displays schizophrenic and volatile price swings, the cryptocurrency has also emerged as the best-performing asset in the last decade. It has, at various times, outperformed the S&P 500 and diminished gold’s luster as a store of value. Because […]
Read More(Bloomberg) — Few companies are tethered as closely to Bitcoin as MicroStrategy Inc., a software company that’s plowed its profits and borrowed money into the cryptocurrency. Shares of the Tysons Corner, Virginia-based company have tumbled alongside Bitcoin, dropping more than 50% since the end of March to around $230. Yet options activity shows some investors […]
Read More(Bloomberg) — Coinbase Global Inc. shares tumbled after first-quarter revenue missed estimates and the largest U.S. cryptocurrency exchange warned that total trading volume in the current quarter will be lower than in the first. The company’s shares fell about 14% after the close of regular trading. Monthly transacting users fell to 9.2 million, below an […]
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