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

(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 […]

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Crypto
Crypto Crash
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FTX

FTX Latest: Genesis Bankruptcy Warning Weighs on Crypto Markets

(Bloomberg) — Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire. Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX. […]

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Bitcoin
Cathie Wood
Crypto Crash
Cryptocurrency

Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sours

(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 […]

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Traders Flee Crypto Markets After FTX Collapse

(Bloomberg) — The wild-west days of crypto markets are back again as the large trading houses that once thrived on arbitraging price gaps pull back in the wake of FTX’s collapse. That’s opening up profitable opportunities for anyone that still dares to trade. Prices for essentially identical assets on various platforms are diverging in a […]

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Crypto
Crypto Crash
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Investor Studied Crypto For Years, Then Missed FTX’s Red Flags

(Bloomberg) — When Sam Bankman-Fried was all of 25 years old, he pitched his nascent crypto investment business to Silicon Valley investors — only for them to laugh at him and his acolytes over their lack of experience and knowledge of crypto. “None of us has run a company before and we’d like $100 million […]

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Crypto
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Cryptocurrency Regulation

Beyond the Crypto Crash, a Big Squeeze Jolts Stock Markets Anew

(Bloomberg) — Being glued to crypto news this week meant missing adventures in regular markets that while lacking the same high drama, made up for it in terms of money at stake. In case you missed it, stock and bond traders spent the last five days still caught in the thrall of an event that […]

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Crypto
Crypto Crash
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FTX Trading’s Liabilities Dwarfed Liquid Assets, FT Says

(Bloomberg) — Sam Bankman-Fried’s FTX Trading exchange held $900 million in liquid assets against $9 billion of liabilities the day before Friday’s bankruptcy filing, the Financial Times reported Saturday, citing investment materials the newspaper had seen. Most of the recorded assets are either illiquid venture capital investments or crypto tokens that are not widely traded, […]

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Crypto
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Cryptocurrency
Cryptocurrency Regulation

Sam Bankman-Fried Fooled the Crypto World and Maybe Even Himself

(Bloomberg) — Before the world began to grasp the truth about Sam Bankman-Fried — before the panic, the investigations and, at last, the brutal collapse — an inkling of doom began to spread through his convoluted crypto empire. All across FTX, the exchange that had transformed his mere initials into a symbol of a new […]

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Crypto
Crypto Crash
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Cryptocurrency

Bankman-Fried Resigns From FTX, Puts Empire in Bankruptcy

(Bloomberg) — Sam Bankman-Fried’s crypto empire filed for Chapter 11 bankruptcy in Delaware, capping a rapid downfall for his companies. Entities tied to FTX.com, FTX US and trading firm Alameda Research Ltd. were part of the filings, according to a Twitter statement Friday. Chapter 11 bankruptcy lets a company continue operating while it works out […]

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Bitcoin
Crypto
Cryptocurrency
Top Stock Market News

Bitcoin’s Changing Correlations May Mean It’s Becoming a Haven Again

(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 […]

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Bitcoin
Crypto
Crypto Crash
Cryptocurrency

Bitcoin Hints at a Bottom, But It May Be Different This Time

(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 […]

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Crypto
Crypto Crash
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Crypto Lender Vauld Freezes Withdrawals, Eyes Restructuring

(Bloomberg) –Vauld, a crypto lender backed by Coinbase Inc., said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout. The Singapore-based company hired Kroll as financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann […]

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Crypto’s Brutal Week Ends With a Trading Halt and a Bailout

(Bloomberg) — The meltdown in cryptocurrency markets deepened this week, as major players contended with liquidations, withdrawal freezes, trading halts — and, at least in one case, a bailout. Crypto broker Voyager Digital Ltd. on Friday announced a suspension of trading, deposits and withdrawals, while BlockFi, a major digital-asset lender, won the backing of exchange […]

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Crypto
Crypto Crash
Cryptocurrency

JPMorgan Says Crypto’s Deleveraging Cycle Won’t Last Much Longer

(Bloomberg) — The current phase of deleveraging in cryptocurrencies is at an advanced state and may not last much longer, according to JPMorgan Chase & Co. Multiple crypto company failures shouldn’t be surprising given huge price declines among tokens, and entities that used higher leverage in the past are the most vulnerable, strategists including Nikolaos […]

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Bitcoin
Crypto
Crypto Crash
Cryptocurrency

‘Bitcoin Jesus’ Roger Ver Spars With Crypto Exchange CoinFlex Over Margin Call

(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 […]

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