Cryptocurrency

Crypto
Crypto Crash
Cryptocurrency
Cryptocurrency Regulation

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
Crypto Crash
Crypto Fraud
Crypto Payments
Crypto Taxation
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
Crypto Fraud
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
Cryptocurrency
Cryptocurrency Regulation

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
Crypto Crash
Cryptocurrency
Cryptocurrency Regulation

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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Crypto
Crypto Crash
Cryptocurrency

Why Margin Calls and Bot Liquidations Are Roiling Crypto

(Bloomberg) — It’s a vicious circle long familiar to those in traditional finance: trades made with borrowed money coming apart when the value of their collateral put up against the loans drops, forcing liquidations that in turn push prices down further. That pattern, driven by so-called margin calls, has come to cryptocurrency markets in a […]

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Crypto
Crypto Crash
Cryptocurrency

Crypto’s Liquidity Troubles Are Spreading Across Platforms

(Bloomberg) — A broad-based selloff in digital assets and the collapse of high-profile tokens TerraUSD and Luna have caused ripple effects across the crypto industry. A wave of liquidations triggered fear of contagion risks. Major lenders Celsius Network and Babel Finance have frozen withdrawals, and Three Arrows Capital, a major crypto hedge fund, is facing […]

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Bitcoin
Crypto
Crypto Crash
Cryptocurrency

Bitcoin Sinks Again as Risk-Off Mood Returns on Recession Fears

(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 […]

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Crypto
Crypto Crash
Cryptocurrency

Crypto’s Excruciating Week Has Traders Bracing for Next Crisis

(Bloomberg) — It was one of the most dramatic weeks in the short history of the cryptocurrency market, bookended by the type of announcements investors fear the most from a counterparty: We’re sorry, but we just can’t return your money right now. In between, a nascent technocratic industry with grand ambitions to reinvent the financial […]

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Bitcoin
Cryptocurrency
DeFi

Bitcoin Tumbles to 18-Month Low After Latest DeFi Lender Blowup

(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. […]

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Bitcoin
Bitcoin Mining
Crypto Crash
Crypto Mining
Cryptocurrency

Bitcoin Miners Are Selling Tokens as Prices Linger Near Lows

(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 […]

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