Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused
European Parliament economics committee member Stefan Berger has compared the current situation with FTX to the 2008 financial crisis, using “such Lehman Brothers moments” in justifying the need for regulating crypto. In a Nov. 9 tweet, Berger said proper regulation was needed to avoid issues which “cost enormous trust” in the crypto space, amid FTX
According to a report from Orthogonal Credit, a delegate of Maple Finance’s lending pools, the firm decided “earlier this year” not to lend to Alameda Research, FTX’s quantitative trading firm. Orthogonal said through “due diligence” it “identified a number of key weaknesses” associated with Alameda. Orthogonal Credit Found ‘Key Weaknesses’ Tied to FTX’s Alameda Research
Results from many election races for seats in the United States Senate and House of Representatives are still coming in, but a number of candidates who have expressed staunch views on digital asset regulation won on Nov. 8. Some of crypto’s most outspoken supporters at the local and federal level, including Wyoming Senator Cynthia Lummis
No, it’s not Groundhog Day. Subway is accepting Bitcoin (BTC), again — but this time it’s using the fast, nearly free Bitcoin Lightning Network. Kicking off the 7-day #usingbitcoin week with Lunch at Subway, Chausseestrasse in Berlin! 50% off when paying with #bitcoin #spendyourbitcoin pic.twitter.com/f81kdMOnEQ — felix (@felixbillert) October 19, 2022 The world’s largest franchise by
Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8. In comments to Reuters, the sovereign wealth fund said it was “aware of the developments between FTX and Binance, and are engaging
Binance CEO Changpeng Zhao (CZ) has shared where his company is at on the deal with FTX. “We did not master plan this or anything related to it,” he told the Binance team, reminding them not to trade the FTX token (FTT) as the due diligence for the acquisition is still ongoing. He further stressed
Crypto markets crumbled for a second day as the fallout from FTX’s liquidity troubles continued to negatively impact investor sentiment. Bitcoin (BTC) price fell to a new yearly low at $16,800 as anonymous unconfirmed sources suggested that after a closer review of FTX’s books, Binance could back out of its agreement to acquire the beleaguered
Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX. Binance CEO: “Do not trade FTT” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding. The latest dive hit an already shaky market, which had reacted badly
Ethereum layer-2 scaling platform StarkWare has officially launched the StarkNet Foundation with the introduction of a diverse board that aims to safeguard Ethereum’s decentralization and censorship resistance. Seven individuals, including key members from the Ethereum ecosystem and wider cryptocurrency space, will head up the non-profit entity. An announcement shared with Cointelegraph outlined the role of the
As countries around the world race to launch a central bank digital currency (CBDC), some jurisdictions have slowed down or dropped out of the race altogether. While many observers were pushing a narrative of urgency around CBDCs, some countries have decided that launching a CBDC isn’t currently necessary, while others have tested CBDCs only to
Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company. Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more “capital efficient,” and described the next steps
Ethereum has plunged below $1.3k today, but the decline may not be over quite just yet as on-chain data shows selling pressure continues to rise in the market. Ethereum Exchange Inflows Have Continued To Go Up During The Past Day As pointed out by an analyst in a CryptoQuant post, the ETH derivative and spot
Blockchain software technology firm ConsenSys continues working on expanding blockchain interoperability by introducing a new tool to the MetaMask wallet. Metamask users can now bridge across multiple blockchain networks using MetaMask Bridges, which aggregates different blockchain bridges in one place, ConsenSys announced on Nov. 9. MetaMask Bridges supports major blockchains compatible with Ethereum Virtual Machine
On Nov. 9, 2022, a day after the news broke regarding Binance planning to purchase the exchange FTX, the crypto economy dropped 11.17% in 24 hours. The crypto economy has slid under $900 billion for the first time since January 2021. The Binance and FTX news has come as a shock to a lot of
Solana (SOL) is on the track to log its worst daily performance on record. On Nov. 9, SOL’s price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX. Sam tokens get ‘fried’ Fried was an early investor
Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis
Hong Kong’s Securities and Futures Commission (SFC) is “actively looking” to create a regulatory framework that allows crypto futures exchange-traded funds (ETFs), an SFC official reportedly said. “We have come to believe that some initial concerns about virtual asset futures ETFs have become manageable and can be addressed with proper safeguards.” Rising Demand for Crypto
As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light
As the Plenary vote for the landmark Pan-European crypto legislation, Markets in Crypto Assets (MiCA), has been rescheduled from the end of 2022 to February 2023, Stefan Berger believes that to be a matter of technical necessity. Responding to Cointelegraph’s request for more info, Berger, a member of the European Parliament responsible for procedural handling