The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says crypto exchange FTX isn’t “one fraudulent company in a serious industry.” Stating that the “Entire notion of crypto is nonsense,” the Fed president claimed it is “just a tool of speculation and greater fools.” Minneapolis Fed President Neel Kashkari on Crypto and FTX
Month: November 2022
Bitcoin (BTC) held steady at the Nov. 21 Wall Street open following a weekly close at levels not seen since late 2020. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering above $16,000 after dipping below the level overnight. Sentiment remained on a knife edge as rumors
The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020. Total crypto market cap in USD, 4-hour. Source: TradingView The price of Bitcoin (BTC) dipped a mere 2.8%
Continued selling in the cryptocurrency markets pulled the total market capitalization below $800 billion on Nov. 21. Traders are increasingly nervous about the extent of damage FTX’s collapse may have on several crypto firms. Until the uncertainty clears, it is futile to expect a sustained recovery in cryptocurrency prices. The FTX saga has broken the
The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26. Lido fees and revenue over time. Lido has
As much as we all would want last week to be about something else, it was still all about FTX. The Supreme Court of the Bahamas has approved two provisional liquidators from PricewaterhouseCoopers to oversee the assets of the crypto exchange, which is headquartered in the country. Several days later, The Securities Commission of the
Serum, a “decentralized exchange” on the Solana blockchain, has performed exceptionally well in terms of its SRM token price, despite it ties to the defunct FTX exchange. SRM price up 140% in one week On the daily chart, the SRM/USD pair has gained 140% in the last seven days, hitting $0.319 on Nov. 21 versus
The cryptocurrency exchange Binance is making a move in the hardware wallet industry, with its venture capital arm investing in the cold wallet platform Ngrave. Binance Labs has made a strategic investment in the Belgian hardware wallet firm Ngrave and will lead its upcoming Series A round, the firm officially announced on Nov. 21. Founded
The hacker behind the bankrupt cryptocurrency exchange FTX started transferring their Ether (ETH) holding to a new wallet address on Nov. 20. The FTX wallet drainer was the 27th largest ETH holder after the hack but dropped by 10 positions after the weekend ETH dump. The FTX hacker drained nearly $447 million out of multiple
The first official decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations. American CryptoFed DAO has told Cointelegraph it will represent itself without an attorney over SEC allegations that it omitted and misstated information in a securities registration last year. The DAO
Billionaire investor and hedge fund manager Bill Ackman says he remains bullish about cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that has followed it. In a Nov. 20 Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management said he believes that “crypto is
Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service. Brazilian Bank Itau Unibanco
On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack — taking to Twitter to correct a “ton of misinformation” about the event and the possible culprits. In a lengthy Nov. 20 post on Twitter, the self-proclaimed “on-chain sleuth” debunked speculation that Bahamian officials
The independent examiner in crypto lender Celsius’ bankruptcy case has alleged that the company failed to set up “sufficient” accounting and operational controls in its handling of customer funds. In an interim report released on Nov. 19, examiner Shoba Pillay made a number of stark observations in her court-appointed investigation into the bankrupt cryptocurrency lending
The FTX collapse continues to stoke fears of a contagion in the cryptocurrency space as investors wait to hear about businesses that may face the heat. One of the marquee names to come under the circle of suspicion is the Grayscale Bitcoin Trust (GBTC), which has seen its discount to Bitcoin’s (BTC) price reach record
According to blockchain analysis company Chainalysis, funds stolen from the FTX crypto exchange are now being converted from ETH into Bitcoin. On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them into fiat or further obfuscate the assets through other means. 1/ Funds stolen
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