Crypto News

  • Bitcoin gaining - not bothered by SBF's FTX NYT baloney
    by Eamonn Sheridan on November 30, 2022 at 11:32 pm

    <p>A tangled web was weaved at this:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/sam-bankman-fried-founder-of-collapsed-crypto-exchange-ftx-speaking-at-ny-times-event-20221130/" rel="follow" target="_self" class="article-link vertical-align-baseline">Sam Bankman-Fried, founder of collapsed crypto exchange FTX, speaking at NY Times event</a></li></ul><p>Updating Bitcoin, its not bothered, continuing to add $ to its recent rise. Powell helped:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-fed-powell-sooths-the-market-w-visions-of-a-soft-landing-20221130/" target="_blank" rel="follow" data-article-link="true">Forexlive Americas FX news wrap:Fed Powell soothes the market w/ visions of a soft landing</a></li></ul><p>This too:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/nasdaq-ceo-says-expects-to-launch-institutional-crypto-custody-business-in-h1-2023-20221130/" target="_blank" rel="follow" data-article-link="true">Nasdaq CEO says expects to launch institutional crypto custody business in H1 2023</a></li></ul> This article was written by Eamonn Sheridan at forexlive.com.

  • Sam Bankman-Fried, founder of collapsed crypto exchange FTX, speaking at NY Times event
    by Eamonn Sheridan on November 30, 2022 at 10:17 pm

    <p>SBF is not present at the event in person. </p><p>Speaking remotely. </p><p>Basically saying everything was not his fault, whatever he did wrong it wasn't on purpose etc. </p><p>“I wasn’t running Alameda. I didn’t know exactly what was going on … That’s a pretty big mistake … that I wasn’t more aware … I was a nervous about the conflict of interest about being more involved.”</p><p>"I didn’t ever try to commit fraud on anybody … I was shocked by what happened this month, & reconstructing it, there were things I wish I could have done differently." </p><p>Pathetic stuff. He lost billions for those that trusted him. </p> This article was written by Eamonn Sheridan at forexlive.com.

  • Nasdaq CEO says expects to launch institutional crypto custody business in H1 2023
    by Eamonn Sheridan on November 30, 2022 at 9:56 pm

    <p>Adena Friedman is President and Chief Executive Officer of Nasdaq. Comments on crypto via Reuters:</p><ul><li> expects to launch institutional crypto custody business in H1 2023 </li><li> says crypto custody business will begin with Bitcoin and Ethereum</li></ul><p>BTC update - it gained in the hours ahead of this:</p> This article was written by Eamonn Sheridan at forexlive.com.

  • Auros Global misses payment on Defi Loan as FTX contagion spreads
    by Greg Michalowski on November 30, 2022 at 5:47 pm

    <p>Auros Global an global leader in digital asset trading, has missed a payment on Defi loan as the FTX contagion spreads. </p><p>Bitcoin traded to $17072 today and trades at $16786 currently. </p> This article was written by Greg Michalowski at forexlive.com.

  • US Treasury Secretary Yellen: Crypto needs adequate regulation
    by Adam Button on November 30, 2022 at 2:41 pm

    <p>Bitcoin is having a good day today up $380 to $16,850 but the next couple years in crypto aren't going to be fun for anyone trying to run a business in the space. The regulators are coming.</p><p>This morning, influential US senator Sherrod Brown called on the Treasury to develop crypto legislation. Yellen evidently heard the call as she's on the wires saying the space needs 'adequate regulation'. She added that "most activity in crypto has not been about financial innovation" and that there needs to be adequate customer protections.</p><p>The regulator pendulum always overshoots and the argument about innovation is falling flat right now.</p><p>In terms of trading, bitcoin is doing a nice job of carving out a separate space from the broader crypto market and has been surprisingly resilient so maybe there's a pair trade there. I'd also note that nearly all the trouble has been in the crypto-specific space while <a href="https://www.forexlive.com/ForexBrokers" target="_blank" rel="follow">forex brokers</a> offering crypto have been a safer way into the space than crypto brokers; but be careful with the leverage.</p> This article was written by Adam Button at forexlive.com.

  • Bitcoin has popped back above USD17K
    by Eamonn Sheridan on November 30, 2022 at 2:41 am

    <p>Leading crypto Bitcoin has traded higher in the past few hours, above US$17K as I post:</p><p>Its still well down, of course, from levels it was at before FTX hit the fan. </p> This article was written by Eamonn Sheridan at forexlive.com.

  • Coinbase Global's wallet set to delist a suite of cryptocurrencies due to "low usage"
    by Eamonn Sheridan on November 29, 2022 at 10:36 pm

    <p>In brief, Coinbase Global's (listed on NASDAQ under COIN) wallet service is set to delist multiple cryptocurrencies including:</p><ul><li> bitcoin cash (BCH-USD)</li><li> ethereum classic (ETC-USD) </li><li>stellar (XLM-USD) </li><li>and ripple (XRP-USD) </li></ul><p>Coinbase Global cites citing their "low usage".</p><p> Info comes via <a href="https://seekingalpha.com/news/3912059-coinbase-to-delist-bitcoin-cash-ether-classic-ripple-stellar-citing-low-usage" target="_blank" rel="nofollow">this link (seeking Alpha</a>, more detail there):</p><ul><li>The tokens won't be supported on Coinbase Wallet starting on December 5</li></ul><ul><li>following that date users will be able to make withdrawals with a recovery phrase</li></ul><p>----</p><p>BTC update:</p> This article was written by Eamonn Sheridan at forexlive.com.

  • BoC Sen Dep Gov Rogers - not seeing much contagion from Crypto (FTX) to financial markets
    by Eamonn Sheridan on November 23, 2022 at 10:45 pm

    <p>Bank of Canada Governor Tiff Macklem and Senior Deputy Carolyn Rogers appear before the House of Commons Standing Committee on Finance.</p><p>We've heard heaps from Macklem:</p><p class="article-slot__title title top"><a href="https://www.forexlive.com/centralbank/boc-gov-maclem-says-expects-policy-rate-will-need-to-rise-further-20221123/" rel="follow" target="_self" class="article-link">BoC Gov Maclem says expects policy rate will need to rise further</a></p><p class="article-slot__title title top"><a href="https://www.forexlive.com/centralbank/more-from-boc-gov-macklem-inflation-could-be-entrenched-or-it-might-come-down-faster-20221123/" rel="follow" target="_self" class="article-link">More from BoC Gov. Macklem - inflation could be entrenched, or it might come down faster</a></p><p>He has now added that he anticipates inflation will stay quite high for the rest of 2022 and begin to drop in 2023. </p><p>Rogers weighed in, on crypto:</p><ul><li>It does not appear that there is much contagion between crypto trading and conventional financial markets, we are watching carefully</li></ul><p>Yeah crypto bros seem to be keeping the turmoil in house. Even BTC has not been too damaged, its back over US$16500 (or thereabouts) </p><p><a href="https://giphy.com/gifs/funny-crazy-ABgNxvbk95V3W">via GIPHY</a></p> This article was written by Eamonn Sheridan at forexlive.com.

  • WSJ: Crypto firm Genesis has approached Binance for an investment, bid for loan book
    by Eamonn Sheridan on November 22, 2022 at 12:09 am

    <p><a href="https://www.wsj.com/articles/crypto-lender-genesis-asks-binance-and-apollo-for-cash-11669075159" target="_blank" rel="nofollow">Wall Street Journal (gated</a>) with this on whats going on at Genesis. </p><p>Cryptocurrency firm Genesis has approached crypto exchange Binance for an investment and to bid for its loan book, according to people familiar with the matter.Binance decided not to invest, fearful that some of Genesis’s business could create a conflict of interest down the line, according to one of the people familiar with the matter.</p><p> The company also approached private equity giant Apollo Global Management for capital assistance, according to people familiar with the matter. </p><p>---</p><p>Earlier:</p><p class="article-slot__title title top"><a href="https://www.forexlive.com/Cryptocurrency/crypto-firm-genesis-warns-of-bankruptcy-if-it-does-not-get-new-funding-20221121/" rel="follow" target="_self" class="article-link">Crypto firm Genesis warns of bankruptcy if it does not get new funding</a></p><p>And, even earlier:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/social-media-chatter-that-digital-currency-group-owes-us11-bn-to-genesis-20221120/" rel="follow" target="_blank" class="article-link" data-article-link="true">Social media chatter that Digital Currency Group owes US$1.1 bn to Genesis</a></li></ul><p>And, even earlier, from last week:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/wall-street-journal-reports-that-crypto-lender-genesis-had-sought-emergency-loan-of-us1bn-20221117/" rel="follow" target="_blank" class="article-link" data-article-link="true">Wall Street Journal reports that crypto lender Genesis had sought emergency loan of US$1bn</a></li></ul><p>BTC update:</p> This article was written by Eamonn Sheridan at forexlive.com.

  • Crypto firm Genesis warns of bankruptcy if it does not get new funding
    by Eamonn Sheridan on November 21, 2022 at 9:48 pm

    <p>Its been tough times for crypto firms since FTX went down the toilet. </p><p>On this one, the early warning signs were around:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/social-media-chatter-that-digital-currency-group-owes-us11-bn-to-genesis-20221120/" target="_blank" data-article-link="true">Social media chatter that Digital Currency Group owes US$1.1 bn to Genesis</a></li></ul><p>And, even earlier, from last week:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/wall-street-journal-reports-that-crypto-lender-genesis-had-sought-emergency-loan-of-us1bn-20221117/" target="_blank" data-article-link="true">Wall Street Journal reports that crypto lender Genesis had sought emergency loan of US$1bn</a></li></ul><p>Leading coin Bitcoin has been on the soft side through all of it. Its circa US$15600 as I update </p> This article was written by Eamonn Sheridan at forexlive.com.

  • Bitcoin dips to a new 2 year low
    by Greg Michalowski on November 21, 2022 at 8:13 pm

    <p>The price of <a href="https://www.forexlive.com/terms/b/bitcoin/" target="_blank" id="40c895b3-a119-446c-9ead-2735a79a3f80_2" class="terms__main-term">bitcoin</a> has slipped to its lowest level in 2 years. The low price just reached $15,588. That took the price below the low price from last week at $15,632, and to the lowest level since the week of November 9, 2020. The price has already rebounded to $15,798.</p><p>Looking at the hourly chart, it would take a move back above the $16,184 to $16,218 swing area, to give the buyers some comfort (see red numbered circles). Ultimately, however, a move back above the 100 and 200 hour moving averages near $16,550 would be needed to increase the bullish bias (see blue and green lines in the chart above).</p> This article was written by Greg Michalowski at forexlive.com.

  • Social media chatter that Digital Currency Group owes US$1.1 bn to Genesis
    by Eamonn Sheridan on November 20, 2022 at 9:18 pm

    <p>I'm not seeing confirmation of this, just some talk that Digital Currency Group owes $1.1B to Genesis via a previously undisclosed promissory note that has been hidden from potential investors.</p><p>I any more comes through I'll post it. </p><p>Last week was this:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/wall-street-journal-reports-that-crypto-lender-genesis-had-sought-emergency-loan-of-us1bn-20221117/" target="_blank">Wall Street Journal reports that crypto lender Genesis had sought emergency loan of US$1bn</a></li></ul><p>Update chart of leading coin Bitcoin posted earlier. Hanging on to the $16 mark:</p> This article was written by Eamonn Sheridan at forexlive.com.

  • Collapsed Cryptocurrency exchange FTX owes its 50 biggest creditors nearly US$3.1 bn
    by Eamonn Sheridan on November 20, 2022 at 9:09 pm

    <p><a href="https://www.reuters.com/business/finance/collapsed-ftx-owes-nearly-31-bln-top-50-creditors-2022-11-20/" target="_blank" rel="nofollow">Reuters </a>with a summary breakdown of what FTX owes to its biggest losers creditors:</p><ul><li>owes around US$1.45 billion to its top ten creditors</li><li>and US$3.1 bn to the biggest 50 on the **** list</li></ul><p>---</p><p>Leading coin BTC update. feeling the contagion malaise:</p> This article was written by Eamonn Sheridan at forexlive.com.

  • Wall Street Journal reports that crypto lender Genesis had sought emergency loan of US$1bn
    by Eamonn Sheridan on November 17, 2022 at 10:40 pm

    <p>The reverberations of the FTX/SBF imploision conitnue. </p><p>WSJ with the report. The Journal is gated, but <a href="https://www.msn.com/en-au/money/companies/crypto-lender-genesis-had-sought-emergency-loan-of-dollar1-billion-wsj/ar-AA14eDST" target="_blank" rel="nofollow">Reuters </a>have the info:</p><ul><li>Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it suspended withdrawals on its website, the Wall Street Journal reported on Thursday, citing a confidential fundraising document.</li><li>"Genesis had been exploring all possible options amidst the liquidity crunch resulting from the FTX news," the company said in an emailed statement to Reuters, adding that it took the decision to suspend redemptions after reviewing a number of options.</li></ul><p>Leading crypto Bitcoin is holding on considering all the bad news for the sector. It'd be hard to draw much of a bullish conclusion from this chart, but it could be a lot worse!</p> This article was written by Eamonn Sheridan at forexlive.com.

  • The man who unwound Enron said he's never seen as big a mess as at FTX
    by Adam Button on November 17, 2022 at 1:12 pm

    <p>John Jay Ray III specializes in cleaning up the worst corporate messes but he's never seen anything like FTX.</p><p>The new FTX CEO would down Enron, Nortel and other major companies that have collapsed but he will have his hands full with FTX, according to a court filing.</p><p>"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," he wrote.</p><p>He cited compromised systems integrity, faulty regulatory oversight and concentration of power and control in a small group of inexperienced, unsophisticated and 'potentially compromised' individuals. He said there was no appropriate governance and centralized control of cash.</p><p>Ray says he doesn't know how much cash the company has when it filed for bankruptcy and has only located a secured 'a fraction' of digital assets it hopes to recover.</p><p>If you haven't read the latest series of <a href="https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy" target="_blank" rel="nofollow">leaked messages</a> from Sam Bankman-Fried, they're truly unbelievable. </p> This article was written by Adam Button at forexlive.com.

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