Category: cryptocurrency news

cryptocurrency news, recap

Notes 6/29: Three Arrows Capital Liquidation, Bitcoin Miners Losses, Saylor Buys More Bitcoin

Another one bites the dust. Embattled crypto venture capital firm Three Arrows Capital has been ordered to liquidate its holdings by a court in British Virgin Islands. The order brings to the story that began a week ago, after Celsius’s pause on withdrawals, to a rapid end.   Three Arrows Capital or 3AC seems to have had exposure or interfaced with most scandals afflicting the … Continue reading Notes 6/29: Three Arrows Capital Liquidation, Bitcoin Miners Losses, Saylor Buys More Bitcoin

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cryptocurrency news, stablecoin

Traditional Hedge Funds Are Shorting Tether. Can They Bring It Down?

According to reports, traditional hedge funds have begun shorting Tether, the world’s biggest stablecoin by market capitalization and transaction volume. Leon Marshall, head of institutional sales at Genesis – a market maker, told the Wall Street Journal that interest from traditional hedge funds in shorting Tether has spiked in recent weeks. There are two reasons for this. First, they believe that the broader macroeconomic slump … Continue reading Traditional Hedge Funds Are Shorting Tether. Can They Bring It Down?

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Notes: 6/28: CoinFLEX Drama, Bitcoin As Commodity, Grayscale’s ETF Bid, and Crypto’s Robber Barons

Bring out the popcorn. The dramas [and pyramid schemes] in crypto seem to go on forever. Just as the controversies about Three Arrows Capital and Celsius Lending were on the wane, we are being treated to another soap opera of sorts at CoinFLEX. The derivatives exchange stopped customer withdrawals due to “extreme market conditions” last week and was back in the news yesterday. It is … Continue reading Notes: 6/28: CoinFLEX Drama, Bitcoin As Commodity, Grayscale’s ETF Bid, and Crypto’s Robber Barons

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Notes: 6/24: A Web3 Phone And Crypto Hacks

The crypto ecosystem continues to sparkle and explode like a tinderbox. There’s a launch here. A potential blowup there in what promises to be a Summer of Disasters for crypto projects. All of this is happening even as the price of bitcoin remains rangebound. Earlier this morning, it touched $21,327.41, up 20% from its low of $17,721 six days ago. As of this writing, it … Continue reading Notes: 6/24: A Web3 Phone And Crypto Hacks

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Notes 6/23: Binance’s Zero Fee Gamble and Voyager Digital’s Crash

Binance Introduces Zero Trading Fees In Crypto It took decades for trading firms to offer zero commission trades. It took less than three years for Binance.us to offer the same feature. The trading platform announced yesterday that it has cut trading fees for many of its bitcoin pairs down to zero. According to the company’s blogpost, four market pairs will become free to trade: BTC/USD … Continue reading Notes 6/23: Binance’s Zero Fee Gamble and Voyager Digital’s Crash

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Web3 Critics, Bitcoin Price Recovery, And Crypto’s Effect On Mainstream Markets

Crypto. Web3. Blockchain. It can be difficult to keep track of jargon from tech’s box of wonders. Right now, though, those buzzwords do not sound so magical. Crypto’s critics are having a field day, what with plummeting valuations for tokens in the market and the collapse of multibillion dollar projects. Adding to the chaos are people like noted venture capitalist and crypto booster Marc Andreessen. … Continue reading Web3 Critics, Bitcoin Price Recovery, And Crypto’s Effect On Mainstream Markets

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Bitcoin Price Continues Crumbling As Celsius Contagion Spreads

The dreaded W word is re-entering the crypto lexicon. Chatter about a crypto winter is on the cards once again after the asset class’s spectacular pandemic run. The irony of crypto becoming one of the first casualties of an impending recession is rich because its enthusiasts have spent years positioning it as a hedge against central bank policies and distinguishing the asset class from mainstream … Continue reading Bitcoin Price Continues Crumbling As Celsius Contagion Spreads

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Celsius And The Many Narratives of Crypto Scandals

Following the news cycle of crypto scandals is a bit like unpacking stacked Russian dolls. Simple explanations and surface realities are rarely sufficient to explain the workings. As the scandals unfold, the central narrative has another one underneath and another one. A fresh cast of characters – in this case, mostly related to tokens – is introduced with each layer. And so on. Take the … Continue reading Celsius And The Many Narratives of Crypto Scandals

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crypto prices, cryptocurrency news

Bitcoin Price And Crypto Markets In Turmoil

And they all come tumbling down. The congratulations and celebrations from crypto’s biggest and latest shindig had barely died down and its markets took a turn for the worst Monday morning.   Bitcoin price, which has been on a steady decline since last November, crashed below $25,000 this morning. As of this writing, it is trading at $23,557.23, a drop of roughly 15% from its … Continue reading Bitcoin Price And Crypto Markets In Turmoil

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cryptocurrency news, regulation

On Crypto Mining and NYDFS Guidance for Stablecoins

Yesterday I wrote about a crypto mining bill that is sitting on Gov. Kathy Hochul’s desk. While New York’s net zero goals are ostensibly the driving factor behind the legislation, an element of political calculus could trump climate change concerns. According to the New York Times, Gov. Kathy Hochul’s re-election campaign has already received $40,000 from the owner of a crypto-mining plant in Massena, N.Y. … Continue reading On Crypto Mining and NYDFS Guidance for Stablecoins

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cryptocurrency news, regulation

Bipartisan Senate Bill Aims to Bring Order to Crypto But Could Set Up Dangerous Dynamic, Says a Critic

Regulation of cryptocurrencies by the Commodities and Futures Trading Commission (CFTC), tax exemptions for crypto transactions, and strict reserve requirements for stablecoin issuers are some of the proposals in a new bipartisan bill for cryptocurrency regulation from Senator Cynthia Lummis (R-Wy) and Sen. Kirsten Gillibrand (R-NY). The bill, titled the Responsible Financial Innovation Act, is the first such attempt to regulate an industry with aspirations … Continue reading Bipartisan Senate Bill Aims to Bring Order to Crypto But Could Set Up Dangerous Dynamic, Says a Critic

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bitcoin, cryptocurrency news

More Crypto Funds Closed Shop Than Launched In First Quarter: Report

In yet another sign that the party might be coming to an end in crypto markets, more funds devoted exclusively to cryptocurrencies closed in the first quarter of 2022 than were launched in the same period. According to a new report from research firm Crypto Fund Research (CFR), only 11 new crypto funds were launched last quarter while 14 shut down their operations in the … Continue reading More Crypto Funds Closed Shop Than Launched In First Quarter: Report

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bitcoin mining, cryptocurrency news

Bitcoin Mining Revenue Fell By Double Digits In May As Ethereum’s Ether Became More Profitable

Mining revenue from Bitcoin continued to fall, declining by 21.6% in May, even as Ethereum’s ether recovered from a mishap at the beginning of the month to become a more profitable proposition for miners. Revenue from bitcoin mining operations has been in a free fall since last October. The development is not surprising considering that the difficulty of solving bitcoin’s mining puzzle has climbed since … Continue reading Bitcoin Mining Revenue Fell By Double Digits In May As Ethereum’s Ether Became More Profitable

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cryptocurrency news, stablecoin

Terra’s LUNA Jumps On Debut, Then Crashes

Terra blockchain’s new token LUNA seems to be a chip off the old block. Within hours of debuting this past Friday, the token’s price shot up by 47% to a peak of $19.53. It crashed soon after and reached a low of $3.98 on the same day based on data from Coinmarketcap. As of this writing, it has recovered to trade at $9.16. According to … Continue reading Terra’s LUNA Jumps On Debut, Then Crashes

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Grayscale Launches Advertising Blitz For Bitcoin ETF Approval

Bitcoin’s fortunes may have tumbled this year but its advocates are not backing down yet. Investment firm Grayscale is pulling out all stops in its bid to get approval for conversion of its Grayscale Bitcoin Trust (GBTC) – a closed-end fund for accredited investors – to an ETF. The company submitted its application to the SEC in October last year and a decision is expected … Continue reading Grayscale Launches Advertising Blitz For Bitcoin ETF Approval

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Crypto and Mainstream Finance Move Towards Each Other

The demarcating lines between traditional finance and cryptocurrencies are becoming increasingly blurry. Recent announcements by regulators and crypto companies point the way to a future in which the two ecosystems, different in their working and philosophically antagonistic until recently, are coalescing to become a single entity. FTX has become the first crypto exchange to offer trading of regular stocks to customers while SEC chief Gary … Continue reading Crypto and Mainstream Finance Move Towards Each Other

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cryptocurrency news, stablecoin

What Happened to Investors During The UST Crash?

The crash of algorithmic stablecoin UST continues to be a head spinning mess. Many big investors in the Terra blockchain and its native currency Luna claim to have cashed out of their holdings, some for a striking profit. But there doesn’t seem to be much respite for retail investors in the token. Luna, the underlying token responsible for maintaining UST’s peg, is practically worthless. Even … Continue reading What Happened to Investors During The UST Crash?

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Bitcoin Mining in China; Crypto’s Play in Primaries; Meta Still Has Crypto Ambitions

The United States remains the world’s biggest center for bitcoin mining, according to a new report from the Cambridge Center for Alternative Finance (CCAF). The country accounted for 37.84% of global hashrate – the amount of computing power deployed to mine bitcoin – in the period between September 2021 to January 2022. China, which banned bitcoin mining last May, was responsible for 21.11% of the … Continue reading Bitcoin Mining in China; Crypto’s Play in Primaries; Meta Still Has Crypto Ambitions

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crypto prices, cryptocurrency news, stablecoin

Stablecoin Terra’s Peg Continues to Unravel

The unraveling of stablecoin TerraUSD’s (UST) peg to the US dollar continues unabated. As of this writing, it is trading at $0.40, down 23.7% from its price 24 hours ago, according to data from Coinbase. That figure is a far way off from its $1 peg to the US dollar but still represents an improvement from trading lows of 23 cents to the dollar on … Continue reading Stablecoin Terra’s Peg Continues to Unravel

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crypto prices, cryptocurrency news, stablecoin

Terra Continues Free Fall, Repegging In The Works

Will TerraUSD (UST) become the latest stablecoin to fail? That might be the most important question on the minds of investors in the stablecoin. Terra’s price, which was inching upwards towards its 1:1 peg with the US dollar yesterday, crashed to 26 cents Wednesday morning. Traders also sold off their holdings of Luna – the underlying token responsible for maintaining Terra’s price peg, crashing its … Continue reading Terra Continues Free Fall, Repegging In The Works

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crypto prices, cryptocurrency news

Terra (UST) Peg Crisis Deepens

The crisis in algorithmic stablecoin Terra’s peg with the US dollar deepened on Monday evening before staging an overnight recovery. TerraUSD (UST), the world’s third biggest stablecoin, was trading at $0.62 to the dollar yesterday evening based on prices available at Coinbase. As of this writing, the stablecoin’s price has risen to $0.89. The Luna Foundation Guard (LFG) announced yesterday that it was lending out … Continue reading Terra (UST) Peg Crisis Deepens

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