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Access real-time blockchain and cryptocurrency news updates from around the globe.
Cryptocurrency is headed toward surviving its first age
Despite the downbeat market, blockchain-based tech — from the internet of things to the metaverse — is primed to represent trillions in new value by 2030.
Huobi employees revolt, GameFi lives, Antminer on steroids: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Huobi’s disgruntled employees
According to local media reports, cryptocurrency exchange Huobi Global has terminated all year-end employee bonuses and benefits, as well as axed its entire core development staff located in mainland China. The laid-off staff will be instead switched to “advisory contracts” that do not receive protection under Chinese labor laws. Employees also claim that their leftover paid vacation days and sick leave days for 2022 were set to zero without prior notification.
Moreover, executives allegedly imposed a messaging ban on all major Huobi employee chat groups. In response, employees reported formed a 400-member strong “rights maintenance group” and have since sought the advice of counsel in the labor dispute. One employee reportedly wrote:
“I love my company and my job; at the same time, I support all decisions that benefit the company, and I know that with economies recessionary everywhere in the globe, Huobi management staff must tighten their belts, and I can understand the lack of year-end bonuses. That said, I cannot accept the unreasonable swap of employment contracts. I will fight this to the end.”
However, it appears that employees still received the short end of the stick. On Jan. 6, Cointelegraph reported that Huobi laid off 20% of its workforce while denying insolvency rumors. But at the time of publication, sources say that the exchange is operating at a loss of $10 million per month.
Huobi employees revolt, GameFi lives, Antminer on steroids: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Huobi’s disgruntled employees
According to local media reports, cryptocurrency exchange Huobi Global has terminated all year-end employee bonuses and benefits, as well as axed its entire core development staff located in mainland China. The laid-off staff will be instead switched to “advisory contracts” that do not receive protection under Chinese labor laws. Employees also claim that their leftover paid vacation days and sick leave days for 2022 were set to zero without prior notification.
Moreover, executives allegedly imposed a messaging ban on all major Huobi employee chat groups. In response, employees reported formed a 400-member strong “rights maintenance group” and have since sought the advice of counsel in the labor dispute. One employee reportedly wrote:
“I love my company and my job; at the same time, I support all decisions that benefit the company, and I know that with economies recessionary everywhere in the globe, Huobi management staff must tighten their belts, and I can understand the lack of year-end bonuses. That said, I cannot accept the unreasonable swap of employment contracts. I will fight this to the end.”
However, it appears that employees still received the short end of the stick. On Jan. 6, Cointelegraph reported that Huobi laid off 20% of its workforce while denying insolvency rumors. But at the time of publication, sources say that the exchange is operating at a loss of $10 million per month.
Huobi employees revolt, GameFi lives, Antminer on steroids: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Huobi’s disgruntled employees
According to local media reports, cryptocurrency exchange Huobi Global has terminated all year-end employee bonuses and benefits, as well as axed its entire core development staff located in mainland China. The laid-off staff will be instead switched to “advisory contracts” that do not receive protection under Chinese labor laws. Employees also claim that their leftover paid vacation days and sick leave days for 2022 were set to zero without prior notification.
Moreover, executives allegedly imposed a messaging ban on all major Huobi employee chat groups. In response, employees reported formed a 400-member strong “rights maintenance group” and have since sought the advice of counsel in the labor dispute. One employee reportedly wrote:
“I love my company and my job; at the same time, I support all decisions that benefit the company, and I know that with economies recessionary everywhere in the globe, Huobi management staff must tighten their belts, and I can understand the lack of year-end bonuses. That said, I cannot accept the unreasonable swap of employment contracts. I will fight this to the end.”
However, it appears that employees still received the short end of the stick. On Jan. 6, Cointelegraph reported that Huobi laid off 20% of its workforce while denying insolvency rumors. But at the time of publication, sources say that the exchange is operating at a loss of $10 million per month.
Gemini and Genesis charged by SEC over unregistered securities
The charges relate to Gemini's crypto asset lending program, Gemini Earn, according to a press release from the Securities and Exchange Commission.
US House Republicans plan to establish crypto-focused subcommittee: Report
Representatives French Hill and Warren Davidson will reportedly be the chair and vice chair of the subcommittee, respectively, focused on issues related to crypto.
Crypto Community unimpressed by SBF’s lengthy substack letter
In the letter, SBF denied stealing funds and stashing billions of dollars away.
Nigerian crypto exchange Roqqu receives European virtual currency license
The move allows Roqqu to operate in 30 countries and broaden its services within one of the world's largest crypto markets.
Bitcoin price rallies to $19K, but analyst says a $17.3K retest could happen next
Bitcoin price hit a year-to-date high near $19,000 as pro traders used leverage to propel the pump, but derivatives data hints at reasons for BTC price to retest $17,300.
Bitcoin price rallies to $19K, but analyst says a $17.3K retest could happen next
Bitcoin (BTC) price has gained 15% in the past 13 days, and during this timeframe, traders’ bearish bets in BTC futures were liquidated in excess of $530 million compared to bulls.
After rallying to $19,000 on Jan. 12, Bitcoin reached its highest price since the FTX exchange collapse on Nov. 8. The move was largely fueled by the United States Consumer Price Index (CPI) expectation for December, which matched consensus at 6.5% year-over-year — highlighting that the inflationary pressure likely peaked at 9% in June.
Furthermore, on Jan. 11, FTX attorney Andy Dietderich said $5 billion in cash and liquid cryptocurrencies had been recovered — fueling hopes of partial return of customer funds in the future. Speaking to a U.S. bankruptcy judge in Delaware on Jan. 11, Dietderich stated that the company plans to sell $4.6 billion of non-strategic investments.
Let’s look at derivatives metrics to understand whether professional traders are excited about Bitcoin’s rally to $19,000.
Margin use increased as Bitcoin price rallied to $18,300 and above
Margin markets provide insight into how professional traders are positioned, and margin is beneficial to some investors because it allows them to borrow cryptocurrency to leverage their positions.
90% of businesses adopting blockchain technology, data
A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in the next year.
Like son, like father as Joseph Bankman retains attorney: Report
Sam Bankman-Fried’s father reportedly advised his son on matters related to lobbying lawmakers in Washington D.C. and may now be cooperating with prosecutors.
BIS economists suggest improving TradFi with CBDC to attract users away from crypto
The latest Bank of International Settlements bulletin looks at ways to mitigate the risks of crypto assets and suggests traditional finance could get its house in better order too.
Blockchain industry shows signs of stabilizing in 2023: Report
December continued to see Bitcoin trade below its 50-, 100- and 200-day moving averages, but stabilization in the DeFi sector is flashing positive signals at the start of 2023.
Miss Universe contestant represents El Salvador with Bitcoin-inspired costume
"You don’t need a sash to walk around dressed as cash," said the Miss Universe 2023 announcer as Alejandra Guajardo showed off her currency-themed costume.