The Australian mining firm has had to unplug hardware that was producing "insufficient cash flow" to service its "debt financing obligations."
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Access real-time blockchain and cryptocurrency news updates from around the globe.
HashFlare founders arrested in 'astounding' $575M crypto fraud scheme
The HashFlare founders have been charged for their alleged involvement in a crypto fraud and money laundering conspiracy.
On the move: FTX hacker splits nearly $200M in ETH across 12 wallets
Meanwhile, Ethereum users are sending encoded messages to the FTX hacker pleading for a share of funds.
Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline
The committee members, seemingly spurred to vigilance by the FTX debacle, do not see evidence of SoFi Digital Assets shaping up the way the Fed ordered.
High sentiment in FTX's shadow: event recap for Texas Blockchain Summit
Though the mood among many who showed up in Austin was bullish, most commented on the collapse of FTX and the drop in the price of Bitcoin.
Data shows traders are slightly bullish even as crypto’s total market cap falls under $800B
The total crypto market cap has dropped under $800 billion, but data highlights a few reasons why some traders are bullish.
Data shows traders are slightly bullish even as crypto’s total market cap falls under $800B
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: TradingViewThe price of Bitcoin (BTC) dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now focused on the Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.
Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, halted withdrawals on Nov. 16. In its latest quarterly report, the crypto derivatives and lending trading firm stated that it has $2.8 billion worth of active loans. The fund administrator, Grayscale, is a subsidiary of DCG, and Genesis acted as a liquidity provider.
The 5% weekly drop in total market capitalization was mostly impacted by Ether’s (ETH) 8.5% negative price move. Still, the bearish sentiment had a larger effect on altcoins, with nine of the top 80 coins losing 12% or more in the period.
Weekly winners and losers among the top 80 coins. Source: NomicsLitecoin (LTC) gained 5.6% after dormant addresses in the network for one year surpassed 60 million coins.
Cardano to launch new algorithmic stablecoin in 2023
'Djed' is set to go live in Jan. 2023, after a successful audit and a series of rigorous stress tests
BOE’s Cunliffe says regulation can save crypto from itself, and it’s worth the effort
Blockchain technologies can bring improvements to finance, given a regulatory framework, and links between DeFi and TradFi are being rapidly cemented already, Cunliffe said.
US Senate committee schedules FTX hearing for Dec. 1, CFTC head to testify
The hearing, titled 'Why Congress Needs to Act: Lessons Learned from the FTX Collapse', will be one of the first in which U.S. lawmakers explore what happened with the exchange.
Lido fundamentals shine even as the wider crypto market struggles to regain traction
Lido protocol boasts $1 million in daily fee revenue for nearly a month, highlighting its growth in daily active users and Ethereum stakers.
Lido fundamentals shine even as the wider crypto market struggles to regain traction
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.
Let’s analyze the on-chain fundamentals to see why this trend has continued.
What’s behind Lido Finance’s growth?
Lido’s growth started in May 2021, pre-FTX collapse. The fees reached an all-time high on Nov. 10 as fee revenue nearly topped $2.6 million. The protocol earns 10% of the total Ethereum (ETH) staking rewards generated from user deposits.
Data also shows a steady increase in deposits to Ethereum’s PoS consensus translates to an uptick in Lido’s fee capture.
Lido total deposits. Source: Dune AnalyticsLido’s fee revenue moves in tandem with Ethereum Proof-of-stake (PoS) earnings since Lido sends received Ether to the staking protocol. After the FTX collapse, Ethereum activity has grown thanks to an uptick in decentralized exchange (DEX) activity. Ethereum fees and revenue also reached a 30-day peak on Nov. 8, posting $9.1 million in fees and $7.3 million in revenue.
The nightmare continues for Sam Bankman-Fried and FTX — Law Decoded, Nov. 14-21
The founder of FTX provoked the withdrawal of his legal team and now faces the possibility of extradition to the United States.
Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT
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 close correlation between the United States equities markets and Bitcoin (BTC). While Bitcoin is trading close to its 52-week low, the S&P 500 (SPX) has recovered sharply from its low made on Oct. 13.
Daily cryptocurrency market performance. Source: Coin360The U.S. dollar index (DXY) is usually inversely correlated to Bitcoin but its recent drop from the multi-year high did not benefit Bitcoin. This suggests that crypto buyers remain on the sidelines and are not venturing in to buy.
However, Billionaire investor and hedge fund manager Bill Ackman said in a Twitter thread on Nov. 20 that crypto was “here to stay with proper oversight and regulation.”He also highlighted the potential of cryptocurrencies to “greatly benefit society and grow the global economy.”
Could the cryptocurrency market catch up with the U.S. stock markets? Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to find out.
Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT
Crypto markets have started the week on a weak note, suggesting that buyers remain skeptical about buying any significant dips.
Kenyan legislation establishes crypto taxation, creates consumer protections
The country’s first effort at crypto regulation amends the country’s Capital Markets Law to define crypto as a security and establish reporting, tax and other requirements.
Why is the crypto market down today?
FTX-related contagion continues to spread, taking most of the crypto market down with it. What will it take to reverse the trend?
My story of telling the SEC ‘I told you so’ on FTX
I asked the SEC to take public comments on issues related to cryptocurrency custodians and intermediary conflicts. The SEC declined to take my advice, and FTX fell apart soon after.
Bitcoin price levels to watch as traders bet on sub-$14K BTC
Bitcoin bear market lows come in various shapes and sizes but BTC price is due to dip further, many analysts say.
Bitcoin price levels to watch as traders bet on sub-$14K BTC
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: TradingViewData 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 over crypto business conglomerate, Digital Currency Group (DCG) continued to swirl.
Concerns focused on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing across social media.
Coinbase, the GBTC custodian, reportedly confirmed its Bitcoin holdings — over 635,000 BTC — were safe and present on the day.
