Crypto news

Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity issues. FTX filed for bankruptcy a few days later to “develop a process to maximize recoveries.” FTX Japan With a...

Genesis, the crypto brokerage platform that froze withdrawals last week, may resort to bankruptcy if it fails to raise money from potential investors, according to people familiar with the matter. As reported by BNN Bloomberg, Genesis has spent the past several days attempting to raise $1 billion in capital from potential investors. This backs up a Wall Street Journal report from Friday, which claimed the trading firm was unsuccessful in its endeavor.  Bloomberg stated that...

On November 21, U.S. Patent and Trademark Attorney Michael Kondoudis announced that JP Morgan & Chase Co, the largest bank in the United States— and one of the largest financial companies in the world— registered a patent to venture into the Web3 with a digital crypto wallet. According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co.on November 15. The wallet will offer services like virtual currency transfer...

Shares for Coinbase, America’s largest cryptocurrency exchange, are trading at another all-time low as Bitcoin and the crypto market log some of the lowest digital asset prices in over two years. COIN stock fell 8.9% on Monday, from $44 at 14:20 UDT to $41.23 when the day closed.  The current price is down 37% over the past month, and 87% from its all-time high of $342 in November of last year.  Meanwhile, Coinbase 2028 bonds are trading for only $0.51 on the dollar,...

The American billionaire investor and hedge fund manager – Bill Ackman – reiterated his support for crypto, maintaining that the sector is “here to stay.” He also endorsed the blockchain-based network Helium, saying the project’s token HNT could “build intrinsic value over time.” Helium’s Merits In a recent series of tweets, the Founder and CEO of Pershing Square Capital – Bill Ackman – argued that Helium is one of the “interesting crypto projects” with numerous benefits. For...

Bitcoin crashed back beneath $16,000 on Monday, marking another 2-year low of $15,588.  Bitcoin began to show weakness at $16,000 at roughly 16:30 UDT, when the price briefly wicked down to $15,917. The asset then recovered to roughly $16,000, before crashing again to $15,588 at 19:45 UDT.  Ethereum also collapsed below $1,100 to just $1,084 at the time. The last time Bitcoin’s price touched these lows was in early November 2020, prior to Bitcoin’s bull market run that took...

The US Bankruptcy Court of the Southern District of New York approved crypto lender Celsius’ motion for a deadline for customers to file a claim. January 3rd, 2023, has been set as the last date for creditors to file a proof of claim against the bankrupt firm. The filing reads, “The United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) has entered an order (the “Bar Date Order”) establishing 5:00 p.m. prevailing Eastern Time on January...

Bitcoin miners are selling their coins at a record pace after the top cryptocurrency by market cap fell to its lowest price in 2022 this month.  According to Charles Edwards – founder of Capriole fund – Bitcoin miner sell pressure has skyrocketed by 400% within 3 weeks alone.  His data is backed up by a similar finding from Glassnode, which showed total miner balances plummeting to a 10-month low this week. Their holdings are now worth roughly $30.4 billion, representing...

Shahaf Bar-Geffen – CEO of COTI, a stablecoin development company – revealed the launch date for Cardano’s new algorithmic stablecoin at Cardano Summit on Monday.  After a successful audit, the over-collateralized DJED token will go live in January 2023. What is DJED? DJED is Cardano’s attempt to create a price-stable digital asset backed by ADA – the network’s native cryptocurrency.  By sending ADA to a given smart contract address on Cardano, users will receive the same...

Pro Shares became famous last summer when it announced it would be unveiling the United States’ first bitcoin-based exchange-traded fund (ETF). Pro Shares Has Gone from Hero to Zero Many analysts and traders had mixed feelings about the product. On one hand, traders in the U.S. would now be gaining access to a product they had long wished for. Many people were hoping that a bitcoin-based ETF would come along soon, though there were those who doubted the product as it was...