Markets

Digital Currency Group (DCG) CEO Barry Silbert recently shared a letter with investors illuminating the cryptocurrency conglomerate’s web of external and intercompany loans.  Among them is a newly disclosed liability of $575 million to its lending subsidiary Genesis, due by May of 2023.  What’s Going On With DCG? As reported by the Wall Street Journal on Tuesday, Silbert’s letter sought to assure investors that the company was still secure amid the chaotic crypto bear market...

Coinbase CEO Brian Armstrong quelled concerns about the state of his company’s Bitcoin holdings on Tuesday, following doubtful suggestions from rival exchange owner Changpeng Zhao (CZ).  Binance’s CEO has since deleted his tweet, promising to “work together to improve transparency in the industry.” What Did CZ Say? CZ’s now-removed post called attention to two separate claims about the exact number of Bitcoin held by Coinbase.  The first was a statement from Coinbase Custody...

The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange FTX was not what everyone believed it to be. Here’s the timeline of the events that led to the fall of FTX in the last 20 days. The...

Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries. Nevertheless, the firm still maintains that its business continues to be profitable. Immediate Repayment of Loan Demanded The subsidiaries operating as Special Purpose Vehicles (SPVs) used Bitmain mining rigs financed by a $107.8 million loan from the New York Digital...

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ADA price gained bearish momentum below the $0.35 support zone against the US Dollar. The price is now trading below $0.350 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.312 on the 4-hours chart (data feed via Bitfinex). The price could continue to move down if it fails to clear the $0.320 resistance zone. Cardano price is struggling below $0.35 against the US Dollar, similar to bitcoin. ADA price could gain...

Ethereum price started a fresh decline from the $1,350 zone against the US Dollar. ETH price is now trading below $1,200 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $1,210 on the 4-hours chart (data feed from Coinbase). The pair could start a recovery wave if it clears the $1,240 resistance zone. Ethereum price is struggling below $1,300 against the US Dollar. ETH/USD remains at a risk of more losses if...

As bad news regarding FTX’s bankruptcy keep appearing in crypto (and mainstream) media, investors have rushed to bet against bitcoin and the crypto market, with bear positions hitting two-year highs. According to the “Digital Asset Fund Flows Weekly Report” from European cryptocurrency investment firm CoinShares, a bearish sentiment took hold of the crypto market during the last week to such an extent that short positions accounted for 75% of all trades in the market. This...

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,...