Tag Archives: AA News

Eric Robertsen – Global Head of Research at Standard Chartered – thinks bitcoin could tumble to $5,000 next year as more cryptocurrency firms might experience liquidity issues. He believes 2023 could be prosperous for gold, envisioning the yellow metal’s price to surge to $2,250 per ounce. Next Year’s Potential Trends As reported by CNBC, Robertson argued that 2023 could bring more pain for the cryptocurrency market, specifically bitcoin. He predicted the asset’s price could...

Burdened by regulatory pressures, crypto lending firm Nexo has given up on continuing to operate within the United States. The company announced on Monday that it would begin phasing out its products and services from the country over the coming months.  Regulatory Roadblock According to Nexo, the firm has engaged in “good-faith dialogue” with the US state and federal regulators for the past 18 months. Despite this, Nexo no longer believes that such bodies can be negotiated...

The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million.  Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion in Debt The recent collapse of one of the largest cryptocurrency exchanges (FTX) caused a huge disruption of...

Ethereum co-founder Vitalik Buterin published a blog post on Monday reviewing the development of various blockchain use-cases over the past several years.  With years of experimentation now behind the ecosystem, the developer has narrowed down a list of applications that he personally finds most worthy of attention in crypto. Money: The Most Important App Buterin began by highlighting what he sees as the most important – and first – application of blockchain: creating new...

El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Fast forward to this year, the crisis worsened in the already battered crypto industry. But President Nayib Bukele plans on doubling down further. After pledging that the government would purchase one Bitcoin every day going forward, despite the meltdown, the Bukele administration sent a bill to El Salvador’s Congress to enable it to sell $1 billion in “volcano bonds” – government debt,...

Blockchain-based capital marketplace Maple Finance has cut ties with digital asset hedge fund Orthogonal Trading on allegations that the latter misrepresented its financial statements.  Maple said assets within the Orthogonal credit pool remain secure and is expected to close without issue in Q1 2023. The Truth About Orthogonal In a blog post on Monday, M11 Credit claimed that Orthogonal misrepresented its financial position to the lending firm over the past four weeks....

Joe Lonsdale – Co-Founder of the software company Palantir Technologies – thinks multiple cryptocurrency companies will go bankrupt in the future since most function like Ponzi schemes. However, he believes blockchain technology will remain a key part of the future financial system as it enables a “new and important way” to move money globally. Expect More Cases Like FTX According to Lonsdale, the lack of pertinent rules in the cryptocurrency sector and the assumption that...

Fintech company and USDC issuer Circle has terminated a business combination deal with special purpose acquisition company (SPAC) Concord Acquisition Corp., but it has not scrapped its plan to go public. Circle’s announcement is the latest in the growing list of SPAC deals that have failed to materialize. Circle and Concord Go Separate Ways Circle announced the termination of the deal in a press release on Monday (December 5, 2022). The decision was mutual between both...

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance ministry officials, particularly with officials of the Central Board of Direct Taxes (CBDT), is expected to take place...

With bitcoin firmly standing below $20,000, it’s visible that the bear market still remains in the spotlight, which harms native businesses. Miners and exchanges have been hit the hardest. Amid numerous trading platforms laying off staff members, the latest to join this trend is Bybit. Bybit to Cut Off 30% of Staff The overall cryptocurrency landscape is significantly different than what it was a year ago when prices were riding high, and there were new ATHs charted...