Tag Archives: Bitcoin Bear Market

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...

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...

The past year or so has not been kind to the primary cryptocurrency, following many industry and macroeconomic adversities. Even though the asset has lost roughly 80% of its value since the all-time high last November, some estimations show that it could drop further, perhaps to the four-digit territory. It was approximately a year ago when the industry was booming, led by the massive gains charted by the largest cryptocurrency. Perhaps fueled by the futures ETF launched in...

One of the most successful NBA teams – Golden State Warriors – reportedly paused all marketing endeavors related to the distressed crypto exchange FTX. The latter filed for bankruptcy last week after failing to honor its clients’ withdrawal requests. According to recent coverage, the basketball club stopped advertising all FTX products and services. The last promotion was on Monday (November 14), and it was related to Golden State Warriors shooting guard Jordan Poole. Miami...

The US-based cryptocurrency exchange – Coinbase – reportedly reduced its team by 60 people following the FTX saga and the consecutive plunge of the market. Chief Financial Officer Alesia Haas said the company might lay off more people should the turmoil deepen in the future. According to recent coverage, one of the largest crypto platforms – Coinbase – dismissed 60 of its staff members as a result of the current crisis in the digital asset sector. CFO Alesia Haas described...

Over $640 million in trades have been liquidated from crypto markets in the aftermath of FTX’s drama with Binance. Markets experienced a brief rally after Binance announced its intention to buy FTX, but have since retraced while FTX Token continues to dump. According to Coinglass, over $640 million in liquidations have taken place in the last 24 hours, with $182 million liquidated in the past hour alone.  The largest single liquidation took place on BitMEX on a Bitcoin / US...

In the aftermath of the crypto winter, which erased billions of dollars from the industry after last year’s rally to an all-time high, many firms have significantly reduced their headcounts over the past few months to cut operational costs.  This may not come as a surprise due to the impact of the bear market, which forced several big companies, including Three Arrows Capital (3AC), Voyager Digital, and Celsius Network, into bankruptcy.  The Crypto Job Cut Trend While some...

Kathleen Breitman – Chief Executive Officer of the blockchain platform Tezos – thinks the ongoing cryptocurrency bear market is nowhere near its end. However, she believes a “small minority” of useful crypto applications will survive the challenging times and “thrive” in the future. The End of the Crypto Winter not Close Despite the recent revival of the cryptocurrency market, Breitman argued that the sector is far from starting a new bull run. In her view, enthusiasm and...

One of the largest bitcoin miners – Core Scientific – could run out of cash by the end of 2022, which could prompt it to file for bankruptcy. The firm’s shares took a major punch following the news. Current market data shows they trade at around $0.28, an approximately 72% decline compared to yesterday’s figures. The market decline, the rise in energy costs, and increased competition are the main factors that have negatively impacted the entity’s performance and liquidity....

Venture capital giant Andreessen Horowitz, also known as a16z, has been affected by the ongoing crypto winter, with the company’s flagship cryptocurrency fund losing nearly half of its value in the first six months of 2022. The declining performance is a massive difference from the gains experienced last year when the company’s investments grew over 1,000%. A16z Not Immune to Crypto Winter According to the Wall Street Journal on Wednesday (October 26, 2022), a16z’s flagship...