Tag Archives: ftx

The European Central Bank has issued a statement claiming that bitcoin is on its way out and closely approaching “irrelevance.” The European Central Bank Is not a Bitcoin Fan The financial institution released a blog entitled “Bitcoin’s Last Stand” that details the fall of the world’s number one digital currency. Interestingly, the bank does not refer to FTX and its November collapse as the reason as to why bitcoin is doing so poorly. Rather, it hints that bitcoin was on...

The Gemini Exchange in New York – headed by the Winklevoss Twins – has halted all withdrawals, sparking rumors that the company could be next in a long line of crypto firms to file bankruptcy. Gemini Exchange Halts All Withdrawals The move is a direct result of the collapse of FTX, which came crashing down in mid-November. Michael Barr, an official with the Federal Reserve, is calling upon Congress to regulate crypto once and for all due to the company’s failure. In a...

When it comes to risky assets like crypto, Singapore banks are no longer required to hold 1:1 in collateral, but rather 1.25:1. What this means is that for every $1 in cryptocurrency, a financial institution needs to hold $1.25 in regular cash. This is designed to ensure there are enough reserves in place to cover losses or other problems should the crypto industry decide to crash and burn all over again. Singapore Is Trying to Stop Future Crypto Problems 2022 was one of...

Republican Senator of Wyoming Cynthia Lummis says what happened with FTX is exactly why Congress needs to begin paying attention to cryptocurrency. She cited the bipartisan bill she established in early 2022 with New York congresswoman Kirsten Gillibrand (a democrat from New York) and said U.S. regulators need to give the bill their full attention so that what happened with the exchange can never happen again. Cynthia Lummis on the Future of Crypto in Congress Lummis is...

It’s happened again, folks. Another digital currency company has filed for bankruptcy protection. This time, it’s Block Fi, a crypto lending platform, which was reported to be heading in this direction back in late December. Block Fi Is the Latest Crypto Firm to Crash Ironically, the company was one of the few to be “saved” by FTX earlier in the year, though now that its savior is crashing and burning before the eyes of the public, Block Fi no longer has what it takes to...

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DCG (Digital Currency Group) – the crypto company that owns Grayscale – is allegedly $2 billion in debt, giving traders and crypto analysts a lot to be anxious about. DCG Is Allegedly Dealing with Tons of Debt Barry Silbert – the man who founded DCG – stated in an interview: We have weathered previous crypto winters. While this one may feel more severe, collectively we will come out of it stronger. The goal was to try and calm people’s nerves, though this is easier said...

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