After flirting with and above the $17K level for a few days, Bitcoin’s price has been unsuccessful in charting any significant gains above it. Finally, the bears seem to have taken over and pushed the cryptocurrency below it. This happens as the entire market capitalization lost around $20 billion in the past 24 hours, and altcoins are predominantly trading in the red. Bitcoin’s Price Losing $17K The past 24 hours haven’t been particularly favorable throughout the entire...
Read More »Jack Dorsey’s Block Co-Leads in $2M Seed Round in East African Bitcoin Miner
Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc. According to the official press release, Gridless harnesses small-scale renewable energy grids in rural Africa. The company has participated in five different project contract pilots in rural Kenya alongside an African hydroelectric company – HydroBox. Currently, three of these pilots are...
Read More »5 Failing Crypto Narratives of Late According to CZ Binance
Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash. He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time. CZ’s List Zhao took it to Twitter to dismiss some suggestions that hovered in the cryptocurrency space lately. He said he doesn’t see himself as...
Read More »Troubled Crypto Firm Genesis Owes Gemini’s Customers $900 Million (Report)
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...
Read More »El Salvador President Lashes Out on Mainstream Media Over Bitcoin Attacks
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,...
Read More »Many More Crypto Firms to Suffer FTX’s Fate, Predicts Palantir Co-Founder
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...
Read More »Circle Nixes SPAC Deal With Concord, Still Nurses Public Listing Ambition
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...
Read More »Indian Crypto Association Seeks Relief from High Taxes
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...
Read More »How Wide Does FTX Contagion Spread? The Affected Companies So Far
The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers. Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away from the agreement. FTX could not find a solution and filed for Chapter 11 bankruptcy protection, while CEO Sam Bankman-Fried...
Read More »Elon Musk Says SBF Donations to Democrats ‘Probably’ Over $1 Billion
Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections. In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest ROI trades of all time” because it allowed him to not go to Jail for stealing over $10 billion. Taking part in the...
Read More »