Bitcoin
Bitcoin’s plunge spells trouble for the dot-com era entrepreneur who went all in
Michael Saylor, chairman and chief executive officer of MicroStrategy, first got into bitcoin in 2020, when he decided to start adding the cryptocurrency to MicroStrategy’s balance sheet as part of an unorthodox treasury management strategy. Eva Marie Uzcategui | Bloomberg | Getty Images Having once lost $6 billion at the height of the dotcom bubble, […]
Read More
The crypto industry just had one of its worst days ever — Here’s what happened
Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius is pausing withdrawals for its customers, sparking fears of contagion into the broader market. Nurphoto | Nurphoto | Getty Images Crypto has had a brutal first half of 2022, but few days have been this bad for the […]
Read More
Despite the bitcoin selloff, it’s still an asset class that is accessible to anyone, says blockchain educator
Cleve Mesidor. Tom Williams | Cq-roll Call, Inc. | Getty Images Even as cryptocurrency craters as it has the past few weeks, it remains an asset class that is accessible to anyone, says a blockchain educator. And Cleve Mesidor says that’s why it’s drawing in Black and Latino communities. Bitcoin’s selloff, sparked by a reversal […]
Read More
BlockFi, the Peter Thiel-backed crypto lending start-up, cuts 20% of its staff as bitcoin plunges
The logo of cryptocurrency platform BlockFi. Budrul Chukrut | SOPA Images | LightRocket via Getty Images Crypto lender BlockFi is cutting around 20% of its staff as the company reckons with a dramatic downturn in digital currencies and heightened concerns about a weakening economy. CEO Zac Prince said in a tweet Monday that BlockFi has […]
Read More
Crypto lender Celsius pauses withdrawals due to ‘extreme market conditions’
Celsius CEO Alex Mashinsky. Piaras Ó Mídheach | Sportsfile for Web Summit | Getty Images Celsius, a controversial cryptocurrency lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market. Celsius is one of the largest players in the nascent crypto lending space, with more than $8 billion lent […]
Read More
Bitcoin briefly drops below $25,000 as $150 billion wiped off crypto markets over the weekend
Bitcoin and other cryptocurrencies fell sharply as investors dump risk assets. A crypto lending company called Celsius pausing withdrawals for its customers, sparking fears of contagion into the broader market. Nurphoto | Nurphoto | Getty Images Bitcoin tumbled below $25,000 late on Sunday, hitting its lowest level since December 2020, as investors dump crypto amid […]
Read More
Ethereum just completed a successful dress rehearsal for its most important upgrade ever
INA FASSBENDER | AFP | Getty Images Ethereum just completed its first big dress rehearsal for a long-awaited makeover that will be its most significant overhaul since the digital currency was launched nearly a decade ago. Cryptocurrencies such as ethereum and bitcoin are often criticized for the process of mining to generate new coins. Both […]
Read More
Falling investor interest, lackluster user adoption threaten bitcoin outlook, Citi says
The collapse of the Terra network’s algorithmic stablecoin and sister currency luna added pressure to an already downbeat cryptocurrency market. Now investor activity and interest seem to be waning, according to Citi. The firm said that trading volumes and active wallet addresses have reverted back to normal levels after spiking around the time of Terra’s […]
Read More
New York’s financial watchdog issues stablecoin guidance, calls for reserve requirements and audits
The New York State Department of Financial Services on Wednesday released new rules for licensed cryptocurrency firms that issue stablecoins, calling for reserve requirements and monthly independent audits. The guidance affects current holders of the BitLicense, the business license for virtual currency firms operating in New York state, or limited purpose trust charterholders that issue […]
Read More
Crypto poses a threat to the safety of global payment systems, fintech boss warns
Starling CEO Anne Boden. Harry Murphy | Sportsfile for Web Summit via Getty Images AMSTERDAM — The boss of Goldman Sachs-backed digital bank Starling has doubled down on criticisms of crypto, calling digital currencies a threat to the safety of payment infrastructure. “It is very dangerous,” Anne Boden, who founded Starling in 2014, warned Tuesday […]
Read More