Cryptocurrency
Bitcoin sees slight rebound after nearly falling below $20,000, but it’s still at late 2020 levels
Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage point. That’s one reason why bitcoin rose slightly on Thursday. STR | NurPhoto via Getty Images Bitcoin rose on Thursday following a similar jump in U.S. stocks, but […]
Read More
Bitcoin came close to falling below $20,000 as investors continue to flee cryptocurrencies
Bitcoin and and other cryptocurrencies are in free fall. Dan Kitwood | Getty Images The sell-off in cryptocurrencies deepened even further on Wednesday, with bitcoin sinking very close to the key level of $20,000. Bitcoin plunged as much as 10% to an intraday low of $20,166, according to Coinbase data. It was last trading at […]
Read More
Bill Gates says crypto and NFTs are ‘100% based on greater fool theory’
Bill Gates Gerard Miller | CNBC Bill Gates is not a fan of cryptocurrencies or non-fungible tokens. Speaking at a TechCrunch talk on climate change Tuesday, the billionaire Microsoft co-founder described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when […]
Read More
MicroStrategy denies it received a margin call against its bitcoin-backed loan, report says
Software company MicroStrategy has not received a margin call against its loan from crypto-focused bank Silvergate, Reuters reported on Wednesday. Valerie Plesch | Bloomberg | Getty Images Aggressive bitcoin investor and American software firm MicroStrategy says it hasn’t received a margin call against a $205 million bitcoin-backed loan it took in March, according to a […]
Read More
Wall Street is on a one way trip to misery until Fed hikes stop, market forecaster Jim Bianco warns
Until inflation peaks and the Federal Reserve stops hiking rates, market forecaster Jim Bianco warns Wall Street is on a one way trip to misery. “The Fed only has one tool to bring in inflation and that is they have to slow demand,” the Bianco Research president told CNBC “Fast Money” on Tuesday. “We may […]
Read More
Investors worry another possible crypto collapse will bring down other key players
Cryptocurrencies have taken a tumble in 2022. Chesnot | Getty Images A liquidity crisis at cryptocurrency lending firm Celsius has investors worried about a broader contagion that could bring down other major players in the market. Celsius recently moved to pause all account withdrawals, sparking fears that it may be about to go bust. The […]
Read More
Coinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’
Coinbase Founder and CEO Brian Armstrong attends Consensus 2019 at the Hilton Midtown on May 15, 2019 in New York City. Steven Ferdman | Getty Images Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices. The cryptocurrency exchange will cut 18% of full-time jobs, according […]
Read More
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
Bitcoin drops below $21,000 briefly as crypto sell-off continues
Illustrative image of two commemorative bitcoins with a green background. Artur Widak | Nurphoto | Getty Images Bitcoin briefly dropped below $21,000 on Tuesday in Asia before bouncing back slightly, continuing its plunge as investors sold off risk assets. The world’s largest cryptocurrency fell nearly 14% in the past 24 hours, while ethereum tumbled more than […]
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