Cryptocurrency
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 […]
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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 […]
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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 […]
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Crypto investments will be a ‘big zero’ in the end, says value investor Mohnish Pabrai
Cryptocurrencies sold off massively this year, but Buffett disciple Mohnish Pabrai says the worst is not over. “I think most of the crypto stocks and investments in the end will be a big zero,” Pabrai, who is managing partner of Pabrai Investment Funds, told CNBC on Wednesday. The veteran investor said crypto “is a bubble,” […]
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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 […]
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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 […]
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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 […]
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Human rights advocates tell Congress bitcoin is essential in countries with ‘collapsing’ currencies
WASHINGTON — A week after prominent technologists publicly slammed crypto for being too risky and unproven in a letter to Congress, human rights advocates from around the world have sent a rebuttal to U.S. lawmakers defending digital assets for the access they provide to people in countries where “local currencies are collapsing, broken, or cut […]
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Bipartisan crypto overhaul seeks to treat most digital assets as commodities and empower CFTC
U.S. Capitol building in Washington, D.C. Liu Jie | Xinhua News Agency | Getty Images As excited as Wall Street and Main Street were to have crypto as a new investment idea and store of value, the speed at which cryptocurrencies entered mainstream U.S. markets caused proportionate angst for U.S. regulators, who were equipped only […]
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Bitcoin rises after snapping longest-ever losing streak as investors seek a market bottom
A young woman walks past a Bitcoin symbol in the window of a company that offers blockchain application services. Sean Gallup | Getty Images News | Getty Images Bitcoin rose over the weekend as cryptocurrency investors continue to look for a bottom following a rough six months of selling. The largest cryptocurrency by market cap […]
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