Browsing:Market News

Bybit exchange
16 hours ago 1 min read

Bybit will lay off 30% of its workforce as the crypto bear market worsens.

As the crypto winter deepens, centralized crypto exchange Bybit, has become the latest to lay off employees. The layoffs are in addition to those made by the company earlier this year, in June. Bybit, based in Singapore, has announced plans to reduce its workforce. Furthermore, the move is part of the company’s ongoing reorganization. It is the latest cryptocurrency company to refocus its efforts as the bear market intensifies. Bybit co-founder and CEO Ben Zhou made the announcement on December 4th, adding that the planned downsizing would be across the board. He apologized to those who would be affected by

3 weeks ago 5 mins read

Global Cryptocurrency exchange platform Market Size to grow USD 347.5 Billion by 2030 | CAGR of 30.08%

New York, United States , Nov. 16, 2022 (GLOBE NEWSWIRE) — The Global Cryptocurrency Exchange Platform Market Size to grow from USD 32.77 billion in 2021 to USD 347.50 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 30.08% during the forecast period. The sector is expanding due to growing public awareness of cryptocurrencies and their benefits, including flexibility and security. Due to the development of blockchain technology, there is a great emphasis on safe and decentralized networks, which is positive for market expansion. The demand for the cryptocurrency exchange market is expected to rise as digital assets such as

Visa terminates agreement with FTX
3 weeks ago 1 min read

Visa cancels the global FTX Debit Card agreement

Visa’s spokesperson told Reuters that the situation with FTX crypto exchange is “unfortunate” and that the company is “monitoring developments closely.” Visa, the world’s largest payment processor, has severed ties with FTX less than a month after launching a new debit card program. In October 2002, Visa announced a partnership with FTX to launch account-linked Visa debit cards in 40 new countries. Following its introduction to US customers, the partnership focused on expanding the debit card program to Latin America, Asia, and Europe. On November 13, 2022, FTX and 130 affiliated companies, including sister trading firm Alameda Research, filed for

Genesis Trading
4 weeks ago 1 min read

Genesis Trading claims that $175 million is locked up in the FTX following the exchange collapse

As it did following the bankruptcy of 3AC, Genesis Trading, the most recent company to declare exposure to FTX, may seek assistance from its parent company. Genesis Trading, the market maker and lending arm of Digital Currency Group, disclosed that its derivatives business has about $175 million in funds stashed away in an FTX trading account in what it describes as an effort to be transparent. The information was released by Genesis in a thread of tweets on November 10; the company made it clear that the locked funds “would not impact our market-making activities.” Additionally, Genesis declared that they

US Senators to advance bill to enhance oversight crypto
4 weeks ago 1 min read

US Senators are advancing a bill to enhance oversight of cryptocurrencies

The bipartisan authors of a Senate bill that would enhance oversight of cryptocurrencies like bitcoin that are regarded as digital commodities in the US intend to move forward with the legislation. The strongest industry supporter of the legislation, dubbed the Digital Commodities Consumer Protection Act, was embattled FTX CEO Sam Bankman-Fried. The proposed legislation would increase the authority of the Commodity Futures Trading Commission, one of the two U.S. market regulators, over cryptocurrency exchanges and markets. “The recent collapse of a major cryptocurrency exchange reinforces the urgent need for greater federal oversight of this industry,” Senate Agriculture Committee Chair Debbie

Celsius crypto lender
4 weeks ago 1 min read

Celsius files a motion before its ‘reorganization’ plan

Celsius, a troubled cryptocurrency lender, said it filed a motion with a US court asking for more time to come up with a reorganization plan. The company is now in bankruptcy proceedings, months after freezing billions of dollars in customer funds in June. Celsius declared Chapter 11 bankruptcy in the Bankruptcy Court for the Southern District of New York in July, about a month after suspending customer withdrawals. The initial filing triggered a four-month “period of exclusivity,” giving the company the right to devise a reorganization plan outlining how it will repay its creditors. Meanwhile, all civil litigation attempts by

Cardano co-founder
4 weeks ago 1 min read

Cardano’s founder states that short-term events won’t stop the crypto revolution

Cardano co-founder Charles Hoskinson recently took to Twitter to emphasize that short-term events will not derail the crypto revolution. Hoskinson went on to say that cryptocurrencies and blockchain technology are transforming the world. The CEO went on to say that today is Wednesday, and that there will be more Wednesdays to come. A GIF of a honey badger attempting to attack a king cobra is also included in the tweet. He may be implying that no matter what happens in the cryptosphere, one should continue to build, grow, and innovate. The Cardano founder‘s statements surfaced following the agony that the

Crypto market collapse
4 weeks ago 1 min read

The crypto market cap loses over $100 billion after Binance walked away from FTX deal

With Bitcoin falling below $16,000 for the first time in many months, the cryptocurrency market is currently in a bleeding trend. The value of the global cryptocurrency market fell below the $900 million mark as well, with some valuable coins falling more than 30% in just one day. These crashes occur right after Binance CEO Changpeng Zhao (CZ) tweeted that he and his team won’t be proceeding with the deal to acquire FTX exchange. FTT, the native token of FTX, suffered greatly as a result. Data available indicates that FTT lost over 88% of its value in the last day,

Binance exchange buys FTX exchange
4 weeks ago 1 min read

Binance could control more than 80% of the global crypto market if it fully acquires FTX exchange

Research has shown that the deal to acquire FTX might benefit Binance much more than just gaining a sizable portion of the holdings of the trading platform. In fact, Will Canny of CoinDesk reported on November 9 that a study by private wealth manager Bernstein suggested that the combined business that would result from the purchase agreement between Binance and FTX could give the former a greater than 80% share of the world’s cryptocurrency market. Due to these implications, the FTX-Binance deal may draw considerable regulatory attention and even regulatory intervention, particularly from US and EU agencies if FTX has

Circle CEO
4 weeks ago 1 min read

Lack of FTX buyer would leave “giant hole” in crypto markets, claims Circle CEO

According to Circle CEO Jeremy Allaire in an appearance on CNBC on Wednesday, the collapse of FTX was “sort of a shock” and highlighted the lack of public access to the company’s balance sheet. If no one buys FTX and its assets, Allaire said, it would leave a “giant hole” that would be “far worse” than what investors and markets are worried about right now. In addition, Allaire was asked what it would mean for the crypto market as a whole if Binance pulled out of a preliminary deal to buy its troubled rival. According to Allaire, “there was a

Polygon Matic token surged
4 weeks ago 1 min read

Polygon (MATIC) surges by around 13% in the last 7 days

Since breaking out of a rising wedge pattern last week, Polygon (MATIC) has been moving higher. MATIC has increased over the course of all time frames examined by CoinMarketCap, with the monthly time frame showing the largest increase (41.9%). The cryptocurrency was able to mount a respectable rally, rising 13% over the previous seven days. However, there is a great deal of ground to cover. The token’s opening price of $1.30, which is below its current trading price of $1.05, shows that it was rejected outright at that price. Bulls face a significant risk as a result of the MATIC

Binance BNB
4 weeks ago 2 mins read

Binance’s acquisition of throws the market into disarray

The consequences of Binance’s acquisition of FTX shook the crypto market in general, and FTX-backed crypto in particular. The crypto market is grappling with the possibility that FTX’s acquisition by Binance may render Sam Bankman-exchange Fried’s and its close collaborator, Alameda Research, insolvent. Following the recent news of Binance’s acquisition of FTX, the market has plummeted. At the time of writing, BTC is down 10.85% and selling for around $18,300, putting it at the same price level as it was at the start of the summer; it has already threatened to breach the range to the downside. Meanwhile, Ethereum has