Crypto market collapse
3 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
3 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
3 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
3 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

Crypto market
4 weeks ago 1 min read

Over $300M was liquidated as the crypto market bleeds

Total crypto liquidations reached over $300 million in the last 24 hours as the market fell, according to CoinMarketCap. At the time of writing, the total amount of liquidations over the previous 24 hours was $339.29 million. After a whale transferred $44 million worth of FTT to FTX, the FTX token (FTT) started losing value quickly, which had a negative impact on the cryptocurrency market. Although CEO Changpeng ‘CZ’ Zhao of Binance denied any involvement in the transaction, the whale was thought to be Binance. In the hours following the transaction, the price of FTT plunged 30%. Fears of contagion

Mastercard CEO Michael Miebach talks about crypto
4 weeks ago 1 min read

Long Way to Go Before Crypto Becomes Mainstream, Says Mastercard CEO

Before bitcoin (BTC) and cryptocurrencies in general can become widely used, a number of factors must align, according to Mastercard CEO Michael Miebach. When the CEO of Yahoo Finance was asked if a day would come when everyone would be making payments in bitcoin, Miebach agreed that it was a possibility. Michael Miebach said, “Entirely possible, but I think it’s a long way to go before crypto becomes mainstream.” There are some obstacles in the way of crypto going mainstream, including regulations, as well as simplicity and ease of usage. The CEO stated that “I think this question on regulatory

Binance and FTX fighting
4 weeks ago 2 mins read

Binance to sell FTX token holdings amid questions over trading arm Alameda finances

CZ said Binance will liquidate its remaining FTT tokens issued by the second-largest crypto exchange FTX on November 6. This decision comes after CoinDesk reported  November 2 that FTX’s sister company, Alameda Research, may have solvency issues. CZ said, “Due to recent revelations that have [come] to light, we have decided to liquidate any remaining FTT on our books.” In addition, Binance’s CEO mentioned that since Binance withdrew from FTX’s equity last year, it has received $2.1 billion worth of stablecoins BUSD and FTT. According to a CoinDesk report from November 2, a financial report from Alameda Research revealed that as of June 30, the company’s

Santander bank prohibit crypto exchange deposits
4 weeks ago 1 min read

Santander, a UK bank, will stop payments to cryptocurrency exchanges

UK bank Santander announced that next year it will prohibit real-time payments to cryptocurrency exchanges. The action is meant to shield customers from scams, according to an email to customers that was first covered by Reuters. Santander has not specified what time in 2023 the modification will go into effect. The bank will implement a more constrained set of restrictions in the near future. Beginning on November 15, payments made through mobile and online banking to crypto exchanges are restricted to a maximum of £1,000 per transaction and £3,000 per rolling 30-day period. The ability of customers to withdraw money will

Coinbase crypto exchange
4 weeks ago 1 min read

Crypto exchange Coinbase revenue drops nearly 50%

Coinbase, the most renowned American crypto exchange, recently released its third-quarter 2022 report. However, its sales figures are unimpressive. Furthermore, the exchange recently released its third-quarter report, which fell short of most analysts’ estimates. According to the report, Coinbase’s revenue fell by half from the previous year due to changes in trading activity. As a result, the company lost around $545 million, compared to a profit of $406 million in the third quarter of 2021. Coinbase informed its stockholders of the decline in revenue. It stated that the firm’s negative posture was created by poor macroeconomic conditions and a decreasing

Santander Bank
4 weeks ago 1 min read

Santander Bank to impose limits on payments to crypto exchanges

Santander UK, a British bank wholly owned by the Spanish multinational financial services firm Santander Group, has informed its customers that payments to cryptocurrency exchanges will soon be restricted. According to a recent notice (on the company’s website) aimed at customers, the bank has seen “a large increase in UK customers becoming victims of cryptocurrency fraud.” And as a result, they have decided to place limits on payments to cryptocurrency exchanges in order to “protect” their customers. The maximum amount per transaction and the maximum aggregate amount over any “rolling 30-day period” for payments made through Mobile Banking and Online

Sam-Bankman-Fried founder and CEO of FTX
4 weeks ago 1 min read

FTX CEO Bankman-Fried says their strength was unnecessary in Musk’s vision for Twitter

According to Bankman-Fried or SBF, their strength was unnecessary in Musk’s vision for Twitter. SBF, the CEO of the FTX exchange, explained why he did not join Elon Musk in his acquisition of Twitter. Bankman-Fried made these remarks in response to a question from Forbes Chief Content Officer Randall Lane at the Forbes Iconoclast Summit 2022. Among the many reasons given by SBF for declining to join Musk in the acquisition, the first was that their strength was not required by Musk’s vision for Twitter. Furthermore, SBF explains that Musk’s and Bankman-visions Fried’s did not complement each other. However, Bankman-Fried