Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Buying crypto was so much fun when it was going up. Now, many onetime fans are getting out. This year has brought crisis after crisis, raising questions about the industry’s long-term prospects. Two major lenders, Voyager Digital VYGVQ -1.52% and Celsius Network, filed for bankruptcy this summer. The price of bitcoin has plunged some 75% … Read more

U.S. stock futures fall as Chinese protests rattle markets, oil hits 2022 low

U.S. stock futures fall as Chinese protests rattle markets, oil hits 2022 low

U.S. stock-index futures sank Sunday night, indicating possible losses on Wall Street on Monday, as Asian markets fell following widespread public demonstrations in China and as oil prices hit a 2022 low. Dow Jones Industrial Average futures YM00, -0.47% were down more than 150 points, or 0.5%, as of 11:30 p.m. Eastern, above their session … Read more

Central banks must buy bitcoin to hedge against sanctions: Harvard Ph.D. candidate

Central banks must buy bitcoin to hedge against sanctions: Harvard Ph.D. candidate

A research paper published at Harvard University is advocating that central banks should buy bitcoin BTCUSD, +2.56% as a hedge against sanctions by other countries. The paper, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” was authored by Ph.D. candidate Matthew Ferranti from Harvard’s economics department, and likens central banks’ gold reserves to potential … Read more

Michael Lewis to write new book on Sam Bankman-Fried, FTX collapse: report

Michael Lewis to write new book on Sam Bankman-Fried, FTX collapse: report

Author Michael Lewis has been following former FTX CEO Sam Bankman-Fried around for the past six months and will write a book about the crypto maven known as “SBF,” a new report says. News that the author who wrote “The Big Short” and “Moneyball” was writing about FTX and Sam Bankman-Fried was first reported by … Read more

‘What. H.’ — Sam Bankman-Fried’s latest tweets spark scorn as well as concern

‘What. H.’ — Sam Bankman-Fried’s latest tweets spark scorn as well as concern

The latest message from former FTX chief executive Sam Bankman-Fried left onlookers puzzled and alarmed after the swift decline into bankruptcy for the cryptocurrency exchange he founded. In successive tweets, Bankman-Fried merely stated, “What,” followed by the capital letter H. Bankman-Fried has been an active tweeter throughout FTX’s demise, earlier having written that he was … Read more

Crypto.com Withdrawals Rise After CEO Admits Transaction Problem

Crypto.com Withdrawals Rise After CEO Admits Transaction Problem

Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.  Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular … Read more

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

Billionaire Dallas Maverick’s owner Mark Cuban recently offered his perspective on the implosion of crypto platform FTX late this week. “‘That’s somebody running a company that’s just dumb-as-fucking greedy.’” — Mark Cuban Cuban, speaking on Friday at a conference in Washington, D.C. hosted by Sports Business Journal, shared the view that avarice was at the … Read more

Bitcoin Prices Fall After the Fed Meeting. Powell Is Pulling the Strings.

Bitcoin Prices Fall After the Fed Meeting. Powell Is Pulling the Strings.

Bitcoin lost its gains, falling after today’s interest-rate decision and Federal Reserve Chairman Jerome Powell’s press conference. The price of Bitcoin was sitting around $20,300 in late afternoon trading, down about 1% over the past 24 hours. The largest crypto looked vulnerable to a drop below the $20,000 level and back into the $19,000 to … Read more

Another jumbo Fed rate hike is expected next week — and then life gets difficult for Powell

Another jumbo Fed rate hike is expected next week — and then life gets difficult for Powell

First the easy part. Economists widely expect Federal Reserve monetary-policy makers to approve a fourth straight jumbo interest-rate rise at its meeting next week. A hike of three-quarters of a percentage point would bring the central bank’s benchmark rate to a level of 3.75%- 4%. “The November decision is a lock. Well, I would be … Read more

Tom Brady to Matt Damon: Here’s how losses for celebrity-endorsed digital assets stack up

Tom Brady to Matt Damon: Here’s how losses for celebrity-endorsed digital assets stack up

Matt Damon made headlines and drew criticism when he starred in an ad for cryptocurrency exchange Crypto.com a year ago. Since then, the prices of many cryptocurrencies have dropped significantly. The market capitalization of crypto assets has dropped below $1 trillion from a November 2021 peak of $3 trillion.  But Damon’s isn’t the only one … Read more