Day: November 21, 2022

Bankrupt Crypto Exchange FTX Exploring Sales of Subsidiaries, CEO Reveals – Featured Bitcoin News

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Bankrupt cryptocurrency exchange FTX is exploring sales, recapitalizations, and other strategic transactions with respect to its solvent subsidiaries. The firm’s new CEO has instructed the FTX team “to prioritize the preservation of franchise value as best we can in these difficult circumstances.” New FTX CEO Outlines Priorities Cryptocurrency exchange FTX and approximately 101 affiliated companies announced Saturday that they are “launching a strategic review of their global assets to begin to maximize recoverable value for stakeholders.” The review is part of their Chapter 11 bankruptcy process. The new FTX CEO,…

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In The Metaverse, More Women Are ‘Power Users’ but Women Have Less Power: McKinsey

The report, which examines how “gender dynamics are playing out in the early-stage metaverse,” conducted a survey on metaverse habits in April in Western Europe and Northern Asia. Of the 1,928 respondents, 41% of women surveyed had used a “primary metaverse platform or participated in a digital world” for over a year, compared to only about 34% of men. These women also reported spending longer periods of time on these platforms, with 35% of them logging more than three hours per week – a categorization the report calls “power users.”…

Binance’s Changpeng Zhao and Coinbase CEO Brian Armstrong Support Vitalik Buterin’s Idea for Crypto Exchanges

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CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum (ETH) creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers. After the collapse of FTX and the revelations that came with it, scrutiny over the reserve systems of crypto exchanges circulated, prompting several firms to publish their reserves to prove solvency. Buterin suggested a system where users can verify their personal balances through a Merkle Tree, protected with the privacy of a zk-SNARK (zero-knowledge succinct non-interactive argument…

Here’s Why Ethereum Is Not Out Of The Woods Yet

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Ethereum has been seeing some significant downside coming out of the weekend. This was triggered by the FTX hacker, who currently holds hundreds of thousands of ETH, dumping some of those coins for Bitcoin over the weekend. After dumping around 10,000 ETH, the digital asset had dumped more than 7%, as a large number of investors continue tracking the wallet. More Pain To Come For ETH Looking at the impact of the FTX hacker selling ETH for BTC had on the market, and seeing the balances of the address, it…

Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline

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Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov. 21 to federal officials and to Anthony Noto, president of SoFi Technology. They expressed concern about the online bank’s efforts to conform to Federal Reserve Board requirements and nonbank digital asset trading activities conducted through SoFi Digital Assets. In the letter to Noto, Sherrod, along with Sens. Jack Reed, Chris Van Hollen and Tina Smith, notes that the Federal Reserve had said that SoFi “is currently engaged in crypto-asset related activities…

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Polygon Faces Decision Time As Price Sits On Key Support; Will $0.7 Hold Sell-off?

 MATIC’s price lost its demand zone as the price struggled to hold above $0.7.   MATIC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.  MATIC’s price looks weak as the price struggles to hold above $0.7, with the possibility of reclaiming the daily 50 Exponential Moving Average (EMA) remaining bleak. The price action displayed by Polygon (MATIC) has continued to look disheartening, with the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on…

event recap for Texas Blockchain Summit

Apparently, not everything is bigger in Texas. At least not in the days following a major crypto exchange declaring bankruptcy. The collapse of FTX and the ripples former CEO Sam Bankman-Fried made in the crypto space were on many people’s lips at the Texas Blockchain Summit held from Nov. 17-18 in the state capital of Austin. Unlike at the Texas Blockchain Council’s inaugural conference in October 2021 held over just one day, there were many open seats at the 2022 event, which featured speakers on energy, crypto mining, regulation, and…

Data shows traders are slightly bullish even as crypto’s total market cap falls under $800B

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The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020.  Total crypto market cap in USD, 4-hour. Source: TradingView The price of Bitcoin (BTC) dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now…