Day: November 28, 2022

Looking Back At Nine Years Of Bull Run

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If the first part of the above headline about Bitcoin price had your heart pumping, it might be time to reduce the amount of leverage you are using. No, we aren’t calling for BTC to reach a target of $1,000 – we are instead looking back and celebrating the nine-year anniversary of the first time Bitcoin breached above $1,000. Nine Years Ago: BTC Breaks Above $1,000 Bitcoin is now in the midst of its fourth ever bear market and currently trading at a price of around $16,000 per coin. After…

Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity – Altcoins Bitcoin News

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It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a chance USTC can regain its peg. Terra Supporters Want to Repeg the Once-Stable Coin USTC Amid the craziness surrounding the FTX collapse, fans of another stunted crypto project want to get Terra Money’s former stablecoin UST (now USTC) back to…

Singapore Banks’ Exposure to Bitcoin ‘Insignificant’ but Subject to Highest Risk Weight

“Pending the finalisation of the framework, MAS requires Singapore-incorporated banks to apply a 1250% risk weight for exposures to riskier cryptoassets such as Bitcoin and Ether,” he said. “… Based on MAS’ minimum total capital adequacy requirement of 10% for systemically important banks incorporated in Singapore, this means that Singapore-incorporated banks are required to hold $125 of capital against an exposure of $100 to a cryptoasset like Bitcoin.” Source

DOGE Down 10%, XRP Extends Declines – Market Updates Bitcoin News

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Dogecoin was down by as much as 10% to start the week, as the token retreated from Sunday’s high. The meme coin raced to a three-week high over the weekend, however bulls appeared to have abandoned their positions, opting to secure profits. Xrp, formerly known as ripple, fell for a third straight session on Monday. Dogecoin (DOGE) Dogecoin (DOGE) was 10% lower on Monday, as traders moved to secure profits following recent gains. Following a high of $0.1057 on Sunday, DOGE/USD slipped to an intraday bottom of $0.09302 to start…

Why Bitcoin Miners’ Revenue Hits Lowest Point Since 2020

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Many crypto investors are still skeptical about the profitability of Bitcoin mining. This is not surprising considering the growing rate of energy prices in recent times. Moreover, the Bitcoin miners’ revenue has been on a downtrend since November 2020. Current Bitcoin Miners’ Revenue Meanwhile, BTC miners are experiencing some downturn in their revenue lately. This situation results from reduced prices and the present bearish state of the crypto market. It’s not overly surprising to miners, seeing that the token’s value against the dollar is going down the drain. As of…

Genesis Bankruptcy By EOY At 59%; Bitcoin Investors Pivot

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A possible Chapter 11 bankruptcy of Genesis Trading and parent company DCG is still depressing the sentiment on the Bitcoin market. Genesis last commented on Twitter on November 16. Parent company DCG last spoke out on November 18 via the social media platform. Investors, however, seem to take a rather positive view of the silence. As recent data from the world’s largest decentralized prediction market Polymarket shows market participants now estimate the probability of a Genesis insolvency at only 59% by the end of year (EOY). The peak value was…

Japan’s LINE Shuts Down Crypto Exchange Bitfront, Cites Industry Challenges

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Japanese messaging giant LINE has decided to shut down its Bitfront cryptocurrency exchange and will halt all withdrawals from the platform in March 2023. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. Bitfront announced the development on Monday in a statement published on its website, noting the decision “is unrelated to recent issues related to certain exchanges that have been accused of misconduct.” The collapse of FTX, a once-beloved Bahamas-headquartered cryptocurrency exchange,…

BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles

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BlockFi announced on Nov. 28 that it had filed for Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX. According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks to “establish a Key Employee Retention Plan to ensure the…