Day: December 1, 2022

FTX Token caused downfall, but tech still revolutionary

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The CEO of the worlds largest asset management firm, BlackRock, believes that the reason why FTX failed is because it created its own FTX Token (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.” Larry Fink, who serves as chairman and CEO of the $8 billion investment company — made the remarks during New York Times’ 2022 Dealbook Summit held on Nov. 30, and added that despite his belief that FTX’s own-created token caused its downfall, he believes that crypto and the blockchain…

BlackRock CEO Larry Fink Says Firm Invested $24M in FTX: Reuters

CryptoX – Cryptocurrency Analysis and News Portal Speaking at the New York Times Dealbook conference, Fink also said it looked like there were misbehaviors in FTX, but wouldn’t speculate on whether BlackRock and venture-capital firm Sequoia, which had invested $214 million in FTX and has since marked that amount down to zero, were misled by FTX, Reuters reported. Source The post BlackRock CEO Larry Fink Says Firm Invested $24M in FTX: Reuters appeared first on CryptoX. CryptoX Portal

Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

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Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans regardless of the billions of dollars it’s sucking up from the company, claiming “someone has to build that.” Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked his thoughts on whether the tech giants’ Metaverse play was still viable given its cost and the doubts cast over the platform, answering: “I think things look very different on a ten-year time horizon than the zone that we’re in for the next…

Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

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Former FTX CEO Sam Bankman-Fried apologized or admitted failure at least 12 times during his appearance at the New York Times’ DealBook Summit on Nov. 30.  In a wide-ranging video interview, Bankman-Fried was asked to answer a number of questions surrounding the downfall of the now-defunct exchange, with some even suggesting that some of his statements could be used to incriminate him in legal proceedings. In a Nov. 30 Twitter post, crypto attorney Jeremy Hogan, Partner at Hogan & Hogan said that the “light cross-examination” of Bankman-Fried at the DealBook…

Bulls Aim Fresh Rally To $1.12

MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone. MATIC price started a decent increase above the $0.90 resistance against the US dollar. The price is trading above $0.90 and the 100 simple moving average (4-hours). There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise towards the $1.00 and $1.12 resistance levels. Polygon’s…

Ethereum Price Gearing For Lift-Off to $1,400, Key Support In Place

Ethereum gained pace above the $1,250 resistance zone against the US Dollar. ETH even spiked above $1,300 and is currently correcting gains. Ethereum remained well supported and even cleared the $1,280 resistance zone. The price is now trading above $1,250 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it stays above the $1,250 and $1,230 support levels. Ethereum Price Gains Bullish Momentum…

Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity – Exchanges Bitcoin News

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Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency exchange and is now preparing to enter the Japanese crypto market as a regulated entity. “The Japanese market will play a key role in the future of cryptocurrency adoption,” said the general manager of Binance Japan. Binance Entering Japan Cryptocurrency exchange Binance announced Wednesday that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider that is regulated by Japan’s top financial regulator, the Financial Services Agency. The announcement explains: Through this acquisition, Binance enters the…

Crypto trading firm Auros Global misses DeFi payment due to FTX contagion

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Crypto trading firm Auros Global appears to be suffering from FTX contagion after missing a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan. Institutional credit underwriter M11 Credit, which manages liquidity pools on Maple Finance, told its followers in a Nov. 30 Twitter thread that the Auros had missed a principal payment on the 2,400 wETH loan, which is worth in total around $3 million. M11 Credit suggests that it is always in close communication with its borrowers, particularly after events in the last month, and…

Solana Price Attempts To Bounce Back But Will It Breach $15?

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After a period of sluggish price action, the price of Solana has finally made a significant recovery on the chart. In the last week, the coin has surged over 9%. Although SOL might be moving up slowly, from a technical standpoint, the altcoin has recovered and might stage a rally in the upcoming trading sessions. Buyers were gradually re-entering the market, indicating that SOL registered accumulation. However, capital inflows remained low. With consistent upward price action, capital inflow will also register a positive change. Now that SOL has made small…

Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more…

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Porsche to launch 7,500 NFTs for use in a ‘virtual world’ German luxury car manufacturer Porsche has suggested it will be significantly ramping up its Web3 efforts after unveiling an upcoming NFT project consisting of 7,500 customizable tokenized vehicles. In a Nov. 29 announcement, Porsche stated that the NFTs will be launched in January, and users will be able to customize various aspects of the cars in relation to performance and appearance. The NFT art itself is being designed by designer and 3D artist Patrick Vogel, with all pieces revolving…