Day: December 5, 2022

Tim Draper predicts bitcoin will reach $250,000 despite FTX collapse

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Tim Draper, founder of Draper Associates, onstage at the Web Summit 2022 tech conference. Ben McShane | Sportsfile via Getty Images Venture capitalist Tim Draper thinks bitcoin will hit $250,000 a coin by the middle of 2023, even after a bruising year for the cryptocurrency marked by industry failures and sinking prices. Draper previously predicted that bitcoin would top $250,000 by the end of 2022, but in early November, at the Web Summit tech conference in Lisbon, he said it would take until June 2023 for this to materialize. He…

Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7%

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Amidst all of the hustle and bustle surrounding the reorganization of Twitter and the revelations of the “Twitter Files,” Elon Musk took the time a few hours ago to fix a pressing problem for the Dogecoin community. In recent days, Musk had declared war on the spam bots on Twitter. In doing so, the algorithm and the Twitter team may have been a bit too harsh. Musk Stands By For The DOGE Community Dogecoin founder Billy Markus wrote on Twitter that more than a dozen Dogecoin Twitter accounts were suspended…

Crypto Lending Platform Genesis Global Owes $900 Million to Gemini Clients

Gemini has formed a creditor’s committee to recoup the funds from crypto lender Genesis and its parent company Digital Currency Group (DCG).  The latest report from the Financial Times notes that troubled crypto lender Genesis Global owes more than $900 million to the clients of crypto exchange Gemini owned by the popular Winklevoss twins. Following the collapse of the crypto exchange FTX last month, Genesis Global is facing major liquidity concerns. Two weeks ago, Genesis Global stated that they are trying to engage in constructive talks with creditors. However, if…

Standard Chartered forecasts ‘surprise’ Bitcoin downside after FTX collapse

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The value of Bitcoin (BTC) is being touted to drop as low as $5,000 in 2023 according to Standard’s Chartered global research head and chief strategist. As initially reported by Bloomberg, a note to investors published on Dec. 4 from the multinational bank’s chief strategist Eric Robertsen weighed-up a potential drop in Bitcoin’s value correlated with a surge in physical Gold. Robertsen outlined prospective scenarios for 2023 that could see interest rate reversals from hikes in 2022, further cryptocurrency sector bankruptcies and negative sentiment towards the market. This could include…

Brazilian Companies Break Crypto Purchasing Records Again in October – News Bitcoin News

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According to the latest reports from the Brazilian tax authority (RFB), institutions have again broken crypto purchasing records in Brazil. The organization registered that almost 42,000 companies purchased some kind of cryptocurrency during October, a new record that overturns the 40,161 that declared having purchased crypto during September. Brazilian Companies Purchase Crypto in Waves More and more companies are introducing crypto as part of their treasuries in Brazil. According to the last data issued by the Brazilian tax authority (RBF), which is empowered by law to receive crypto…

Pakistan launches new laws to expedite CBDC launch by 2025

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Regulators worldwide see central bank digital currencies (CBDCs) as a way to enhance fiat capabilities by inheriting the financial prowess of technologies that power cryptocurrencies. Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025. The State Bank of Pakistan (SBP) signed in new laws for Electronic Money Institutions (EMIs) — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. The World Bank helped Pakistan design the new regulations, according to…

‘Imminent’ crash for stocks? 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts its first full week of December at three-week highs as the bulls and the bears battle on. After a weekly close just above $17,000, BTC/USD seems determined to make the most of relief on stocks and a weakening United States dollar. As the United States gears up to release November inflation data, the USD looks to be a key item to watch as BTC price action teases a recovery from the pits of the FTX meltdown. All may not be as straightforward as it seems — miners…

‘Imminent’ crash for stocks? 5 things to know in Bitcoin this week

Bitcoin (BTC) starts its first full week of December at three-week highs as bulls and bears battle on. After a weekly close just above $17,000, BTC/USD seems determined to make the most of relief on stocks and a weakening U.S. dollar. As the United States gears up to release November inflation data, the dollar looks to be a key item to watch as BTC price action teases a recovery from the pits of the FTX meltdown. All may not be as straightforward as it seems — miners are facing serious…

Bybit Downsizes Again as Crypto Bear Market Deepens

Bybit isn’t the only firm reducing its staff strength to cope with the current bearish market conditions. Cryptocurrency exchange Bybit has announced the second round of employee layoffs, citing a deepening crypto bear market.  According to Bybit CEO Ben Zhou, there was a need for the company to re-organize its plan to suit the bearish market conditions. That would include downsizing its workforce further. Zhou believes the appropriate structure and resources will help the exchange take advantage of opportunities while the market downturn remains. Earlier in June, the firm cut…

Litecoin Continues To Surge As Hash Rate Records New ATH

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Litecoin (LTC) was among the few bright spots for the crypto market which had to endure the negative effects of the collapse of the FTX exchange platform. In the midst of one of the worst implosions that the space has ever witnessed, LTC momentarily became vulnerable, plummeting all the way down to $49.58. But the cryptocurrency stood its ground, though, while the likes of Bitcoin and Ethereum were sent crashing to various monthly lows and eventually commenced its own rally to close November on a high note. As a result, Litecoin…