Gemini Trust Co., which is co-owned by Winklevoss and his twin brother, paused redemptions on an interest-earning product called Earn in mid-November, a week after rival crypto exchange FTX filed for bankruptcy. The product offered investors opportunities to yield as much as 8% interest on their crypto by lending those digital tokens out to Genesis. Source
Cardano (ADA) started 2023 with an upward trend that retested the $0.2522 resistance level but has since failed to gather any meaningful momentum to sustain the run. As of writing, Coingecko notes an increase of a measly 0.2%. This might be small gains, but is a great indicator that investor sentiment has reversed by the start of this fiscal year. Can ADA Bounce Back? Cardano in 2022 has been very bearish in terms of its native token ADA. Even after its Vasil hard fork, an event likened to the Ethereum…
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On Dec. 29, 2022, days before the year’s end, Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto-asset trading over 2,000 euros (approximately $2,13 at time of publication). The approved legislation defines crypto assets as “a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology.” Previously, crypto assets were treated as foreign currencies in the country, with lower taxes. As reported by Cointelegraph, the…
Solana (SOL) has been completely engulfed in FUD since the FTX crash. This invariably resulted in the price of the token declining much faster than the rest of the market, and last week, SOL touched single-digit values for the first time in almost two years. However, there seems to be a turn in the tide for the digital asset as it receives support from Vitalik Buterin. Vitalik Buterin Offers Support To Solana Taking to Twitter, Ethereum founder Vitalik Buterin expressed support for Solana for the first time. Solana which had…
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Jan. 2 “marks 47 days since Genesis halted withdrawals,” Cameron Winklevoss, cofounder of the cryptocurrency exchange Gemini, pointed out in an open letter to Barry Silbert, CEO of the Digital Currency Group (DCG), which owns Genesis. Winklevoss went on to make a blunt appraisal of DCG’s business practices. According to the letter Winklevoss posted on Twitter, Genesis owes Gemini $900 million for funds Gemini lent to it as part of the Gemini Earn program. “For the past six weeks, we have done everything we can to engage with you in…
Before FTX collapsed it was assumed that Alameda Research was one of the top quantitative trading firms and market makers within the industry. However, much of that perception may have been a facade as a recent report details that Alameda suffered from financial troubles as early as 2018. People familiar with the matter said Alameda was losing money back then and a massive loss from a failed xrp trade in mid-2018 cut the company’s assets by more than two-thirds. Alameda Research’s Façade as a Top Quantitative Crypto Trading Firm Crumbles…
Polygon has been stuck in its current sideways movement since the later half of 2022. Since then, the ecosystem’s native token MATIC has not left its current support of $0.7550. This spot has left MATIC in a very delicate situation even as Polygon itself is setting itself apart from competitors. Polygon Going Strong The ecosystem has ended 2022 on a beautiful note, though. Although the year’s bear market clawed through MATIC’s gains, the ecosystem is thriving with partnerships. As of writing, the Ethereum L2 has over 20 partnerships with major…
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