Day: January 6, 2023

Cardano (ADA) Leads Gains Among Top Coins, Is It Set To $0.50?

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Cardano (ADA) is currently trading at $0.2752, with an increase of over 65% in its trading volume at $304.79 million. Its price change in 24 hours is +$0.006083 representing a 2.17% increase. Also, the 24-hour low of ADA is $0.2681, while its high is $0.27562. The market capitalization has risen by 2.25% to $9.51 billion. It is currently ranked among the top ten cryptocurrencies, according to CoinmarketCap, at number 9.  The circulating supply is 34.52 billion ADA, with its maximum token supply pegged at 45 billion ADA tokens. ADA has…

$3.9 billion lost in the cryptocurrency market in 2022: Report

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Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022.  According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. According…

FTX collapse may boost ‘further trust’ in crypto ecosystem — Nomura exec

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The winds of crypto winter may be still blowing, but it doesn’t seem to be stopping venture capital firms from piling into cryptocurrencies. In fact, recent events influenced by the bear market, such as the collapse of FTX, could bring “further trust into the ecosystem,” according to Jez Mohideen, co-founder and CEO at Laser Digital, the recently launched digital assets arm of the Asian giant Nomura Holdings.  “More traditional players are entering the space who can help to regulate the sector. This means players who understand regulation as well as…

Confirmation of Silvergate’s $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40% – Finance Bitcoin News

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The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that the bank does not adhere to banking rules. Silvergate to Cut Workforce by 40% The value of the shares of the crypto-focused bank Silvergate Capital reportedly plunged by more than 40% after it reported a…

Silvergate gets more bad news as Moody’s slashes its ratings

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Things seem to be going from grim to grimmer at Silvergate Bank, with a hit to its Moody’s rating and a selloff by Ark Invest. The bank already experienced a run and has been tied to the FTX collapse. Ark Invest, the investment vehicle of Cathy Wood, sold off more than 400,000 shares of parent company Silvergate Capital, worth $4.3 million on Jan. 6, leaving it with a mere 4,000 shares, according to various media reports. Those shares lost 43% of their value the previous day. Moody’s Investors Service also…

FTX, Bahamian FTX DM reach agreement on info sharing, disposition of property, assets

The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, announced Jan. 6 that they have reached a cooperation agreement regarding the FTX Debtors’ Chapter 11 bankruptcy case in Delaware and the provisional liquidation of FTX DM in the Bahamas.  Under the agreement, the parties will “share information, secure and return property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries.” They have also set parameters for cooperation in each other’s…

XRP Whales Move Assets As Price Dips, What’s Next?

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The crypto market is still recording the swings of the prevailing crypto winter, especially XRP. Most of the assets have not been impressive in their price movements. According to data from CoinMarketCap, the crypto market has pushed the cumulative market cap to around $812.00 billion. This indicated a drop of 0.88% over the past 24 hours. With the declining market trend, XRP stands among the assets that have lost value. The price dip has attracted crypto whales. They have moved millions of XRP tokens to different crypto exchanges. Whales Show…