Tag: FTX

FTX Unloads $1 Billion GBTC Shares; Will The Bitcoin Rally Be “Vicious”?

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Fred Krueger, an investor and crypto analyst, is predicting a “vicious” Bitcoin (BTC) rally shortly. He cites the recent unprecedented accumulation of the coin by Wall Street heavyweights. This surge in institutional interest coincides with the recent approval of the first spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Wall Street Ramping Up Bitcoin Purchase In a post on X, Krueger pointed to the substantial Bitcoin purchases by major financial institutions, including Fidelity Investments, BlackRock, and Ark Invest. To illustrate, the analyst noted that Fidelity was buying…

Bitcoin Price (BTC) Down to $40,600 Despite Bullish FTX News

So while the new spot ETFs have gathered more than 94,000 bitcoin and $3.9 billion in assets under management (AUM) since opening for trade (data through Jan. 19), the bears are pointing out that 53,000 of those tokens may just be GBTC holders moving their money into the lower cost vehicles. (GBTC charges a 1.5% management fee, at least 1 percentage point more than nearly all of the new funds.) Source

FTX Affiliate Alameda Research Drops Grayscale Lawsuit

The lawsuit, filed last March, alleges more than $9 billion in investor funds became trapped in Grayscale’s Bitcoin Trust (GBTC), following the collapse of FTX. The complaint formed part of wider efforts to retrieve and “maximize” recoveries for FTX customers whose funds were funds lost by, or locked on, the failed cryptocurrency exchange and its affiliates’ platforms. The suit also alleged Grayscale had excessively high fees. Source CryptoX Portal

FTX Sold About $1B of Grayscale’s Bitcoin ETF (GBTC): Sources

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FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance

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The crypto market might be about to experience a further downturn as a recent development suggests an imminent selloff is on the horizon. This comes following the recent market moves by Grayscale, which is believed to be responsible for the recent decline in Bitcoin’s price.  Celsius And FTX Crypto Funds On The Move On-chain data shows that defunct crypto lender Celsius Network recently transferred 34.08 million MATIC to the crypto exchange Binance. Meanwhile, a wallet address linked to Alameda Research, the sister company of defunct crypto exchange FTX, also recently…

FTT jumps 24% on former FTX customer complaints

The native token of the FTX cryptocurrency exchange, FTT, is up more than 24% over the past 24 hours. According to CoinMarketCap, in just 24 hours the FTT token has risen by 24.5%, reaching $3.45 at the time of writing. The coin’s market capitalization also increased to $1.13 billion, with trading volumes over the past 24 hours increasing by 133% to $96 million. Source: CoinMarketCap Notably, the sharp rise came amid news that dozens of FTX clients have asked a U.S. bankruptcy judge to stop the collapsed cryptocurrency exchange from…

Former FTX customers seek crypto repayment amid current market rally

A group of previous FTX customers urges a U.S. court to modify the proposed repayment approach in their bankruptcy case.  The former customers contend that the current proposal unjustly excludes them from the significant increase in Bitcoin and other cryptocurrencies over the past year. Bitcoin is up by nearly 170% in a year, reaching $49,000 today for the first time in almost two years after yesterday’s historic ETF approval by the SEC. Over 80 individuals with their crypto assets locked in FTX have submitted objections to the plan. This plan…

FTX Offers $16,871 Bitcoin Price for Creditor Claims, Users Reject

If the court approves the proposed plans from debtors, the FTX creditors could lose a huge sum of money considering the rally in crypto market this year. In a recent filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, FTX debtors have unveiled estimates of the US Dollar value assigned to cryptocurrency prices and foreign currency for customers holding claims with the now-defunct exchange. The debtors expressed their intention to establish a “fair and reasonable value” for user claims based on digital assets…

what happened to FTX and Sam Bankman-Fried in 2023

Explore the comprehensive breakdown of what happened to FTX in 2023: from Sam Bankman-Fried going to jail to his ex-girlfriend’s confessions. The crypto industry has always been filled with captivating stories of massive success, overnight failures, notorious scams, and overwhelming frauds. However, very few stories have impacted the world of cryptocurrency and finance as much as the dramatic rise and fall of FTX. The FTX saga was unveiled under the leadership of Sam Bankman-Fried, a young entrepreneur who rapidly ascended to the upper echelons of the crypto world. It is…