Tag: FTX

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Crypto Respond Sideways to FTX and related crises

Crypto markets responded to the latest events with their recent sangfroid, with bitcoin and other major cryptos trading sideways, some tokens a bit to the green and others slightly in the red. The largest cryptocurrency by market capitalization was recently up about 1% and hovering comfortably over its $16,000 support of the past nine days. Ether was recently changing hands above its most recent about $1,200 support, off a couple of smidgens of a percentage point. XRP was recently up nearly 3% but the popular meme coins DOGE and SHIB…

Top 4 Altcoins That Defy The FTX Fiasco

The price action displayed by top altcoins in recent times has yet to be encouraging with the market’s erratic price movement after a cascading effect suffered by FTX led to many altcoins, including the price of Ethereum (ETH), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move. Still, there have been some great price movements by these top 4 altcoins lately despite the uncertainty surrounding the crypto market,…

US Sen. Warren and Durbin demand answers from Bankman-Fried and his successor at FTX

United States Sens. Elizabeth Warren and Richard Durbin wrote to the former and current CEOs of FTX, Sam Bankman-Fried and John Jay Ray III, respectively, on Nov. 16 to ask for more information on the collapse of the cryptocurrency exchange. They made 13 requests for documents, lists and answers.   “The public is owed a complete and transparent accounting of the business practices and financial activities leading up to and following FTX’s collapse,” the lawmakers wrote. They provided a summary of the major press coverage of the unfolding events and…

Here’s how the CFTC could prevent the next FTX

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FTX declared bankruptcy this month with $900 million in assets against $9 billion in liabilities. Its founder and former CEO, Sam Bankman-Fried, is being questioned by police in the Bahamas, and many customers are unable to withdraw their deposits. Its holdings of Serum’s SRM, a token Bankman-Fried developed, dropped from a value of more than $2 billion to less than $100 million. Things got worse over the weekend after FTX was apparently hacked, leading to the loss of an additional several hundred million. Some commentators are already calling it cryptocurrency’s…

Jump Crypto denies rumors that it intends to wind down due to FTX losses

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Jump Crypto, a division of the Jump Trading Group, has denied  rumors circulating online that it intends to wind down operations due to its exposure to FTX losses.  According to a tweet shared by the company on Nov. 17, “Jump Crypto is not shutting down. We believe we’re one of the most well-capitalized and liquid firms in crypto.” adding that i still in the business of “investing and trading.” Given the rumors flying around, we want to debunk a few things. Jump Crypto is not shutting down. We believe we’re…

Custodians Could Sweep Up Following FTX Collapse: Strategist

“Someone like Coinbase is simply not large enough to gain the faith and trust of very large asset managers and traders who are looking to be active in the space,” Marenzi said, adding that institutional investors, worried about whether their funds are securely stowed away, could be “scared away” for some time, even months. Source