Tag: FTX

FTX crisis could extend crypto winter to the end of 2023: Report

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The FTX crisis has deterred investor confidence and created a liquidity crisis in the crypto market, which could very well extend the crypto winter until the end of 2023, according to a new report. A research report from Coinbase analyzing the fallout in the crypto ecosystem in the wake of the FTX collapse noted that the implosion of the world’s third-largest crypto exchange has created a liquidity crisis that may contribute to an extended crypto winter. Many institutional investors in FTX had their investments stuck on the platform after it…

Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX

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Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020. Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two thirds or more. Miners cool BTC exchange sales after FTX spike After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened. Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and…

Solana entities sold 50M tokens to FTX — How long will SOL price suffer?

Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the “Ethereum killer” well into the future. FTX/Alameda exposure hurting Solana price FTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana’s statement released on Nov. 10. The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020,…

FTX downfall was a turning point for citizen journalism: Coinbase CEO

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Coinbase CEO and co-founder Brian Armstrong have applauded the work of citizen journalists and blockchain analysts surrounding the unfolding FTX crisis and its former CEO Sam Bankman-Fried. In a Nov. 16 tweet that has been retweeted over 9,000 times at the time of writing, Armstrong suggested that it has been regular citizens, rather than traditional media that has uncovered many of the developments associated with the liquidity crunch and subsequent bankruptcy filing of FTX. Commenting on a recent New York Times “puff piece,” Armstrong said it: “Feels like a turning…

Solana (SOL) Loses 60% Of Its Market Value After FTX Collapse

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The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a harder hit compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange. Here’s a quick glance at SOL performance: Following the collapse of FTX, Solana lost almost 60% of its market value SOL has gone up by 2% over the last 24 hours, trading above the $14 marker Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million…

Huobi Backed Firm Fails To Withdraw Nearly $18 Million From FTX Exchange

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Burning flames from the FTX collapse continue as damages spread throughout the crypto market and industry. FTX is left to themselves as other firms cannot assist due to the magnitude of debts incurred by the exchange. Binance initially intended to help but later acknowledged that the situation was beyond its power. Meanwhile, the latest reports have revealed that the embattled crypto firm has filed for Chapter 11 Bankruptcy. The FTX crisis has plunged many crypto firms into debt and losses, including Huobi’s subsidiary, Hbit Limited. Hbit Limited revealed in an…

FTX hacker is now the 35th largest holder of ETH

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The hacker that exploited the now-bankrupt FTX exchange last week made a tidy fortune that has propelled them to Ether (ETH) whale status. Just a day after the embattled FTX exchange filed for Chapter 11 bankruptcy, its wallets were drained for more than $663 million in various crypto assets, according to blockchain intelligence company Elliptic. Elliptic suspected $477 million of this was stolen, with a large chunk of those tokens being then converted into ETH, while $186 million worth of more than a hundred different tokens was believed to be…

Bitcoin Investors Become Wary Of Crypto Exchanges Following The FTX Crises

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The sudden collapse of the FTX exchange has sent shock waves throughout the Bitcoin crypto world. The Bankman-Fried-led crypto empire hailed as an industry leader has filed for bankruptcy, creating widespread panic in crypto circles. This collapse was aided by Ian Allison’s article showing that around $5.8 billion from the $14.6 billion assets of Almeda Research were tied to FTX’s exchange token FTT. Bitcoin Wallets Record Increase BTC wallet holders from the small players up to whales increased their BTC holdings. The smaller wallets with less than one BTC added…

Citi Analyst Warns of ‘Serious’ Contagion Risk to Crypto Ecosystem From FTX Failure – Featured Bitcoin News

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A Citi analyst has warned of a serious risk of broader contagion to the crypto ecosystem stemming from the collapse of crypto exchange FTX, noting that the contagion “can last for a significant amount of time.” He added that the crypto industry seems to have “no significant lender of last resort.” Citi’s Analyst Warns of Broader Contagion to Crypto Ecosystem Citi analyst Joseph Ayoub explained in an interview with CNBC Friday that the overall cryptocurrency market faces risks of contagion from the implosion of FTX. The troubled crypto exchange filed…