Tag: FTX

Binance Forming Crypto Industry Recovery Fund to ‘Reduce Further Cascading Negative Effects of FTX’ – Bitcoin News

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Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.” Binance Establishing Crypto Industry Recovery Fund Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early Monday morning: To reduce further cascading negative…

Correlation Between Equity Markets, Bitcoin Weakens Following FTX Collapse

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Hong Kong Crypto Platform Hbit’s $18.1M Stuck in FTX

The collapse of the FTX crypto exchange has sent shockwaves across the crypto industry. FTX’s trouble has caused the crypto market to tumble and the crypto community to worry about how the entire industry will be impacted. Crypto exchange Crypto.com said it had a $10 million exposure to FTX and Genesis, a trading firm, said it had $175 million in locked funds in its FTX trading account, plus many others have reported having exposure to FTX. Source

Goldman Cuts Coinbase Price Target to $41, Says Exchange is Fairly Insulated From FTX Collapse

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Crypto.com CEO Dismisses Speculation of Financial Trouble, Says FTX Exposure Is Minimal

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

El Salvador President Bukele says Bitcoin is ‘the opposite‘ of FTX

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The shock wave around the FTX explosion was felt globally as it severely fractured investor confidence. However, seasoned crypto entrepreneurs and supporters — including Changpeng “CZ” Zhao and Salvadoran President Nayib Bukele — continue to see through the fog while pushing forward their vision for financial freedom. Bukele was the man behind Bitcoin’s (BTC) mainstream adoption in El Salvador. Despite the backlash he previously received for purchasing BTC as markets crashed, Bukele cited the recent FTX collapse to explain why Bitcoin is different. FTX is the opposite of #Bitcoin #Bitcoin…

Bitcoin Miners’ Balance Slides as FTX Collapse Weighs on Crypto

“Bitcoin mining companies have struggled this year, with the fall in the price of the largest cryptocurrency and rising energy prices (and operating costs) leading to a decline in revenue. As a result of this, mining firms have been heavily selling their underlying holdings, leading to significant net outflows over the last six months,” data provider CryptoCompare said in the October review. Source

AAX reiterates withdrawal halt is unrelated to FTX contagion

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Hong Kong-based crypto exchange AAX has reiterated that its suspension of withdrawals on the platform has nothing to do with the ongoing fallout from FTX’s collapse and rumors to the contrary are false. The crypto community reported seeing a “System upgrade notification” message on Nov. 13, which said that a system upgrade “is taking longer than usual” which will delay withdrawals. Some shared concerns about whether the exchange was the next domino to fall after FTX and BlockFi. However, in a Nov. 13 post, AAX reiterated the temporary halt to…