Bitcoin has taken a massive tumble, the most in over 2 Months
The most popular crypto currency dropped more than 7 per cent on Thursday.
The decline was knock off effect from the fall in the prices of stocks and bonds.
This comes just one day after crypto and traditional markets soared on Federal Reserve Chairman Jerome Powell’s comment that the US central bank wasn’t likely to raise interest rates by more than 50 basis points.
On the back of the news, bitcoin fell on Thursday to a 24-hour low of just over 36-thousand dollars according to data from TradingView.
That was the lowest price since the end of February and marked the biggest one-day decline since March 4.
Analysts say that with the Nasdaq down over 5 per cent, it shows bitcoin isn’t immune from macroeconomic changes hitting stocks too
Crypto’s Kraken slashes 30 percent of workforce
One of the world’s largest crypto exchanges, Kraken, is laying off about 30% of its headcount, more than a thousand people.
The company’s co-founder and CEO Jesse Powell says the cuts are being made “in order to adapt to current market conditions.”
Powell wrote in a blog post that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand.
“We had to grow fast, more than tripling our workforce in order to provide those clients with the quality and service they expect of us,”
“I remain extremely bullish on crypto and Kraken.”
Crypto exchanges have been buffeted by withdrawals and regulatory scrutiny after the implosion of FTX, which is now spreading to other crypto exchanges.
Crypto companies on the verge of collapse
The collapse of crypto empire FTX has sent shockwaves right around the world, with many questioning the future of digital coins
Now, one Australian company is feeling the pinch.
Brisbane-based ‘Digital Surge’ says it will halt all withdrawals, citing the “greatly upsetting” news FTX is in administration.
Digital Surge allows investors to trade cryptocurrencies in a number of different ways, including through self-managed super funds.
CEO Dan Rutter says his company “operates as a broker and is committed to facilitating the best trade for users at any time”.
This means a portion of assets are actually held by trading partners.
FTX was one of these trading partners and as a result, Rutter says the company isn’t currently able to operate “business as usual”.
Withdrawals have already been blocked for over a week. The CEO says the company is still solvent and this is all related to short-term liquidity challenges.
Adding, “until a permanent solution has been implemented, it is a legal requirement for Digital Surge to suspend all deposits and withdrawals”.
But the company remains tight-lipped about how many customers are affected and what exposure it had to FTX.
BlockFI the latest crypto collapse
The contagion from the FTX crypto collapse has claimed another major scalp.
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.
BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.
BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.
In a statement, the company says:
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”
“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”
Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.
BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.
Who made your favourites list on Spotify?
‘Magic and perfection’ – French Baguette receives heritage status
Epstein estate to pay $155m for Virgin Islands sex-trafficking base
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Business2 days ago
Twitter users are flocking to smaller platforms
Tech3 days ago
Porn floods Twitter “China” search
Media3 days ago
Kardashian denounces Balenciaga ad
Tech16 hours ago
Russian hacker takes down Vatican website
Business3 days ago
It’s Musk v Twitter in tech war
World2 days ago
Families of Iranian soccer team threatened with jail time & torture
Tech2 days ago
Americans feels more negative than positive about Elon Musk
Crypto1 day ago
Crypto companies on the verge of collapse