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Crypto suffers huge losses across the board – but can they recover?

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Bitcoin has fallen bellow $30,000 for the first time since June, and Ethereum is suffering huge losses across the board. Could this be the end of crypto?

Around 98 billion dollars was wiped off the entire cryptocurrency market in 24 hours, in what comes as huge losses for crypto investors.

Bitcoin is down more than 6%, and Ethereum fells almost 9%. Since bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged over 50 percent

The co-founder of one of the earliest rivals to bitcoin has sensationally abandoned the cryptocurrency market, sending prices tumbling.

Ethereum has dropped massively in recent days. Picture: CoinDesk
Ethereum has dropped massively in recent days.

Co-founder leaves Ethereum

The crash follows Ethereum co-founder Anthony Di Iorio making a dramatic exit from the crypto world at the end of last week. The Canadian entrepreneur says he plans to sell his Toronto-based blockchain company Decentral.

Di Iorio said he believes the startup is worth “hundreds of millions.” He plans to sell the company for fiat, or equity in another company rather than crypto.

Di Iorio financed Ethereum at its inception. Ethereum is the second biggest cryptocurrency after Bitcoin. Ether, the native token of the network, has a market value of about $225 billion.

Ethereum is home of many of the hottest crypto projects, especially in decentralized finance. This allows people to borrow, lend and trade with each other without intermediaries like banks.

“It’s got a risk profile that I am not too enthused about”

He told Bloomberg he was leaving crypto behind because he was tired of feeling unsafe. He plans to redirect his focus on philanthropy in the future.

“I don’t feel necessarily safe in this space,” said Di lorio. Since 2017, a security team has escorted him whenever he leaves his house.

Forbes evaluated his net worth at about US$1 billion in 2018. The value of Ethereum has more than doubled since then. For now, crypto enthusiasts will need to wait and see whether the loss continues.

Want to hear more about Crypto? Hear the latest from our resident experts on Ticker Crypto

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Disney withdraws ads from X amid tensions

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Bob Iger, the CEO of Disney, faces a turbulent period as he navigates through challenges including activist investor pressure, plummeting stock prices, and declining consumer interest in Disney movies.

Amidst these struggles, Iger has taken a controversial step by publicly announcing the withdrawal of Disney’s advertisements from Elon Musk’s social media platform, X (formerly known as Twitter). This move aligns with a broader trend of progressive CEOs distancing themselves from platforms associated with figures like Musk and Donald Trump.

The decision to pull ads from X marks a significant shift in the digital advertising landscape. This platform, under Musk’s leadership, aims to transform from a ‘lefty safe space’ to a hub for unrestricted free speech. This pivot includes a commitment to allowing conservative voices and resisting influence from political entities, including those in the Biden administration. However, this transformation has placed Musk, the world’s richest man, in a vulnerable position, drawing intense scrutiny and criticism.

Musk’s situation worsened following his endorsement of a controversial tweet, perceived as antisemitic, suggesting a Jewish conspiracy behind a demographic replacement theory. This incident fueled antisemitic sentiments, especially in the wake of the tragic Oct. 7 Hamas attack in Gaza. Additionally, a report by Media Matters, a Soros-supported organization, accused X of juxtaposing major company ads, like Disney’s, with harmful neo-Nazi content. This allegation led to an advertising boycott, severely impacting X’s financial stability.

At the recent New York Times DealBook conference, Iger openly criticized Musk’s actions and X’s content policies, leading to Disney’s ad withdrawal. While Musk admitted his error, he and his team have countered Media Matters’ claims, accusing them of defamation and filing a lawsuit. Amid these controversies, stakeholders are questioning Iger’s strategic decisions for Disney, especially considering his legacy as a former long-term CEO and his role in shaping the company’s current direction under his successor, Bob Chapek.

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Microsoft’s non-voting board seat in OpenAI revival

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Microsoft has secured a non-voting board seat at OpenAI, marking a significant development as Sam Altman returns to helm the organization as CEO.

Microsoft’s new role within OpenAI comes as the tech giant continues to deepen its involvement in AI research and development. While the board seat is non-voting, it symbolizes Microsoft’s commitment to fostering collaboration in the AI community.

This move follows Sam Altman’s recent appointment as CEO of OpenAI, bringing him back into the fold after a brief stint at the helm of the startup in its early days.

With the resurgence of Altman as CEO, and Microsoft’s newfound presence on the board, the question arises: What synergies will this partnership unlock between two prominent entities in the AI domain?

As AI technologies continue to advance, what potential breakthroughs can we expect from this collaboration?

In summary, Microsoft has secured a non-voting board seat at OpenAI as Sam Altman returns as CEO, signaling a deepening alliance in the world of artificial intelligence.

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Elon Musk’s X faces $75M loss as advertisers exit

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Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.

The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.

The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.

This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?

In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.

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