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Crypto

Has Bitcoin officially hit rock bottom?

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Is this a fresh sign that the sell-off in cryptocurrencies is deepening?

Bitcoin has now lost more than 70 per cent of its value since reaching its peak.

Bitcoin fell below the important threshold of $20,000 this weekend for the first time since late 20-20.

It was November 2020 when bitcoin was last at that level, when it was on its way up to an all-time high of nearly $69,000

Now it’s a different story, Bitcoin is on track to lose 75 per cent of its value since reaching its peak.

Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.

The overall market value of crypto assets has fallen from $US3 trillion to below $US1 trillion.

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Crypto

FTX demands U.S. politicians return campaign contributions

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Crypto exchange FTX is asking politicians to return the tens of millions of dollars in campaign contributions, given by Sam Bankman-Fried, before the company’s implosion in November

The company is sending confidential letters to political beneficiaries, asking for the money to be returned by the end of the month.

If they don’t, the company reserves the right to seek repayments through court action.

The donations are estimated to be as much as $93 million.

They were made to politicians and political causes across the political spectrum and one in three members of the current U.S. congress allegedly received contributions from Bankman-Fried’s orbit.

Some beneficiaries have tried to cancel out the scandal by making equivalent donations to charities, but FTX Debtors warn that this does not prevent them from seeking recovery.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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