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How long can Bitcoin stay about the 30k mark?

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Bitcoin has hit the 30,000 dollar mark once again, up 3% over the past 24 hours, but it’s not all good news

Investors are concerned the digital asset may face resistance at 35,000 U.S. dollars, which is where the current downtrend accelerated earlier in May.

Most cryptos appear to be stabilising along other global stocks, indicating a pause in bearish sentiment.

Some altcoins also rose, but the six-month downtrend continues.

Solana’s SOL is up as much as 2% over the past 24 hours, but it’s still down by 50% overall.

There has also been a 35% drop overall in ether and a 27% decline in bitcoin.

Bitcoin has been outperforming other cryptos over the past few months, indicating investors have less of an appetite for risk at the moment.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

Business

Crypto’s Kraken slashes 30 percent of workforce

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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.

Powell says:

“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.

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Crypto

Crypto companies on the verge of collapse

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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.

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Business

BlockFI the latest crypto collapse

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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.

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