El Salvador’s bet on bitcoin was slashed on Tuesday by half as the more than $100 million in the country’s publicly disclosed purchases dropped more than 50% in value. The 10 purchases announced by President Nayib Bukele via Twitter have a market value of just over $51 million, with the biggest single trade – 420…
Cryptocurrency exchange Coinbase Global Inc said on Tuesday it would slash 18% of its workforce, or about 1,100 jobs, as part of efforts to rein in costs amid volatile market conditions. The layoffs come a day after Bitcoin fell as much as 14% after major U.S. Cryptocurrency lending company Celsius Network froze withdrawals and transfers,…
An impatient Indian investor class, largely driven by millennials, is leaping into riskier investments from peer-to-peer lending to cryptocurrencies in the hope of boosting returns rocked by one of the worst inflation rates in Asia. The sheer number of individuals pouring money into new and lightly controlled assets sets India apart, after the pandemic fueled…
Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees after the global crypto market was battered owing to a “dramatic shift” in macro-economic conditions. BlockFi CEO Zac Prince said that the company is reducing headcount by roughly 20 per cent and the reduction impacts every team at the company. “This…
The crypto market’s a hot mess, leaving many investors struggling to turn a buck. Enter the arbitrageurs. Bitcoin and other cryptocurrencies have either been shackled to ranges or in decline since January, leaving your regular buy-and-hold investor with little option but to sell or to wait for the elusive rally. One class of seasoned investors…
Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The value of the cryptocurrency market fell below $1 trillion for the first time since January 2021, according to data…
Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17% to $22,603 — its lowest since December 2020. Other cryptocurrencies…
Binance U.S. and its CEO were sued on Monday by a U.S. investor who alleges the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called stablecoin’s collapse in value last month. Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar, and are popular…
The value of the cryptocurrency market on Monday fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion. The largest cryptocurrency, bitcoin, was down more than 9% on the day, falling to an 18-month low of $23,950. Meanwhile, cryptocurrency lending firm Celsius Network…
As leading cryptocurrencies nosedive, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts warned on Monday. The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing…
