Bitcoin tumbled again, driving the token to the brink of $20,000 as evidence of deepening stress within the crypto industry kept piling up. There’s a growing sense of anxiety about the stability of crypto projects large and small. Tron founder Justin Sun’s roughly month-old stablecoin USDD drifted from its intended dollar peg, at one point…
Govt to auction 5G spectrum for 20 yrs; allows private captive networks The Union Cabinet has cleared the auction for 5G airwaves paving the way for auction and commercial launch of next generation telecom services this year. The cabinet in its meeting on Tuesday approved Department of Telecom’s proposal for the auction of 72 GHz…
Billionaire Bill Gates dismissed cryptocurrency projects such as nonfungible tokens as shams “based on the greater-fool theory” at a climate conference Tuesday, reviving past criticisms of digital assets. “Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically while speaking at an event in Berkeley, California hosted by TechCrunch….
Leading crypto exchange Coinbase has announced that it is laying off 18 per cent of its workforce, or about 1,100 jobs amid the economic downturn. Brian Armstrong, CEO and co-founder said that while the company tried its best to get this just right, in this case, it is now clear that it is over-hired. “We…
The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety. It’s a stark contrast to last year, when soaring markets boosted the world’s…
MicroStrategy CEO Michael Saylor said on Tuesday the software firm was capable of withstanding volatility in bitcoin prices after the token slumped to levels that triggered fears of possible liquidation on its leveraged position. MictroStrategy, an aggressive investor in bitcoin, said it borrowed $205 million from crypto bank Silvergate Capital in March, with the three-year…
Bitcoin steadied on Tuesday after earlier hitting a new 18-month low, as major crypto lender Celsius Network’s freezing of withdrawals and the prospect of sharp U.S. interest rate rises shook the volatile asset class. Bitcoin clawed its way to positive territory after falling as much as 7.3% to $20,816, its lowest since Dec. 2020. It…
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…
