Category: cryptocurrency news
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‘This is crypto extinction’: Peter Schiff predicted the 2008 financial crash — now he sees the total destruction of digital currencies very soon. 3 assets he likes instead
With the massive pullback in cryptocurrency prices and the collapse of crypto exchange FTX, the term “crypto winter” is now making headlines. But Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, doesn’t believe that’s an accurate term to describe the situation. “This is not a #crypto winter. That implies spring is coming.…
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FTX’s Sam Bankman-Fried Borrowed From Alameda to Buy Robinhood Shares
Former FTX chief Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research to purchase his stake in trading app Robinhood Markets (HOOD), according to court documents In an affidavit provided to a Caribbean court before his arrest, Bankman-Fried said he and FTX co-founder Gary Wang together borrowed over $546 million from Alameda via promissory…
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FTX comment from the expert who manages big company bankruptcies: ‘This has never been seen in history’
John J. Ray III, the new director of sinking cryptocurrency exchange FTX, said the bankruptcy was “of an unprecedented type”. John J. Ray III, the new director of sinking cryptocurrency exchange FTX, said the bankruptcy was “of an unprecedented type”. Ray also managed the bankruptcy process of energy company Enron, which went bankrupt in 2001…
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Banks’ cryptocurrency exposure sits at only 0.1%, study shows
The total cryptocurrency exposures reported by 19 predominantly U.S. banks represented 9.4B euros ($9B), or a just 0.14% of total exposures, according to a recent study by the Basel Committee on Banking Supervision, the primary global standard setter for banking regulations. That figure shrank to 0.01% across all 182 banks considered for the exercise, including those that…
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NFT market reset
Trading volumes of NFTs have dropped 97 percent from a record high in January this year. Transaction volumes of NFTs, digital art and collectibles recorded on blockchains, fell 97 percent from a record high in January this year. NFT trading volume fell from $17 billion at the start of 2022 to $466 million in September,…
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