Why FTX May Not be the Only Scapegoat in its Own Downfall?

The bankruptcy of FTX Derivatives Exchange, the once crypto behemoth valued at about $32 billion, has served as a reference point for many to look at and engage with the industry with extreme caution. Last week, FTX still appeared normal despite revelations about inconsistencies in the balance sheet of its sister trading firm Alameda Research. The journey toward the bankruptcy of FTX Derivatives Exchange did not prepare anyone, and as such, it caught many unaware. While we are still in the early stages of the proceedings, we are bound to…

Weekly Crypto Market Performance Review Amid FTX Implosion

The digital currency ecosystem is trading with massive volatility that was engineered by the collapse and eventual bankruptcy of the FTX derivatives exchange over the past week. The combined crypto market cap has slumped to $837.47 billion, one of its lowest points over the past year. FTX Token (FTT) visibly induced the breakdown in prices dropping by over 92.33% in the trailing 7 days period to $1.78 according to data from CoinMarketCap. The coin’s collapse mimicked that of Terra (LUNA) which shed 12 months’ gains in just about a week…

Binance CEO Estimates that the Firm May Spend Over $1B on Deals by the End of 2022

Changpeng Zhao, the CEO of global leading digital-asset platform Binance has announced that the firm may spend more than $1 billion on investment by the end of 2022.  Zhao, also known as ‘CZ’ made this revelation in an interview with Blomberg and claimed that Binance could spend more than $1 billion on investments and asset purchases, despite what appears to be a volatile crypto market.    Recall that Binance has also invested $325 million in 67 additional projects in recent times. Meanwhile, the VC division of Binance has made several…

Binance Assists in Recouping Fund for Vicitims of Contra Tech Fraud

Binance exchange has announced it is heavily involved in helping the victims of Contract Tech fraud from back in 2017/18 to recoup their lost funds. For the past couple of years, the digital currency ecosystem has been experiencing quite a lot of cybercrime activities, with most victims left to count their losses despite government intervention in some cases. In the case of Contra Tech, the United States government has helped recoup as many as 100,000 ETH tokens belonging to as many as 170,000 victims.  As planned by the government, the…

Potential Fed Tightening Driving Short Term Crypto Sentiments: Analyst

The digital currency ecosystem has continued to experience volatility, with a declining market capitalization sweeping across the board. While the combined cryptocurrency market capitalization is down by 1.58% to $1.01 trillion, with Bitcoin (BTC) leading the losses. Considering the state of the digital currency ecosystem, Morgan Stanley’s analyst, Sheena Shah, revealed in a note to clients on Monday that the nascent crypto market is still very much subjected to the Federal Reserve’s continuous quantitative tightening expectations.  According to Shah, the fact that the stablecoin’s market capitalization has stopped falling is a…

Three Crucial Expectations from the Crypto Market in August

The digital currency ecosystem seems to be carving out a resistant path for itself recently, with the combined crypto market capitalization staying consecutively above the $1 trillion benchmark.  The market is now seeing impressive price recoveries across the board, with Bitcoin (BTC) surging past the $23,000 resistance point and Ethereum (ETH) charting a 30-day high of $1,774.58. Overall, the market is showing signs that the crypto winter may be wrapping up, but while investors may want to start bagging new coins in their portfolios, these three key expectations should stay…

Off to a Good Start: Crypto Market Awakening on Sustained Retail Stack Up

The digital currency ecosystem is undoubtedly off to a good start as a new week opens with the combined crypto market cap pegged above the psychologically important level of $1 trillion. With the extreme volatility printed over the past few weeks, a trend above this level is evident: cryptocurrencies are showcasing strength and resilience in the face of harsh negative fundamentals. Bitcoin (BTC) was amongst the digital currencies that has led the rally this weekend, soaring 2.49% to $22,751.06, according to data from CoinMarketCap. Ethereum (ETH) is also changing hands at…

Crypto Watchlist: Biggest Losers This Week (AVAX, MATIC, KCS)

The digital currency ecosystem has continued to show signs of weakness with the combined crypto market capitalization pegged at $862.19 billion at the time of writing. The past week was yet another tough one as notable circumstances further dampened the sentiments of investors from stacking up liquidity into the ecosystem.   While MicroStrategy Incorporated and El Salvador bought the Bitcoin (BTC) dip, the bullish gesture was not sufficient to wade off the impacts of the liquidation of Three Arrows Capital (3AC) as ordered by a British Virgin Island (BVI) court.…

Kraken to Trail Binance in Hiring Over 500 Staffs Amid Crypto Meltdown

Kraken exchange has made a very bold revelation that it does not intend to make any layoffs despite the growing concerns about the ongoing crypto-economic meltdown. As shared in a recent blog post, Kraken said a lot of its staff have been asking what the current market outlook means for the staff, a question that the exchange said its response to was that this downturn is not the first of its kind. Kraken explained that it believes so much in the potential of the digital currency ecosystem, and it has…

Analysis: Here is What the New Crypto Bill Mean for the Blockchain Ecosystem?

Proponents of the cryptocurrency industry have been requesting a comprehensive crypto bill for some time. Thanks to the bipartisan efforts of Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), there are proposals on the ground for lawmakers to ponder. The new Crypto Bill is coming at a time when the growth of the cryptocurrency ecosystem is becoming more convoluted, with investors’ protection concerns emanating from various scams and frauds targeting the average investor. The Bill seeks to address so many of the grey areas in the digital currency ecosystem, including…