Tag Archives: crypto

(Bloomberg) — Crypto had another bad week — and it may only get weirder. Most Read from Bloomberg Bitcoin led a decline in digital assets across the whole crypto spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011. Bitcoin fell 2.4% on Friday to about $28,700 as of 5 p.m. in New York, buffeted by both the macro headwinds of Federal Reserve monetary tightening and the crypto-specific fallout from this month’s implosion… Source link

Acting Comptroller of the Currency Michael Hsu said this week that hype is a serious risk for cryptocurrencies and likened certain crypto transactions to Ponzi schemes, warning that the crypto space is very dangerous for investors of modest means. The comments come after the collapse of stablecoin TerraUSD (UST-USD) on May 9 reverberated through the cryptocurrency market. “The recent collapse of the TerraUSD stablecoin and associated sell-off in crypto markets has shown that hype-driven… Source link

A Kyiv, Ukraine, resident said he converted his $10,500 in life savings into a crypto token called terra but lost most of it after terra crashed.STR/NurPhoto via Getty Images A Kyiv resident wanted to protect his savings to avoid risks from Russia’s war, per The Guardian. He put the $10,500 sum into terra, a “stable” crypto token that later crashed in value. The Ukrainian’s account is one of many stories of retail investors being burned by the crypto crash. Yuri Popovich thought it seemed like a… Source link

(Bloomberg) — European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings. Most Read from Bloomberg Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.” The comments come amid choppy times… Source link

Changpeng Zhao, founder of Binance, joked he was “poor again” after the crypto luna took a dive.REUTERS/Darrin Zammit Lupi Crypto exchange Binance’s founder Changpeng Zhao tweeted “poor again” after crypto-token luna crashed. Binance’s holdings of the coin were once worth $1.6 billion but are now worth about $2,200. According to Bloomberg estimates, Zhao is still a billionaire and Binance is the world’s largest crypto exchange. Chanpeng Zhao, the wealthy founder of crypto exchange Binance, joked… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Wednesday, May 18, 2022 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him @SPYJared It’s been a frosty year for crypto, which turned bitter cold during last week’s stablecoin meltdown. As bitcoin (BTC-USD) flirts with levels not seen since late 2020, one institutional trader is making a bold call… Source link

TerraUSD (UST-USD), which was the third-largest stablecoin in the cryptocurrency market just a couple weeks ago, has since unpegged from the U.S. dollar and collapsed along with its reserve asset Luna (LUNA1-USD). According to Circle CEO Jeremy Allaire, such a crypto collapse could spur legislators to take quicker action towards regulating the digital asset space. “When you have a major blowup, it’s certainly going to accelerate the need for Congress to act and establish some perimeters… Source link

Crypto billionaire Sam Bankman-Fried took a 7.6% stake in Robinhood Markets.FTX Crypto billionaire Sam Bankman-Fried disclosed that he owns about 56.3. million shares in Robinhood Markets. News of his 7.6% stake in Robinhood sent shares of the trading platform up over 30% in late trade. Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX. Shares in Robinhood Markets surged more than 30% in late trade after crypto billionaire Sam Bankman-Fried disclosed a 7.6% stake in the online… Source link

Senators Cynthia Lummis (R, WY) and Kirsten Gillibrand (D, NY) are proposing a tax exemption for up to a certain level of capital gains on cryptocurrencies, as part of new forthcoming legislation to regulate cryptocurrencies. “We came up with a number of $600 just start out with, but among the things that we’re doing is sharing our bill draft with a number of our constituents so we can get feedback,” Lummis said in an interview with Yahoo Finance. “Is $600 the right number? Should it be… Source link

Press play to listen to this article POLITICO’s weekly transatlantic tech newsletter for global technology elites and political influencers. By MARK SCOTT Send tips here | Subscribe for free | View in your browser WELCOME BACK, this is Digital Bridge. I’m Mark Scott, POLITICO’s chief technology correspondent, and I’ll be interviewing the European Commission’s Werner Stengg and the White House’s Peter Harrell later today about… Source link