The world’s third-largest cryptocurrency exchange, FTX, started the year with a $400 million Series C funding round, taking its valuation to over $32 billion. Ten months later, the crypto exchange is staring down the possibility of bankruptcy after its bid to be acquired by Binance failed. FTX was seen as one of the largest global crypto players as it established itself with multiple mainstream brand and sponsorship partnerships and billions in fundraising. The crypto exchange’s finances were never in question, given it bailed out multiple lending firms during the crypto contagion in the second quarter of 2022. However, things took …

Amid the ongoing market turbulence for Bitcoin (BTC) and other cryptocurrencies, some big investors are waking up to move their BTC holdings that were untouched for about a decade. According to on-chain data, seven dormant Bitcoin wallets awakened on Nov. 11 to move a total of 3,500 BTC ($60,6 million) to new addresses. A transaction fee for one of these 500 BTC transactions ($8.7 million) amounted to just 0.00011383 BTC, or $2. Blockchain researcher and developer Kirill Kretov flagged the transactions in a LinkedIn post, noting that the new addresses were “not consolidated” yet. Each of the mentioned seven addresses …

Bitcoin (BTC) is setting unenviable records this week as hodlers big and small battle some major pain. Data from on-chain analytics firm Glassnode shows over one-third of the BTC supply being held at a loss by long-term hodlers (LTHs) — a new all-time high. Long-term holders shoulder record unrealized losses Profitability has taken a serious hit in recent days, and on-chain data confirms that even the most seasoned investors are suffering. As BTC/USD crashed to two-year lows of $15,600, investors began to lose big, and at current levels of $17,200, the situation is not much better. Glassnode shows that LTHs …

Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The 2-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts. To date, Bitcoin price is 65% down for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc. (SNAP) has dropped 80%. Furthermore, CloudFare (NET) lost 71% in 2022, followed by Roblox Corporation (RBLX) and Snapchat (SNAP), both down 70%. Inflationary pressure and fear of a …

Bitcoin (BTC) surged $1,000 in five minutes before the Nov. 10 Wall Street open as United States inflation and jobs data boosted risk assets. CPI comes in lowest since start of 2022 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to daily highs of $17,782 on Bitstamp. The pair was just hours from a more than two-year low below $15,700 at the time, taking its 24-hour low-to-high to 12.8%. At the time of writing, BTC/USD circled $17,400 with volatility still rampant as U.S. markets opened to digest economic data. This had come in the form of the Consumer …

Bitcoin (BTC) and crypto markets saw fresh volatility on Nov. 10 after stablecoin Tether (USDT) unpegged from the U.S. dollar. Tether exec: "No issues" with USDT Data from Cointelegraph Markets Pro and TradingView showed USDT hitting lows of $0.971 on Bitstamp on the day amid fears that the largest stablecoin by market cap may fall further. Those fears were stoked by evidence of embattled exchange FTX and sister company Alameda Research attempting to short USDT. Currently in the throws of a crisis reminiscent of the Terra LUNA debacle, both firms have fallen foul of the cryptocurrency community and beyond as …

In April 2022, the Tron network launched USDD, a token pegged to the U.S. dollar, as an "over-collateralized stablecoin," meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation. USDD stablecoin slips below $1 peg But it was not enough to keep USDD's price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD's price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10. The …

Bitcoin (BTC) miners could form the next BTC price “trigger,” research warns as withdrawals intensify. In a Quicktake post for on-chain analytics platform CryptoQuant on Nov. 10, contributor MAC.D suggested that miners could soon face “bankruptcy.” Research: Network conditions "will strangle" miners After BTC/USD fell 20% in a matter of days, miners began operating at a higher cost than the block subsidy and transaction fees they earned. The result is mining rigs being idled and miners selling BTC to cover expenses. “BTC security is at an all-time high, but its mining volume is gradually decreasing. This will strangle the miners,” …

Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused by FTX’s potential insolvency and the failure of the Binance deal. Analysts are turning to technical charts to try and find the next price path. Analyst expects downside continuation with brief support at $12K Independent market analyst, CanteringClark said that BTC price could possibly find …

Crypto markets crumbled for a second day as the fallout from FTX’s liquidity troubles continued to negatively impact investor sentiment. Bitcoin (BTC) price fell to a new yearly low at $16,800 as anonymous unconfirmed sources suggested that after a closer review of FTX’s books, Binance could back out of their agreement to acquire the beleaguered exchange. Other factors having a potential impact on the market is a wave of successive liquidations in Solana’s DeFi markets. Earlier in the day, Crypto.com exchange emailed its users to inform them that all Solana blockchain-based USDC deposits were suspended A notice on the Crypto.com …

Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX. Binance CEO: "Do not trade FTT" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding. The latest dive hit an already shaky market, which had reacted badly to news that FTX had asked Binance for financial assistance. In a note to staff shared on Twitter, Binance CEO, Changpeng Zhao (known as “CZ” in the crypto industry), told them to refrain from trading FTX’s in-house FTT (FTT) token. “I want to remind …

Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX. Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.” FTX CEO took to Twitter to post the thread of four different tweets on Nov. 7, claiming that FTX had “enough to cover all client holdings.” Bankman-Fried also stated that the firm didn’t invest client assets and has been processing all withdrawals and “will continue to be.” “We have a long history of …