BlockFi, a cryptocurrency exchange and digital wallet service provider, has secured a $250 million credit from leading crypto platform FTX. Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength. — Zac Prince (@BlockFiZac) June 21, 2022 BlockFi has signed a term sheet with FTX crypto exchange to secure a $250 million revolving credit facility. A revolving credit facility is a type of credit that enables you to withdraw money, use it to fund your business, repay it and then …

Major cryptocurrency trading platform Huobi continues expanding its global presence by securing new licenses in New Zealand and the United Arab Emirates. On Friday, Huobi Group obtained the Innovation License under the Dubai International Financial Centre (DIFC), securing the company’s first-ever license there. The DIFC license is not a trading license but rather authorizes Huobi to incentivize technology startups to set up operations in Dubai, Huobi Group chief financial officer Lily Zhang told Cointelegraph on Monday. The license unlocks a number of benefits like access to the local tech ecosystem and preferential treatment for technology research and developments, capital flows …

Cloudflare, a significant infrastructure provider for the internet, recently experienced widespread problems, leaving many crypto exchanges down. The content delivery network (CDN) confirmed via an update posted on Tuesday that it is experiencing issues with its services and network, and a fix is currently being implemented. However, the firm has yet to provide information regarding what went wrong, causing services across the world to come to a halt. Cryptocurrency exchange FTX tweeted that its platform and other sites will be difficult to access for many people, claiming that the exchange is now in “post-only” mode. Crypto exchanges Bitfinex and OKEx …

Australian-based cryptocurrency exchange BTC Markets has become the first crypto company in the country to gain a financial services license. The license was issued by the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company BTCM Payments. We have an exciting announcement to make: BTC Markets is the first Australian crypto exchange to successfully go through the full AFSL application process via our sister company, BTCM Payments! ✅AFSL attained ✅ISO Certified ✅SOC 2 on the way!#crypto #bitcoin #finance — BTC Markets (@BTCMarkets) June 21, 2022 An Australian Financial Services (AFS) license allows the holder …

The longer the crypto market stays in bearish territory, the more marketing deals with American sports teams are being taken off the table as crypto firms tighten their belts. Crypto exchange FTX has been rethinking its marketing plan to plaster its name and logo across Los Angeles Angels jerseys, according to a Monday report from the NY Post. The dramatic market downturn is likely to blame for the retractions. Another patch deal between an undisclosed crypto firm and the Washington Wizards was axed just as the crypto market began its violent tumble in recent weeks. The crypto firm in question …

Bitcoin's (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls' current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional traders are still extremely skeptical. It’s important to remember that the S&P 500 index dropped 11% in June, and even multi-billion dollar companies like Netflix, PayPal and Caesars Entertainment have corrected with 71%, 61% and 57% losses, respectively. The U.S. Federal Open Market Committee raised its benchmark interest rate by 75 basis points on June 15, and Federal …

The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook. Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in …

On Sunday, the decentralized finance (DeFi) sector came under scrutiny again after Solend, a popular DeFi protocol on Solana (SOL), put together a spur-of-the-moment governance proposal related to one of the whale wallets at risk of liquidation. The proposal, dubbed “SLND1 : Mitigate Risk From Whale,” was abruptly launched on Sunday without announcement and the vote closed with a 97% approval rating. The scandal comes on the heels of last week’s sudden layoffs from Coinbase and BlockFi, and the liquidation debacle of Three Arrows Capital. Adding to the melee of unexpected volatility and market sell-offs, the spur-of-the-moment alterations of a …

The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction. Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance. Even though the chart shows support at the …

The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar …

Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided to postpone the network's migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past six years. Competing smart contracts like BNB, Cardano (ADA) and Solana (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a market-wide correction in the cryptocurrency sector. This suggests that the Ethereum network's issues also weighed on the ETH price. The "difficulty bomb," …

Cryptocurrency derivatives exchange FTX has entered into an agreement to purchase Canadian crypto platform Bitvo. In a Friday announcement, FTX Trading Limited said it planned to acquire Bitvo as part of the crypto exchange’s effort to offer its products and services to Canadia-based users. The company added that the deal was “subject to regulatory approval and customary closing conditions,” but expected to close in the third quarter of 2022. "We are delighted to enter the Canadian marketplace and continue to expand FTX's global reach,” said FTX CEO Sam Bankman-Fried, or SBF. “Our expansion into Canada is another step in proactively …