An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators. FTT could plunge 30% From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement. On Nov. 6, FTT broke below the pattern's support line near $22.50, accompanied by a volume spike. The FTX exchange token's selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months. As a rule …

Bitcoin (BTC) starts the second week of November battling some familiar FUD — how will BTC price action react? The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 — an impressive multi-week high — but remains fixed in a sticky trading range. Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so. Nov. 10 will see key United States inflation data for October released, while jobless claims and …

The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, said his company will liquidate the entirety of its position in FTX Token (FTT), the native token of competing exchange FTX. In a Nov. 6 tweet, Zhao said the decision was made after “recent revelations that have came to light.” In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management” referring to lessons learned from the fall of Terra Luna Classic (LUNC) and how it impacted market players. He also added “we won't support people who lobby against other industry players behind their backs.” Liquidating our FTT …

Facebook’s rebranding into Meta was Mark Zukerberg’s latest attempt to retain dominance in the social media world of Web3, specifically, the Metaverse. On the occasion of Meta completing one year on the rebrand, Sam Bankman-Fried (SBF), the CEO of the crypto exchange FTX, shared his thoughts on the rebranding and what it means for the future of Meta. Zuckerberg’s $100 billion Metaverse experiment first raised eyebrows when the CEO released the avatar for Meta’s Horizon Worlds VR platform. Subsequent releases of the Zuckerberg avatar fell prey to internet memes, although each new iteration seemed visually better than its predecessor. According …

Crypto exchange Blockchain.com has partnered with Visa to launch a crypto card, available to only U.S. residents initially, which allows users to pay using their crypto or cash balance wherever Visa debit cards are accepted. In an Oct. 26 announcement, Blockchain.com revealed that there would be no sign-up or annual fees, no transaction fees, and users would earn 1% of all purchases back in crypto. In a Yahoo Finance interview, Blockchain.com CEO Peter Smith said the card already had 50,000 signed onto a waiting list, noting: “There’s still a lot of demand for crypto products, but you’re seeing that demand …

Automated crypto trading bot provider 3Commas issued a security alert after identifying certain FTX API keys being used to perform unauthorized trades for DMG cryptocurrency trading pairs on the FTX exchange. 3Commas and FTX conducted a joint investigation in relation to reports from users of unauthorized trades on the DMG trading pairs on FTX. The duo identified that hackers used new 3Commas accounts to perform the DMG trades adding that “The API keys were not taken from 3Commas but from outside of the 3Commas platform.” A subsequent investigation found fradulent websites posing as 3Commas were being used to phish API …

Spending cryptocurrency may become a lot easier. FTX, one of the world’s largest crypto exchanges, partnered with payments giant Visa to roll out debit cards in 40 countries worldwide. The move would allow FTX users to pay for goods and services using debit cards that boast “Zero fees.” Plus, card ownership is free according to the company website. Sam Bankman-Fried, the most influential person in crypto according to Cointelegraph’s Top 100, has long touted his desire to unveil an FTX debit card. His company's decision to partner with legacy payment rails — as opposed to crypto payment rails such as …

Not only Elon Musk thought of buying Twitter — crypto billionaire and CEO of FTX exchange Sam Bankman-Fried “was interested” in acquiring the social network back in March 2022, according to a report from Business Insider. In the piece, published on Sept. 29, journalists are referring to the private texts released amid the court battle between Musk and Twitter, which had been unwinding after the businessman had suspended the acquisition negotiations in July. According to the report, in March, a philosopher and Bankman-Fried’s close advisor Will MacAskill texted Musk and mentioned the possibility of a joint effort to buy the …

While Ethereum devs promised no downtime during The Merge, one of the most anticipated Ethereum upgrades, members of the crypto community decided to take proactive measures to ensure the safety of investor funds. In this effort, crypto exchange FTX announced to halt all Ether (ETH) trades on various blockchains until the September upgrade concludes. The Merge upgrade will permanently transition the Ethereum blockchain from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism — aimed at reducing energy consumption and introducing sharding capabilities. According to Ethereum developers, the Merge is designed to transition to PoS with zero downtime owing to the …

FTX was among the many crypto exchanges with a front-row seat to witness the crypto hype of 2021, back when Bitcoin (BTC) and other cryptocurrencies hit their all-time highs. Driven by massive customer onboarding, partnerships, sponsorships and other factors, FTX’s revenue reportedly grew 1000% in 2021 — revealed internal documents. Audited financials of FY 2020-2021 show FTX witnessing a 1000% increase in revenue — growing from $90 million in 2020 to $1.2 billion in 2021, claimed CNBC alleging access to the documents. The revenue breakdown discloses a 1842.85% increase in operating income for FTX, from $14 million to $272 million …

Crypto staking and lending platform Celsius may be dealing with its rumored liquidity crisis by unstaking $247 million worth of Wrapped Bitcoin (wBTC) from Aave and sending it to the FTX exchange. Speculations among the crypto community are now flaring as the project has been moving massive amounts of wBTC, Ether (ETH) and other crypto assets, in addition to pausing withdrawals for users. Celsius users have criticized the platform for how they believe the project has mismanaged its funds following the collapse of the Anchor Protocol on the now-named Terra Classic blockchain. The project could be addressing those concerns with …

Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip, and the selling accelerated following a higher-than-expected inflation report from the United States on June 10. It is not only the crypto markets that are facing the brunt, even United States equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15. Bloomberg Intelligence senior …