World now has a chance to focus on the wider usefulness of distributed ledger technology
The price of bitcoin hovered around Rs 14 lakh, with a dominance of 38.26 per cent, which is an increase of 0.10 per cent over the day, according to Coinmarketcap.
Ultimately, cryptocurrencies, along with NFTs and SPACs, were the poster children of the liquidity bubble built up by ultra-loose monetary policy and decades of easy money
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
FTX, which filed for bankruptcy on Friday, was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access .
FTX filed for bankruptcy on Friday after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.
While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.
On November 11, FTX filed for Chapter 11 bankruptcy protection in the US. Bankman-Fried, too, resigned as CEO after his crypto empire came under scrutiny for its financial practices.
Shares of cryptocurrency and blockchain-related firms have declined. FTX's token FTT plunged 30% on Friday, bringing its collapse this month to 91%.
Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week.
The move comes days after larger rival Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals.
The search operation was part of the Enforcement Directorate's ongoing probe related to mobile gaming app E-nuggets.
The total crypto market volume dropped 23.74 percent to $144.29 billion over the last 24 hours
In a series of tweets, Bankman-Fried said, "...I was CEO, which means that *I* was responsible for making sure that things went well. I*, ultimately, should have been on top of everything. I clearly failed in that. I'm sorry."
FTX has approached Kraken as a potential rescue partner just hours after Chief Executive Sam Bankman-Fried said he had launched an urgent push to raise funds.
The emergence of crisis after crisis in the cryptocurrency ecosystem has also led to a demand for increased crypto regulation
The scrapping of the Binance-FTX deal has shaken the confidence of investors already licking their wounds following the collapse of Terraform Labs, Three Arrows Capital and Celsius Network
To non-crypto watchers, FTX’s collapse might sound boring or esoteric, the kind of story you’d happily scroll past on your way to reading about Elon Musk’s latest Twitter tempest. But within the crypto world, it is already being referred to as the industry’s “Lehman moment”
The price of bitcoin hovered around Rs 15 lakh, with a dominance of 38.41 percent, which is a decrease of 0.30 percent over the day, according to Coinmarketcap.
Binance boss Changpeng Zhao announced a day ago that he had signed a letter of intent to buy FTX after the firm asked him for help owing to a "major liquidity crisis".
Although Bankman-Fried did not name a dollar amount, OKX declined to move forward with a deal, expressing concern that the consolidation of exchanges would be a step backward for the industry, the spokesperson said.
In India, a mix of regulatory uncertainty, hefty taxation, and declining cryptocurrency prices have taken a toll on startups, exchanges, and companies in the sector.
Bitcoin, the biggest cryptocurrency by market value, was down 1% at $18,400, after a 10% plunge on Tuesday that marked its worst day since mid-August. Ether, the next largest, has lost nearly 18% since early Tuesday.
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
"Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1," FTX founder and CEO Samuel Bankman-Fried SBF said.