According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of
Month: November 2022
As part of the recent bankruptcy filing, the defunct crypto exchange FTX, along with 101 of the 130 affiliated companies, announced the launch of a strategic review of their global assets. The review is an attempt to maximize recoverable value for stakeholders. FTX, at the time led by CEO Sam Bankman-Fried (SBF), filed for Chapter
FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end. The repercussions are severe, with over a million people and businesses owed money following the collapse of the crypto exchange, according to
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week SBF received $1B in personal loans from Alameda: FTX bankruptcy
This month, gold has outperformed bitcoin after crypto markets shuddered from the recent FTX collapse, and the precious yellow metal climbed 6.12% since the first of November. The U.S. housing market has shown weaknesses and October’s U.S. inflation rate was lower than expected. Analysts believe these economic trends contributed to pushing gold’s price up by
The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate. Ethereum co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to ensure the stability of crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs). Following a discussion with angel investor Balaji
Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts. Starting Nov. 14, SBF published a series of tweets that amassed extensive attention across Crypto
One of the biggest factors differentiating Bitcoin (BTC) from fiat currency and most cryptocurrencies is the hard limit of 21 million on its total circulating supply. However, the demise of numerous crypto exchanges over the last decade has permanently taken out at least 5.7% (1.2 million BTC) of the total issuable Bitcoin from circulation. The
Bitcoin (BTC) is now further than ever from its target price according to the Stock-to-Flow (S2F) model. The latest data shows that BTC/USD has deviated from planned price growth to an extent never seen before. Stock-to-Flow sets grim new record With BTC price suppression ongoing in light of the FTX scandal, an already bearish trend
The FIFA World Cup in Qatar is boosting the value of national soccer team fan tokens despite the cryptocurrency bear market. World Cup Qatar hype boosts fan token prices These digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing up to 170% gains from the Nov. 10 lows. At the core of the massive uptrend
While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year’s first crypto crash — Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder
The Securities Commission of the Bahamas has ordered crypto exchange FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The “Urgent interim regulatory action was necessary to protect the interests” of FTX’s clients and creditors, said the regulator. Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies for ‘Safekeeping’ The Securities Commission of
Bitcoin (BTC) price has tested the $16,000 resistance multiple times since the 25% crash that occurred between Nov. 7 and Nov. 9, and some critics will justify their bearish bias by incorrectly assuming that the failure of FTX exchange should trigger a much broader correction. It’s kind of annoying me that Bitcoin is still selling
The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to
Calls for harsher regulations around cryptocurrencies and digital assets will likely grow louder in the aftermath of FTX’s collapse — something former United States presidential candidate Andrew Yang said isn’t conducive to making America a hotbed for blockchain innovation. Speaking at the Texas Blockchain Summit in Austin on Nov. 18, Yang acknowledged that the bankruptcy
2022 was a tough year for crypto, and November was especially hard on investors and traders alike. While it was incredibly painful for many, FTX’s blowup and the ensuing contagion that threatens to pull other centralized crypto exchanges down with it could be positive over the long run. Allow me to explain. What people learned,
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