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2022-12-16 04:03:01 Chainalysis data reveals FTX collapse caused $9B in realized losses

FTX’s collapse resulted in around $9 billion in realized losses for crypto investors, according to a Chainalysis report. Chainalysis noted that this loss paled compared to Terra’s UST depeg, which caused a loss of $20.5 billion According to Chainalysis, weekly realized loss and gain are calculated based on the value of assets in a wallet at the time they were acquired minus the value of the portion of the assets transferred from the wallet at the time of recording the data. While the transfer of assets from a wallet does not necessarily imply a sale, it gives an insight into how those events affected investors.

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2022-12-15 20:18:02 Microsoft Bans Crypto Mining From Its Servers

Microsoft has modified its policy terms to make it clear that mining cryptocurrencies on its online services are not permitted without prior authorization. The upgrade, which is applicable to all users, including Microsoft’s premium subscribers, went into effect this December. The upgrade forbids users from mining on Microsoft’s online services, primarily those connected to its cloud platform Azure. Mining is the process of verifying and adding transaction records to proof-of-work blockchains.This decision brings Microsoft in line with other major companies, such as Google. Mining is prohibited for users on the free tier of Amazon Web Services as well.

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2022-12-15 16:03:00 BUSD’s supply falls below $20B as USDC’s supply climbs above $45B

Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals.The exchange saw the largest stablecoin outflow on Dec. 13, as over $2 billion was withdrawn in 24 hours. The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’ holdings in other stablecoins like USDC to BUSD. USDC appears to be the primary beneficiary of BUSD’s declining supply. Its market cap was largely around $65.8 billion throughout the reporting period.

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2022-12-15 10:03:00 Binance CEO warns colleagues 'crypto winter' isn't over: Bloomberg

Binance CEO Changpeng Zhao warned colleagues at the world's biggest crypto exchange that the proverbial "crypto winter" isn't over, and the months ahead won't be easy, according to Bloomberg. While we expect the next several months to be bumpy, we will get past this challenging period. Zhao — who often goes simply by his initials, CZ — blamed the collapse of high-profile competitor FTX for adding "a lot of extra scrutiny and tough questions" on Binance. On Tuesday, a U.S. grand jury charged former FTX CEO Sam Bankman-Fried with committing or conspiring to commit fraud on FTX’s customers and lenders, as well as money laundering. He was reportedly denied bail and remanded to the custody of the Bahamas Department of Corrections.

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2022-12-15 04:03:01 Coinbase CEO says market fear and volatility are a 'moment to shine'

Coinbase CEO Brian Armstrong urged employees to be “prepared to serve” customers amid market volatility, citing a large number of Binance users making withdrawals as a contributing factor. “large withdrawals happening on Binance” as potentially a contributing factor. The 39-year-old chief executive also sought to remind staff that Coinbase does not have material exposure to rival Binance, safely stores customer assets and possesses $5 billion on its balance sheet. Coinbase shares closed Tuesday's trading session below $39 apiece, marking an all-time low.

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2022-12-14 20:07:01 Binance resumes USDC stablecoin withdrawals after temporary pause

Binance has resumed processing withdrawal requests of the USD Coin (USDC) stablecoin after pausing them for several hours. Binance, the world's largest cryptocurrency exchange platform by daily volume, temporarily stopped processing USDC withdrawals. Binance holds a large majority of its stablecoin holdings, more than $11.5 billion in Paxos-issued BUSD, according to Nansen data. To increase its USDC reserves, it made efforts to swap its BUSD holdings with USDC. This hindered the exchange's ability to process these transactions, so the exchange temporarily paused USDC withdrawals while it conducted a token swap.

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2022-12-14 16:03:03 FSB looks to nail down global crypto regulations in early 2023: FT

The world’s most powerful global financial watchdog group is preparing to instate strict propositions for regulating the crypto sector in early 2023, along with a timeline regulators should stick to for implementing them. The collapse of FTX adds urgency to address crypto supervision. The collapse of crypto exchange FTX has turned regulators’ heads worldwide as governmental hearings pressed the topic of crypto supervision. The FSB — comprised of central bankers, finance officials and regulators from G20 countries — met in Basel last week. Lessons from the FTX debacle featured prominently on the agenda. The group called for “ongoing vigilance and the urgency of advancing the policy work.

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2022-12-14 10:03:00 US crypto market characterized by top-buying 'herd-like behavior,' JPMorgan finds

A new report from JPMorgan Chase & Co. concludes that the U.S. crypto market exhibits characteristics of “herd-like behavior.”.It also finds that men participate more broadly and deeply in the crypto market, as well as Asian individuals and younger individuals with higher incomes. The majority of U.S. households were likely facing significant losses in percentage terms at cryptocurrency prices prevailing in late-2022," it adds. The report — with a sample size of almost 5 million active checking account customers — finds that the COVID-19 pandemic was the primary driver for pushing nearly 15 percent of U.S. households into the crypto market. Asian individuals and younger individuals with higher incomes.

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2022-12-14 04:03:00 European Parliament terminates crypto-friendly Eva Kaili's term of office

The European Parliament voted to terminate crypto-friendly vice-president Eva Kaili's term of office by a double majority. Kaili's termination results from ongoing investigations involving some European Parliament members and staff. 625 votes favored Kaili's termination, while only one voted against and two abstained. The action was unanimously approved today after the Conference of Presidents triggered the procedure. The Conference of Presidents is shocked and deeply concerned about the recent revelations on corruption and criminal influence in the decision-making processes in the European Parliament.

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2022-12-13 20:52:01 Bitcoin hurtles toward $18,000 as inflation comes in below expectations, crypto stocks soar

Bitcoin and crypto prices soared following lower-than-expected U.S. inflation data for November. Crypto stocks bounced in line with U.S. stock futures. Bitcoin was hurtling toward $18,000 shortly after U.S. CPI data was released today. Ether rose 6% following the news, trading at about $1,327. Binance's BNB token was little changed on the information as withdrawal issues continue to hamper the token. Dogecoin and Ripple's XRP jumped over 4%, while Cardano's ADA tacked on 1.7%. Interest rate traders are now pricing in an 81% chance of a 50 basis point increase by the FOMC tomorrow, according to the CME's FedWatch tool.

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