crypto crash Archives

Binance to acquire rival FTX amidst liquidity crunch

Binance has agreed to buy rival crypto exchange FTX, an outcome that followed days of speculation that FTX and Alameda Research faced a liquidity crisis. Concerns over FTX’s financial health reportedly triggered $6 billion of withdrawals in just three days. “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books,” said FTX founder Sam Bankman-Fried. FTX’s native token FTT has lost ~90% of its value this week.

To learn more about Binance’s takedown of FTX, click here.

Crypto prices today: Bitcoin falls 7.3%, ETH crashes 12%

Bitcoin is currently trading at $18,317.14, a decline of 7.3% over the previous day. Ethereum fell 12.8% over the last 24 hours to $1,291.2. Solana crashed 27% to $20.26, while Cardano is trading lower by 2.7% at $0.374. Avalanche (AVAX) fell 6.9% to $15.59. The global crypto market cap stands at $905.57 billion, a 7.8% decline over the previous day. The crypto market has been rocked by the near collapse of FTX.

Kraken, Coinbase Suffer connectivity issues amid market crash

Amid Tuesday’s crypto crash, leading U.S. exchanges Kraken and Coinbase reported connectivity issues. Both exchanges said the issues were affecting their website and mobile services. Coinbase faced outages across its Coinbase.com, Pro, and Prime platforms. Trading became fully operational on both exchanges after a few hours.

Dubai presses for crypto firms to open offices

Dubai is heavily recruiting crypto companies to establish themselves in the emirate. However, its Virtual Assets Regulatory Authority (VARA), a dedicated regulator for the industry, is yet to release a comprehensive regulatory framework that companies can use to create or launch products. Officials have now assured local companies that the framework will be launched by the end of the year.

NTT Docomo to invest up to $4 billion in Web3

Japanese mobile operator NTT Docomo intends to invest up to $4.1 billion to concentrate on Web3 technology. It also intends to establish a Web3-focused company in 2023. NTT Docomo highlighted the following four crucial web3 enabling features: security, a cryptocurrency asset exchange, a blockchain wallet, and token issuance.

Panama President may veto crypto law

Panama President Laurentino Cortizo said he may veto a recently approved bill that would allow citizens to use crypto as a form of payment in the country. “I have to be very careful if the law has clauses related to money laundering activities or anti-money laundering activities,” he said. The bill establishes pivotal concepts about crypto, blockchain, and virtual asset service providers.

Crypto prices today: Bitcoin up 2.0%, ETH up 2.7%

Bitcoin is currently trading at $30,115.86, a 2.9% increase over the previous day. Ethereum rose 2.79% over the last 24 hours to $2,018.06. Solana fell 1% to $51.26, while Cardano is trading higher by 1.23% at $0.526. XRP rose 5.13% to $0.429. The global crypto market cap stands at $1.27 trillion, a 2% increase over the previous day.

Crypto crash will have limited impact on U.S. household wealth and labor supply: Goldman Sachs

The global crypto market lost over $300 billion last week and about $1.7 trillion over the past seven months. However, the impact on U.S. household wealth, spending, and the labor supply are likely to be limited, according to a Goldman Sachs report. U.S. households own about one-third of the global crypto market or about $423 billion as of Thursday. Crypto holdings account for only 0.3% of their net worth.

FTX expands into stock trading

Crypto exchange FTX will now allow select customers to trade stocks and exchange-traded funds on its popular trading app. It plans to expand the functionality to all American customers in the next few months. FTX plans to offer commission-free stock trading, like most major US online brokerage firms.

India plans to introduce reverse charge tax on foreign crypto platforms: Report

According to a Forbes report, the Indian government is planning to introduce a “reverse charge” on virtual digital asset investments on overseas platforms. The move will be part of the latest round of crypto regulations to be implemented in the country. A reverse charge is an indirect tax obligation that falls on the recipient of goods or services rather than the supplier.

Essentially, Goods & Services Tax (GST) will fall on the investor, not the service provider, when an Indian investor acquires services from a domestically unregistered crypto exchange.