When more than a dozen retirees entrusted Richard Emile Ayoub with millions in life savings to invest on their behalf, the self-declared strategic-thinking businessman used the cash to buy Bitcoin in an elaborate scam. The American Sydney resident was sentenced to two years and six months in prison with a non-parole period of 18 months…
Despite 2022 Market Collapse, Young Investors Still Bullish on Cryptocurrencies: Study
It has been a tumultuous year for the cryptocurrency industry, from the crash in prices to the FTX fiasco. But a new study finds that this has not discouraged many young investors from parking their disposable income in crypto. According to a new Crypto State of the Industry Report by brokerage firm tastyworks, Generation Zers…
Binance Withdrawals Surge to $3 Billion in 24 Hours as Crypto Industry Trembles Amid FTX Fallout
December 14, 2022
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Billions of dollars have flowed out of Binance, one of the leading cryptocurrency exchanges in the world, as the industry struggles with the high-profile fallout of FTX. Binance’s 24-hour net outflow hit $3 billion, according to a Dec. 13 tweet by blockchain data firm Nansen. The exchange reported more than $62.5 billion in disclosed holdings….
Gold Is Better Portfolio Diversifier Than Bitcoin: Goldman Sachs
Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note. Gold is less likely to be influenced by tighter financial conditions, meaning it is “a useful portfolio diversifier,” said Goldman, especially given that gold has developed non-speculative use…
ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimized
Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank (ECB) said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major…
Feds Announce Seizure of $3.36 Billion in Stolen Bitcoin
The United States Department of Justice has announced the seizure of over $1 billion in stolen bitcoin. The DOJ announced on Nov. 7, that it had earlier seized the stolen bitcoin on Nov. 9 2021, after an unannounced IRS raid on the Gainesville, Ga. home of James Zhong, a 32-year-old investor. Federal authorities took 50,676…
Bitcoin, Ethereum ETFs Delisted in Australia as Crypto Winter Continues
November 2, 2022
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Cosmos Asset Management is looking to delist two of its cryptocurrency exchange-traded funds (ETFs) from the Cboe stock exchange in Australia owing to the downturn in digital assets that started at the end of last year. Cosmos, based in Sydney, intends to delist its Purpose Bitcoin Access ETF (CBTC) and Purpose Ethereum Access ETF (CPET),…
Australian Crypto Entrepreneur Lost $267 Million After Deal Collapsed Amid Crypto Market Plunges
September 22, 2022
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An Australian cryptocurrency investor has lost US$267 million after failing to secure funding for his Silicon Valley-based blockchain start-up as the digital currency market remains in a knockout. Michael Dunworth, the co-founder of Wyre, said he was dealt a heavy blow by the news last week that US online checkout company Bolt Financial Inc scrapped…
Nassim Taleb Calls Bitcoin a ‘Tumor’ Attributable to Low Interest Rates
Author and risk analyst Nassim Nicholas Taleb took aim at cryptocurrency in a recent television interview, arguing that the continued relevance of Bitcoin and other blockchain assets was an accident of a monetary policy that has caused many assets to be grossly overvalued. Speaking on CNBC’s Squawk Box, the renowned philosopher of probability reiterated his confidence…
Crypto Analyst Who Predicted 2022 Bitcoin Meltdown Says BTC Has Reached A ‘Local Bottom’
Bitcoin closed around $20,000 on Saturday, and on Sunday, the cryptocurrency dropped 1.55 percent to $19,708. BTC is down 58.9 percent from the year’s high of $48,234 on March 28. The macroeconomic warnings from Goldman Sachs and Fed’s approach to interest rate hikes have played a significant role in determining Bitcoin’s price trends. What Happened…
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