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Jaap Arriens - 1 FTX - 1 crypto's Lehman - 1 Alex Thorn - 1 bitcoin - 1 Clara Medalie - 1 Thorn - 1 naysayers - 1
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Search resuls for: "crypto's Lehman"


9 mentions found


☆ Bitcoin rockets to an all-time high above $69,000, surpassing 2021 record
  + stars: | 2024-03-05 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
"Bitcoin reclaiming its all-time high yet again shows it is never going away," said Alex Thorn, head of research at Galaxy Digital. Catalysts driving the surge in the cryptocurrency include the U.S. spot bitcoin ETFs that started trading earlier this year, along with the tightening bitcoin supply ahead of the late April "halving." "The odds have always been against bitcoin," Thorn said, citing naysayers who have referred to it as "a bubble" and compared it to the "tulip mania" in Holland during the 1600s. "Retail interest is oftentimes momentum driven, and all-time high levels are a pivotal momentum driver for even more investment," he told CNBC. Nevertheless, U.S. spot bitcoin ETFs have brought legitimacy to it and been hugely popular, with BlackRock's iShares Bitcoin Trust (IBIT) passing $10 billion in assets under management last week.
Persons: Jaap Arriens, FTX, crypto's Lehman, Alex Thorn, bitcoin, Clara Medalie, Thorn, naysayers, Needham, John Todaro, Crypto, BlackRock's Organizations: NurPhoto, Getty, Metrics, Galaxy, CNBC, Securities and Exchange Commission Locations: U.S, Holland
☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
  + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +2 min
The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.
☆ FTX's collapse prompted the largest-ever outflow of bitcoin from crypto exchanges, with investors pulling $1.5 billion last month
  + stars: | 2022-12-12 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +3 min
In November, investors pulled nearly $1.5 billion in bitcoin from crypto exchanges. The fallout of FTX's collapse has rocked the crypto market, and November's bitcoin outflows were the highest ever. Meanwhile, in the first week of December, investors pulled 4,545 bitcoin from centralized exchanges, up from 3,846 in the same period in 2021. Former FTX Group CEO Sam Bankman-Fried's downfall has renewed concerns about the safety of user funds held in centralized exchanges. All this has weighed on public confidence in crypto, and traders have grown more wary over security.
☆ A US recession is coming - here are 5 reasons why
  + stars: | 2022-12-12 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +6 min
Bank of America's strategists said the US could fall into a recession over the next 10 to 12 weeks. Bank stocks have tumbled in recent days. Frankly, a broad recession won't be a surprise to anyone at this point (especially Opening Bell readers). In other news:Whether or not the US is in a recession is a politically charged debate. These nine funds offer strong positioning through a recession and into the next bull market, in Bank of America's view.
☆ FTX collapse shows why crypto must be regulated before it threatens stability of financial system, says Bank of England official
  + stars: | 2022-11-21 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
The Bank of England's deputy governor for financial stability spoke at a conference on Monday. Crypto must be regulated before it's large enough to threaten overall financial stability, he said. Jon Cunliffe, the bank's deputy governor for financial stability, spoke at a conference at Warwick Business School on Monday. Cunliffe said that while crypto isn't large enough "to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly." In his speech on Monday, Cunliffe added that some crypto technologies could also improve the financial system.
☆ The Lehman Brothers of Crypto: Here's how the fall of Sam Bankman-Fried's FTX compares to the collapse that sparked the Great Financial Crisis
  + stars: | 2022-11-14 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
It gives maybe the clearest, most entertaining breakdown of how many, many very bad bets on subprime mortgages kickstarted the 2008 Financial Crisis. The most serious domino to fall 14 years ago was Lehman Brothers, the classic too-big-to-fail behemoth that did in fact go under. All this is a roundabout way of saying the collapse of Sam Bankman-Fried's crypto exchange, FTX, is severe and dramatic enough to warrant its own movie in a few years. Reminisce with me for a moment: In the years leading up to 2008, Lehman Bros loaded up its balance sheet with huge amounts of subprime mortgage debt. Lehman went under, and the world sunk into its worst financial crisis since the Great Depression.
☆ Billions of dollars seem to have disappeared with the collapse of FTX. How does that even happen?
  + stars: | 2022-11-14 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +4 min
The implosion of the FTX crypto exchange vaporized billions of dollars overnight. The disaster is being called crypto's Lehman Brothers moment, but Lehman had more than $600 billion in real assets that were salvageable. Sure, Lehman Brothers equity investors were completely wiped out, as will be the investors in FTX, but that's the risk equity investors assume when they buy in. According to a report from the Financial Times, FTX held less than $1 billion in liquid assets against $9 billion in liabilities. Compare that to Lehman Brothers going bankrupt with $639 billion in assets against $613 billion in debts.
☆ Crypto's Lehman moment: Here's how Sam Bankman-Fried's FTX compares to the biggest collapse of the Global Financial Crisis
  + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
Experts have drawn comparisons between the collapse of crypto exchange FTX and the fall of Lehman Brothers in 2008. Here's how the two events compare and what FTX's fall means for the broader financial system. In the years leading up to the Great Financial Crisis, Lehman loaded its balance sheet with vast amounts of subprime mortgage debt. When the "bank run" began this week, FTX didn't have the funds to meet withdrawal requests. But compared to 14 years ago, it probably won't be FTX's downfall that sparks a broader financial crisis, Allen said.
☆ Coinbase could benefit as crypto exchanges brace for regulatory scrutiny after FTX fallout, analysts say
  + stars: | 2022-11-10 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
The fall of crypto exchange FTX will likely bring regulatory scrutiny with it – and Coinbase may emerge as a winner, analysts say. “We believe today's events could potentially accelerate regulatory scrutiny on these offshore exchanges on both a national and global basis," a team of Cowen analysts said in a note this week. Retail trading will face several near-term headwinds in the aftermath of the FTX saga – lower crypto adoption, depressed prices, more regulatory scrutiny, potential FTX-related contagion. “Longer term, we expect Coinbase to benefit from clear leadership in adherence to regulatory compliance,” Cowen said. "We view Coinbase as the most regulatory compliant crypto platform globally.” That sentiment was echoed by others on Wall Street this week.
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