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☆ JPMorgan says FTX collapse fallout could cut the value of cryptocurrencies in half before it's over
▼ + stars: | 2022-11-10 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

The tumult stems from the potential collapse of crypto-exchange FTX, which was in the process of being acquired by Binance, amid a liquidity crisis. On Wednesday, Binance backed out of the deal, leaving FTX near collapse. At the end of this latest deleveraging cycle, the asset class could see its value cut in half. "A production cost of $13k implies 25% downside from here which would bring the crypto market cap to a low of $650 billion," said Panigirtzoglou. This will be with the goal to safeguard client assets, limit asset concentration and create more diligent risk management, including counterparty risk among crypto market participants.

☆ A Voyager investor says the FTX meltdown puts the bankrupt crypto lender's bailout in jeopardy, with $1.3 billion of customer assets on the line
▼ + stars: | 2022-11-10 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

FTX US, led by Sam Bankman-Fried, was set to buy the assets of the bankrupt crypto-lender Voyager. Bankman-Fried tweeted Thursday that FTX US, which is a separate company from FTX, was "100% liquid." FTX US' bailout was set to offer some relief to Voyager's customers, who faced the complete loss of their crypto assets, with claims of about $1.8 billion in total. Furthermore, some FTX customers had reported issues making withdrawals from their accounts, raising concerns about FTX's liquidity. On Thursday, Bankman-Fried estimated that FTX only had 80% available in liquid assets of the roughly $5 billion in assets customers withdrew on Sunday.

☆ FTX's liquidity crisis shows that debt is toxic for crypto and investors should not lever up highly volatile assets, Tether co-founder says
▼ + stars: | 2022-11-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

FTX's liquidity crisis shows how debt is toxic to crypto, according to Tether co-founder William Quigley. "It just violates a basic principle of finance; you don't lever up highly volatile assets," Quigley said to CNBC. Debt is toxic with crypto," Quigley said in an interview with CNBC on Wednesday, commenting on the recent fall of Sam Bankman-Fried's crypto exchange. "And it just violates a basic principle of finance; you don't lever up highly volatile assets," Quigley said. Bankman-Fried gained exposure to some of that debt by offering multi-million credit lines and credit injections to various crypto firms, like the now-defunct Voyager.

☆ 'Dr Doom' economist Nouriel Roubini suggests FTX's rescue deal shows how crypto is a Ponzi scheme: 'Who will bail out Binance?'
▼ + stars: | 2022-11-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Nouriel Roubini flagged FTX's rescue deal for Binance as a sign crypto investing is a Ponzi scheme. The crypto critic wondered who will bail out Binance when that "house of cards collapses". Crypto exchange Binance stepped in Tuesday with a potential takeover deal to rescue its rival FTX, which it said is facing a liquidity crunch. "First FTX bails out collapsing crypto Ponzi scams. Now FTX is collapsing & being bailed out by Binance," Roubini said in a Tuesday tweet.

☆ Bitcoin and other cryptos spiral lower as worries about the fallout from FTX's troubles grow
▼ + stars: | 2022-11-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Bitcoin and most cryptos extended losses Wednesday as worries built about the FTX fallout. Sol plunged 31% and the crypto market cap dropped 11% on fears the troubles would spread. In a stunning turn of events, FTX CEO Sam-Bankman Fried announced Tuesday that the crypto exchange had agreed to be taken over by rival Binance. The emergency deal sent chills through the crypto world, reviving fears about liquidity risks that could lead to company collapses. The overall value of the crypto market dropped over 11% to $871 billion over the last day, according to CoinMarketCap data.

☆ Retail investors are rushing in to buy the dip in crypto-linked stocks after FTX drama sparks big sell-off in digital assets
▼ + stars: | 2022-11-09 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Retail investors have been snapping up crypto-linked stocks and ETFs during the latest plunge sparked by FTX's collapse. Net purchases of the long-positioned ProShares Bitcoin Strategy ETF and the ProShares Short Bitcoin Strategy ETF jumped on Tuesday. "Retail are buying the dip again," the firm said about shares of crypto-linked companies and exchange-traded funds in a note published Wednesday. He said net purchases by retail investors of the long-positioned ProShares Bitcoin Strategy ETF and the ProShares Short Bitcoin Strategy ETF jumped by a similar magnitude on Tuesday, by $1.4 million and US$1.1 million, respectively. Among shares of cryptocurrency companies active among retail investors, crypto trading platform Coinbase fell 8.5%, Robinhood slid nearly 10%, and Block lost more than 7%.

☆ The Fed's jumbo-sized rate hikes will uncover more 'skeletons in the closet' for crypto after FTX's rescue, economist says
▼ + stars: | 2022-11-09 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Rising interest rates will cause further casualties in the crypto space, according to the Peterson Institute's Martin Chorzempa. FTX announced Tuesday it agreed to be taken over by rival exchange Binance, shocking investors. "We can expect a lot more problems to come," Chorzempa told CNBC. "We can expect a lot more problems to come," Chorzempa told CNBC on Wednesday. "When rates come up, a lot of skeletons that have been waiting in the closet in highly-speculative, highly-levered markets tend to come out."

A trove of bronze statues that archeologists say could rewrite the history of Italy's transition to the Roman Empire have been discovered in an ancient Tuscan thermal spring. The more than 20 bronze statues dating back over 2,000 years are being hailed as one of the most important archaeological discoveries in the region. The bronze statues are more than 2,000 years old and mostly in excellent condition. The figures represent gods, including Apollo and Hygieia, complete with anatomical details, suggesting the site was of great significance to ancient Etruscans. The find is considered to be the most important to antiquities since the discovery of the Riace Warriors, rare full-sized Greek bronze statues found in southern Italy in 1972.

☆ Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare
▼ + stars: | 2022-11-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Crypto assets tied to Alameda, the trading company also owned by billionaire Sam Bankman-Fried, were suffering steeper losses. FTX Token (FTT), the native token of the FTX trading platform, has fallen 23% in the past 24 hours. The token tied to Ethereum competitor Solana , of which Alameda is a big backer, has lost 12%. Binance is the largest crypto exchange in the world by trading volume and was an early backer of FTX. Those revelations refer to rumors about the solvency of FTX, the second-biggest crypto exchange in the world by trading volume.

☆ Binance is buying FTX amid 'significant' liquidity issues. Here's how billionaire Sam Bankman-Fried's exchange got here.
▼ + stars: | 2022-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Binance reached an agreement to purchase Sam Bankman-Fried's crypto exchange FTX on Tuesday. Here's what happened as FTX went from market heavyweight to being acquired by a rival. Balance sheets and billionairesBankman-Fried's empire is diverges in two branches: FTX, a cryptocurrency exchange, and Alameda Research, a crypto trading firm. The price of other cryptocurrencies including Solana's SOL, bitcoin, and ether dropped Tuesday as well, as worries seeped across the broader crypto market. "Binance is likely coming in and saying they will cover the liabilities for FTX, and then effectively have FTX hand over the rest of their assets."

☆ Singapore wants to be a hub for blockchain in finance, just not speculative crypto trading, MAS says
▼ + stars: | 2022-11-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Edward Tian | Moment | Getty ImagesSingapore still wants to be a hub for digital assets, but not one for speculating on cryptocurrencies, said Ravi Menon, managing director of central bank the Monetary of Singapore. "If a crypto hub is about experimenting with programmable money, applying digital assets for use cases or tokenizing financial assets to increase efficiency and reduce risk in financial transactions, yes, we want to be a crypto hub," said Menon in his opening address at the Singapore Fintech Festival 2022 on Thursday. "But if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we want to be," said Menon. Singapore has ambitions to become a global crypto hub, but has been cracking down on the industry after many retail investors lost their life savings to crypto trading. We believe Project Guardian can help pave the way for the next evolution of financial markets in Singapore," said Menon.

☆ A Meta exec quit after 11 years to join Web3 at the peak of its hype. Here's why she's staying through a crypto winter.
▼ + stars: | 2022-10-26 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

Ex-Meta marketing exec Jennifer Kattula quit after 11 years to "take the leap" into Web3. The call piqued her interest and she began to research crypto and Web3 — both still nascent industries. Former Meta marketing executive Jennifer Kattula, now senior vice president of marketing at Polygon. Interest in Web3 and crypto was peaking, with bullish investors pouring a record $30 billion into crypto ventures that year. But Kattula's first foray into crypto did not go smoothly, and she left Celsius after less than six months in April 2022.

☆ October is a historically strong month for bitcoin, but price action this month has been oddly lackluster
▼ + stars: | 2022-10-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The month of October, celebrated as "Uptober" by long-time crypto investors, has historically churned out some big gains for bitcoin. In seven of the last 10 years, bitcoin has posted a positive month. For four of the last six years, ether has ended the October trading month higher, according to Kaiko. Bitcoin was lower for the month by 0.3% as of Tuesday, while ether was down 1.4%, according to Coin Metrics. "Crypto market volatility has dipped to multi-year lows over the past month, with bitcoin's 20-day volatility now equal to that of the Nasdaq equity index," Kaiko head of research Clara Medalie told CNBC.

☆ Hedge fund Three Arrows being probed by U.S. regulators - Bloomberg News
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Crypto hedge fund Three Arrows Capital (3AC), which filed for bankruptcy in July, is being probed by the Commodity Futures Trading Commission and the Securities and Exchange Commission on whether it misled investors, Bloomberg News reported on Monday. Register now for FREE unlimited access to Reuters.com Register3AC, CFTC and SEC did not immediately respond to Reuters' requests for comment. 3AC was one of the more prominent crypto firms before its fall following a broad downturn in the digital currency market and the collapse of Terra blockchain. As the token's collapse spread across the broader crypto market over the following weeks, 3AC was unable to meet margin calls from its lenders and eventually declared insolvency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Regulators propose first global rules before 'crypto winter' thaw
▼ + stars: | 2022-10-11 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Oct 11 (Reuters) - Cryptoasset companies should set aside capital like banks when undertaking similar activities, regulators proposed on Tuesday in their first global rules as a "crypto winter" wiped $2 trillion off the sector, leaving investors nursing losses. The Financial Stability Board (FSB), which coordinates financial rulemaking among Group of 20 Economies (G20), made nine recommendations for members to apply. Currently, the sector is largely unregulated in most countries, having to only comply with rules for safeguarding against money laundering and terrorist financing as regulators warn investors they risk losing every penny. "Concerns about the risks they pose to financial stability are therefore likely to come back to the fore sooner rather than later," Knot said in a letter to G20 finance ministers meeting in Washington this week. The proposals seek cross-border consistency to regulating crypto-assets, particularly as the European Union finalises groundbreaking rules to regulate the sector from 2024.

☆ Target Deal Days: 14 best deals from Apple, KitchenAid and more
▼ + stars: | 2022-10-08 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +9 min

Ahead of Amazon’s Prime Early Access Sale — which officially goes live on Oct. 11 — Target is hosting its second Deal Days event. To help you make the most of the fleeting shopping holiday, we compiled some of the best deals and sales live on Target now. The best deals during Target Deal DaysBelow, we’re sharing the best Target deals based on our previous coverage and reporting. The best Target Deal Days salesHere are the best sales during Target Deal Days right now that we think you’ll want to know about. The best Prime Day sales at other retailersIn addition to Target and Amazon, the following retailers are also offering notable sales.

Eight states announced on Monday they're bringing actions against the crypto lending platform Nexo Group in connection with its unregistered, interest-bearing cryptocurrency product. The filings also state that Nexo misrepresented the accounts, and suggested to investors that they are a licensed and registered platform. These interest earning accounts, known as "Earn Interest Product," allowed investors to deposit assets with Nexo in exchange for earning yields as high as 36% on their deposits. Celsius, which offered similar interest-bearing accounts, filed for bankruptcy this summer after freezing customer funds in June. The orders states filed further prevent Nexo from offering this product to residents until it meets the necessary registration requirements.

☆ Australia's Scarborough project: Race and power collide in a fight over sacred rock art in remote Australia
▼ + stars: | 2022-09-23 | by ( Hannah Ritchie | ) edition.cnn.com time to read: +21 min

More than a million drawings are etched onto rocks on Murujuga peninsula on the Western Australia coast. Resources extracted from the region have powered Australia’s economy and helped create some of the world’s largest mining and energy multinationals. Today, the fight for Murujuga’s rock art reflects long-standing and unresolved issues of race and power. Woodside Petroleum's Pluto development on Murujuga, Western Australia, June 2008. Murujuga Aboriginal Corporation chief executive Peter Jeffries.

Institutional crypto lending involves lending cryptocurrencies as well as cash in return for a yield. Unsecured lending has become common across the crypto industry, according to the review of filings and the interviews. Crypto research firm Arkham Intelligence put the figure in the region of $10 billion, for instance, while crypto lender TrueFi said at least $25 billion. BULLISH ON BORROWINGWhile Blockchain.com has largely pulled back from unsecured lending, many crypto lenders remain confident about the practice. Sid Powell, co-founder and CEO of unsecured crypto lending platform Maple, said institutional crypto lenders were more cautious after Three Arrows' insolvency, but conditions have since normalized and lenders are now again comfortable lending unsecured.

☆ How SkyBridge founder Anthony Scaramucci is navigating the world between traditional and digital assets — plus his favorite coins and hedge funds for the tough market environment
▼ + stars: | 2022-09-21 | by ( Laila Maidan | Alyson Velati | ) www.businessinsider.com time to read: +7 min

A survey conducted by the Alternative Investment Management Association (AIMA), showed that about one-third of traditional hedge funds are investing in digital assets. Approximately one-third of the panel discussions revolved around digital assets, according to SkyBridge Capital's Anthony Scaramucci. And while some funds may still be grappling with the question of how much exposure they should allocate to digital assets, Scaramucci is pedaling forward. Long term, he believes in the appreciation of digital assets, and he's willing to pay the price of absorbing the volatility in the meantime. The pivot to digital assetsSkyBridge has pivoted heavily into crypto and blockchain technology from its traditional hedge fund of funds business.

☆ Here's an exclusive look at the pitch deck for Immortal Game, the Web3 chess startup that raised $12 million during the crypto winter
▼ + stars: | 2022-09-21 | by ( April Joyner | ) www.businessinsider.com time to read: +3 min

Web3 chess startup Immortal Game has raised $15 million, including a $12 million Series A this year. Crypto has its fair share of skeptics, but there's no arguing against the worldwide popularity of chess, according to Thomas Zaepffel, the cofounder and CEO of Immortal Game. Immortal Game, founded in March 2021 by Zaepffel, CTO David Cingala and COO Geoffroy Mestrallet, offers players the opportunity to earn crypto and sponsor up-and-coming chess talent. But Immortal Game, like other Web3 startups, seeks to set itself apart on the premise that its users should reap rewards from the platforms they popularize. Here's a look at the pitch that helped Zaepffel and his cofounders seal the deal.

☆ Crypto’s bear market is unlike others before it. This time the Fed's steering the ship
▼ + stars: | 2022-09-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +17 min

In any other year, the bitcoin price would have skyrocketed after the BlackRock announcement, but it didn't. Bitcoin hit its all-time high on Nov. 8, less than a week after the Fed first introduced the tapering . "Bitcoin OGs want to believe that it's a risk-off asset – that's a long-term trajectory," said Burak Tamac, senior researcher at CryptoQuant. It's bitcoin that's received so much hostility about being environmentally unfriendly, but myths about the cryptocurrency's environmental impact are slowly being debunked . Beyond bitcoin, crypto remains just a little too out of reach for many.

☆ How crypto billionaire Sam Bankman-Fried survived the market wreckage and still expanded his empire
▼ + stars: | 2022-09-16 | by ( Kate Rooney | ) www.cnbc.com time to read: +11 min

FTX also extended $500 million to struggling Voyager Digital, which later declared bankruptcy, and was in discussions to acquire South Korean crypto exchange Bithumb. While Bankman-Fried's cryptocurrency exchange FTX is suffering from the downturn in digital assets, he said market share growth helped offset the pain. FTX Trading Ltd. is headquartered in Antigua, with FTX Derivatives Markets based in the Bahamas, where Bankman-Fried lives. FTX Trading has acquired companies in Switzerland, Australia, Cyprus, Germany, Gibraltar, Singapore, Turkey and the United Arab Emirates, among other countries. watch nowLike Buffett, Bankman-Fried signed the Giving Pledge: a promise by the world's wealthiest individuals to donate the majority of their wealth to charity.

☆ The forest growing in the world’s hottest sea
▼ + stars: | 2022-08-04 | by ( Barry Neild | ) edition.cnn.com time to read: +9 min

Jubail Mangrove Park is a green expanse of gray mangrove trees on the northeastern edge of Abu Dhabi’s Al Jubail island, where shallow tidal waterways spill out into the clear blue Arabian Sea. It’s a tranquil world away from the shimmering skyscrapers and heat-hazed hustle of downtown Abu Dhabi, albeit just a short drive away. Dreamlike destinationThe Jubail Mangrove Park is an unexpected green escape from the deserts of Abu Dhabi. And observing those genes in action in Abu Dhabi could be a good sign. “It is the only place in Abu Dhabi where you can see so much green.”

☆ Why tech workers are quitting great jobs at companies like Google to fight climate change
▼ + stars: | 2022-07-26 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +14 min

"What bigger problem is there to solve for our generation than climate change?" Not only is climate change an existential-level threat to humanity, it is especially dangerous for the poorest communities around the world. "Eventually, it just got to the point where I couldn't justify to myself why I'm still doing something that isn't climate," Kirpichov told CNBC. "It turns out that there are just so many people who are in the same boat," Kirpichov told CNBC. We know Southeast Asia is going to get hit really hard with climate change.

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