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Search resuls for: "bitcoin’s"


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☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
  + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com   time to read: +22 min
Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.
☆ Crypto crash and gold sell-off show there’s no place for investors to hide
  + stars: | 2022-11-10 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +5 min
Bitcoin prices are currently hovering around $16,500, down from a level of $20,000 just a week ago. Gold, like bitcoin, then surged in the latter part of 2020 as a sort of safe haven trade. Why buy gold or digital assets when the greenback is proving to be the king of currencies? Bitcoin prices have been notoriously volatile over the past few years, but they have still done better than many major stock market indexes. One venture capitalist who focuses on bitcoin and crypto assets agreed that FTX’s problems won’t derail the entire digital assets universe.
☆ Grayscale says U.S. SEC set bar too high for Bitcoin funds
  + stars: | 2022-10-12 | by ( Jody Godoy | Thomson Reuters | Jody Godoy Reports On Banking | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe SEC has rejected over a dozen spot bitcoin ETF applications, and approved several bitcoin futures-based ETFs. The rejections have focused on applicants' lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets. Grayscale argued in the court filing that the SEC had not applied its standards evenly to spot bitcoin ETFs and bitcoin futures-based ETFs, even though both types of funds are both fundamentally tied to the price of bitcoin. There is no spot bitcoin market that the SEC considers to be regulated, Grayscale said. Since the SEC deemed other agreements with CME sufficient to prevent fraud in bitcoin futures-based ETFs, the same should apply to bitcoin spot ETFs since both types of fund rely on the price of bitcoin, Grayscale said.
☆ The software used in bitcoin mining is getting its first big makeover in more than a decade — here's what's changing
  + stars: | 2022-10-11 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +5 min
Bitcoin operates on a proof-of-work mining model, meaning that miners around the world run high-powered computers to create new bitcoin and validate transactions. Lee says that Stratum V2 supports a proxy that aggregates all the connections and only establishes one connection with the pool. To resolve this, Lee says Stratum V2 introduces a standard security mechanism with authentication and encryption between miners and pools. There are orders of magnitude more miners than pools, so if miners select transactions it is far more decentralized than just a handful of pools, Lee explained. Similar to the Lightning Network, which is a technology built on top of bitcoin's base layer to make payments more efficient, there will be different implementations of Stratum V2.
☆ Premarket stocks: Is the bitcoin winter beginning to thaw out?
  + stars: | 2022-09-28 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
But signs of a thaw, spurred on by global currency chaos, are beginning to appear. The gains gave crypto bulls hope that bitcoin was becoming a safe haven asset, or one that acts as a hedge when stocks are falling. Then, around midday, the dollar grew in strength and bitcoin came crashing down again, wiping out all of its recent gains. But all assets are suffering, bitcoin isn’t in this alone.”The silver lining: But even as bitcoin prices fall, investors see signs of a bottom. The central bank is also considering the launch of a Central Bank Digital Currency, which is essentially a digital version of the dollar.
☆ India's young investors prefer crypto to gold and 'boring' stocks
  + stars: | 2022-03-03 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +8 min
New Delhi CNN Business —Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. “I find stock markets boring,” she told CNN Business, adding that she enjoys the “thrill” and “recklessness” that comes with investing in volatile currencies. The growth is driven by younger investors — mostly under the age of 35 — and many of them are coming from smaller cities and towns, founders of two of India’s biggest crypto exchanges told CNN Business. WazirX also has over 10 million users, and called 2021 a “phenomenal year” for crypto trading in India. On-again, off-again relationshipThe excitement over crypto is rising in India despite the country’s on-again, off-again relationship with digital currencies.
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