November 2022 / 70 posts found
Tom Brady, Sam Bankman-Fried, and Cryptoworld Lose Big in FTX Meltdown
Cryptocurrency People are losing money — and faith — with crypto. Bloomberg I Getty ImagesSam Bankman-Fried at a crypto event. Sam Bankman-Fried, the previously lauded billionaire and CEO of cryptocurrency exchange FTX, saw his fortune and confidence in his platform tumble after a CoinDesk article revealed that a company he also owned was heavily dependent on an asset without independent value, leading to panic from FTX customers and in the crypto world, in general, this week. One fear was that FTX was not solvent, i.e., that customers would not be able to actually withdraw their coins from the platform. The […]
Grayscale’s Bitcoin Trust Shares Hit Record Discount of 36.7%
As bitcoin (BTC) continues to hit record low prices, the shares in Grayscale Investment’s bitcoin trust (GBTC) have hit a record low. The discount in GBTC shares relative to the value of the underlying asset held in the fund widened to a record 36.7% on November 7. Bitcoin has dropped by nearly 20% during the past two weeks as the bear market shows its ugly claws. Analysts say that a continued widening of the GBTC discount shows a weakening institutional demand for bitcoin, combined with the ready availability of bitcoin ETFs for retail. In a note to CoinDesk, Henry Liu, […]
Asian stocks edge down as investors await US election results
Cryptocurrency What is included in my trial? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here. Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. What […]
First Mover Asia: Prediction Markets Split if Binance Will Pull Out of FTX Deal; Bitcoin Drops 11%
James Rubin is CoinDesk’s U.S. news editor based on the West Coast. Good morning. Here’s what’s happening: Prices: Bitcoin, ether and other major cryptos plummet on a turbulent day in digital asset markets. Insights: Prediction markets are split whether Binance will follow through on its proposed acquisition of FTX. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. And sign up for First Mover, our daily newsletter putting the latest moves in crypto markets in context. BTC/ETH prices per CoinDesk Indices; gold is COMEX spot price. Prices as of about 4 p.m. ET […]
First Mover Asia: A Good Week for Exchange Tokens, Except FTT; Solana Continues Falling
Bitcoin James Rubin is CoinDesk’s U.S. news editor based on the West Coast. Good morning. Here’s what’s happening: Prices: Solana’s SOL token continues its plunge. Bitcoin and ether drop slightly ahead of the U.S. mid-term elections and the latest inflation figures. Insights: A number of exchange tokens have outperformed bitcoin over the past week. FTT was not among them. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. And sign up for First Mover, our daily newsletter putting the latest moves in crypto markets in context. BTC/ETH prices per CoinDesk Indices; gold is […]
Bitcoin Mining Major Riot Blockchain Misses Analyst Estimates for Q3 Earnings
Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia. CORRECTION (Nov. 8, 01:02 UTC): A previous version of this story incorrectly stated that Riot’s consensus analyst estimate was for adjusted net earnings of $1 per share, instead of $0.01. Bitcoin mining heavyweight Riot Blockchain (RIOT) disappointed average analysts’ expectations in its third quarter. The miner generated $46.3 million in revenues, lower than the average estimate of $56.3 million, bringing net loss to $0.24, compared to a consensus estimate of adjusted net earnings per share of $0.01, according to FactSet. Riot’s revenues were lower than the previous quarter’s $72.9 million, […]
Bitcoin (Magic Internet Money!) Again Proves Less Volatile Than Stocks
Cryptocurrency George Kaloudis is a research analyst for CoinDesk Research. After the smattering of U.S. central bankers who set the Federal Reserve’s interest-rate benchmark met last week, the smattering issued a press release that outlines their new monetary policy (raising rates by 75 basis points). Then Powell, who leads the smattering, speaks at a press conference, giving introductory remarks before he answers questions from financial journalists. In our modern era of information overload, the market tends to react to the press release and then to the introductory statement and then to the answers to the financial journalists’ questions. You’re reading […]