Crypto investment products registered minor weekly outflows last week as volumes plunged to their second-lowest levels of the year, signaling weak demand among institutional investors during the tail end of summer. Outflows from digital asset investment products totaled $8.7 million in the week ending Sunday, CoinShares reported Monday. Bitcoin (BTC) investment products saw a third…
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The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies. FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the letters, which were issued…
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Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. added to its massive BTC reserves in July, as the firm maintained its long-term “HODL strategy” in the face of market volatility. The Alberta-based company generated 330 Bitcoin in July at an average production rate of 10.61 BTC per day, bringing its total reserves to 7,736 BTC.…
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Tesla’s decision to offload most of its Bitcoin (BTC) treasuries netted the company a hefty profit in the second quarter, even as crypto prices plunged into a bear market. In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, according…
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Cryptocurrency exchange Bitfinex has donated 36 Bitcoin (BTC) and $600,000 worth of Tether (USDT) to small businesses in El Salvador as part of a broader pledge to support economic development in neighborhoods that have struggled with gang-related violence. The funds are being distributed in the socially-deprived communities of Ilopango, Soyapango and Apopa, where gang violence…
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Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset despite its recent struggles. In a Form 8-K filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it had acquired an additional 480 BTC at an average price of roughly…
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Sentiment in the crypto community is the lowest it has ever been, leading to fresh speculation that BTC is a dying asset. Source link
Venture firm Three Arrows Capital (3AC) has reportedly failed to meet margin calls from its lenders, raising the spectre of insolvency after this week’s crypto market collapse triggered unforeseen liquidations for the Singapore-based company. Crypto lender BlockFi was among the firms to liquidate at least some of 3AC’s positions, according to the Financial Times. Citing…
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Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution. The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO…
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Traditional hedge funds are slowly embracing cryptocurrency investments but are keeping their exposure limited as the market continues to mature, according to new research from PricewaterhouseCoopers, or PwC. In its 4th Annual Global Crypto Hedge Fund Report 2022, PwC said roughly one-third of traditional hedge funds surveyed are already investing in digital assets such as…
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