Showing posts with the label Crypto Analysis.
Source: washingtonpost.com Crypto’s frozen mystery: The fate of billions in Celsius deposits Steven Zeitchik, Rachel Lerman 13-16 minutes In 2018, Alex Mashinsky held a dinner at an upscale restaurant in New York. The entrepreneur’s goal was to attract “whales” — crypto-speak for large-scale currency holders who can move markets — to invest in a nascent entity he’d created called Celsius Network. The Ukraine-born, Israel-raised businessman spoke charmingly and passionately, according to a person who was at the dinner and described it on the condition of anonymity because it was a private event. He laid out his mission of “unbanking,” in which investors can deposit cryptocurrency outside the traditional financial system. Central to the pitch were unusually high yields for depositors in his Celsius Network — as much as 30 percent — made possible, the New York-based Mashinsky explained, because their money
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Source: economist.com The crypto infrastructure cracks 6-7 minutes A vicious sell-off in risky assets jolts stablecoins May 12th 2022 ( Updated May 12th 2022) IT HAS BEEN a vicious year for financial markets, and more punishing still for crypto assets. More than half the market capitalisation of cryptocurrencies has been wiped out since November. On May 12th bitcoin traded at around $29,000, just 40% of its all-time high in November; ether has slumped by a similar amount. The share price of the leading crypto-industry stock, Coinbase, an exchange, is half what it was a week ago, falling 26% in a single day after it reported earnings and disclosed that users’ deposits on its platform were not necessarily protected in the event that the firm went bust. The sell-off comes at the same time as tech stocks, high-yield bonds and other risky assets have swooned as the Federal Reserve has begun raising interest r
Crypto Analysis by marketWatch: Crypto Has Had a Rough Few Days. The Biggest Test is Still to Come, Morgan Stanley Strategists Say.
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Source: marketwatch.com Steve Goldstein 6-8 minutes Your browser does not support the audio tag. This feature is powered by text-to-speech technology. Want to see it on more articles? Give your feedback below or email email@example.com . It wasn’t a great weekend in the cryptospace. Bitcoin BTCUSD, -1.08% fell into the low $42,000 level over the weekend — a nearly 30% drop — and its recovery to the $48,000 level was still a roughly 8% drop from Friday. Anyway, $42,000 is a lot better than zero, which is what some holders of various cryptos were looking at after hackers stole $150 million from BitMart . And last week, someone stole tokens worth $120 million from the decentralized finance platform BadgerDAO. Still, the adage is to buy when there’s blood in the streets, and El Salvador President Nayib Bukele said he got on the phone ( yes, the phone ) to b