Author: Crypto Global News

FTX US Gains ‘Option to Acquire’ BlockFi for Up to $240M By CoinDesk Staff BlockFi and FTX US have reached a deal that will provide the embattled crypto company with a $400 million credit facility. The deal also gives FTX US, a unit of Sam Bankman-Fried’s FTX crypto exchange, the right to acquire BlockFi and will, according to BlockFi CEO Zac Prince, “protect client funds.” In a tweet Friday, Prince said the parties agreed to the “definitive agreement” one day prior. He said it is still subject to shareholder approval. The deal has a total value of “up to $680 million.”…

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Grayscale ‘GBTC Discount’ Widens After SEC Bitcoin ETF Rejection By Lyllah Ledesma A key crypto market metric known as the “Grayscale discount” is widening after the U.S. Securities and Exchange Commission rejected an application to convert the world’s biggest bitcoin fund into an exchange-traded fund (ETF). The shares of the Grayscale Bitcoin Trust (GBTC) are now trading at a 31% discount to the value of the underlying bitcoin, based on figures posted on the website for Grayscale Investments, the fund’s manager. Prior to the SEC’s decision, the GBTC discount was 28.4%. The widening in the discount is seen as a sign of waning optimism for…

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Market Wrap: Bitcoin Heads for Record Half-Year Loss of 59% By Bradley Keoun, Jimmy He BTC slipped below $19K for the fifth straight daily price decline. Stocks headed for their worst first half since the 1970s as a consumer spending slowdown stokes fresh recession concerns. Bitcoin’s (BTC) price fell for a fifth straight day, heading toward the worst half-year loss on record. An adverse regulatory decision late Wednesday from the U.S. Securities and Exchange Commission squelched what little hope traders might have had of a quick rebound. As of press time the largest cryptocurrency by market capitalization was changing hands…

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First Mover Asia: Speculating on Tokenized Carbon Offsets Won’t Help Climate Crisis, Says Consultant; BTC Falls Under $19K Amid Wider Crypto Woes By Sam Reynolds, James Rubin A significant number of carbon credits are from projects 8-10 years old; Ether and other major altcoins plummet. Prices: Bitcoin tumbles amid continued crypto industry stress. Insights: Speculating on tokenized carbon offsets won’t help prevent climate change, a consultant says. Prices Bitcoin (BTC): $18,955 -5.7% Ether (ETH): $1,024 -6.7% Biggest Gainers There are no gainers in CoinDesk 20 today. Biggest Losers Asset Ticker Returns DACS Sector Terra LUNA −27.8% Smart Contract Platform Polygon MATIC −9.5% Smart Contract…

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Bitcoin Drops to Nearly $19K as Fed Renews Inflation Warnings By Shaurya Malwa Central bank leaders warned Wednesday that inflation is going to last longer than some estimated. Bitcoin fell toward $19,000 during Asian afternoon hours after central bankers renewed inflation warnings at the European Central Bank’s annual forum on Wednesday. The asset dropped 5.5% in the past 24 hours, and is on track for a record 40% monthly decline. Other large cryptocurrencies also weakened, with ether dropping 9.9% in the past 24 hours and Solana’s SOL falling as much as 11%. Total cryptocurrency market capitalization fell 4.3%. Bitcoin dropped…

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First Mover Americas: BTC Down 40% in June; SEC Rejects Grayscale’s BTC ETF Application By Lyllah Ledesma The latest moves in crypto markets in context for June 30, 2022. Price point: Bitcoin suffered its worst monthly returns yet, down 40% in June. Market moves: In a much scrutinized move, the U.S. SEC rejected the digital-asset manager Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. Within an hour, Grayscale had filed a suit against the regulator over the decision. Price point Pessimism took over the crypto market in June, and bitcoin (BTC) suffered its worst monthly returns, according…

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First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K By Sam Reynolds, James Rubin Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading. Prices: Bitcoin slogs toward $20K; ether and other cryptos slide. Insights: The performance of blue chip ICOs over five years may resonate with investors concerned about the current bear market. Prices Bitcoin (BTC): $20,281 -2.5% Ether (ETH): $1,143 -4.9% Biggest Gainers Asset Ticker Returns DACS Sector Terra LUNA +17.8%…

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Solana’s Biggest DeFi Lender Almost Got Rekt. Then Binance Stepped In By Danny Nelson Solend’s whale crisis rattled depositors and threatened to crash Solana. Can the lending protocol recover? What happens when there’s a multimillion-dollar margin call and no one picks up the phone? That eerie prospect threatened to become a nightmarish reality last week for Solend, Solana’s second-biggest decentralized finance (DeFi) outpost. Its single-largest user – a wallet with $107 million in USDC borrowed against $170 million in SOL collateral – was on the verge of liquidation and completely MIA. Developers tried Reddit posts, on-chain messages, even Twitter memes, hoping…

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First Mover Asia: Bitcoin Holds Above $21K in Weekend Trading; Solana Web3 Phone Faces Long Odds By Sam Reynolds, James Rubin Ether stays over $1,200; prior blockchain phones have failed because the market has realized their functionalities are already available via apps that can be loaded onto any old phone. Prices: Bitcoin fell slightly on Sunday but held steady above $21K; ether remains over $1.2K. Insights: Solana Web3 phone faces long odds based on the blockchain industry’s track record. Prices Bitcoin (BTC): $21,121 -1.5% Ether (ETH): $1,212 -2.5% Biggest Gainers Asset Ticker Returns DACS Sector Terra LUNA +9.0% Smart Contract Platform Dogecoin DOGE +7.9%…

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Market Wrap: From GBTC Discount to Short Bitcoin ETF, Traders See Reasons for Optimism By Bradley Keoun, Jimmy He It’s hard to imagine that data showing traders piling into a trade designed to profit from further bitcoin price declines might be bullish, but that’s how some analysts are interpreting the signal. Bitcoin (BTC) held steady at about $21,000 in Friday afternoon trading. The largest cryptocurrency by market capitalization was recently trading at $21,030, up 3% over the past 24 hours. This weekend, however, could pose another test for bitcoin, analysts say, as reported by Jimmy He. “This weekend could be another…

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