Binance Bitcoin Holdings Flips Coinbase Amid Insolvency Rumors
The battle for supremacy among crypto exchanges has often come down to the amount of bitcoin that they hold. This is due to the prestige that comes with the pioneer cryptocurrency and, of course, the value that it commands. For the longest time, Coinbase has maintained its lead in the market when it comes to […]
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Insolvency rumors regarding Coinbase, the largest US-based crypto exchange, going insolvent are currently circulating in the virtual stratosphere. Are they true? It’s not clear yet. What is clear though is that rumors like these are not good to the overall health of the broader crypto market. What the crypto space needs today is news like new companies launching, hiring […]
CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the FTX ordeal and circumstances surrounding its acquisition by Binance. On Tuesday, FTT, the FTX native token, went to ruins with over 73% decline. It happened after the exchange liquidated its Ethereum holdings to mitigate its insolvency crisis. Before the crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors of the firm’s financial pressure. He said the firm’s asset remains okay, and there was no threat of insolvency. Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows |....
On Monday, June 13, 2022, the crypto economy dropped below the $1 trillion region, as a great majority of crypto assets have lost between 10% to 25% during the last 24 hours. Meanwhile, the crypto community has been discussing the cryptocurrency lending application Celsius as rumors of insolvency have been swirling. On June 12, around 10:10 p.m. (ET) Celsius announced that it paused “all withdrawals, swaps, and transfers between accounts.” Celsius Pauses Lending Application’s Operations, Crypto Community Talks About a Possible Insolvency and Liquidations On Sunday....
Crypto exchange Coinbase addressed the insolvency rumors which have emerged over the past week. These claims stated that the U.S. publicly traded company was exposed to the failed hedge fund Three Arrows Capital (3AC). The latter has defaulted on over $3 billion in debt from its creditors. Related Reading | Bitcoin Can Still Hit $500,000 In […]
Some days back, the crypto market was celebrating a significant rally in the price of major cryptocurrencies. Bitcoin hit a remarkable recovery surpassing the $20K level to $21,500. However, the story quickly changed as the FTT crash dragged the other tokens down. Due to the ongoing FTX crisis in the crypto space, many assets have recorded new all-time lows. Latest reports show that BTC has hit a two-year low, plummeting to $15,500 and leaving the market with a $200 billion loss. It all began with a clash of interest between Binance and FTX, which drove the former’s decision to....