Crypto exchange CoinFlex won’t lift withdrawal freeze yet, despite ‘significant progress’ in rescue token fundraising, CEO says

Crypto exchange CoinFlex won't lift withdrawal freeze yet, despite 'significant progress' in rescue token fundraising, CEO says

Crypto exchange CoinFlex, which has halted user withdrawals since June 23, will not lift the freeze on Thursday as originally planned, Mark Lamb, the company’s chief executive, told MarketWatch. The exchange has been trying to raise $47 million in stablecoin USDC USDCUSD, since Tuesday through the sale of a token called Recovery Value USD, or … Read more

Bitcoin’s Price Falls Below $20,000 as Crypto Selloff Deepens

Bitcoin's Price Falls Below $20,000 as Crypto Selloff Deepens

The price of bitcoin lurched below $20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating. Bitcoin fell as low as $17,601.58 and stayed below $20,000 on Saturday afternoon, according to CoinDesk, down about 15% from its 5 pm ET Friday price. It has … Read more

Stock Futures Rise Ahead of Fed Rate Decision

Stock Futures Rise Ahead of Fed Rate Decision

Stock futures rose ahead of the Federal Reserve’s decision on interest rates, while European markets advanced after the European Central Bank called a meeting to address bond-market disruption. Futures for the S&P 500 added 0.7% Wednesday, pointing to gains for the broad index at the open. The S&P 500 fell into a bear market—a decline … Read more

Bitcoin Price Dips Below $21,000 as Crypto Firms Announce Layoffs

Bitcoin Price Dips Below $21,000 as Crypto Firms Announce Layoffs

The price of bitcoin continued to fall Tuesday as the crypto industry struggles with fallout from the extended selloff. Bitcoin traded as low as $20,834 earlier on Tuesday, according to CoinDesk. The original cryptocurrency hasn’t traded under $20,000 since December 2020. For the day, bitcoin fell 5.4% to $21,991.89, its lowest close since Dec. 16, … Read more

Stocks Edge Down After ECB Sets Plan to Raise Rates

Stocks Edge Down After ECB Sets Plan to Raise Rates

US stock benchmarks wavered as investors digested the European Central Bank’s plan to begin increasing interest rates next month. The S&P 500 fell 0.6% in early trading Thursday and the Dow Jones Industrial Average slipped 0.5%. The technology-focused Nasdaq Composite Index also fell 0.5%. Earlier, the major indexes opened lower before briefly turning positive. For … Read more

Stock Market Rises After Weekly Loss

Stock Market Rises After Weekly Loss

US stocks rose on Monday, at least temporarily changing direction after more than two months of volatility and losses. The S&P 500 climbed 0.7% in morning trading, while the Dow Jones Industrial Average rose 0.4%. The technology-focused Nasdaq Composite Index was 0.8% higher. The three indexes fell Friday after data showed hiring growth slowed in … Read more

Fidelity’s Crypto-Focused Business Plans Tech Hiring Spree

Fidelity's Crypto-Focused Business Plans Tech Hiring Spree

A Fidelity Investments subsidiary, launched a few years ago to let institutional investors store and trade bitcoin, plans to double its head count this year as it predicts rising demand for cryptocurrency amid market volatility. Fidelity Digital Asset Services LLC plans to hire 110 tech workers, including engineers and developers with blockchain expertise, to build … Read more

Bipartisan bill enshrining bitcoin, ether as commodities due in June

Bipartisan bill enshrining bitcoin, ether as commodities due in June

The cryptocurrency industry will be laser focused on Capitol Hill in coming weeks, after Democratic Sen. Kirsten Gillibrand of New York and Republican Sen. Cynthia Lummis said Tuesday they will unveil legislation in June that will create a comprehensive “baseline” for cryptocurrency regulation in the United States. Appearing alongside Lummis at the DC Blockchain Summit … Read more

‘Nowhere to hide?’ What’s next as stocks slump toward bear market amid stagflation fears

'Nowhere to hide?'  What's next as stocks slump toward bear market amid stagflation fears

A big bounce for stocks on Friday still leaves the main US stock market benchmark close to entering a bear market as investors freight over the Federal Reserve’s ability to get a grip on inflation without sinking the economy stokes fears of stagflation — a pernicious combination of slow economic growth and persistent inflation. And … Read more

How a bitcoin market ‘in extreme fear’ compares with the past, and what to expect next

How a bitcoin market 'in extreme fear' compares with the past, and what to expect next

USDTerra stablecoin, UST USTUSD gold, +32.00%, once among the top 10 largest cryptocurrency by market cap, lost its 1 to 1 peg against the US dollar, falling to as low as 6 cents on Friday, according to CoinDesk data. LUNA LUNAUSD, +93.75%, another cryptocurrency backing UST, fell nearly to zero from over $80 in early … Read more