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Bitcoin Maximalist Michael Saylor Says Ethereum Could Collapse Like LUNA

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Ethereum has come under fire from bitcoin maximalist and former MicroStrategy CEO Michael Saylor who has compared the network to LUNA, which tragically collapsed in May 2022. The effects of the collapse continue to haunt the broader crypto market, playing a role in the collapse of many notable crypto firms. Now, Saylor has pointed fingers at Proof of Stake (PoS) networks like Ethereum as carrying a possibility of crashing like the infamous Terra.

Will Ethereum Break Like LUNA?

In a Twitter post, the MicroStrategy ex-CEO highlighted that Ethereum is at risk of seeing a LUNA-level event. The argument was basically a comparison of bitcoin to other cryptocurrencies such as Ethereum which Saylor believes are unstable.  Read more...

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TALKING HEADS: What Do The Industry Leaders Think About The FTX Collapse?

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Believe it or not, the FTX collapse was only two weeks ago. We at Bitcoinist have covered the event from every angle imaginable, but there was something missing. What do the protagonists of the crypto story think about the catastrophe? How do they see the industry in light of what happened? Do they find a silver lining or do they incline to doom and gloom? These are seriously interesting times in the crypto world, and the captains of the industry have a lot to say and few places to say it. 

That’s where Bitcoinist comes in.  Read more...

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FTX Collapse Pushes FINRA To Investigate Crypto Retail Communications

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Many reactions have been erupting following the collapse of the FTX crypto exchange. The crypto market is thrown into a devastating state as prices of most assets are declining. Many participants and observers are losing confidence in the security of the industry. The list of events unfolding has become quite massive as the days roll by.

There have been revelations of losses of many firms and venture investors on the distressed exchange. Moreover, the contagion kept spreading as more companies declared massive exposure to FTX.  Read more...

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FTX Downfall Probably Sparked By The Collapse Of Terra, Report Reveals

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In his first court filing, new FTX CEO and bankruptcy trustee John Ray III revealed yesterday an even greater extent of the fraud and chaos behind the collapse.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in the filing.

Renowned on-chain analysis firm Nansen has now produced its own report to explore the origins of the disaster. It says Bankman Fried companies were closely linked from the beginning.  Read more...

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FTX’s Collapse Reveals Deeper Questions About Bitcoin Adoption Versus Speculation

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The exchange’s collapse will change the motivations for bitcoin adoption and re-orient educational routes.

This is an opinion editorial by Brooks Lockett, a freelance writer and Bitcoiner who fell down the rabbit hole in 2018.

I long for the day when savers outnumber speculators on this planet. And the FTX saga has shown us that we’re nowhere close to that dream.

Still, the future remains bright. This article attempts to identify the psychological forces underpinning the recent FTX crash, and provide insight into how we can create information that hooks newcomers directly onto the bitcoin standard and helps them avoid getting entangled with the siren call of altcoins.  Read more...

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How The FTX Collapse Spiked Fees On Popular Bitcoin Exchanges

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The collapse of an industry titan exposes how various bitcoin brokerages could experience massive differences in the cost of bitcoin.

This is an opinion editorial by Michael Chapiro, a materials engineer, an aerospace and defense executive and founder of Caliber.
  Read more...

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As The FTX Collapse Shows, Time, Money And People May Change But Liquidity Crises Don’t

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FTX’s collapse mirrors that of most liquidity crises over the last 100 years, but Bitcoin offers a break in the cycle.

This is an opinion editorial by Kane McGukin, who has 13 years of wealth management experience spanning brokerage and institutional equity sales. He is an independent registered investment advisor.

“This gamble came undone due to the dumping of millions of dollars in copper into the market to stop a hostile takeover in an unrelated organization.”

–Knickerbocker Trust Company, Wikipedia  Read more...

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How FTX Collapse Caused Crypto Market To Shed Over $100 Billion In 24 Hours

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Major cryptocurrencies are down with some depreciating in value more than 10% in the past 24 hours.

Just days earlier, Binance CEO Changpeng Zhao announced that FTX asked for help in dealing with the ongoing liquidity problem in the troubled exchange. This prompted a strong bearish response from the crypto market.

Almost immediately after Binance revealed that they might buy the Sam Bankman-Fried crypto exchange, cryptocurrency values dropped sharply. In general, the last day of trading saw a significant drop in the value of cryptocurrencies.

Based on figures from CoinMarketCap, the price decline wiped out more than $ 100 billion in value from crypto assets.  Read more...

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Crypto Could Save The Lebanese People From Economic Collapse – Here’s Why

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Crypto could prove to be the solution to a country like Lebanon to restore its failing economy. Lebanon’s financial system is fundamentally dysfunctional as a result of decades of mismanagement.

Lebanese citizens are increasingly resorting to cryptocurrencies as a means of survival in the face of economic turmoil hounding the country of 6.8 million, according to a report by CNBC.

Tether, Bitcoin, and other crypto have begun to displace the country’s native currency and the U.S. dollar in a variety of contexts, including mining for income and applying for day jobs, storing wealth, and making purchases.  Read more...

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Crypto Collapse Pulls Celsius Network Down Into Bankruptcy

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Crypto lender Celsius Network, one of the biggest in the world, has filed for Chapter 11 bankruptcy protection, joining a string of crypto asset organizations that have restructured in response to a severe sell-off in cryptocurrencies this year.

The news is the latest high-profile crypto bankruptcy as crypto values collapse, making Celsius the latest victim of a $ 2 trillion meltdown that has crippled some of the sector’s most popular companies and left hundreds of thousands of individual investors losing significant amounts of money.

Suggested Reading | Bitcoin Will Reach ATH In Next 24 Months, Coinshares CSO Predicts  Read more...

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Crypto Lender Voyager Digital Goes Bankrupt After Three Arrows Collapse

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Crypto lender Voyager Digital is the latest domino to fall in the tumultuous market for digital assets.

Voyager Digital disclosed on Wednesday that it filed for bankruptcy on Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The bankruptcy petition comes a week after the company froze withdrawals, trading, and deposits as it sought further time to consider available options. Since the beginning of 2022, Voyager’s shares have lost over 98 percent of their value.

Suggested Reading | Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money  Read more...

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Deutsche Bank Collapse Could Crash Global Financial Markets

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German financial services giant Deutsche Bank AG is one of the largest and most important economic institutions in the world. Mainly due to self-imposed scandals, the bank is now having to taking drastic measures to stay afloat. Investors everywhere should note that if such a critical piece of the too-big-to-fail banking system falters, it could trigger another global financial crisis.

Also Read: Global Crypto War Is Heating up – Iran Next in Line With Its Own Gold-Backed Coin  Read more...

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Stop Blaming Coinbase for That Bitcoin Price Collapse

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The rumor on the street is that Coinbase succumbing to technical difficulties led to a significant $ 1,400 drop in the price of Bitcoin across the entire global cryptocurrency market. If this is remotely true, that would mean too much of the crypto market relies on a single outlet. But can it be? Or did bears […]

The post Stop Blaming Coinbase for That Bitcoin Price Collapse appeared first on CCN Markets

CCN Markets

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Is The Demise of Euro Inevitable? Analyst Says it Can Trigger a Devastating Collapse

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By CCN.com: As the eurozone economy slows down and the European Central Bank (ECB) run out of ways to fuel the market, market strategist Russell Napier has said the euro may be in trouble. Speaking to FT, the analyst firmly stated that the global monetary system is beginning to show serious vulnerabilities, noting that the

The post Is The Demise of Euro Inevitable? Analyst Says it Can Trigger a Devastating Collapse appeared first on CCN

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ShapeShift CEO: Crypto Collapse Is the Euphoria Stage of the Bears

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The cryptocurrency market took yet another major hit on Saturday when Bitcoin (BTC) dropped through the $ 4,000 psychological support level, plummeting as low as $ 3,600 in recent trading before settling around $ 3,780. While bearish bets and price targets are beginning to pile on, ShapeShift CEO Erik Voorhees believes that the current market action is indicative of […]
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Double-Bottom? ‘Substantial Funds’ Waiting for Crypto Collapse to Complete

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The cryptocurrency market has entered a full-fledged state of depression, leaving many long-time investors frustrated and many first-time investors downright furious. However, the worst is almost certainly over.

A hard fall

Many uneducated cryptocurrency investors lump the major market players — Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and possibly Bitcoin Cash (BCH) — into the same category, even though there are fundamental and core differences between these cryptocurrencies.

That group, according to Linda Butcher, co-founder of Rewards Blockchain LTD., is often believed to be on the verge of collapse.  Read more...

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