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Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

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The financial giant will now allow customers to trade bitcoin, although they will not be able to withdraw it to self-custody.

Customers of Fidelity Investments can now buy bitcoin through the broker. The Fidelity Crypto platform, first opened to a waitlist in November 2022, is now available to the public, as of yesterday.

Customers are able to buy and sell bitcoin, although they will not be able to transfer it to a self-custody wallet where the user controls their private keys. During the launch of the waitlist, there was mention of this ability to come later, but no detail or roadmap has been provided beyond that.  Read more...

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Top 5 Cryptocurrencies To Watch Amidst The Ongoing Banking Crisis

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The market for cryptocurrencies needed a way to process crypto-to-fiat payments or withdrawals with the same 24/7 stamina as that of the traditional financial system.

Silvergate and Signature Bank filled in that gap between cryptocurrencies and TradFi. However, the past few weeks saw both of these lenders collapsing, with Silvergate voluntarily shutting down and Signature being taken over by the New York Department of Financial Services. Silicon Valley Bank also collapsed in the same time frame after suffering a bank run.  Read more...

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The Latest Banking Crisis Is Why I Save In Bitcoin

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The collapse of Silicon Valley Bank has highlighted just how fragile the legacy financial system is.

This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.

This was inevitable and it will continue being inevitable in one form or another, as long as the system exists as is. When the fix is more money printing, which doesn’t fix anything, the collapse will always be inevitable. 

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U.S. Crypto Firms Explore European Banking Partners Amid Financial Crisis

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The recent banking crisis in the U.S., which resulted in losing three crypto-friendly banks, Silvergate Capital, Silicon Valley Bank, and Signature Bank, has raised concerns among U.S.-based firms.  Amidst the alarms of the wavering crisis, crypto firms seem to be exploring diversifying across international jurisdictions. 

In the short term, European banks seem the right choice for these U.S. firms. While the crisis is ongoing, the most viable option is Switzerland, famous for its banking structure and financial system.  Read more...

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BREAKING NEWS: Crypto Lender Genesis Files For Chapter 11 Bankruptcy As Crisis Deepens

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Genesis Global Holdco, the parent company of embattled cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy protection, becoming the latest firm to cave in to pressure in the wake of FTX’s precipitous decline.

Thursday, the company filed for bankruptcy protection in the Southern District of New York, according to court filings cited by numerous news sources on Friday.

Genesis Global Capital, one of the biggest crypto lenders, halted customer repayments on November 16, stoking fears that other  firms could fail. Digital Currency Group, a venture capital firm, owns the company (DCG).  Read more...

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Can Crypto Cause A Financial Crisis? – Indian Central Bank Chief Thinks So

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The Indian government has displayed antipathy and opposition towards cryptocurrency for a long time and Indian central bank governor Shaktikanta Das had stated earlier that he wants crypto to be banned.

The reason behind this antagonism is that Das believed that if crypto was allowed to flourish in a country like India, which happens to be plagued with financial ill-practices, it could disrupt and hamper the traditional financial system.

Very recently, speaking at the BFSI Insight Summit 2022, Shaktikanta Das said that the private digital asset market can cause a potential local financial crisis. He also referred to the recent colossal fall of FTX, the crypto exchange, as proof of the industry’s “inherent risks.”  Read more...

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Crisis For Already Struggling Bitcoin Miners: Revenues Plunge 15% In 7 Days

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Data shows the already struggling Bitcoin miners have received another blow this week as their revenues have plunged by 15%.

Bitcoin Daily Miner Revenues Sharply Declined Following Price Crash

As per data from the latest weekly Arcane Research report, the daily mining incomes have dropped to just $ 16.3 million now.

The “daily miner revenues” are calculated by multiplying the total amount of Bitcoin that miners get in block rewards and transaction fees each day, with the current price of the crypto.

Since the block rewards are mostly fixed, the revenues mainly depend on the price and the transaction fees.  Read more...

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The Exchange War: FTX Faces Liquidity Crisis

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The exchange war has begun. The Binance CEO publicly dukes it out with the FTX co-founder as rumors of FTX and Alameda Research financial distress fly.

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In “The Bigger They Are,” we briefly discussed the details around Alameda Research’s balance sheet and highlighted some questions around the amount of FTT tokens they own in their asset holdings.  Read more...

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As The China Crisis Deepens, It’s Clear That The Globalists Are Losing

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The anti-globalist right has taken control of the Swedish parliament, which is a very good sign for individualism and decentralized governance.

“Fed Watch” is a macro podcast, true to bitcoin’s rebel nature. In each episode, we question mainstream and Bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies.

In this episode, CK and I get down and dirty in the August consumer price index (CPI) data, some shocking Chinese economic data and we talk about the bitcoin and ether price.

 Read more...

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The Energy Crisis Will Turn The Money Printers Back On, But Only Bitcoin Can Solve It

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The only way out of this mess is to adopt a money that is extremely hard for the unproductive class to corrupt. That money is bitcoin.

The below is a direct excerpt of Marty’s Bent Issue #1258: “The energy crisis is going to turn the money printers back on faster than most expect.” Sign up for the newsletter here.

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First Mover Americas: Bitcoin Languishes Below $20K as Energy Crisis in Europe Worsens

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The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 5, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
CoinDesk

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Most People Are Not Prepared For The Extent Of The Energy Crisis

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This transition is going to prove to be tumultuous for many around the globe and some are just beginning to realize this.

The below is a direct excerpt of Marty’s Bent Issue #1256: “Most people are not prepared.” Sign up for the newsletter here.

The freight train is barrelling down the tracks with malfunctioning brakes, the conductor is leaning on the horn, but very few people standing on the tracks and in imminent danger seem to hear it. The deaf ears are caused by the fact that most people are rather comfortable. It isn’t until the train has run them over do they begin to hear the roaring of the wheels over the track and the steam horn blaring.  Read more...

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Crypto New Casualty – Hodlnaut Sacks 80% Of Personnel Due To Liquidity Crisis

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Troubled Crypto lender Hodlnaut has laid off 80% of its employees and filed for judicial intervention in Singapore in a bid to decrease costs and stay afloat.

On Friday, Hodlnaut, which offers cryptocurrency investment options in approved institutions with interest, disclosed liquidity issues.

Hodlnaut confirmed that it ended the employment of approximately 40 individuals “to cut corporate expenses.” According to its statement, the 10 remaining staff are “essential” to its current operations.

Crypto Firm Hodlnaut In Deep Waters

In response to the company’s judicial supervisory filing, the Singaporean Court will now select an administrator to assess the lender’s accounts and operations.  Read more...

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A European Debt Crisis Is Bullish For Bitcoin

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With the current macroeconomic crisis unfolding and many European countries at risk of debt defaults, bitcoin enters the ring as a neutral reserve asset.

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Brandon Green to talk about how the European debt crisis is bullish for bitcoin.

Watch This Episode On YouTube Or Rumble

Listen To The Episode Here:  Read more...

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Bitcoin ‘Back With A Vengeance’ – Crypto Liquidity Crisis Is Over, Citi Report Suggests

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Bitcoin could be seeing the proverbial light at the end of the tunnel, at least that’s what a major American multinational investment bank is saying on its latest findings.

Multiple evidence indicate that the liquidity crisis in the broader cryptocurrency markets may have seen the worst. This is the conclusion suggested by Citi Bank, in its latest study.

Since its November peak last year, Bitcoin’s value has decreased by more than half, causing the whole cryptocurrency market to plummet.

Both Terra (LUNA) and TerraUSD (UST) have witnessed precipitous drops, including Bitcoin, that have alarmed a great number of investors.  Read more...

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What China’s Alarming Financial Crisis And A Strengthening US Dollar Means For Bitcoin

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China’s banks face insolvency risks with widespread mortgage boycotts. The U.S. dollar is strengthening and bringing bitcoin down in the process.

“Fed Watch” is a macro podcast with a true and rebellious bitcoin nature. In each episode we question mainstream and Bitcoin narratives by examining current events from across the globe, with an emphasis on central banks and currencies.

Listen To The Episode Here:  Read more...

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Sri Lanka’s Central Bank Warns Against Crypto Amid Economic Crisis

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The Central Bank of Sri Lanka, or CBSL, has cautioned the public against buying cryptocurrencies due to a lack of regulatory monitoring at a time of economic and political upheaval.

Sri Lanka Maintain “Crypto Is Illegal” Stance

A public awareness notice was released by Sri Lanka’s central bank on July 12 in response to “recent developments in relation to virtual currency usage.”

Digital assets were defined as “largely unregulated digital representations of value” that are traded and issued by private companies.  Read more...

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ViaBTC Capital｜What is the Solution to the DeFi Crisis?

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Following the UST depeg, the crypto market started to crumble: crypto institutions crashed, exchanges suspended withdrawals, and lending protocols suffered from liquidation and runs, presenting a huge liquidity crisis. The domino effect has also fully revealed a DeFi crisis.  Read more...

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Bitcoin Mining Could Be The Answer To Nigeria’s Inflationary Crisis

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Renewable energy potential, wide adoption and deflationary fiat make Nigeria the perfect home for extensive bitcoin mining operations.

This is an opinion editorial by Heritage Falodun, a software engineer and co-host of the “Bitcoin In Nigeria” podcast.

The aim of this work is to give a brief, concise but insightful elucidation around the economic meltdown and environmental degradation in Nigeria, while also proposing Bitcoin mining through renewable energy sources as a solution to those problems.

This document analyzes and showcases the complexity around electrical energy sources that have been explored, and the impact of such exploration to the country’s ecosystem.  Read more...

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Three Bank Failures Open New Chapter in Never-Ending Financial Crisis

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Three Bank Failures Open New Chapter in Never-Ending Financial Crisis

The collapse of three banks on three different continents indicates a new global crisis is brewing. But it may also show that the last one never really ended and the tools used to manage the global economy simply don’t work.

Also read: Side Effects of Economic Growth: Is Snowden Right to Say Bitcoiners Shouldn’t Be Bankers?

US Bank Fails for the First Time Since 2017

More than 10 years have passed since the collapse of Lehman Brothers, which burned almost $ 10 trillion in market capitalization in global equities within a month. Back then, it was determined that banks, large and small, had gotten themselves into trouble with mortgage-backed securities, the price of which turned out to be significantly overestimated.  Read more...

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