Author: Beatrice D. Ramirez
On the 5th of December, after Morgan Stanley downgraded Silverate’s stock rating, Silvergate Capital Corp, a crypto-friendly bank, dropped around 8.49% to $24.24. The reason behind Morgan Stanley, a New York-based bank, downgrading a crypto-friendly bank’s stock rating from equal weight to underweight is the weak Q3 performance, which was due to the collapse of FTX, which was once the biggest crypto exchange in the world and now is nothing. According to the report from Barron’s, Morgan Stanley analysts outlined significant uncertainties surrounding the crypto bank’s digital deposits. And the crypto-friendly bank expected a 60% drop in deposit volume this…
The collapse of FTX, which was once the biggest crypto exchange in the world and now is nothing, affected several crypto firms, as some firm stopped their withdrawals, some tried to raise a loan to solve their liquidity crunch due to this collapse, some reached on the verge of bankruptcy, and all the cryptocurrencies prices dropped to new lows. These effects have not yet ended, as the crypto insurance protocol, Nexus Mutual, revealed $3 million in losses due to the exchange’s collapse last month. On the 5th of December, in a blog post, Nexus Mutual announced that it expects to…
After the collapse of FTX, which was once the biggest crypto exchange in the world and now is nothing, several crypto regulators and security agencies made their policies strict over the whole crypto industry, and since then, they have started investigating other crypto firms. According to a Bloomberg report, today, on the 5th of December, another agency FTC, the US Federal Trade Commission, joined this list and is investigating several unnamed crypto firms over misleading crypto advertising. According to the report, in a statement, Juliana Gruenwald Henderson, a spokesperson of the FTC, said that we are investigating several firms for…
GameStop, a video game retailer, has cut off another round of employees, including crypto wallet engineers. According to the 5th of December report from Axios, GameStop has laid off more staff, and engineers behind its crypto wallet were particularly hard hit by these layoffs. This news has also been confirmed by several reports and social media posts from affected individuals from these layoffs. Earlier today, in a LinkedIn post, Daniel Williams, the Lead Software Engineer at GameStop, confirmed that there was another big round of layoffs at the video game retailer currently in progress. Daniel claimed that these layoffs include…
On the 5th of December, Nexo, a crypto lender, announced that it would gradually end its US products and services over the coming months. The reason which led the crypto lender to make this decision is hitting a dead end with regulators. In a blog post, Nexo, a UK-based company, shared this announcement that it had been talking with regulators for 18 months, but the US rejected providing a path for promoting blockchain businesses. Nexo, a digital asset platform, loans out customers’ funds and uses the proceeds to pay interest. In the blog post, the crypto lender said that Our…
Maple Finance, the DeFi-based lending platform, has cut ties with Orthogonal Trading, a crypto firm after it allegedly misrepresented its financial position. On the 4th of December, M11 Credit, a Maple Finance pool delegate, issued a default notice to Orthogonal Trading, asserting that the crypto firm has $31 million in due liabilities in the USDC pool of M11 and is unable to repay those debts. According to the notice, the crypto firm also has another $5 million in liabilities in the M11 Wrapped Ethereum pool. M11 Credit uses the services of Maple Finance to release loans to interested parties. However,…
The year 2022 has been a bad one for almost all cryptocurrencies, especially for Bitcoin, the largest cryptocurrency in the world by market cap, which dropped more than 75% from its all-time high value of around $69,000. And today, on the 5th of December, a new report from analysts at Standard Chartered revealed that Bitcoin could still drop further next year, around $5,000. According to the report by Standard Chartered, a multinational banking group, Bitcoin could plummet as low as $5,000 in one scenario because the bursting of the crypto bubble has ramifications throughout the year 2023. In the report,…