Bitcoin News and Finance: What You Need to Know

Investment firm Paradigm is still optimistic about crypto’s potential following the collapse of FTX. “The blowup of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance [defi] can solve through increased transparency and security,” the firm’s co-founder emphasized. Paradigm on FTX Collapse, Defi Paradigm co-founder Matt Huang took to Twitter to explain the impact cryptocurrency exchange FTX’s collapse has on his company. Paradigm is a San Francisco-based investment firm focused on supporting crypto and Web3 companies and protocols. “We are shocked by the revelations about FTX, Alameda, and SBF,” he began. FTX and trading firm Alameda Research filed for Chapter 11 bankruptcy last week. Both companies were founded by Sam Bankman-Fried (SBF), who has stepped down as the CEO of FTX. “Facts are still coming to light, and there will be many lessons to learn,” Huang added, elaborating: We feel deep regret for having invest

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the Fed … I hate bitcoin promoters.” He also said that Tesla’s success is a “minor miracle.” Berkshire’s Charlie Munger on Bitcoin, FTX Collapse, the Fed, Tesla, and Elon Musk Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, has made fresh comments about bitcoin and the collapse of crypto exchange FTX. “It pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist,” the 98-year-old Berkshire Hathaway vice chairman said, adding: This is a very very bad thing. The country did not need a currency that’s good for kidnappers and so on. He noted that it depresses him that some peopl

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that he would again back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. “You can’t be serious,” many people told O’Leary, alleging that SBF is a fraud who stole billions from FTX customers. Kevin O’Leary Ignores Evidence of Fraud, Says He’d Back ex-FTX CEO Sam Bankman-Fried Again Shark Tank star Kevin O’Leary has shocked many people when he said on the Crypto Banter podcast, published Tuesday, that he would still back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. Last week, the crypto company filed for Chapter 11 bankruptcy and Bankman-Fried stepped down as the CEO. O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. “If SBF knocked on your door again and said, ‘Look I failed in my last venture, I have a new crypto ventu

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin is not the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like the Bernie Madoff of crypto than the Warren Buffett of crypto. Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts about bitcoin, the collapsed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried stepped down as the CEO of the company. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Following the implosion of FTX, many people rushed to exit the crypto space, which led to heavy market sell-offs. However, K

The collapse of FTX and subsequent calls for tougher regulation by the likes of U.S. Senator Elizabeth Warren have increased the likelihood of regulators adopting even stricter crypto laws. In Africa, crypto industry participants warn of the unintended consequences arising from rushed and over-restrictive regulations. The Game-Changing Role of Crypto in Africa As the crypto industry continues to grapple with the ramifications of FTX’s collapse and the resulting loss of trust, regulators have been quick to use this incident to support their call for more stringent regulations. Opponents of bitcoin and decentralized digital assets like U.S. Senator Elizabeth Warren have blasted regulators for allowing entities such as FTX to operate outside regulation. Compounding matters for crypto enthusiasts who may want to lobby against damaging legislation is the impression that crypto entrepreneurs are not bound or guided by any known code of conduct. Critics of the industry believe this lack o

Claims that Ukraine has invested military aid into the bankrupt crypto exchange FTX have been rebutted by a representative of the Ukrainian government. Speculation circulated on social media suggested such funds have been returning to the U.S. via FTX donations for the Democratic Party. Kyiv Official Describes as Nonsense Allegation That Ukrainian Investment in FTX Funded Democrats Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has rejected claims that money sent in support of his war-torn nation has been invested in FTX, one of the largest cryptocurrency exchanges which is currently in bankruptcy proceedings . The rumors spread on social media last week with some commenters linking the alleged investment in FTX to donations made by the troubled coin trading platform to the Democratic Party in the United States. #BREAKING ⚡️🇺🇦UKRAINE “MILITARY AID” FROM USA – WAS INVESTED IN CRYPTO “FTX” BY UKRAINE! — UKR REPORT (@UKR_Report) November 12, 20

U.S. Congressman Brad Sherman has called on the Securities and Exchange Commission (SEC) to “take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.” He added that he plans to work with his colleagues in Congress in the coming weeks “to examine options for federal legislation.” Rep. Brad Sherman on Cryptocurrency Regulation Congressman Brad Sherman (D-CA), chairman of the subcommittee on Investor Protection and Capital Markets, released a statement regarding the implosion of cryptocurrency exchange FTX on Sunday. FTX’s “sudden collapse” has been “a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them,” the lawmaker described. Noting that “We do not yet know the scope of financial harm caused to consumers and investors in the U.S. and around the world,” Sherman stressed: It is crucial that we develop a clear understanding of the chain of event

A Citi analyst has warned of a serious risk of broader contagion to the crypto ecosystem stemming from the collapse of crypto exchange FTX, noting that the contagion “can last for a significant amount of time.” He added that the crypto industry seems to have “no significant lender of last resort.” Citi’s Analyst Warns of Broader Contagion to Crypto Ecosystem Citi analyst Joseph Ayoub explained in an interview with CNBC Friday that the overall cryptocurrency market faces risks of contagion from the implosion of FTX. The troubled crypto exchange filed for Chapter 11 bankruptcy Friday. The Citi analyst cautioned: I think there’s a serious risk of broader contagion to the ecosystem itself. However, he added: “It’s unlikely that contagion spreads toward broader financial markets, and that’s mainly because of the size of the crypto space, which is only around $830 billion in comparison to the $43 trillion U.S. equity market.” Ayoub further predicted that companies in the crypto sect

Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says recent blowups in the crypto space, including the FTX implosion, “have been banking blowups,” not crypto blowups. He also explained why he invests in crypto. Recent Blowups Aren’t Crypto Specific Mark Cuban explained on Twitter Saturday that the implosion of FTX is not a crypto blowup. Commenting on his Shark Tank co-star Kevin O’Leary discussing why the collapse of the crypto exchange signals a turning point in the industry, Cuban tweeted: These blowups have not been crypto blowups, they have been banking blowups. “Lending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs,” the Shark Tank star elaborated. “See long-term capital, savings & loan and sub-prime blowups. All different versions of the same story.” Many people on Twitter agreed with Cuban. One user described: “There was nothing specific about crypto … Other recent blowups (3AC, Celsius

U.S. Treasury Secretary Janet Yellen and Federal Reserve Vice Chair Lael Brainard have stressed the need for strong crypto regulation. Yellen said the FTX collapse shows “the weaknesses” of the entire crypto sector while Brainard cautioned that failures from one platform are “spilling over into elsewhere.” Yellen: Crypto Needs ‘Very Careful Regulation’ U.S. Treasury Secretary Janet Yellen shared her concerns regarding the implosion of cryptocurrency exchange FTX Saturday in an interview with Bloomberg. She stressed that FTX’s failure has reinforced her view that the crypto market requires “very careful regulation,” emphasizing that “It shows the weaknesses of this entire sector.” Yellen compared crypto markets to developed financial markets with better investor protection rules, adding: In other regulated exchanges, you would have segregation of customer assets. The notion you could use the deposits of customers of an exchange and lend them to a separate enterprise that you cont

Bitcoin was trading marginally higher on Nov. 15, as the U.S. dollar continued to weaken, dropping to multi-month lows versus several G7 currencies. The decline of the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 million followers. Bitcoin Bitcoin ( BTC ) rose back above $17,000 on Tuesday, as the U.S. dollar weakened on reports that the Federal Reserve could be set to pivot its hawkish policy. Following a low of $16,267.33, BTC /USD raced to an intraday high of $17,109.32 earlier in today’s session. The weaker dollar was a catalyst for the move, as markets seemed to have ignored cryptic tweets from Sam Bankman-Fried. Looking at the chart, BTC seems to have settled on a floor (for now) of $15,800, using this as a springboard to securing consecutive higher highs. BTC has since moved back below $17,000, as the 14-day relative strength index (RSI) neared a key resistance level of 39.00. Bulls may face difficulty exten

A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies. Metaverse of Entertainment to Grow, Fueled by Consumer Adoption The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. A report issued on Nov. 11 by Technavio, a market research firm, has determined that the market size of the metaverse initiatives related to entertainment will grow to reach $28.92 billion in the period from 2021 to 2026. The report identified two key areas that will fuel this growth, including the rising consumer spending on virtual concerts and virtual events, made possible by the growing advancements in virtual reality (VR) and augmented reality (AR) t

According to a report stemming from the blockchain analytics firm Argus, Sam Bankman-Fried’s trading firm Alameda Research obtained tokens ahead of FTX.com listings. The report claims that Alameda acquired roughly $60 million worth of tokens before the digital assets were scheduled to be listed on FTX. Blockchain Analytics Firm Says Alameda Had an Insider’s Edge a Month Prior to FTX Listings Wall Street Journal (WSJ) contributor Caitlin Ostroff detailed on Nov. 14, 2022, that analysis from the blockchain analytics firm Argus indicates the now-bankrupt Alameda Research had amassed a large stash of tokens prior to specific FTX listings. Ostroff’s report notes that between March 2021 through March 2022, Alameda acquired $60 million of these types of crypto tokens stemming from 18 different FTX listings that followed. “What we see is they’ve basically almost always in the month leading up to it bought into a position that they previously didn’t. It’s quite clear there’s something in t

Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency. Huobi’s ‘Inexhaustive Overview’ The Seychelles-based cryptocurrency exchange, Huobi, became the latest digital asset exchange to attempt to assuage users’ anxieties when it unveiled its so-called “proof of reserves” on Nov. 12. As shown in Huobi’s “inexhaustive overview” of digital assets held, the crypto exchange had about 32,000 BTC , 274,000 ETH , and 820 million USDT stablecoins, as well as 9.7 billion TRX tokens. In addition to disclosing the U.S. dollar value of digital assets held — $3.5 billion — Huobi also shared a snapshot of the list of addresses where the funds are being kept. Huobi’s revelation of digital asset holdings came just two days after FTX

Visa has reportedly terminated its global agreements with collapsed cryptocurrency exchange FTX and its U.S. arm, FTX US. The payments giant added that FTX’s “U.S. debit card program is being wound down by their issuer.” Visa Ends Agreements With FTX Visa Inc., the world’s leading payments processor, reportedly said Sunday that it has ended global agreements with bankrupt crypto exchange FTX. A Visa spokesperson told Reuters: We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer. “The situation with FTX is unfortunate and we are monitoring developments closely,” the representative added. Visa and the companies behind FTX.com and FTX US announced “a long-term global partnership” in early October. “As a part of the alliance, FTX will begin by offering FTX-branded Visa debit cards to FTX customers internationally,” the announcement detailed, adding that while the debit cards are currently only available in the U.S.,

Tesla CEO and Twitter chief Elon Musk has made bullish statements about bitcoin and dogecoin despite crypto market sell-offs. He said bitcoin “will make it” and “DOGE to the moon.” Amid crypto winter and the chaos surrounding bankrupt crypto exchange FTX, Musk believes there is a future for bitcoin, ethereum, and dogecoin. Elon Musk Thinks Bitcoin ‘Will Make It’ Tesla, Spacex, and Twitter chief Elon Musk commented on the future of bitcoin Monday. Responding to a Twitter user asking about where the price of the cryptocurrency will be in another year given that the crypto is currently trading at about $16K, down from about $69K a year ago, Musk wrote: “ BTC will make it, but might be a long winter.” Musk’s comment may have boosted the price of bitcoin. Immediately after he tweeted, the price of BTC soared sharply from below $16K. At the time of writing, bitcoin is trading at $16,987. The billionaire, who recently acquired social media giant Twitter, previously revealed that he p

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has investments in FTX. Following the collapse of the crypto exchange, he said it’s a turning point for the industry, emphasizing that the “crypto bottom is in.” He is now pushing for crypto regulation. “What I’m going to be doing is I’m going to fly to Washington and I want regulation. I want it now,” O’Leary stressed. Kevin O’Leary on Crypto’s Bottom, Relationship With FTX Shark Tank star Kevin O’Leary has spoken up about his investments in FTX after the firm filed for Chapter 11 bankruptcy . O’Leary has an equity stake in the cryptocurrency exchange and has signed a multiyear deal to become its ambassador and spokesperson. He also asked for his compensation to be paid in crypto and managed on the FTX platform. When asked about his reaction to the implosion of FTX, he told CNBC: “Obviously, one of frustration, there’s no question about it … I’m disappointed like many shareholders.” However, he stressed that he is still “a huge ad

Ramp, a fiat-to-crypto company, has announced it has raised $70 million as part of its Series B funding round. The round was co-led by Mubadala Capital and Korelya Capital, with Balderton Capital and Cogito Capital participation. The company explained that these funds would allow it to improve its app further and keep hiring talent. Ramp Raises $70 Million in Series B Funding Round Ramp, a company that specializes in providing fiat to crypto and crypto to fiat flows for different Web3 applications, announced it had raised $70 million in its latest funding round on Nov. 9. The funding round, which was co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital, will allow the company to keep growing even with the current conditions of the market. According to a press release, these funds will facilitate the operation of the company in the future, giving it the possibility to “invest further into our product line, add local fiat curre