Bitcoin (BTC) ranged around $16,500 on Nov. 17 as markets digested the latest events surrounding exchange FTX. FTX CEO tells of "complete failure of corporate controls" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing only mild volatility at the Wall Street open. The pair showed acclimatization to events around the FTX insolvency, the latest including revelations that Alameda Research had been immune from liquidation while trading on the platform. After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the problems left in his wake. In a filing with …

The "Bitcoin-is-dead" gang is back and at it again. The fall of the FTX cryptocurrency exchange has resurrected these infamous critics that are once again blaming a robbery on the money that was stolen, and not the robber. "We need regulation! Why did the government allow this to happen?" they scream. For instance, Chetan Bhagat, a renowned author from India, wrote a detailed "crypto" obituary, comparing the cryptocurrency sector to communism that promised decentralization but ended up with authoritarianism. Perhaps unsurprisingly, his column conveniently used a melting Bitcoin (BTC) logo as its featured image. Hi all, “Crypto is now dead: …

The turbulent climate of the crypto industry is not putting a full stop to builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin (BTC) mining operations and acquired another European-based data center. The funding round was completed with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to mine BTC. Arkon extracts renewable power trapped in electricity markets to sustainably lowers its costs. Arkon CEO Josh Payne said this type of market creates the perfect storm for growth due to many factors: “The current …

As the world’s first nation to adopt Bitcoin (BTC) as a legal tender in September 2021, El Salvador is going back to its BTC buying days after a pause for months amid bearish market conditions. El Salvador President Nayib Bukele announced on Nov.16 that the Central American nation will start purchasing BTC on a daily basis starting from Nov.17. The announcement comes nearly three months after the nation made its last BTC purchase in July 2022. We are buying one #Bitcoin every day starting tomorrow. — Nayib Bukele (@nayibbukele) November 17, 2022 El Salvador started buying BTC in September 2021, …

A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda. DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last 7-days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals. OpenSea was a distant second place to Ethereum, …

The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time. The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company's bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem. Although several investors were rattled by …

Bitcoin (BTC) fell to intraday lows after the Nov. 16 Wall Street open as the FTX scandal appeared to claim another victim. Genesis Trading liquidity "exceeded" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $16,400 at the time of writing. Downside had entered again for the pair amid news that Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems. In a series of tweets on the day, Digital Currency Group (DCG), the parent company which counts Genesis Trading among its subsidiaries, attributed the decision directly to the FTX debacle. “Today …

If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox. Data from on-chain analytics firm Glassnode confirms that the “Mt. Gox bear market” almost a decade ago still beats the 2022 lows. FTX vs. Mt. Gox: Same, same but different With the fallout from the FTX bankruptcy scandal still unfolding, questions remain over how many major crypto entities will be affected and how big industry losses will be. BTC/USD fell over 25% last week as the ramifications became known, and has failed to recover much lost ground. At the …

Bitcoin (BTC) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling. "Good" PPI boosts risk assets Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came closer to multi-day highs. Volatility had returned an hour before the open as the U.S. Producer Price Index (PPI) came in below expectations. Core PPI was unchanged month on month, with PPI overall up 0.2% versus 0.4% forecast. Year-on-year PPI was 8% versus 8.3% forecast. The data, already in stark contrast to last month’s PPI, follows on from October’s Consumer …

Bitcoin (BTC) sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests. Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows. BTC on-chain losses mount As Bitcoin holders attempt to pull funds from exchanges into non-custodial wallets, those moving coins around are doing so at multi-year high losses. SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.” As Cointelegraph reported, SOPR fluctuates around 1, and tends to …

Bitcoin (BTC) investors are more likely enticed by the cryptocurrency’s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests. In a “BIS Working Papers” report published on Nov. 14, the central bank body looked into the relationship between Bitcoin prices, crypto trading, and retail adoption. It studied the drivers of crypto adoption by retail investors using crypto trading app downloads as a proxy for adoption and user investments at the time of download. It found that “a rise in the price …

On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. A similar movement occurred in April 2020, November 2020 and June 2022 with the current outflow leaving around 2.25 million BTC on exchanges. Exchange exodus for Ether, but not stablecoins While Ether (ETH) did not see an all-time high outflow from exchanges, 1.1 million Ether were withdrawn from exchanges over the last week. According to Glassnode, this marks the largest 30-day exchange balance decline since September 2020 during the DeFi …