The repercussions of the cataclysmic FTX downfall are going to be broader than the crypto markets, as they will accelerate downward moves in stocks and commodity markets, according to Mike McGlone, senior marco analyst at Bloomberg. “Bitcoin has been one of the leading indicators on the way up, and it's a leading indicator and way down and it's just broken down. So expect most dominoes to fall.”, McGlone pointed out in a recent interview with Cointelegraph. McGlone expects traditional stocks to continue falling as the Federal Reserve keeps raising interest rates in an attempt to curb inflation. According to the …

The annual supply rate of Ether (ETH) slipped below zero for the first time since Ethereum's transition to proof-of-stake via the Merge in September. The reason? A spike in on-chain activity amid a massive cryptocurrency market crash. Ethereum turns deflationary for real As of Nov. 9, more Ether tokens are being burned than created as a part of Ethereum's fee-burning mechanism. Simply put, the more on-chain transactions, the more ETH transaction fees get burned. On a 30-day timeframe, the Ethereum network has been burning ETH at an annual rate of 773,000 tokens against the issuance of 603,000 tokens. In other …

Bitcoin (BTC) surged $1,000 in five minutes before the Nov. 10 Wall Street open as United States inflation and jobs data boosted risk assets. CPI comes in lowest since start of 2022 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to daily highs of $17,782 on Bitstamp. The pair was just hours from a more than two-year low below $15,700 at the time, taking its 24-hour low-to-high to 12.8%. At the time of writing, BTC/USD circled $17,400 with volatility still rampant as U.S. markets opened to digest economic data. This had come in the form of the Consumer …

Bitcoin (BTC) liquidated $200 million of long positions on Nov. 8 as BTC price briefly tumbled to two-year lows. BTC price sets new two-year low Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept the mood low. After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open. BTC/USD lost $2,000 in under two hours, seeing a sudden plunge which set a low of $17,120 on Bitstamp. The last time the pair traded at that level was in …

While proponents of traditional finance remain keen on dismissing Bitcoin (BTC) and the crypto ecosystem as financial risks, a survey conducted by the Federal Reserve Bank of New York — one of the 12 federal reserve banks of the United States — revealed 11 factors that overshadow crypto in terms of risk in 2022. Geopolitical tensions, foreign divestments, COVID-19 and high energy prices were found to be some of the most-cited potential risks for the US economy, according to a central bank survey published by the Federal Reserve System. Out of the 14 factors that pose a financial risk, crypto …

Bitcoin (BTC) starts the second week of November battling some familiar FUD — how will BTC price action react? The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 — an impressive multi-week high — but remains fixed in a sticky trading range. Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so. Nov. 10 will see key United States inflation data for October released, while jobless claims and …

Much like a pandemic, inflation has spread throughout the world, clouding the future with dark uncertainty. Disagreement over how to best manage soaring prices in the United Kingdom nearly caused its economy to collapse and subsequently led to the resignation of Prime Minister Liz Truss after just 44 days in office. Currently, at least 10 emerging economies are hyperinflationary, with more expected to follow. And the Federal Open Market Committee (FOMC), the part of the U.S. Federal Reserve responsible for keeping prices stable, just announced higher interest rate hikes in the midst of a return to positive gross domestic product …

The crypto and tech industry has seen a slew of staff cuts this week against a backdrop of difficult market conditions, though on a positive note some are bucking the trend. Crypto companies, including crypto exchanges, venture capital firms, and blockchain developers, have been forced to reduce headcount in order to stay nimble amid the down markets. Some, however, have done the opposite, opening up offices in new locations and markets. It comes a few weeks after multiple high-level executives, such as OpenSea’s former CFO, Kraken's co-founder Jesse Powell, and Ripple Labs’ engineering director, have all made headlines for either …

Desperate times call for desperate measures. The Bank of England, effectively the United Kingdom version of the Federal Reserve, has raised interest rates by the highest rate in 33 years. The Bank of England's Bank Rate, or the cost of borrowing money, rose by 0.75% to 3%. According to the Monetary Policy Committee (MPC), the Bank of England voted by a majority of 7-2 to increase interest rates to 3%. The U.K. is battling with high, double-digit inflation. The economic situation has not improved in recent months. The U.K. recorded 10.1% inflation in October, the second time in three months. …

Bitcoin (BTC) saw instant volatility on Nov. 2 as the United States Federal Reserve enacted a fourth consecutive 0.75% interest rate hike. Fed hints more hikes to com Data from Cointelegraph Markets Pro and TradingView showed BTC/USD initially dropping to $20,200 before momentarily rebounding to $20,800. The Fed confirmed the 0.75% hike, which marks its most intensive hiking schedule in forty years, in a statement. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal …

The past few months have been painful for Bitcoin (BTC) bulls, but they are not alone. The United States Federal Reserve’s tightening economy policy has led investors to seek protection in cash positions and inflation-protected bonds. Surging inflation and recession signals have caused the S&P 500 stock market index to retreat 19% year-to-date. Even gold — previously considered a safe asset — is suffering the consequences, trading down 20% from its all-time high. The increasing costs of a home mortgage added fear that a housing crisis might be underway. Since the FED started raising interest rates in March, borrowing costs …

The shift of the Ethereum (ETH) blockchain to a proof-of-stake (PoS) protocol opened new opportunities for developers and investors to explore, including the burning of Ether. Now, Ethereum PoS transactions are validated through staking rather than mining. Staking impacts the supply and price dynamics of Ether in ways that are different from mining. Staking is expected to create deflationary pressure on Ether as opposed to mining that induces inflationary pressure. The increase in the total amount of funds locked in Ethereum contracts could also push its price up in the long term. This is because it affects one of the …