Young footballers ‘risking most of their wages on crypto’ prompts growing concerns June 21, 2022 Football has a “big problem” with young players risking the majority of their pay on cryptocurrencies, says a leading financial adviser to the sports industry. Players are being sucked in by social media content that ignores the major risks of investing in crypto, says Ben Smith, a partner at FLM. “I have seen lots of [...]
Conservatives received £500,000 donation from crypto lobbyist before crypto push June 20, 2022 The Conservative Party received a £500,000 donation from a crypto lobbyist two months before the government announced plans to make the UK a “global cryptoasset technology hub.” Thailand-based businessman Christopher Harborne donated the amount on 9 February 2022, the Electoral Commission website showed. The Conservatives announced in April their intentions to make the country a [...]
Crypto recovers slightly following sharp decline June 20, 2022 The prices of major cryptocurrencies rose following a steep decline over the weekend. Bitcoin rose by 6.91 per cent today to trade at $20,662.75 while Ether jumped 8.56 per cent to trade at $1,122.26. Cryptocurrencies crashed over the weekend as a feared crypto winter set in. Bitcoin dropped below $20,000 to lower than $17,800 on [...]
Musk, Tesla, and SpaceX sued by Dogecoin investor over alleged “pyramid scheme” June 17, 2022 Elon Musk, Tesla, and SpaceX were hit by a $258bn (£210.2bn) lawsuit on Thursday by a Dogecoin investor accusing them of engaging in a “Crypto Pyramid Scheme (aka Ponzi scheme)” relating to the cryptocurrency. The complaint, filed in a Manhattan court, alleged that the world’s richest man and the two companies he runs, electric vehicle [...]
Bitcoin miners hit by crypto crash as prices drop June 16, 2022 The recent crypto rout has hit bitcoin miners hard as prices of Bitcoin and other cryptocurrencies plunged. Miners have cut back on producing more Bitcoin as falling prices reduced the money they made for successfully mining the cryptocurrency. Mining involves using powerful computers to solve complicated puzzles that provide miners with new Bitcoin. The total [...]
Restricting CBDCs could stifle UK innovation, BofE adviser June 16, 2022 A member of the Bank of England’s digital currency forum has warned that hampering the development of a central bank backed digital currency (CBDC) could stifle innovation in the UK. Jess Houlgrave, who sits on the Bank of England’s CBDC Engagement Forum, which advises Threadneedle Street on the development of a CBDC, told Morning Wire [...]
Sam Bankman-Fried criticises lack of international coordination on crypto June 16, 2022 The founder of crypto exchange platform FTX called out the lack of global cooperation on crypto regulation. Sam Bankman-Fried said today that most countries were approaching crypto regulation on their own, and that there was a need for a globally harmonised approach. Speaking at a Financial Times conference on Thursday, the FTX CEO said the [...]
Crypto crash to get worse with deeper price drops as a multibillion-dollar hedge fund struggles to survive June 15, 2022 The price of leading cryptocurrencies continued to plummet today, with industry experts warning that the “crypto winter” could last for years. Bitcoin dropped about 3.87 per cent per cent today to $21,392.46 trade at $, while Ether fell 3.73% per cent to $1162.52. Bitcoin is now down near 70 per cent from it’s all-time high of [...]
Coinbase to cut staff by 18 per cent as it warns of crypto winter June 14, 2022 Crypto exchange Coinbase will lay off 18 per cent of its workforce as it warned of a recession and a crypto winter. Coinbase CEO Brian Armstrong said the decision was based on the need to manage expenses and increase efficiency as the company looked to “stay healthy during this economic downturn”. “We appear to be [...]
Terrible Tuesday for Bitcoin as crypto tumbles 20 per cent in just two days with investors fleeing risk June 14, 2022 The price of bitcoin fell by another 10 per cent overnight, hitting an 18-month low of $20,834.70, before recovering to trade around $22,700 by 9am UK time this morning. In sterling terms, bitcoin is now trading around £18,665. Discussing the violent movements with Morning Wire this morning, Adrian Lowery, financial analyst at DIY investing platform [...]