Bank of England official compares crypto crash to dotcom bubble June 22, 2022 The Bank of England’s Deputy Governor has compared the recent crypto crash to the dotcom bubble more than two decades ago. Jon Cunliffe said those that survived the crash could become the technology companies of the future and rival the likes of tech giants Amazon. “The analogy for me is the dotcom boom, when $5 trillion was [...]
Sam Bankman-Fried offers money to affected crypto platforms amidst downturn June 22, 2022 FTX CEO Sam Bankman-Fried is helping out crypto companies hit by the crash with monetary aid. FTX, one of the world’s biggest crypto exchanges, signed a $250m (£204m) revolving line of credit to crypto lending platform BlockFi, both companies announced on Tuesday. “We take our duty seriously to protect the digital asset ecosystem and its [...]
Dogecoin increasingly connected to illicit activity, new report alleges June 21, 2022 Cryptocurrency Dogecoin is increasingly being connected to illicit activity like terrorism financing and child sex abuse, according to a new study. Blockchain analytics firm Elliptic, who authored the report, claimed it had found evidence to suggest that the popular meme token was being used by illicit actors as payment for illegal activity. Dogecoin was accepted as payment [...]
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 City A.M. [...]
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 [...]