![]() ![]() "If there is bad debt, how much and who are those other entities?"ĭavid Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. "You can argue a lot of the leverage was taken out of the system in May and June of this year, but a lot of that got resolved by FTX bailing out those companies to some extent," Kanade said. However, Dolev played down the day’s “knee-jerk” reaction, pointing out that unlike Coinbase, Robinhood only earns 12% of its revenue from crypto transactions.Īs for other affected firms, Pranav Kanade, portfolio manager with VanEck Digital Assets, told Yahoo Finance the question remains whether FTX's liquidity crunch came as the result of bad debt. Bankman-Fried owns a 7.6% stake in the stock and crypto trading platform, according to a May SEC filing. (Photo by Craig Barritt/Getty Images for CARE For Special Children )Īfter plunging 19.3% Tuesday, shares of Robinood (HOOD) fell more than 14% Wednesday morning from $9.7 to $8.4. Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs - hosted by Michael Cayre, Roy Nachum and MegaMoon Museum at Casa Cipriani on Jin New York City. ![]() This is a red flag for COIN, where the vast majority of revenues are from trading crypto tokens." 21, stressing that they’re now actively seeking a new SWIFT partner to avoid service disruptions for future bank U.S. ![]() Still, Mizuho Securities senior analyst Dan Dolev wrote in a Tuesday note that "the rapid fall from grace of a crypto exchange demonstrates how fickle the crypto industry could be. Binance announced the news to its Binancians by email on Jan. Shares of Coinbase Global ( COIN), a competitor of the two firms, fell more than 10% Wednesday from $50.83 to $45.9 and continues to sell off in after hours trading despite Coinbase CEO Brian Armstrong said over Tuesday that Twitter "doesn't have any material exposure to FTX or FTT (and no exposure to Alameda)." In the last 24 hours, the total market capitalization for all crypto assets has fallen by more than 10% from $980 billion to $805.97 billion, according to Coinmarketcap and Yahoo Finance charts. The cryptocurrency Solana (SOL), which Bankman-Fried heavily supported and is quickly falling in coin rankings by market capitalization, has sold off by more than 46% in the last 24 hours from $28.19 to $12.7. FTX's exchange token FTT, fell by as much as 50% on the day from $17 to $2.5. Binance has registered 1.9 billion of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world's biggest crypto exchange said it had 'temporarily paused. The second largest cryptocurrency, ether ( ETH-USD) has sold off more than 15% from $1,336 to $1,118 over the past day. When PayPal first announced its move into digital. customers in the coming weeks, according to a blog post. users (not in Hawaii) and rolling out to all eligible U.S. Other cryptocurrencies also plunged on Wednesday as the events unfolded. The ability to move bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) from PayPal’s crypto platform to external wallets is available from Tuesday to select U.S. Binance and FTX logos are seen in this illustration taken, November 8, 2022. ![]()
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