My Account
Follow us on:
Powered By
Learn, discover & invest in smallcases across different types to build your long term portfolio.
Invest Now
Explore from India`s leading investment managers and advisors curating their strategies as smallcases.
Invest Now
Powered By 
Diversify your portfolio by investing in Global brands.
Invest Now
Pre-configured baskets of stocks & ETFs that you can invest
in with a single click. Developed by hedge funds, global
asset management companies, experienced wealth
management firms and portfolio managers.
Invest Now
AMBAREESH BALIGA
Fundamental, Stock Ideas, Multibaggers & Insights
Subscribe
CK NARAYAN
Stock & Index F&O Trading Calls & Market Analysis
Subscribe
SUDARSHAN SUKHANI
Technical Call, Trading Calls & Insights
Subscribe
T GNANASEKAR
Commodity Trading Calls & Market Analysis
Subscribe
MECKLAI FINANCIALS
Currency Derivatives Trading Calls & Insights
Subscribe
SHUBHAM AGARWAL
Options Trading Advice and Market Analysis
Subscribe
MARKET SMITH INDIA
Model portfolios, Investment Ideas, Guru Screens and Much More
Subscribe
TraderSmith
Proprietary system driven Rule Based Trading calls
Subscribe
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Subscribe
Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas
Explore
STOCK REPORTS BY THOMSON REUTERS
Details stock report and investment recommendation
Subscribe
POWER YOUR TRADE
Technical and Commodity Calls
Subscribe
INVESTMENT WATCH
Set price, volume and news alerts
Subscribe
STOCKAXIS EMERGING MARKET LEADERS
15-20 High Growth Stocks primed for price jumps
Subscribe
Last Updated : November 23, 2022 / 08:45 AM IST
Top cryptocurrency news on November 23: Bitcoin hits 2-year low, Bankrupt FTX has $1.2bn in cash, Binance seeks funds and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Cryptos lost $1.4 trillion this year, Bitcoin at 2-year low
In an apparent ripple effect of the FTX collapse, the cryptocurrency market has lost $1.4 trillion this year, with the world’s largest digital currency Bitcoin falling to a two-year low. According to data from CoinDesk, Bitcoin fell to $15,480, its lowest level since November 11, 2020. Since then, the digital currency has recovered from that low and was recently trading at about $16,125 levels. At $1,120, Ether was trading about 1.5 percent lower. Investors’ concerns that the FTX crash could spread to the rest of the business are keeping the price of cryptocurrencies under pressure.
Big Story
Sam Bankman-Fried’s FTX Empire has cash reserves of $1.2 billion
According to court filings, different divisions of Sam Bankman-Fried’s failing group of firms had $1.2 billion in cash as of November 20, a significant amount less than the $3.1 billion it owes its top 50 creditors. According to the paperwork submitted by FTX’s prospective financial advisor, Alvarez & Marsal North America, approximately $751 million of that total is held in debtor firms, and the remaining $488 million is in non-debtor entities. Unrestricted cash amounts to $514 million, custodial cash amounts to $260 million, and restricted cash amounts to $465 million. Restricted cash is only allowed to be used for certain things, such as loan repayments, and cannot be used for ordinary business reasons. Read details here
Red Alert
Estonian couple charged with $575 million crypto fraud
Two have been detained by Estonian police on suspicion of orchestrating a $575 million (£485 million) crypto fraud that claimed thousands of victims. Sergei Potapenko and Ivan Turogin, two Estonians, are wanted by the US for extradition after Estonian police and the FBI jointly investigated the case. The two 37-year-olds are accused of convincing individuals to invest in HashFlare, a Bitcoin mining service, and Polybius, a phony online bank. There is a US indictment on file. The duo allegedly misled victims by giving them the opportunity to invest in HashFlare’s Bitcoin mining operations, according to the US Department of Justice (DoJ), which provides specifics of the alleged plan. Take a look
Courting Funds
Binance CEO looks for investors in Middle East for crypto recovery fund
Changpeng Zhao, the CEO of Binance, has been meeting with investors in Abu Dhabi in order to raise money for the exchange’s cryptocurrency recovery fund. Last week, Zhao met a number of possible fund donors, including organizations connected to Sheikh Tahnoon Bin Zayed, national security adviser of the United Arab Emirates (UAE). Binance said earlier this month that it would establish a recovery fund to assist projects that have solid fundamentals but are experiencing liquidity difficulty as a result of the aftermath of FTX’s collapse. The fund’s size, list of supported projects, and other specifics are yet to be disclosed. Read more here
Corporate Watch
Ark Invest buys $1.4 billion worth of Grayscale Bitcoin Trust
Investment firm Ark Invest, run by Cathie Wood, has added another 176,945 shares in Grayscale’s Bitcoin Trust (GBTC) fund, totalling nearly $1.4 million. This is the Florida-based investment company’s second significant GBTC acquisition in the last two weeks. It acquired approximately 315,000 GBTC shares last week for a total of $2.8 million. Almost 6.357 million GBTC shares, or 0.4 percent of the company’s total holdings, are now held by Ark. By using GBTC, investors can obtain exposure to Bitcoin without having to purchase and hold the commodity themselves. Coinbase is the custodian of the Bitcoin used to back GBTC. Read more here
Bankruptcy Fears
Bitcoin mining company Core Scientific has lost $1.7 billion this year
Core Scientific Inc., the largest publicly traded Bitcoin mining business in the US according to computing power, reported a $1.7 billion loss for the first nine months of the year. The Austin, Texas-based business is one of the miners that has been most hit as low Bitcoin prices have caused mining revenue to drop to an all-time low. Profit margins have collapsed as a result of rising energy prices and increased mining competition. Core Scientific initially issued a warning in October that it might have to declare bankruptcy if it can’t obtain more capital to pay off its debt, which totals more than $1 billion. Read more here
Spending Spree
FTX, Bankman-Fried & parents purchased $121 million in Bahamas real estate
In the last two years, FTX, its founder Sam Bankman-Fried, his parents, and the company’s top executives purchased at least 19 properties in the Bahamas for a total of around $121 million. According to a report, FTX Property Holdings, a division of FTX, acquired 15 properties totalling around $100 million in 2021 and 2022. At a resort called Albany, a $30 million penthouse was the priciest real estate acquisition. According to reports, Ryan Salame, the president of FTX Property, signed its deed on March 17 and stated that it was meant to be a “home for key staff”. Read more here
Jail Time
Alexey Pertsev, developer of Tornado Cash, to remain detained
According to a court hearing held on November 22, detained Tornado Cash developer Alexsey Pertsev will remain in detention in the Netherlands for an additional three months. Before Advocate WK Cheng began his opening defence, the prosecution gave a general overview of its investigation, portraying Pertsev as a key player in Tornado Cash’s operations. Cheng outlined a number of use cases for Tornado Cash as well as common misunderstandings about its functionality. Read more here
Regulatory Woes
FTX asked to pay Bahamian regulators restitution expenses
Another issue facing FTX comes from the Bahamas – which housed its headquarters. On November 21, the Bahamas Supreme Court granted an order in favour of the Securities Commission directing FTX to reimburse the regulator for keeping its digital assets after declaring bankruptcy on November 11. On November 12, the Supreme Court ordered the Securities Commission to have control over FTX’s digital assets. In its public notification, the commission accepted the ruling and stated that the Supreme Court would have to give its consent before any reimbursements could be made. Read more here
MC Podcast | Why are investors ignoring LIC and what can change sentiment?
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
