DCG’s Barry Silbert writes letter to investors after FTX collapse

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors’ nerves after the sudden collapse of FTX. In a note to shareholders on Tuesday, Silbert addressed all the “noise” about the financial health of DCG’s subsidiaries, which includes trading firm Genesis, Grayscale … Read more

In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether

Aerial view during landing of the seafront Manara district near downtown Beirut. Bilwander | Getty Images When Georgio Abou Gebrael first heard about bitcoin in 2016, it sounded like a scam. But by 2019, as Lebanon plunged into a financial crisis following decades of expensive wars and bad spending decisions, a decentralized and borderless digital … Read more

Crypto winter is hurting Google’s ad empire

A cryptocurrency price crash and the onset of a new so-called “crypto winter” has left many companies in the industry facing a liquidity crisis. Artur Widak | Nurphoto | Getty Images Not even Google is immune from the Crypto winter. In Alphabet’s third-quarter earnings call on Tuesday, Philipp Schindler, Google’s chief business officer, blamed a … Read more

How the fall of Celsius dragged down crypto investors

Celsius filing for bankruptcy this week surprised virtually no one. Once a platform freezes customer assets, it’s typically all over. But just because the fall of this embattled crypto lender didn’t come as a shock, doesn’t mean it wasn’t a really big deal for the industry. In October 2021, CEO Alex Mashinsky said the crypto … Read more

MicroStrategy denies it received margin call against Silvergate loan

Software company MicroStrategy has not received a margin call against its loan from crypto-focused bank Silvergate, Reuters reported on Wednesday. Valerie Plesch | Bloomberg | Getty Images Aggressive bitcoin investor and American software firm MicroStrategy says it hasn’t received a margin call against a $205 million bitcoin-backed loan it took in March, according to a … Read more

Fund manager reveals his shorts

Crypto had a brutal start to the week. One crypto lender halted withdrawals, another announced job cuts , and the market cap of the beleaguered sector fell below $1 trillion, down from $3 trillion at its peak in November . Bitcoin plunged 15% to fall below $23,000 — an 18-month low. Ethereum , widely seen … Read more

Bitcoin briefly dips below $30,000, drops more than 56% from its all-time high

Bitcoin dropped below the $30,000 level late Monday, breaching a symbolic price threshold. At its lowest price point, the world’s most popular cryptocurrency was more than 12% lower on the day — and more than 56% off its November all-time high of around $69,000. It later recovered from some of those losses and was trading … Read more

mining $110,000 in bitcoin a month

Compass Mining customer Eng Taing Eng Taing Eng Taing is in the business of making money. He runs his own private equity firm with $250 million in assets under management (according to his website), invests in real estate, has worked in data science and analytics at Apple — and he got into bitcoin back in … Read more

Bitcoin powers a fast new way to send U.S. dollars around the world

A visual representation of Bitcoin cryptocurrency. Edward Smith | Getty Images There’s a new and low-cost way to quickly send U.S. digital dollars around the world without a bank. And it’s built on bitcoin. Blockchain start-up Lightning Labs announced Tuesday that it’s launching the Taro protocol, a technology that will route fiat-pegged stablecoins and other … Read more