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Luiz Inacio Lula da Silva, Brazil’s president, right, meets Alberto Fernandez, Argentina’s president, after being sworn-in during his inauguration ceremony in Brasilia, Brazil on Jan. 1, 2023. Maira Erlich | Bloomberg | Getty Images Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine … Read more
Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe
When the U.S. dollar hit record highs in September 2022, many low-income countries that rely on the currency to function got into difficulty and, in some cases, became embroiled in an economic and political crisis. The U.S. dollar is the world’s dominant currency and plays a key role in global trade. While that may seem … Read more
Caroline Ellison has apologized for stealing billions in customer deposits at crypto exchange platform FTX to make bets at Alameda Research, the hedge fund she ran. “‘I am truly sorry for what I did.’” — Caroline Ellison, former head of Alameda Research Ellison made her comments in front of a judge in New York federal … Read more
For crypto investors, the only thing to celebrate about 2022 is that it is almost over. The industry is fighting for its life amid a cascade of scandals, bankruptcies, and fury in Washington over its freewheeling, if not fraudulent, ways. Bitcoin has lost 67% since late 2021. The token market is down by $2 trillion … Read more
The collapse of FTX has sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins have fallen sharply as problems at FTX emerged. Jakub Porzycki | Nurphoto | Getty Images There are “no signs of spillover” from cryptocurrency into more traditional assets, according to an investment analyst from AJ Bell. … Read more
“Investors are underpricing the robustness of the potential recovery over the next couple of months. Kathy Lien BK Asset Management “We’re just beginning to see the recovery in the currency,” Kathy Lien, managing director of FX strategy at BK Asset Management told CNBC’s “Street Signs Asia” on Thursday. She said the Chinese currency could strengthen … Read more
Hedge-fund titan Bill Ackman appears to be walking back comments he made via Twitter last week about Sam Bankman-Fried that some interpreted as implicit support for the 30-something who presided over one of the most epic bankruptcies in financial markets in recent memory. Last week, Ackman tweeted that Bankman-Fried’s statements made during a widely watched … Read more
Billionaire tech entrepreneur and Dallas Mavericks owner Mark Cuban has offered his perspective on the implosion of crypto platform FTX late this week. “‘That’s somebody running a company that’s just dumb-as-fucking greedy.’” — Mark Cuban Cuban, speaking on Friday at a conference in Washington, D.C., hosted by Sports Business Journal, shared the view that avarice … Read more
Tim Draper, founder and managing partner of Draper Associates and Draper University, balked at comparing the stunning implosion of crypto trading platform FTX to the notorious biotech startup Theranos, in a conversation with MarketWatch. “It’s not like Theranos,” he said. In a Friday phone interview, Draper said he hadn’t been aware of anyone genuinely comparing … Read more