The market capitalisation of all cryptocurrencies plummeted to $841 billion which was a fall of $201 billion in just seven days. This was caused by the disappearance of more than $600 million in cryptocurrency from the wallets of the defunct cryptocurrency corporation FTX, with no apparent cause stated. According to reports, FTX announced on Friday…
Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself. As reported on CNN, Bankman-Fried, widely known as SBF, started this week firmly in the realm of billionaires, with an estimated fortune of more than $15 billion, according the Bloomberg…
Ethereum, the world’s second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint. The long-awaited revamp, which is known as “The Merge,” will reduce ethereum’s energy consumption by nearly 99.95%, according to the Ethereum Foundation, a nonprofit organization dedicated to supporting the cryptocurrency and its related…
Barely a year after Tesla announced a major investment in Bitcoin, the company has now sold off most of its holdings of the cryptocurrency. At the end of 2021, Tesla offloaded 75% of its Bitcoin, which was worth about $2bn (£1.7bn) at the time. This saw the electric car company backing away as the value…
