Bitcoin Price Crashes to $6,400 Triggered by Massive $35 Million Sell Order

By CCN: On May 17, within minutes, the bitcoin price plummeted from around $7,800 to $6,400 in a flash crash, recording an unexpected 18 percent drop. The bitcoin price briefly plunges to $6,400, recovers swiftly (source: coinmarketcap.com) The sudden decline in the bitcoin price led the valuation of the crypto market to plunge from $257 billion to $225 billion, by more than $32 billion in less than 24 hours. What triggered the sudden bitcoin price drop? According to researchers and investors including Su Zhu, the CEO at Three Arrows Capital,…

QuadrigaCX Has $21 Million in Assets and Owes $160 Million: EY Report

QuadrigaCX, the Canadian crypto exchange that collapsed after the death of its CEO and founder late last year, has just $21 million in assets, but owes creditors $160 million, its court-appointed monitor and trustee said. The latest report by Ernst and Young (EY), which is dated May 1 but appears to have been published in the last few days, outlines three legal entities affiliated with the exchange – Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd., each of which is presented as its own bankrupt firm. As a…

Techstars-Backed Alkemi Enters DeFi Race With $16 Million Liquidity Pool

A new type of decentralized finance (DeFi) app wants to boost crypto-market liquidity by offering you interest on your coins. Today at the demo day for Techstars’ blockchain cohort, Alkemi CEO Ryan Breen will unveil a crypto liquidity pool deal worth $16 million from industry veterans like Joseph Weinberg, chairman of the data network Shyft, and Alex Friedberg of BXB Capital. Alkemi is looking to create a liquidity system for exchanges by making an accessible honeypot that service providers can dip into when demand increases faster than supply. “It’s solving…

ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise

Aspiring crypto derivatives provider ErisX took one step closer to its ultimate goal Tuesday with the launch of a spot market. The exchange announced that it will immediately support dollar trading pairs with bitcoin, bitcoin cash, litecoin and ethereum, as well as bitcoin trading pairs with the other three cryptocurrencies at launch. While ErisX has a number of firms looking to trade on its platform at launch, it did not disclose any names. Chief strategy officer Matt Trudeau told CoinDesk that, at launch, ErisX’s platform will include both its exchange…

Genesis Lends $425 Million of Crypto in Q1 – and Not Just to Short Sellers

Genesis Global Trading’s cryptocurrency lending arm continues to grow – and diversify beyond short sellers. Announced Thursday, Genesis Global Capital wrote $425 million of crypto loans in the first quarter, bringing its total originations since the business launched in March 2018 to $1.53 billion. Moreover, Genesis’ portfolio of outstanding loans grew 17 percent from the end of last year to $181 million as of March 30. (The average loan is paid off in six weeks, which explains why the amount outstanding at the end of the period is so much…

Why CheapAir is Still Dedicated to Bitcoin After Clearing $5 Million in 5 Years

By CCN.com: Major travel agency CheapAir has reportedly processed more than $5 million worth of bitcoin payments since its integration of the dominant cryptocurrency in 2013. To better serve cryptocurrency users, CheapAir CEO Jeff Klee said that the firm will soon accept Ethereum. Speaking to Forbes, Klee said: CheapAir is about to start taking ethereum which is new in addition to dash, bitcoin cash, and litecoin. https://t.co/GrHKdmlIGO continues to embrace cryptocurrency as payment and we’re dedicated to cater to #Bitcoin, #Litecoin, #Dash and #BCH customers. Via @ForbesCrypto @iamwormify https://t.co/nUGPwf41TG —…

Bitcoin Bulls Drive $20 Million into New York-based Crypto Trust

The bitcoin price is down over 74 percent from its record peak near $20,000. But that has not deterred institutional investors from strengthening their bullish positions in the market. The sentiment has led the world’s largest crypto asset investment firm to notch a record capital inflow this week. New York-based Greyscale Investments, a division of Digital Currency Group, brought in over $20 million in total investments, according to a statement issued by CEO and Founder Barry Silbert. The said uptick marked Greyscale’s best week since 2017 and pushed the firm’s…

French Banking Giant Issues $112 Million Bond on Public Ethereum Blockchain

The blockchain bug seems to have bitten French banking giant Societe Generale to a point of no return. A little over a year ago, the third largest bank in France by assets unveiled a blockchain-based trade finance platform for all its corporate clients, the we.trade platform. Now Societe Generale has found another use case for blockchain technology – bond issuance. In a statement, the giant lender has revealed that its covered bond unit, Societe General SFH, has issued its first covered bond on the Ethereum blockchain worth over $110 million.…

Chinese Publicly Listed Construction Company Turned Mining Firm Lost Over $23 Million

Chinese publicly listed construction company turned to cryptocurrency mining firm, Huatie HengAn, has reportedly been sold after its value decreased by over 90%. The development was reported by English-language local crypto-focused media 8btc on April 19. The firm has been reportedly sold for around 12 million yuan ($1.8 million), after its value decreased from 170 million Chinese yuan ($25.3 million) in under a year. Per the report, Huatie HengAn started as a subsidiary of the publicly listed parent company Huatie and claims to be mainly engaged in providing cloud computing…

Coinbase Generated $520 Million in Revenue Last Year, Reuters Estimates

Cryptocurrency exchange Coinbase brought in almost $520 million in global revenue in 2018, according to an estimate from Reuters. The news source based the figure on the exchange’s U.K. revenue, which grew 20 percent last year to 153 million euros ($173 million), according to a filing with the U.K.’s corporate registry. The British side of the business accounts for “almost a third” of the firm’s overall revenue, Coinbase U.K. CEO Zeeshan Feroz told Reuters. The filing further shows that Coinbase U.K. made a net profit of 6.6 million euros ($7.4 million)…