Analysis Crypto by Thebittimes.Com

Winter has not yet concluded in the crypto market. Firms in the space have been finding it difficult to sustain. In the initial half of the year, a host of big names succumbed to liquidations or declared bankruptcy. Others remaining in the space have been trying to slash costs to strike a balance. Laying off staff has been a go-to route for top companies this winter. The said spree is currently on in full swing. In just over the past half a day, three large crypto firms— Galaxy Digital , BitMEX, and DCG—have either reduced or plan to reduce their headcount. In the last 12 hours of news, three large cryptocurrency companies have laid off their staff: Galaxy Digital plans to lay off 20% of its staff; BitMEX plans to lay off 30% of its staff, and DCG has laid off 10% of its staff. — Wu Blockchain (@WuBlockchain) November 2, 2022 Galaxy Digital This firm founded by Michael Novogratz is reportedly exploring eliminating “as much as 20% of its workforce...

Source: AdobeStock / Stanislav Major crypto trading platform FTX.US and its founder Sam Bankman-Fried are being investigated by the securities regulator in Texas, USA, for selling an investment product that may have violated state law. The investigation concerns allegations that FTX offers US residents unregistered securities products through its yield-bearing service, per a filing by the Texas State Securities Board (TSSB) enforcement director Joseph Rotunda. Rotunda argued that the exchange&rsquo ;s accounts are similar to securities, and that the company should have registered with the state before offering the services to the customers. The filing itself was made to the bankruptcy court overseeing the potential sale of the bankrupt lender Voyager Digital 's assets, which FTX.US parent company FTX has been aiming to purchase. As previously reported, FTX emerged as the highest bidder to buy these assets. Rotunda wrote that, “I am aware that FTX Trading,...

During the initial few days of the week, top crypto assets found it challenging to glide up on their price charts. That has not been the case for Huobi’s native token. The past five days have been nothing less than a fairy tale for HT . In the said period, the #42nd ranked token has been able to appreciate in value by 101%. Source: TradingView Also Read: Tron registers Rising Activity: Justin Sun denies ‘Huobi-buyer’ link At the beginning of the week, Justin Sun announced that he had officially become one of Huobi’s global advisors, alongside Valkyrie Investment CEO Leah Wald and About Capital founder Ted Chen. During the course of the week, he emphasized that the advisory committee intended to revitalize Huobi. To do so, he said, they’d “empower” HT. In a recent tweet, he said,  We know that the key to revitalizing Huobi is to empower HT, and HT can only thrive on Huobi! In the future, there will be many big moves around H...

Join Our Telegram channel to stay up to date on breaking news coverage The EU has been discussing the next step to take in order to address the Russian invasion of Ukraine, with the primary idea being to ban Russians from accessing European crypto exchanges. With all previous sanctions, including the ban on sending money into the country or taking it out, many in Russia had to turn to digital currencies . Now, however, the European Union confirmed that it would expand the financial ban to include crypto services as well. The EU decides to ban Russia from accessing EU-based crypto services The new move comes in the wake of secession votes in as many as four Ukrainian regions, which the European Union declared to be nothing short of a “sham.” The bloc’s new move is to introduce the eighth set of political and economic measures against the invading country, which started getting implemented in February of this year after Russians made their move against Ukraine. ...