This is Crypto Weekly with your top stories on alternative currencies
With bitcoin holding near recent lows, there are fresh signs of crypto firms feeling the pinch.
Broker Voyager Digital lowered its daily withdrawal limits to $10,000 – less than half the previous amount. Later, it issued a default notice to crypto hedge fund Three Arrows, saying it had failed to make payments on a loan.
Coinbase Global shares tumbled again, after it was downgraded to a “sell” by Goldman Sachs.
New Constructs chief executive David Trainer is also skeptical about prospects for the trading platform.
“They quickly went from making a fair amount of money to making no money. Let me tell you, if ICE, or any of these other big exchanges, think there’s money to be made in trading crypto, they’ll do it, and they’ll do it with size and scale that Coinbase can’t match, and Coinbase will end up probably going out of business.”
Bitcoin miners may be feeling the chill of the crypto winter too.
New data indicate they are selling their coin stashes as prices tumble and energy costs soar.
Research shows several publicly listed miners sold more than 100% of their output in May.
[DATA SOURCE: Arcane Research]
And Binance has a new friend.
The world’s biggest crypto exchange has signed up Portuguese soccer star Cristiano Ronaldo to promote NFTs for sale on its platform.
Ronaldo may be late to the party though, with values for the digital assets under pressure amid the crypto slide. (Reuters)