Crypto news today: Binance in disrepute, bitcoin investors nervous

Have you been busy all day and couldn’t keep an eye on the crypto news? No problem! In this overview you can read today’s most important news.

Major US bitcoin investors are anxious

CoinShares, an investment manager, has released new data on the inflow and outflow of the major crypto investment funds. The data showed that institutional investors have withdrawn capital from the major bitcoin funds for the third week in a row. Last week, $11.7 million actually flowed out of these funds. This shows “nervousness among US investors,” according to CoinShares.

In contrast, short bitcoin funds saw an inflow of $9.9 million, with investors speculating on a possible decline in the bitcoin price. CoinShares analysts suggest that this negative sentiment is especially prevalent among US investors due to recent US macroeconomic data and regulatory frameworks.

Read the whole article here.

‘Binance sent $1.8 billion in stablecoin collateral to hedge funds’

Binance, the world’s largest crypto exchange, sent $1.8 billion in capital to hedge funds last year, according to Forbes. However, this capital should serve as collateral for its stablecoin. Binance allegedly sent this collateral to hedge funds such as Alameda Research and Cumberland/DRW without informing its users. The exchange appears to have lied about its stablecoin coverage, with blockchain data showing that there was no collateral for $1 billion worth of B-peg USDC tokens between August and December.

Binance’s chief strategist, Patrick Hillman, claims that sending funds to different wallets is normal practice, with no mixing of funds. Binance CEO Changpeng Zhao took to Twitter to respond to the Forbes article, accusing the authors of not understanding how blockchain technology or crypto exchanges work. He also denies that the exchange has ever invested or handled client assets without their consent.

Read the whole article here.

Crypto plans Visa and Mastercard on hold

Visa and Mastercard have reportedly suspended plans for new partnerships with crypto companies following a string of bankruptcies. The high-profile bankruptcies, including FTX and BlockFi, have increased pressure from regulators, leading the payments giants to delay the launch of certain crypto-related products and services.

However, they are not changing their overall strategies towards the sector. Both companies are waiting for better market conditions, according to anonymous sources. Visa said the recent failures in the crypto sector were concerning, but did not affect its overall strategy and focus.

Read the whole article here.

Stay informed: receive crypto updates directly in your feed

Stay up to date with the latest crypto news by following Crypto Insiders on Instagram! Get the most interesting and biggest news directly in your feed daily. Follow Crypto Insiders here.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here