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Latest Crypto Failure Is Especially Troubling
Latest Crypto Failure
Touches 'Real' Bank System
the rundown

Latest Crypto Failure Touches 'Real' Bank System

Silvergate Bank, called a 'cornerstone' of the industry, is shutting down

(Newser) - It's a familiar story of late: Bitcoin and other cryptocurrencies were sinking in value on Thursday after a financial entity's high-profile collapse. In this case, the entity is Silvergate Bank. But this one is different from the collapse late last year of crypto exchange FTX, as Elizabeth Lopatto...

Wall Street Has the Post-Election Blues
Wall Street Has the
Post-Election Blues

Wall Street Has the Post-Election Blues

Dow drops 647 points, cryptocurrencies plummet

(Newser) - Wall Street closed sharply lower Wednesday, giving back a big chunk of the gains built in a three-day rally running up to Election Day. The S&P 500 fell 79.54 points, or 2.1%, to 3,748.57. The Dow Jones Industrial Average fell 646.89 points, or 2%,...

DOJ Recovers Stolen Bitcoin Once Valued at $3.36B— in Popcorn Tin

It was stolen from Silk Road in 2012, is now only worth about $1B

(Newser) - Bitcoin valued at $3.36 billion was stolen from the dark web marketplace Silk Road in 2012. A decade later, it's been recovered, though it's lost quite a bit of value since then. The US Department of Justice announced Monday that the stolen cryptocurrency was seized last November,...

He Lost $187M in Bitcoin, Has Idea How to Get It Back

James Howells' latest plan involves AI

(Newser) - James Howells' claim to fame is the fortune that he lost. In 2013 the computer engineer accidentally tossed a hard drive containing 8,000 bitcoins. At their current value of about $23,400 a pop, those missing bitcoins are worth roughly $187 million; at their November 2021 peak, it would...

Tesla Sells 3/4 of Its Bitcoin Holdings

Amid ongoing production issues

(Newser) - Tesla had what the Guardian describes as a "shaky" second quarter, reporting a 32% drop in profit from the first quarter's record levels and having a difficult time meeting demand due to production issues. Amid all this, it has sold 75% of its bitcoin holdings, $936 million worth,...

Dow Jumps 500 Points, but Is It a 'Dead Cat'?

Market is opening strong, though analysts disagree on whether the rally will be fleeting

(Newser) - The stock market was making big moves again on Tuesday, but this time in a direction that should make investors happy. The Dow jumped more than 500 points in early trading on Tuesday to reclaim its 30,000 threshold. The rise of 1.6% was eclipsed by the benchmark S&...

Selloff Pushes Bitcoin Price Below $20K

Other cryptocurrency collapses combine with worries about economy to shake market

(Newser) - Bitcoin has now lost 72% of its value from its high point in November, after the price dropped below $20,000 on Saturday. And Ether slipped below $1,000. The cryptocurrency selloff partly has been prompted by concerns—shared by stock traders—about inflation and the Federal Reserve's steps...

Economist Who Hates Crypto Recasts a 'Moon' Prediction

With market in free fall, Peter Schiff suggests a crash landing is coming

(Newser) - The stock market f ell into a bear market on Monday, but as badly as stocks are getting hammered, the cryptocurrency sector is getting hammered even harder. The fallout continued Tuesday, as Coinbase—the largest cryptocurrency exchange in the US—announced it was cutting 18% of its workforce, reports the...

Wall Street Is Now in a Bear Market
Wall Street Is Now
in a Bear Market

Wall Street Is Now in a Bear Market

Indexes, cryptocurrencies plunge worldwide

(Newser) - Wall Street entered a bear market Monday as the S&P 500 sank 3.9%, bringing it more than 20% below the record high it set in January. Fears about a fragile economy and stubbornly high inflation have slammed the stock market in recent days and sent Treasury yields surging...

Coinbase to Users: You Could Lose It All if We Go Bankrupt

But the company's CEO says there's 'no risk' of crypto exchange going bankrupt

(Newser) - Coinbase, America's largest cryptocurrency exchange, holds around $256 billion in cryptocurrencies and traditional currencies—and it alarmed some users this week when it warned that those holdings could be lost if the company files for bankruptcy. The company said "the crypto assets we hold in custody on behalf...

Bitcoin Sinks, and One Nation Happily 'Buys the Dip!'

El Salvador, where the cryptocurrency is legal tender, has so far lost a lot of money on its bet

(Newser) - By Bloomberg's count, the government of El Salvador has shelled out $103 million since last year to buy 2,301 Bitcoins. As of Tuesday morning, those crypto coins were worth about ... $74 million. That is a sub-optimal return on investment. But President Nayib Bukele, who led the successful push...

Biden Cryptocurrency Order Seen as 'Watershed Moment'

It's 'as close to an embrace of crypto as you could have hoped for,' analyst says

(Newser) - The price of bitcoin surged Wednesday as President Biden signed an executive order on cryptocurrencies that the White House described as the first "whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets." In a statement , the White House, noting that an estimated 40...

Widow of Cryptocurrency CEO Saw Her Own Riches Vanish

Jennifer Robertson details the aftermath of Quadriga CEO Gerald Cotten's death

(Newser) - Some of her late husband's friends messaged Jennifer Robertson on WhatsApp to ask why she hadn't told them he died, and to get details on where the funeral was. Except they weren't Gerald Cotten's friends. In a piece adapted for the Walrus from her book Bitcoin ...

Feds Seize Mind-Boggling Sum After Crypto Hack

It's the largest seizure of funds in DOJ history

(Newser) - In 2016 around $71 million in bitcoin was stolen when the Bitfinex cryptocurrency exchange was hacked—and its value today is now around $4.5 billion. Federal investigators say they have now recovered $3.6 billion of that current value, the largest seizure of funds in Justice Department history, and...

Melania Trump's Hat 'Collateral Damage' of Crypto Crash

Former first lady didn't scoop up as many tokens as hoped in auction of hat worn to greet Macron

(Newser) - The crisp white Herve Pierre hat that Melania Trump wore to greet French President Emmanuel Macron and his wife at the White House in April 2018 went up on the auction block this month—along with a watercolor and NFT showing her wearing it—in the hopes that the entire...

Their Miscom Over Trash Bag Cost a Fortune

Their Miscom
Over Trash Bag
Cost a Fortune

Their Miscom Over Trash Bag Cost a Fortune

James Howells is still trying to retrieve tossed hard drive with $500M in bitcoin

(Newser) - James Howells' bitcoin plight has been in the news awhile, but the story grows harder to fathom as the value of the cryptocurrency rises. In 2013, Howells says he accidentally threw out a hard drive with the "key" to his stash of 7,500 bitcoins. By the time DT...

'Tremendous Victory' for Man Who Says He Invented Bitcoin

Business partner's family said Craig Wright owed them half of $50B fortune

(Newser) - Craig Wright, a computer scientist who claims to be the inventor of Bitcoin, prevailed in a civil trial verdict Monday against the family of a deceased business partner that claimed it was owed half of a cryptocurrency fortune worth tens of billions. A Florida jury found that Wright did not...

2 Politicians Ask to Get Their Paychecks in Bitcoin

At least a payment or three, for Eric Adams and Francis Suarez

(Newser) - Update: The mayor-elect for New York City wants to be paid in Bitcoin. Democrat Eric Adams has requested his first three checks be paid in the world's largest cryptocurrency once he takes over the mayoral post in January, the BBC reports. Adams' request was a move to outdo that...

Aaron Rodgers Giving Away $1M in Bitcoin

The Green Bay Packers quarterback announces partnership with CashApp

(Newser) - Green Bay Packers quarterback Aaron Rodgers is investing in cryptocurrency in a big way. "I’m pumped to share that I’ve recently teamed with CashApp," he said in a video shared on Twitter on Monday, per Yahoo Sports . "They’ve enabled me to take part of...

ETF Launch Helps Push Bitcoin to a New High

Cryptocurrency tops $66K

(Newser) - Bitcoin jumped to a record Wednesday, topping $66,000 for the first time, as it rides a wave of excitement about getting further accepted by the financial establishment. Bitcoin was trading at $66,901.30, up 7.6%, as of 10:52am ET. It's roared back after sinking below...

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