How the fall of Three Arrows, or 3AC, dragged down crypto investors

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“The risk asset correction coupled with less liquidity have exposed projects that promised high unsustainable APRs, resulting in their collapse, such as UST,” said Alkesh Shah, global crypto and digital asset strategist at Bank of America. Panic selling associated with the fall of UST, and its sister token luna, cost investors $60 billion. “The terraUSD...

Texas’s power grid operator is asking crypto miners to power down as the state’s electricity system grapples with sky-high temperatures

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A photo of data centers that crypto miners use in Russia. REUTERS/Maxim Shemetov/File Photo Texas’s power grid operator is paying big businesses that use lots of power to power down. That includes crypto mining companies that flocked to the state for its cheap energy and vast land. Texas is seeing historic three-digit temperatures as a...

Crypto Investors Are Creating Voice Chats Where They Just Scream and Sob

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Extremely Sad If you’ve lost an ungodly amount of money to the crypto crash and feel like screaming your brains out, we know just the place. Introducing: The “Bear Market Screaming Therapy Group,” a Telegram group where downtrodden everyday crypto investors go to yowl, shout, and sob their winter sorrows away. The reports that there...

‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash | Cryptocurrencies | The Guardian

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In the gloom of an 18th-century drawing room at the private rehab clinic Castle Craig, near Peebles in the Scottish Borders, Roy, a 29-year-old victim of the global cryptocurrency crash, tells me his story. It is a dazzling summer’s day, but here the mood is sombre. Roy shifts uncomfortably in his chair as he begins....

Billionaire crypto bull Mike Novogratz says the market is 90% through its deleveraging cycle but prices will be choppy until there’s a narrative shift

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Galaxy Digital CEO Mike Novogratz. Marco Bello/Getty Images The crypto bull Mike Novogratz thinks the market is about 90% through its deleveraging cycle. He believes the drop in bitcoin was a deleveraging movement, due to companies operating off “excessive” debt. “The problem is for you to go much higher, you need the narrative to go...

Man Loses Down Payment for House When Crypto Exchange Goes Bankrupt

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That’s Bad Crypto broker Voyager Digital is the latest Web3 titan to fall in the wake of an industry-wide crypto crash — and the ship isn’t going down without its crew and passengers. The company has filed for bankruptcy — and most customers likely won’t be getting their money back, either, Bloomberg reports. Take Telvin...

Fed Vice Chair Warns Bank Involvement in Crypto of Sparking Financial Instability

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Federal Reserve Vice Chairwoman Lael Brainard urged policymakers to toughen up regulatory scrutiny on the crypto industry in a speech given at the Bank of England conference on Friday. Once again, the Chair emphasized the risk of the crypto market crash spilling over to the core financial ecosystem because of the lack of targeted regulation...

Star QB lost $22m after putting entire signing bonus into crypto

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A number of sporting stars have been caught up in the recent cryptocurrency crash, with star quarterback Trevor Lawrence reportedly losing $AUD22 million. A graphic based on figures provided by CoinJournal surfaced on social media and displays a list of athletes who had suffered major losses by accepting part or all of their salary in...

Strategist Who Predicted the Crypto Crash Says BTC Could Plunge Below $10K

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The President of InTheMoneyStocks – Gareth Soloway – thinks the cryptocurrency market has not hit its bottom yet, forecasting bitcoin could decline to $10,000. However, he remains bullish on the long term, admitting having bought BTC when it was hovering around $19,000 and vowing to HODL. BTC’s Possible Drop Could be Healthy In August last...

Crypto lender Vauld halts withdrawals as market crash takes its toll

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Vauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number digital coin projects and business models. This content was originally published here.