Daily Crypto News

  1. Crypto lender Genesis cuts staff, CEO exits amid executive shuffle — Cryptocurrency brokerage Genesis announced its CEO Michael Moro will step down as it reshuffles its executive team, while a 20% layoff of its 260-person workforce is being widely reported.
  2. Bitcoin miner Stronghold to return mining rigs to cut debt; shares plunge as losses widen — Shares of Bitcoin miner Stronghold Digital Mining Inc. plunged more than 25% in U.S. trading on Wednesday after the company said losses in the second quarter widened from a year earlier despite a restructuring plan that included the return of about 26,200 Bitcoin mining machines to slash debt in half.
  3. Despite crypto downturn, illicit activity outpaces legitimate uses — Criminal activity in cryptocurrency was more resilient than legitimate uses despite the downturn in the crypto market in 2022, according to a new report by blockchain data aggregation firm Chainalysis.
  4. Crypto winter may be just what DeFi needs to grow and thrive — In the military, a baptism by fire is the first time a soldier experiences battle. Ideas and innovations find fertile ground in a bull market when there is an abundance of capital and risk appetite. However, facing and surviving a “winter” is the real baptism by fire for any crypto project.
  5. Manchester United stock jumps after Elon Musk joke about buying team — Although Elon Musk joked about buying the English soccer team Manchester United, the Tesla CEO has a history of influencing stock and crypto market valuations through his tweets.
  6. US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks — U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down, according to meeting minutes released Wednesday.
  7. Canadian Pension Giant Caisse Writes Off $150M Bet on Bankrupt Crypto Lender Celsius — The Canadian fund invested US$150 million in Celsius in the fall of 2021. “Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry,” Alexandre Synnett, executive vice-president and chief technology officer at Caisse said at the time.
  8. Crypto and clean-energy stocks are at the center of the latest meme stock rally sparked by Bed Bath & Beyond’s massive surge in recent weeks — Bed Bath & Beyond is “king” in this latest meme-stock rally, but clean-energy and crypt is also getting attention, Vanda Research says. Coinbase may see renewed momentum with the upcoming Ethereum blockchain upgrade. Bed Bath & Beyond shares have soared more than 380% since a rally was sparked earlier in August.
  9. Cardano leads way as largest cryptocurrencies decline — All of the largest cryptocurrencies were down during morning trading on Wednesday, with Cardano (ADAUSD) seeing the biggest move, tumbling 5.55% to 54 cents. Polkadot (DOTUSD) shed 5.29% to $8.

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