Binance backs out of deal to buy FTX

The world’s largest crypto exchange by volume, Binance, said it would walk away from a deal with the third largest crypto exchange by volume, FTX. On Tuesday, Binance signed a letter of intent to purchase its troubled competitor, FTX, in what appeared to be a potential bailout of the latter amid a liquidity crunch. But just a bit over 24 hours later, that plan crumbled. … Continue reading Binance backs out of deal to buy FTX

Hedge-fund giant Elliott warns looming hyperinflation could lead to ‘global societal collapse’

In a letter sent to investors, and reportedly seen by the Financial Times, the Florida-headquartered firm told clients that it believes the global economy is in an “extremely challenging” situation that could lead to hyperinflation. It added that the “extraordinary” period of cheap money is coming to an end and has “made possible a set of outcomes that would be at or beyond the boundaries … Continue reading Hedge-fund giant Elliott warns looming hyperinflation could lead to ‘global societal collapse’

Bank of England expects UK to fall into longest ever recession

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years. It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025. Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now … Continue reading Bank of England expects UK to fall into longest ever recession

Bitcoin, Ether Press Higher as Momentum Increases

Bitcoin’s price was up about 0.3% over the past 24 hours, the latest surge in an upbeat week that saw the largest cryptocurrency by market capitalization climb about 8% in value. The spike came amid new hopes that the U.S. Federal Reserve would be able to scale back its monetary hawkishness sometime early next year, and a few mildly encouraging economic indicators. Ether’s price recently … Continue reading Bitcoin, Ether Press Higher as Momentum Increases