Sam Bankman-Fried claimed that handing over FTX to its current CEO was the “single biggest mistake” that prevented him from saving the exchange. Sam “SBF” Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, said his “biggest mistake” during the $8 billion collapse was handing control of the company to new management — a decision he claims cost him a last-minute opportunity to save the firm. Bankman-Fried, once the leader of the $32 billion FTX exchange, is currently serving a 25-year prison sentence for seven felony charges related to the collapse of FTX and Alameda Research in November 2022, which resulted in an $8.9 billion loss of investor funds. Looking back at the collapse of FTX, Bankman-Fried’s “biggest mistake” was handing over the leadership of the company to its current CEO, John J. Ray III, on Nov. 11, 2022. Read more
Many major banks anticipate that Bitcoin will rise to as high as $200,000 by year-end, driven by record ETF inflows and capital rotation from gold markets. Key takeaways: Wall Street’s year-end Bitcoin forecasts range from $133,000 to as high as $200,000. Most agree that persistent Bitcoin ETF inflows and gold correlation may shoot BTC to new record highs. Read more
Bitcoin ETFs are the market’s “clearest sentiment barometer,” indicating an incoming breakout for “Uptober,” analysts told Cointelegraph. US-listed spot Bitcoin exchange-traded funds (ETFs) began the historically bullish month of October with their second-best week of inflows since launch, signaling renewed investor optimism. Spot Bitcoin (BTC) ETFs recorded $3.24 billion worth of cumulative net positive inflows over the past week, nearly matching their record of $3.38 billion in the week ending Nov. 22, 2024, according to data from SoSoValue. The figure marks a sharp rebound from the previous week’s $902 million in outflows. Analysts attributed the turnaround to growing expectations of another US interest rate cut, which has improved sentiment toward risk assets. Read more
Crypto venture capitalists are a “lot more careful” and not just jumping on every hot narrative, says a Bullish Capital Management executive. Crypto venture capitalists are dialing back their risk appetite, avoiding the hot flavor of the month and applying a more critical lens to investments, according to Bullish Capital Management director Sylvia To. “VCs are a lot more careful now. It’s not just a narrative play. Before you could throw a check and say, Oh, there’s another L1 but it’s going to be an Ethereum killer,” To told Cointelegraph during a sit-down interview at Token2049 in Singapore. “Then subsequently, you saw all these new chains forming,” she said, explaining that the market became fragmented and a lot of funds were being deployed to new layer 1s and new infrastructure, which isn’t viable anymore. Read more
The Bitcoin four-year cycle is driven more by "human emotion" and will likely continue to play out in “some form,” according to a crypto executive. While Bitcoin’s four-year cycle may not play out exactly as it has in the past, that doesn’t mean the concept is entirely dead, according to a crypto executive. “I think when it comes to the four-year cycle, the reality is that it’s very likely that we’ll continue to see some form of a cycle,” crypto exchange Gemini’s head of APAC region, Saad Ahmed, told Cointelegraph during a sit-down interview at Token2049 in Singapore. “It ultimately stems from people get really excited and overextend themselves, and then you kind of see a crash, and then it kind of corrects to an equilibrium,” Ahmed said. Read more
Crypto exchange Coinbase is pursuing a National Trust Company Charter in the US, but said it has "no intention of becoming a bank." Crypto exchange Coinbase has applied for a National Trust Company Charter with the US Office of the Comptroller of the Currency (OCC), joining a growing number of US-based crypto companies pursuing the same license. “Coinbase is taking a significant step in expanding our business capabilities and regulatory oversight beyond the existing framework, paving the way for innovation and growth in building a modern financial system powered by digital assets,” Coinbase said in a statement on Friday. According to Coinbase, pursuing the license is part of its strategy “to bridge the gap between the crypto economy and traditional financial system.” However, it has no interest in changing the core focus of its operations: Read more