Michael Saylor drops Microstrategy CEO role — Here’s what it means for bitcoin

A shakeup of MicroStrategy Inc.’s executive suite has crypto traders weighing the consequences for bitcoin as Michael Saylor drops his role as chief executive officer. MicroStrategy’s MSTR, +12.73% shares jumped almost 13% Wednesday, a day after the company said Michael Saylor would give up the CEO title and take on a new role as executive … Read more

Bitcoin has already bottomed, has a fair value of $40,000, says Anthony Scaramucci

Anthony Scaramucci, founder and managing partner at SkyBridge Capital, said he believes that the worst of the crypto bear market has already passed, after crypto hedge fund Three Arrows, lender Celsius and broker Voyager went into bankruptcy. Scaramucci made the comments while bitcoin BTCUSD, -0.34% is still down 66% from its peak in November, trading … Read more

Is the crypto bear market over? Here’s what to watch.

Bitcoin and ether are on track to record their best month since last October, prompting some investors to ask if the crypto bear market is over. The No.1 cryptocurrency BTCUSD, -0.24% on Friday reached a high of $24,412, the loftiest level since June 13, according to CoinDesk data. Bitcoin went up more than 19% so … Read more

Crypto market stands like Nasdaq in the early 2000s. Here’s why

Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest in this bear market. Find me on Twitter at @FrancesYue_ to send feedback, or tell us what you think we should cover. You can also … Read more

Shorting crypto stocks has led to ‘substantial’ paper gains, but it’s getting harder to join in on the trend

The short selling of cryptocurrency-related stocks has yielded “substantial” mark-to-market profits this year, but those looking to get in on the action may have more trouble doing so going forward. Short sellers in a basket of 15 crypto stocks including Coinbase Global Inc. COIN, +8.07%, MicroStrategy Inc. MSTR, +9.92%, and crypto miners like Marathon Digital … Read more

Binance resumes bitcoin withdrawals as crypto prices crater

The world’s largest cryptocurrency exchange, Binance, resumed withdrawals of bitcoin after it instituted a “temporary pause” Monday morning that latest several hours, the company said. Binance founder and CEO Changpeng Zao announced the pause on Twitter earlier in the day. “Withdrawals on the Bitcoin network have now resumed,” the company said in a statement on … Read more

Coinbase stock sinks as anxiety builds in crypto market

Shares of Coinbase Global Inc. were cratering toward one of their largest drops on record Monday after a different cryptocurrency platform’s decision to pause withdrawals and transfers led to further jitters about the market for digital assets. Coinbase’s stock COIN, -11.02% was down about 14% in Monday morning trading, after falling as much as 21.6% … Read more

Crypto crash gathers steam as inflation marks fastest pace of rise since 1981

Bitcoin and other cryptocurrencies tumbled on Sunday, with losses for the asset class building over the weekend following U.S. data that showed persistent inflation pressures in May, marking the fastest pace of increase since December 1981. Bitcoin BTCUSD, -1.58% has dropped around 3% to $27,743, with Ethereum falling more than 3.8% to around $1,494, while … Read more

‘I thought it was a bad joke’: They gave up another job offer to work at Coinbase, and are now unemployed

When Hao Jia received an email from Coinbase that his job offer had been cancelled, he was on his way to watch “Top Gun: Maverick,” the blockbuster film starring Tom Cruise. Jia’s boyfriend had asked her to watch it because she was in China, where the film had not yet been released, and couldn’t watch … Read more