Bear market claims another victim


Three equity shares. Celsius. Voyager Digital. The list of bankruptcies, cryptocurrency closures, and trading freezes was endless in 2022. The year is not over yet. This week, German crypto bank Nouri urged its users to withdraw funds ahead of the company’s planned shutdown in December — at least Nouri’s users were appropriately notified.

The crypto bear has been relentlessly cleansing the market of excess, leverage, risk mismanagement, and outright fraud. If industry expectations are taken seriously, the market can see one last surrender before conditions begin to improve.

Crypto Biz this week marks the closing of Nuri, the latest drama surrounding the tough quarter of Voyager Digital and Silvergate Capital.

German crypto bank Nouri asks 500,000 users to withdraw funds before closing

After disclosing liquidity issues in August, Nouri informed her 500,000 . users This week it will stop working on December 18th. This gives users two months to withdraw their funds before the company ends operations due to the bear market. Nouri CEO Kristina Meyer assured users that “all assets in your Nouri account are safe and unaffected by Nouri’s insolvency.” Nouri’s bankruptcy isn’t good for the industry, but they’ve handled it much better than Percentage, which has shut down user withdrawals before. Application for bankruptcy.

Voyager Digital will not sue its CEOs for inefficiency, and will demand insurance for them

The Voyager Digital Epic It took another surprising turn this week after the company chose Not to sue its executives for incompetence for their role in facilitating the Three Arrows Capital debacle (and Voyager’s in the process). For those unfamiliar with the drama: Voyager issued a $675 million loan to Three equity shares without due diligence. This loan was never repaid and became a major component of Voyager’s bankruptcy. So why aren’t CEOs being sued? According to reports, they were granted immunity from lawsuit when the Voyager assets were around Acquired by FTX US via auction In late September.

Silvergate Capital’s crypto-to-fiat conversions are down $50 billion compared to Q3 2021

Just a few stats to convey How winter crypto brutal It was more than Silvergate Capital’s cryptocurrency transfers. The company revealed this week that Remittances on its network decreased by $50 billion On an annual basis in the third quarter, an alarming sign for those who rely on mass adoption of cryptocurrencies among financial institutions. But, there was a silver lining: Silvergate’s earnings were up 84% year-over-year to $43.328 million. Investors responded to the news by dumping shares of Silvergate, which plummeted 20% on October 18.

Binance Launches $500 Million Lending Project to Support Crypto Miners

Cryptocurrency exchange Binance launches a file New $500 Million Lending Project to fund cash-strapped bitcoinBTC) miners during a bear market. The new Binance pool will give miners access to loans over a period of 18 to 24 months, in which they will pay 5% to 10% interest and put up physical or digital assets as collateral. Only “excellent” miners can qualify for the loan. “One of the requirements is that the applicant must be classified as a Binance VIP user and have a minimum of 500 PH/s linked to the Binance pool for at least 24 months after the loan is issued,” a Binance spokesperson told Cointelegraph.

Before You Go: When Will the Cryptocurrency Bear Market End?

Are you sick and tired of the crypto bear market? How long until the market turns? Although no one has a crystal ball, I remain firm in my belief that Bitcoin will likely experience a cyclical bottom in the next few months, followed by a prolonged accumulation phase. In this week’s market report, I sat down with fellow analysts Marcel Bichmann and Benton Yaon to discuss the short-term outlook for cryptocurrency. You can watch the full replay below.

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