Facing dwindling cash reserves, cryptocurrency exchange platform Bakkt sounded an alarm on Wednesday, raising doubts about its ability to continue operating beyond the next year. After going public in 2021 amidst market enthusiasm, Bakkt’s share price has plunged to $1.45, a stark contrast to its 2021 peak of over $40. This financial struggle casts a shadow on the platform’s future, leaving its long-term viability uncertain.
In a bid to rebuild trust and repay creditors, Celsius, the embattled crypto lender, is making waves with a two-pronged approach: distributing over $3 billion and forging a novel Bitcoin mining venture, Ionic Digital, co-owned by creditors and miners. While these moves offer hope, questions linger about long-term strategy, asset sales, and potential tax implications for creditors.
Jupiter co-founder Meow responded to community concerns regarding the large-scale public sale of tokens by the team on their listing day. He clarified several key points:
The ONDO project team has once again sparked concerns within the cryptocurrency community after transferring a significant amount of ONDO tokens to exchange addresses. This marks the second such move in recent memory, raising questions about the team’s intentions and its potential impact on the token’s price.
JP Morgan CEO Jamie Dimon has stirred controversy by asserting that Bitcoin’s creator, Satoshi Nakamoto, will defy the cryptocurrency’s fundamental principles and increase its supply beyond the established limit of 21 million coins. This unexpected claim has triggered outrage within the Bitcoin community, with many dismissing Dimon’s statements as baseless and an attempt to manipulate the market.