Cryptocurrency companies publish loss-making reports for the second quarter. Stronghold Digital Mining not only recorded a loss, but also, in order to minimize debts, returned 26,200 miners against an outstanding loan debt.
Singapore-based crypto lending platform Hodlnaut simply laid off 80% of its staff to optimize costs. This is about 40 people. Hodlnaut believes that the remaining employees should be enough for the company to perform key functions. Withdrawal operations remain frozen and the open interest rate and the annual rate on deposits have been reduced to zero.
But the crypto exchange FTX reports on income for the past year. In 2021, the company's revenue exceeded $1 billion, according to CNBC.
FTX was one of the crypto exchanges that managed to capitalize on the next round of cryptocurrency hype in 2021. Then bitcoin and altcoins reached their all-time highs. Thanks to massive customer acquisition, partnerships and other factors, FTX's revenue grew tenfold in 2021, from $90 million in 2020 to $1.2 billion in 2021. Also, a large share of the proceeds came from cryptocurrency derivatives, which are available to everyone except US residents.
On August 27, the balance of bitcoin on exchanges hit a 4-year low of 2,322,428.645 BTC. This is all that is in the market supply of 19,500,000 BTC. That is, about 12% is freely available.
Well, the icing on the cake was the performance of Jerome Powell. In 8 minutes, Powell scammed the fortune of such people as Elon Musk, Jeff Bezos, Bill Gates, Warren Buffett, Larry Page and others for 78 billion dollars, not counting the stock markets, etc.
💬 The thought creeps in that the boat is rocked deliberately. And what are your assumptions considering all this?