Crypto Lender BlockFi Files For Bankruptcy – November 28

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,091

Bitcoin price has dipped toward the lower end of the $16,000s as more FTX contagion hits the headlines.

Top-20 altcoins are also down over the last 24 hours, including Ethereum falling 4%, BNB down 6% and Dogecoin correcting 11% after a strong run.

Top Stories for November 28, 2022 πŸ”₯

πŸ‘‰ Crypto Lender BlockFi Files For Bankruptcy

Crypto lending platform BlockFi has filed for bankruptcy protection, just a matter of weeks after halting customer withdrawals.

BlockFi has around $257 million in cash on hand, which will be used to fund operations during the restructuring process. The company had previously claimed that its products were “fully functional” following the FTX collapse.

πŸ‘‰ Bitcoin Mining Revenue Falls To Lowest Numbers In Two Years

Bitcoin revenue for miners has fallen to two-year lows in terms of US dollar value, to $11.67 million. The figure, which takes into account block rewards and transaction fees, is at levels not seen since November 2020.

Although the price of each Bitcoin is higher now than two years ago, both rising energy prices and greater mining difficulty has contributed to lower profitability for miners.

πŸ‘‰ FTX Allegedly Asked Bahamian Banks To Invest In The Exchange

Now-defunct crypto exchange FTX was allegedly asking local banks in the Bahamas to put their money into the exchange for returns of up to 12%, according to the Wall Street Journal.

A partner at one of the banks was interviewed in the article, who was quoted saying the exchange was effectively “looking for funding.”

The exchange is currently under investigation by the Securities Commission of The Bahamas, the US Securities and Exchange Commission and the US Department of Justice.