Market

Earlier today, Hong Kong-based crypto exchange Bitfinex unexpectedly went offline for two hours amid major market movement. The exchange notified users of the development in a confusing set of tweets: The first, sent at 3:05 AM EST, alerted users that the exchange had temporarily gone offline: “We are aware Bitfinex is currently not accessible to some users, our admins are …

Facebook has reportedly acquired blockchain startup Chainspace in what is its first blockchain-related acquisition. The news was first reported by Cheddar earlier today. According to sources, the deal is primarily an “acquihire” — an acquisition whose main purpose is to bring on the staff of the acquired company, as opposed to their technology, or their core business. Indeed, four of …

A glance at cryptocurrency numbers on CoinMarketCap removes any lingering doubt that cryptos have officially entered into their longest-ever bear market. A similar incident was seen in 2013 when the crypto industry underwent a 410-day bear market. During that time, the price of BTC dropped from roughly $1,000 to about $100. Since 2017 December when the cost of Bitcoin hit …