STORY: This is Crypto Weekly, with your top stories on alternative currencies.
Celsius Network is the latest crypto lender to file for bankruptcy protection, admitting to a near-$1.2 billion hole in its balance sheet.
And it’s stirred further controversy with plans to spend millions on new bitcoin mining gear.
The firm says that’s a money-spinner, and good for investors. But some creditors might just want the money back instead.
NFT marketplace OpenSea is feeling the chill too.
It says it has cut its workforce by a fifth after the market for digital assets slumped.
Boss Devin Finzer says it’s bracing for what could be a prolonged downturn.
Blanke Schein Chief Investment Officer Robert Schein doesn’t disagree about the economy’s prospects:
“You've seen signs of obviously the crypto market has taken $2 trillion, just evaporated in the economy, and then obviously you have the year to date global stocks and bond market. So all of this has a negative wealth effect. I think we're slowing down one way or another.”
But the crypto winter hasn’t cooled enthusiasm in one country.
Central African Republic says it will start selling its own token this week.
Dubbed the “Sango Coin”, it’s drawn a warning from the IMF, and comparisons with El Salvador.
The Central American nation saw its big bet on bitcoin turn sour when prices crashed.