Louisiana Light • 2 days | 73.02 | -0.64 | -0.87% | |||
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% | |||
Mars US • 321 days | 75.54 | -1.36 | -1.77% | |||
Gasoline • 11 mins | 2.049 | -0.011 | -0.52% |
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Girassol • 31 days | 79.56 | -1.80 | -2.21% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% |
Peace Sour • 1 hour | 68.16 | +1.28 | +1.91% | |||
Light Sour Blend • 1 hour | 67.41 | +1.28 | +1.94% | |||
Syncrude Sweet Premium • 1 hour | 72.16 | +1.28 | +1.81% | |||
Central Alberta • 1 hour | 69.16 | +1.28 | +1.89% |
Eagle Ford • 2 days | 67.39 | -0.28 | -0.41% | |||
Oklahoma Sweet • 2 days | 67.50 | -0.25 | -0.37% | |||
Kansas Common • 3 days | 58.02 | +1.10 | +1.93% | |||
Buena Vista • 3 days | 77.67 | +1.10 | +1.44% |
Despite Western sanctions and oil…
Crude oil prices rise after…
City A.M
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
Bitcoin could tumble to as low as $13,000 as the industry is rocked by the crisis at the crypto exchange FTX, JP Morgan has warned.
The digital asset bourse was plunged into fresh trouble last night when the world’s biggest exchange and its main rival Binance walked away from a rescue deal.
FTX had struck a non-binding deal to sell itself to Binance amid a major liquidity crunch, but Binance reportedly took fright at the state of the exchange’s books and aborted the takeover.
Analysts at JP Morgan have now predicted that the shockwaves of a collapse of FTX could lead Bitcoin to tumble to 80 percent below its all-time peak of $68,0000 as firms are hit by a “cascade of margin calls”.
The world’s most valuable cryptocurrency has fallen over seven percent in the past twenty-four hours and has shed more than 70 per cent of its value in the past year.
A collapse at FTX is set to shake the industry after a torrid year in the market that has seen over a trillion dollars wiped off its value. FTX, led by Sam Bankman-Fried, had been regarded as one of the more stable companies in the sector and had ridden to the aid of a number of firms this year with emergency loans as they were rocked by a so-called crypto winter.
FTX is now facing an $8bn shortfall, however, and teetering on the edge of collapse without support.
The downturn in the market this year has already wiped out major players including digital lender Celcius and crypto hedge fund Three Arrows Capital.
ADVERTISEMENT
By CityAM
More Top Reads From Oilprice.com:
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com