The Latest Breaking News from BlockFi

After numerous days of conflicting reports leaving BlockFi investors and crypto watchers on edge, company CEO Zac Prince took to Twitter on Friday to announce that FTX signed a deal to bail out the embattled crypto firm.

Bitcoin continued selling off this week amid crypto liquidations and fire sales.

The new uptrend quickly came under pressure with the major indexes down sharply. Micron and GM warned on earnings.

Imagine it is March 2021, and you’re leading a funding round where you’ve raised $350 million at a $3-billion valuation. Now it’s July 2021, and you’re to raise $500 million at an almost $5 billion valuation.

Three Arrows Capital (3AC), a prominent crypto hedge fund, defaulted on a loan worth over US$670 million, prompting a steep fall in Bitcoin's price to below $21,000.

The Terra (CRYPTO: LUNA) crash caused the crypto market to plummet more than 67% from its all-time high, brought about individual investors to lose billions of dollars and triggered liquidations of crypto enterprises that could not repay overcollateralized margin loans.

The worldwide cryptocurrency market capitalization is at $927 billion, up from $921 billion on Tuesday morning. The top gainer in the current trading session is Celsius (CRYPTO: CEL), trading more than 15% higher to $0.96.

BlockFi, a crypto lending firm, has confirmed a $250 million credit facility from FTX (CRYPTO: FTT).

The worldwide cryptocurrency market capitalization Tuesday is at $921 billion, up from $892 billion on Friday afternoon. Following an announcement that it would cut staff by 20%, BlockFi said this morning that it signed a term agreement with crypto lender and platform FTX to secure a $250-million revolving credit facility.

The value of cryptocurrencies has plunged over recent days, with Bitcoin -- the largest coin by market cap -- sinking to its lowest point since 2020.

Employees hit by cryptocurrency crash as bitcoin price has plummeted in recent weeks