RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling by 2:30 percent to $20,389.86 as of 9 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,093.61 falling by 4.84 percent, according to data from Coindesk.
No flying for crypto company Terraform Labs’ staff
According to Reuters, several employees of the company behind TerraUSD — the stablecoin that collapsed last month and roiled cryptocurrency markets — cannot leave the country.
Terraform Labs workers have been put on a no-fly list, according to a spokesperson at South Korea’s supreme prosecutor’s office. Further details would not be available until after the investigation was completed.
“We are not aware of the details of the reported ban,” Terraform Labs spokesperson said in a statement.
The stablecoin also contributed to difficulties for US-based crypto lender Celsius, which suspended withdrawals this month, and Singapore-based crypto hedge fund Three Arrows Capital, which has considered selling assets or a bailout.
Metaverse standards body formed without Apple by tech giants
Technology giants such as Microsoft, Meta, and others are collaborating to develop industry standards so their nascent digital worlds can be compatible, according to Reuters.
Among the participants in the Metaverse Standards Forum are chip makers, gaming companies, and established standards-setting bodies such as the World Wide Web Consortium, the group announced on Tuesday.
Analysts expect Apple to become a dominant player in the metaverse race once it unveils a mixed reality headset this year or next year.
The Sandbox and Decentraland, crypto-based metaverse platforms like Roblox and Niantic, were also not included among the forum’s participants.
Despite giving its board a sneak peek of the headset, Apple has not yet publicly acknowledged plans for the device.
Such a device would put Apple in direct competition with Meta, which has invested heavily in hardware to make its vision of interconnected virtual worlds a reality.
The company, previously known as Facebook, announced plans to release a mixed-reality headset this year, code-named “Cambria.”
BlockFi signs $250 million revolving credit agreement with FTX
In a tweet, BlockFi’s CEO, Zac Prince, said the cryptocurrency firm had signed an agreement with digital asset exchange FTX for a SR938 million ($250 million) revolving credit facility, Reuters reported.
BlockFi will gain access to capital amid a rout in digital currency markets. As part of cost-cutting measures like reducing marketing spend and executive compensation, the company said it was reducing headcount by 20 percent last week.