Bitcoin Miner Expects ‘Many More’ Bankruptcies After FTX Collapse
- ‘I just don’t know who’s next,’ Hive Blockchain’s Holmes says
- Toronto-listed Bitcoin miners lose more than 20% in two weeks
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Crypto mining firms listed in Toronto expect more turmoil and a lingering crisis of confidence in digital assets after the collapse of Sam Bankman-Fried’s FTX.
Bitcoin dropped as low as $15,804.76 on Monday and has lost nearly a quarter of its value since Nov. 5, shortly before FTX began to unravel. The falling price of the largest cryptocurrency, as well as smaller ones, is squeezing overleveraged miners and hedge funds that have lent money to the sector, according to the executive chairman of Hive Blockchain Technologies Ltd.