updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131As digital asset investment products saw a third consecutive week of outflows, Ripple’s XRP bucked the trend with substantial inflows. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) experienced significant outflows, leading the market’s negative sentiment.
Several events have likely contributed to these outflows, including the Bybit hack, the Federal Reserve’s hawkish stance, and the crypto market crash.
CoinShares’ weekly report revealed a record-breaking outflow of $2.9 billion from digital asset investment products, marking the largest weekly withdrawal. This outflow extends a three-week streak, with total withdrawals reaching $3.8 billion over this period.
While major players like Bitcoin (BTC) and Ethereum (ETH) exhibited notable outflows, XRP defied the trend with a significant inflow of $5 million. Bitcoin was hit the hardest by the market’s bearish sentiment, experiencing a substantial outflow of $2.59 billion last week.
Following was Ethereum, with a negative flow of $300 million. Other assets like Solana and Ton also experienced outflows of $7.4 million and $22.6 million, respectively.
In stark contrast to the major crypto market trend, XRP gained $5 million in inflows over the past week. The positive trend was led by Sui, with a significant inflow of $15.5 million.
Meanwhile, the US was the country with the largest outflows, followed by Switzerland, Canada, and Sweden. The US saw a total outflow of $2,874 million, whereas Switzerland, Canada, and Sweden exhibited $73.1 million, $16.9 million, and $14.5 million outflows, respectively.
XRP’s notable performance has significantly gained attention. Possibly, the token’s positive sentiment is largely driven by the SEC’s optimistic approach to XRP ETFs. Over the past few weeks, the US SEC has acknowledged XRP ETF applications submitted by multiple asset managers. In the latest development, President Donald Trump announced his decision to include XRP in the national reserve.
However, top crypto assets like BTC and ETH were hit by the recent incidents like Bybit hack and the Fed’s hint at maintaining the current interest rates.
Though Donald Trump is adopting BTC, XRP, SOL, and ADA to the national reserve, this has sparked a debate between Bitcoin enthusiasts and XRP Army. While Bitcoin aspirants celebrate the BTC reserve update, they question the addition of XRP. For instance, Bitwise CEO Hunter Horsely, stated, “Many crypto assets have merits, but what we’re talking about here isn’t a US investment portfolio — we’re talking about a reserve, and BTC is the undisputed store of value for the digital age.”
Meanwhile, Cardano Founder Charles Hoskinson backed XRP claiming that it is “great technology, global standard, survived for a decade through many harsh cycles, and has one of the strongest communities.”
Notably, the crypto market was experiencing severe downturns over the past week, with Bitcoin trading around a low of $85k. This bearish market sentiment has significantly contributed to the outflows exhibited last week.
However, the market has rebounded today, especially driven by Donald Trump’s crypto reserve strategy. While Bitcoin has surged to $93,366, ETH and XRP reached $2,383 and $2.68, respectively. The overall market cap has increased to $3.06 trillion, up by more than 8%.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bed Bath & Beyond has been struggling to maintain its operations since the beginning of 2023 with BBBY stock correcting over 88% year-to-date.
One of America’s top home goods retailers Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23. The development comes as the company failed to raise funds in several last-ditch efforts to raise fresh capital.
Bed Bath & Beyond’s business came under stress in January this year flashing early signs of potential bankruptcy. The company had already issued a “going concern notice” stating that it may not have enough cash to cover expenses after a dismal holiday season.
The stock price of Bed Bath & Beyond Inc (NASDAQ: BBBY) has already been corrected by more than 88% since the beginning of the year. On Friday, the BBBY stock was trading at 29 cents with a market cap of $136.9 million. For reference, the stock was trading at $20 last April 2022.
As the company starts working on closing the business and liquidating assets, its 360 stores and 120 Buybuy Baby locations will remain open for the time being. However, it has filed motions in the New Jersey bankruptcy court asking for permission to auction its two brands. The company has already shown commitment to closing all of its Harmon FaceValue stores.
As per the court filing, Bed Bath & Beyond had about $4.4 billion in assets and $5.2 billion in debts by the end of November 2022. The home goods retailer has anywhere between 25,001 and 50,000 total creditors. This was alongside a long list of creditors and vendors. Also, the company owes the most to BNY Mellon at $1.18 billion. In the company’s filing, CEO Sue Gove said:
“Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY”.
Sixth Street has said that it will lend Bed Bath & Beyond a total of $240 million in debtor-in-possession financing which will give the company the necessary cash flow to support operations through the entire bankruptcy process.
Furthermore, Bed Bath said that it would continue to pay employees wages and benefits, honor its obligations to vendors, and also maintain customer programs. As per the filing, the company has appointed longtime retail turnaround expert Holy Etlin as Bed Bath’s chief financial officer and chief restructuring officer.
As troubles started mounting for Bed Bath & Beyond earlier this year, it started to conduct stock offerings. However, the news wasn’t received well by investors as the stock price came spiraling down. As of April 10, the company sold more than 100 million shares but managed to raise only $48.5 million. As it couldn’t raise the anticipated proceeds, the company had no option but to take the route of bankruptcy.
Bed Bath & Beyond has been struggling to keep good relationships with its vendors and has been simultaneously grappling with low inventory levels, falling sales, as well as a dwindling cash pile.
In its securities filings, the company said that it faced difficulty in keeping the shelves stocked due to liquidity issues as some vendors started asking for pre-payments. During the March quarter, the company had seen a drop in sales by 40-50%.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Amid the growing concern in the shares of BBBY, the stock is down by as much as 23.23% after previously hitting an All-Time Low (ATL).
An American chain of domestic merchandise retail stores Bed Bath & Beyond Inc (NASDAQ: BBBY) has finally given a more concerning insight into its distressed financial state and has hinted at a potential bankruptcy as a way to move forward from its current woes. The company has been recording low sales, further fueling a liquidity crunch that has left the firm to consider other viable restructuring means to stabilize the brand. All this has had a negative impact on BBBY shares.
The company’s Chief Executive Officer Sue Gove, who took over when former CEO Mark Tritton hit a brick wall in performance back in June last year, said the focus remains to implore new ways to reposition its brands including Bed Bath & Beyond, Buybuy Baby and Harmon to “remain destinations of choice for customers well into the future.”
With bankruptcy one of the firm’s extreme getaway options, it is also looking at reducing its store footprints and continuing with its aggressive cut in workforce. Earlier, Gove confirmed that the company had secured $500 million to pilot its transformation. However, slowing sales across the board as evidenced by the empty shelves across its active stores are giving a bitter glimpse of the tough times ahead.
“Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress,” she said.
Bed Bath & Beyond is in search of a new Chief Financial Officer following the suicide of its former executive Gustavo Arnal back in September last year as reported at the time by Coinspeaker.
Whether or not the demise of Gustavo added to the company’s dilemma is unclear, however, what remains obvious is the net loss of about $385.8 million incurred in the third quarter ended November 26, down 40% from the year-ago period.
Bed Bath & Beyond has been battling rejections from its suppliers, a trend that has kept its competitors including Target in an advantaged position.
Amid the growing concern in the shares of BBBY, the stock is down by as much as 24.69% after previously hitting an All-Time Low (ATL).
The company’s distress remains obvious but in the broader financial ecosystem, its bankruptcy will not necessarily come as a shock to many. In reality, Bed Bath & Beyond Inc’s woes date back beyond last year, and judging by firms who displayed healthy financials, it is undoubtedly not going to outdo FTX Derivatives Exchange if it decides to file for bankruptcy.
While bankruptcy remains one of its likely lifelines, CEO Gove is optimistic the company can pull through its challenges. At the moment, she said the firm is using the funds earned during the holiday season to repay the vendor it owes so it can easily restock its shelves and place additional orders for new goods.
Bigger retailers like Amazon.com Inc (NASDAQ: AMZN) are also showing signs of distress with more than 18,000 workers have been reportedly laid off.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Crypto.com (CRO) is simply in shambles. After a massive 7-day rout that saw the token lose nearly 25% in value, CRO is still in the eye of the storm. Any attempts to break the downtrend over the last few days have been met with massive downward pressure. So, what’s next for CRO? Well, here are some highlights.
CRO has shown some mild bullish signs in the last week but has largely been on a strong downtrend.
At the time of writing, the coin was trading at $0.4459, up about 1% in 24 hours but still down 22% for the week.
CRO is facing significant headwinds in the market albeit underlying fundamentals are outstanding.
Data source: Tradingview.com
CRO has shown some brief recovery over the last 24 hours, managing to post decent gains after a whole week in the red. But this is very mild and does not suggest anything. In fact, the token is firmly in decline.
Any breakout can only come once we see a trend reversal around its $0.4224 support. Also, CRO must break past its overhead resistance of $0.4846. At the time of writing, the coin was trading at around $0.4459.
With increasing bear pressure from the wider market, it is unlikely that CRO will surge past overhead resistance in the near term. In fact, if downside pressure continues, the token could sink to as low as $0.3151.
Crypto.com, one of the leading crypto exchanges in the world, has expanded fast in recent years. In fact, the platform is putting more effort to bring institutional traders with deeper pockets into its exchange.
It is therefore going places and as such, any investor should consider its native CRO token. Crpto.com (CRO) has always been a decent long-term asset to hold. Nothing has changed in underlying fundamentals, so you should definitely buy.
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