Month: May 2022

Shanghai court affirms that Bitcoin is virtual property, subject to property rights

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The Shanghai High Peopleโ€™s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin as having value, scarcity and disposability, and therefore being subject to property rights and meeting the definition of virtual property. According to the Sina website, the Shanghai Baoshan District People’s Court ruled in favor of…

Look out below! Ethereum derivatives data hints at further downside from ETH

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Ether (ETH) is down 38% in three weeks and the current $2,000 level is 59% below the $4,870 all-time high that was reached in November 2021. Additional newsflow that added to the current market wide volatility were the bankruptcy fears that emerged after Coinbase, the largest U.S. exchange reported a $430 million first-quarter 2022 loss.ย  In the most recent 10-Q filing Coinbase included the following disclosure: “In the event of a bankruptcy, the crypto assets we hold on behalf of our customers may be subject to bankruptcy proceedings.” Regulatory uncertainty…

BIG THINGS ARE HAPPENING IN CRYPTOCURRENCY IN JANUARY 2022 (EXCITING)

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Derivatives’ Old Guard Fights FTX Chief Over Plan to Cut Out Middlemen

But representatives of the derivatives markets made it clear FTX is directly threatening their territory, arguing that cutting out intermediaries for derivatives trades wasnโ€™t just an idea that was going to stop with digital assets. Terry Duffy, the chief executive officer of CME Group, the worldโ€™s leading derivatives exchange, aimed much of his criticism at the possibility FTX would expand beyond crypto, because its application would allow it to do so. Source BitcoinChiefcryptoexchangecutDerivativesExchangesFightsFTXGuardMiddlemenPlan CryptoX Portal

US Senate confirms Jerome Powell for another four years as Fed chair

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The United States Senate has confirmed the nomination of Jerome Powell as the chair of the board of governors of the Federal Reserve System until 2026. In an 80โ€“19 landslide vote on the Senate floor on Thursday, U.S. lawmakers confirmed Powell as chair of the Federal Reserve, a position he held from February 2018 until February 2022, when he was named chair pro tempore until a confirmation vote could be secured. Powell was one of four Fed nominees awaiting a full Senate vote following weeks of delays due, in part,…