Day: September 7, 2022

Signature Bank’s Crypto Outflows Mitigated by Growth in Core Deposits, Wedbush Says

The $4.3 billion contraction in crypto-related deposits was steeper than estimated, but not a surprise, Raymond James said in a report, also on Tuesday.The bank’s growth is not dependent on “digital currency ecosystem growth,” the note said, adding that while the firm’s exposure to the cryptocurrency ecosystem remains a headwind, since the end of 2019 it has grown loans at an annualized rate of 25.4% and deposits (ex-digital assets) by 26.3%. Source

Analyst Warns US Debt Crisis Is Possible — Rising Treasury Yields, Inflation, Stock Market Rout Could Cause ‘Multiple Black Swans’ – Economics Bitcoin News

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Wall Street’s major indexes closed the day in red on Tuesday, alongside cryptocurrencies, and precious metals like gold and silver taking some percentage losses. The leading crypto asset bitcoin dropped 5.87% under the $19K region, while the second largest crypto asset ethereum shed 8.7%. Gold’s nominal U.S. dollar value per troy ounce slipped by 0.50%, while silver dropped by 0.74% on September 6. Meanwhile, a recent rise in U.S. Treasury yields has been concerning and one analyst thinks the anomaly could spark an American debt crisis. Stocks Sink Lower, Crypto…

Ether y cardano lideran una fuerte caída ante un dólar estadounidense que se fortalece

La preocupación por el fuerte endurecimiento monetario de la Reserva Federal de los Estados Unidos (Fed, por sus siglas en inglés) hizo que el dólar escalara durante la noche y que, por un lado, alcanzara el máximo de 24 años frente al yen japonés y, por el otro, estableciera un pico sin precedentes frente a la rupia india. El martes, el S&P 500 perdió 0,4% y el Nasdaq 100, 0,7% debido a la caída de las acciones tecnológicas. Source

Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4

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Bitcoin price traded below $19,000 on Wednesday morning, as the leading cryptocurrency plummeted to its lowest level since July, due to a decline in global stock markets and the U.S. dollar’s sustained strength. As of this writing, Bitcoin (BTC) is trading at $18,741, down 5.5% in the last seven days, data from Coingecko show, Wednesday. The last time Bitcoin fell below $19,000 was on July 4, when its price reached $18,600. The current level is a 25% correction from the August 15 rally to $25,000. Prior to reaching $18,600, BTC…

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Crypto Lender Celsius Resembled Ponzi Scheme at Times, Vermont Regulator Says

“During the course of the multistate investigation, it has become clear that Celsius, through its CEO Alex Mashinsky and otherwise, made false and misleading claims to investors about, inter alia, the company’s financial health and its compliance with securities laws, both of which likely induced retail investors to invest in Celsius or to leave their investments in Celsius despite concerns about the volatility of the cryptocurrency market,” the filing said. Source

Bitcoin Bets Look Bearish as Futures Trading Hits Record Level

The bitcoin-denominated open interest in futures and perpetuals (futures with no expiry) tied to the largest cryptocurrency has risen to a new record high of 565,579 BTC ($10.6 billion), surpassing the previous peak of 548,096 BTC reached in February 2020, according to Arcane Research. The data covers positions on traditional commodities exchanges such as CME as well as crypto exchanges like Binance and Bybit. Source

Mt. Gox creditors fail to set repayment date, but markets to remain unaffected

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Eight years ago, in 2014, the crypto world was rocked by the crippling hack of Mt. Gox, a popular Bitcoin (BTC) exchange, which was forced to shut down after miscreants were able to make away with approximately 850,000 BTC, worth more than $16 billion at today’s exchange rates.  At the time of the incident, the Tokyo-based exchange was the world’s largest cryptocurrency trading ecosystem, processing over 70% of the crypto market’s daily Bitcoin trading volume. However, due to its lack of quality security protocols, hackers were able to make their…

ETC Group launches crypto ETP based on PoW Ethereum hard fork

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Digital asset-backed securities provider ETC Group will continue to rely on Ethereum’s original proof-of-work (PoW) consensus for its current Ethereum exchange-traded product (ETP). ETC Group officially announced on Wednesday the launch of a new Ethereum ETP in response to the upcoming Ethereum Merge. Scheduled to occur in mid-September, the Ethereum Merge is a long-awaited consensus upgrade that is set to move the Ethereum blockchain from mining-based PoW to mining-free proof-of-stake (PoS). ETC Group’s new Ethereum ETP will rely on a forked PoW Ethereum chain, representing a group of miners opposing…

Powers On… Insider trading with crypto is targeted — Finally! Part 1 – Cointelegraph Magazine

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It took a few years, but government crackdowns on “insider trading” involving digital assets have finally arrived. It’s about time! Insider trading occurs often in our securities markets, so it was only a matter of time before crypto and other digital assets would be exploited improperly by miscreants for financial gain. Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor…