Day: October 12, 2022

Custodia Bank founder Caitlin Long has some strong words about the Fed and BNY Mellon

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The head of the Wyoming-based bank was taken aback when BNY Mellon was approved to provide crypto custody services; her bank’s master account application is still not processed. Custodia Bank founder Caitlin Long had a strong reaction to the news that BNY Mellon has launched a digital custody platform for Ether (ETH) and Bitcoin (BTC) holdings. Speaking at DC FinTech Week on Oct. 11, she made a comparison between the Federal Reserve’s actions and policies. BNY Mellon is the first large United States bank to offer the custody of digital assets…

Senator Warren leads the charge against energy consumption claims on Texas crypto miners

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According to a letter penned by seven U.S. lawmakers, ERCOT was “intimately connected” with the growth of crypto mining in Texas. Massachusetts Senator Elizabeth Warren and a group of six other U.S. lawmakers have requested information from the head of the Electric Reliability Council of Texas, or ERCOT, on the energy usage and potential environmental impact of crypto miners. In an Oct. 12 letter, Senators Elizabeth Warren, Sheldon Whitehouse, and Edward Markey an House of Representatives members Al Green, Katie Porter, Jared Huffman, and Rashida Tlaib requested ERCOT CEO Pablo…

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Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?

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LTC price breaks down into a descending triangle as price failed to break above resistance, holding price from trending higher.  LTC trades below 8 and 20-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a descending triangle.  LTC prices continue to range as prices aim for a breakout in either direction.  The price of Litecoin (LTC) continues to struggle as price ranges in an attempt to rekindle its bullish movement against tether (USDT). Litecoin (LTC) and other crypto assets enjoyed a…

Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth?

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The crypto market woes from September look to have spilled onto October and going against the historical trend of October being a rather bullish month. September had seen the crypto market close with muted performances, but there has not been much change for the new month. Almost two weeks into the month, and it is starting to look like the much-awaited “Uptober” will disappoint investors. Poor performances All-Around All of the indexes in the crypto market are seeing poor performances from market participants. The first two weeks of the month…

Senator Warren Leads Congressional Group’s Probe Into Bitcoin Mining Energy Use in Texas

In a letter Wednesday addressed to Pablo Vegas, the CEO of the Electric Reliability Council of Texas (ERCOT), the group expressed concerns that bitcoin mining’s enormous demand for energy in Texas is straining the state’s grid, adversely impacting consumers and U.S. climate goals. ERCOT manages the Texas electricity grid, which operates independently from the rest of the country. Source

Grayscale Sues SEC Over $12 Billion Bitcoin Trust-ETF Decision

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Summary: The opening brief by Grayscale in a lawsuit against the U.S. Securities and Exchange Commission called the regulator’s decision “capricious” and “discriminatory”. Gary Gensler’s federal agency rejected the digital asset manager’s application to convert its $12 billion Bitcoin spot trust into a Bitcoin exchange-traded fund. The switch in fund structure could help stem the rising GBTC discount, returning the fund’s BTC offering to “net asset value”. The SEC cited fraud risks and market manipulation as the primary reasons for the decision.  A lawsuit has been launched by Grayscale Investments…