Day: March 1, 2023

Silvergate Loses a Bull as KBW Analyst Downgrades on Limited Visibility

However, the downgrade doesn’t mean the analyst is giving up completely on the stock. “As SI’s shares have fallen, we have defended the bank’s management, operating platform, role within FTX’s platform, and strength of their balance sheet. We still feel validated on these positions,” Perito wrote. However, the volatility in crypto industry in the wake of FTX bankruptcy “made utilizing fundamental valuation models challenging” for the next twelve-months for the stock, he noted. Source

France on the verge of passing stringent crypto firm licensing laws

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The French National Assembly has voted in favor of legislating stricter licensing rules for new cryptocurrency firms in order to harmonize local laws with proposed European Union (EU) standards. The vote was passed with 109 votes (60.5%) in favor to 71 (39.5%) against. With the French Senate having already passed the bill, it will now be passed to president Emmanuel Macron who has 15 days to either approve it or send it back to the legislature. ✅ Projet de loi DDADUE dans les domaines de l’économie, de la santé, du…

Crypto Lender Voyager Says Majority of Customers Voted for Restructuring Plan With Binance US

A majority of the company’s creditors also voted to opt their claims into a “wind-down entity,” according to a breakdown of votes included in a declaration by Stretto director Leticia Sanchez. In that tabulation, 65% of Class 3 Ballots, referring to account holder claims, voted to opt-in, while 85% of “holders of claims or interests in the non-voting classes” voted to opt-in. Source

Economist Peter Schiff Warns the Fed Could Be Fighting ‘Complete Economic Collapse’ – Economics Bitcoin News

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Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.” Peter Schiff on Potential Economic Collapse Economist and gold bug Peter Schiff shared some dire warnings about where the U.S. economy is headed and the consequences of the…

Marathon Digital bungles crypto impairment sums, will reissue financials

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Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021. Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.” The issues highlighted by the SEC were Marathon’s method…

NFTs Have a ‘Digital First Sale’ Problem

When you sell a Blu-Ray or a book to someone, they have the sole ability to enjoy it. But with computer files, there is no concept of ownership – you are simply given a license to use it – and courts haven’t gotten comfortable with confirming that a file is deleted on the first user’s computer. After all, files aren’t “exhaustible”; they can be copied an infinite amount of times. Or in crypto parlance, ‘double-spent.” Source

Yuga Labs Launches ‘TwelveFold,’ An NFT Collection On The Bitcoin Blockchain

Alright, they’re not exactly NFTs. Nonetheless, ‘TwelveFold’ is the name of Yuga Labs new venture to build creative on Bitcoin. There’s been substantial hype and interest in this unique corner of the NFT community, powered by inquisitiveness and bolstered by your everday crypto degen. It’s led to a very ‘underground’ feel that is bound to not last much longer – as things often move quickly in this space. What are Bitcoin NFTs all about? First: they’re ‘ordinals,’ not NFTs. And now that Yuga Labs is jumping in, we might find…