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There are 2 or 3 bitcoin catalysts coming up, analyst says
  + stars: | 2024-05-03 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are 2 or 3 bitcoin catalysts coming up, analyst saysOwen Lau, executive director and senior analyst at Oppenheimer, says one of them is the U.S. stablecoin bill.
Persons: Owen Lau, Oppenheimer Locations: U.S
Last night data security firm Rubrik priced 23.5 million shares at $32, above the price talk of 23 million shares at $28-$31, raising $752 million. Rubrik is the first tech unicorn IPO since last fall. Marex Group, a UK-based financial services company known for its global clearing business, priced 15.4 million shares at $19, the midpoint of the price talk of $18-$21, raising $292 million. Loar Holdings, which makes aerospace and defense components, priced 11 million shares at $28, above the range of $24-$26, raising $308 million. All eyes on Rubrik Rubrik is an important test of the tech IPO market.
Persons: Matt Kennedy, Rubrik, Kennedy, Ingram, Del Organizations: Marex, Nasdaq, Loar Holdings, New York Stock Exchange, Viking Holdings, Arm Holdings, Renaissance Capital, UL, Astera Labs, Forge, Companies, Ingram Micro, Epic Locations: Del Monte
Messaging app Telegram to allow Tether stablecoin payments
  + stars: | 2024-04-19 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
Stablecoin Tether and Circle's USDC dominate the market. Justin Tallis | Afp | Getty ImagesTelegram users can now start making stablecoin USDT payments to each other through the encrypted messaging service's linked blockchain. It is integrated with the Telegram app. After this, users will be able to purchase USDT and send money to other users by selecting Tether's token as a payment option. The move could help make Tether's USDT coin more mainstream.
Persons: Justin Tallis, USDT Organizations: Afp, Getty, Open, U.S .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Gillibrand: Stablecoin bill will bring transparency and accountability into crypto & blockchainSen. Kirsten Gillibrand (D-N.Y.) and Sen. Cynthia Lummis (R-Wyo.) joins 'Squawk Box' to discuss the new bipartisan legislation on regulating stablecoins, details of the new bill, how likely it will get passed in both chambers of Congress, and more.
Persons: Email Sen, Gillibrand, blockchain Sen, Kirsten Gillibrand, Sen, Cynthia Lummis Organizations: Email
Two months ago, I wrote a story entitled, "The IPO market is looking very shaky and facing challenges galore." Two months later, the IPO market is still shaky, but there are definite signs of improvement. Second, three $100 million IPOs have filed to go public in the past week, including Viking (the cruise line operator) and Rubrik, a data management platform. Greg Martin at Rainmaker Securities told me that the recent performance of Reddit and Astera Labs, "Were nice shots in the arm for the IPO market. Even with markets at new highs, the specter of interest rates creeping up is still hanging over the IPO market.
Persons: Matt Kennedy, Reddit, Greg Martin, Ibotta, Ingram, Del, Viking, Howe Ng, I'm, Martin, Rainmaker, Santosh Rao Organizations: IPOs, Viking, Renaissance Capital, Astera Labs, Rainmaker Securities, NYSE, UL Solutions, Underwriters Laboratories, Nursing, Centuri Holdings, Labs, Companies, Ingram Micro, Epic, Manhattan Venture Partners Locations: IPOs, Del Monte
A police officer escorts Terraform Labs co-founder Do Kwon after he served a sentence for document forgery in Podgorica, Montenegro, March 23, 2024. A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the U.S. Securities and Exchange Commission that they misled investors before their stablecoin's 2022 collapse shocked cryptocurrency markets. The regulator is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which began March 25. Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD.
Persons: Kwon, Terraform's blockchain, Laura Meehan, Meehan, Louis Pellegrino, Luna Organizations: Terraform Labs, Labs, U.S . Securities, Exchange Commission, SEC Locations: Podgorica, Montenegro, Manhattan, Singapore, South Korea
Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon falsely attributed the recovery to the reliability of TerraUSD’s algorithms, according to the regulator. Earlier in the case, Terraform argued that securities laws did not apply to the cryptocurrencies it developed. After a final judgment in the case, Terraform will be able to challenge that ruling on appeal.
Persons: Kwon, Terraform’s blockchain, Luna, Jed Rakoff, Terraform, Gurbir Grewal, ” Grewal, , Laura Meehan, ” Meehan, Terraform’s, Louis Pellegrino, ” Pellegrino, Rakoff Organizations: Labs, US Securities and Exchange Commission, SEC, SEC Division Locations: Manhattan, Singapore, Montenegro, United States, South Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises for a second day, and Ripple plans dollar-backed stablecoin: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, in an exclusive on-camera interview, Halimah DeLaine Prado, general counsel at Google, discusses the tech company's lawsuit against crypto scammers for allegedly uploading fake apps to the Android app store.
Persons: explainers, Halimah DeLaine Prado Organizations: CNBC Crypto, CNBC, Google
Jakub Porzycki | Nurphoto | Getty ImagesCrypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar. The move would pit Ripple against stablecoin giants like Tether, which is behind the largest stablecoin UDST, and USDC issuer Circle. Payments giant PayPal , meanwhile, launched its own U.S. dollar stablecoin called PayPal USD, a stablecoin backed by U.S. dollars and dollar equivalents that is issued by crypto firm Paxos. watch nowTether is the market leader for stablecoins with a market capitalization of $106.3 billion, according to CoinGecko data. "In fact, the number one request we get from the XRP community is to launch a USD-backed stablecoin on the XRP Ledger."
Persons: Jakub Porzycki, Brad Garlinghouse, he's, Garlinghouse, Tether's, USDT, USDC, MoneyGram Organizations: U.S, SEC, Nurphoto, Getty, U.S ., PayPal, CNBC, Bank, FinCEN, Santander, U.S . Securities, Exchange Commission, Southern, of Locations: U.S, Europe, Asia, New York, Ireland, Singapore, of New York
Meanwhile, Wells Fargo called for 20% upside for Meta Platforms and raised one of its estimates for the company's ad sales. Despite those positive trends, the new price target from KBW is still below the stock's closing level on Tuesday of $245.84. — Jesse Pound 5:53 a.m.: Redburn Atlantic upgrades UPS UPS could be in for strong gains after a slow start to the year, according to Redburn Atlantic. Analyst Oliver Holmes upgraded the package delivery giant to buy, raising its price target to $180. "We believe UPS is at, or close to, trough revenue, volume, margin and share price levels," Holmes wrote to clients.
Persons: Wells, Tesla, Gary Mobley, Wolfspeed, Mobley, Wells Fargo, — Jesse Pound, Ronald Jewsikow, Guggenheim, Jewsikow, Richard Shane, Shane, Coinbase, Keefe, Kyle Voigt, Voigt, Ken Gawrelski, Gawrelski, Oliver Holmes, Holmes, Fred Imbert, ~ ~ . Organizations: CNBC, Wednesday, UPS, Hyundai, Guggenheim, JPMorgan, ADV, SEC, Meta, Wall, ~$ Locations: Wells Fargo, 4Q23 ., Tuesday's
Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, will head on Thursday to a federal court in downtown Manhattan, where U.S. District Judge Lewis Kaplan will deliver his sentencing. After a month of personally dabbling in the market, Bankman-Fried launched Alameda Research, named after the California county that housed his first office. The so-called crypto winter of 2022 wiped out hedge funds and lenders across the crypto universe. May of 2022 brought the crash of stablecoin Luna, creating a domino effect that sent crypto prices plunging, devastating other lenders. On Nov. 2, 2022, crypto trade site CoinDesk publicized details of Alameda's balance sheet, which showed $14.6 billion in assets.
Persons: Samuel Bankman, MacKenzie Sigalos, Sam Bankman, Fried, Damian Williams, District Judge Lewis Kaplan, they'd, FTX, Amr Alfiky, Jane Street, Goldman Sachs, stablecoin Luna, Solana, Changpeng Zhao, Binance, Zhao, Jane Rosenberg, he'd, Cromwell, John J, Ray, confidants, — CNBC's Rohan Goswami Organizations: CNBC, Metropolitan Detention, U.S, District, Prosecutors, Reuters, Jane, Alameda Research, Formula, Democratic, Voyager, Alameda, FTX, Industry, Investors, Enron, Securities and Exchange Commission, Stanford University Locations: San Francisco, he's, Brooklyn, Manhattan, U.S, New York City, South Korea, Alameda, California, Miami, Washington, Solana, FTX, New York, Palo Alto , California
Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa's most populous country. In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether , a cryptocurrency stablecoin pegged to the U.S. dollar. The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said. Nigeria is also one of the world's biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm's senior executives last week, according to multiple media reports. The Nigerian naira has lost almost 70% of its value over the past few months, as Africa's largest economy faces a currency crisis and soaring inflation.
Persons: Binance Organizations: U.S, U.S ., Nigerian Locations: Naira, Nigeria, Binance
Now, venture investors are returning. Venture funding for crypto-related companies in the fourth quarter of 2023 totaled $1.9 billion, a 2.5% increase from the prior quarter, PitchBook said Thursday. It marks the first time that venture VC investments in crypto startups have risen since the March quarter of 2022. Problems for crypto ventures were compounded that year by major collapses of crypto companies like Do Kwon's controversial algorithmic stablecoin Terra and Sam Bankman-Fried's FTX. Le said that crypto venture funding has bottomed with a rise in crypto asset prices and public market valuations of crypto-related companies such as Coinbase , Marathon Digital , and MicroStrategy .
Persons: Crypto, PitchBook, It's, Sam Bankman, FTX, Andreessen Horowitz, Le, bitcoin Organizations: Venture, Sequoia Capital, Tiger Global, CNBC, Marathon Locations: FTX
The stablecoin market cap is growing again, which is a good sign for crypto market liquidity, but it hasn't fully recovered and could face regulatory challenges this year, according to JPMorgan. Stablecoins expanded by $60 billion between their May 2022 peak and their October 2023 low of $122 billion. But as investors anticipated the Securities and Exchange Commission's approval of spot bitcoin ETFs in the U.S., the market expanded by $9 billion between October 2023 and January 2024. This is generally a "positive sign" for crypto, according to JPMorgan analyst Nikolaos Panigirtzoglou. Despite bitcoin's stellar 157% gain in 2023 and nearly ideal setup for 2024, the crypto market has been struggling with low liquidity since last year.
Persons: Nikolaos Panigirtzoglou, Panigirtzoglou, Panigirtzaoglou, confidentially, — CNBC's Michael Bloom Organizations: JPMorgan, Securities, Exchange, U.S ., Bank, U.S Locations: U.S, Silicon, SVB, Europe, Crypto, USDC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto is on a 'clear pathway' toward mass adoption: S&P Global's chief DeFi officerChuck Mounts, chief DeFi officer at S&P Global Ratings, discusses the agency's recent ranking of stablecoin stability and his outlook for digital assets as well as decentralized finance.
Persons: Chuck Mounts
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXRP drops after Ripple co-founder's crypto wallets hacked: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Chuck Mounts, chief DeFi officer at S&P Global Ratings, discusses the agency's recent ranking of stablecoin stability and his outlook for digital assets.
Persons: explainers, Chuck Mounts Organizations: CNBC Crypto, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther jumps 3% as the cryptocurrency strives for a winning month: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Rene Reinsberg, a co-founder of Celo and president of the Celo Foundation, discussed a new announcement that Circle will issue its stablecoin USDC to the Celo network.
Persons: explainers, Rene Reinsberg, Celo Organizations: CNBC Crypto, CNBC, Celo Foundation
Terraform Labs files for bankruptcy protection in the U.S.
  + stars: | 2024-01-22 | by ( ) www.cnbc.com   time to read: +1 min
PODGORICA, MONTENEGRO - JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100 million to $500 million. Recently, a federal judge postponed the trial of the U.S. Securities and Exchange Commission (SEC) against the company and its co-founder, Do Kwon, over an alleged $40 billion cryptocurrency fraud. Kwon and Terraform Labs were held responsible for two cryptocurrencies whose collapse caused turbulence in crypto markets around the world in 2022. Both cryptocurrencies lost an estimated $40 billion or more when TerraUSD failed to maintain its $1 peg in May 2022.
Persons: Kwon, Cryptocurrency, Filip Filipovic, Do Kwon, Terraform, cryptocurrencies, TerraUSD Organizations: Labs, Sunday ., U.S . Securities, Exchange Commission, SEC, Terraform Labs Locations: PODGORICA, MONTENEGRO, Podgorica, Montenegro, United States, Sunday . Singapore, Delaware
A landlord and tenant in Argentina signed the country's first-ever bitcoin-based rental contract. New regulation in Argentina allows bitcoin to be used as a valid currency in contracts. AdvertisementArgentina's and possibly the world's first-ever bitcoin-based rental contract has been signed, according to a report, marking a major milestone for crypto adoption. AdvertisementThe payments will be made via the Fiwind platform, which both parties are active members of, the company told Paginal12. A company spokesperson told Paginal12 that it is the first agreement of its kind, "at least in Argentina."
Persons: , Argentina's, Paginal12, Florencia Feldman, it's, Javier Milei, Argentinians, cryptocurrencies Organizations: Service, SEC Locations: Argentina, Rosario, bitcoin
Justin Tallis | Afp | Getty ImagesThe CEO of Circle, the company behind popular stablecoin USD Coin, sees a strong chance that laws for stablecoin issuers like itself will come through in 2024. The U.S. is yet to pass federal crypto regulation, even as jurisdictions around the world are approving new crypto-focused laws. But Jeremy Allaire, Circle's boss and co-founder, hopes that things will change this year, stating that there is a "very good chance" U.S. lawmakers approve a stablecoin bill. "Stablecoins in particular remain the killer app for blockchain technology," Allaire told CNBC. "It's been a really powerful time for that and we think 2024, with things like the spot ETF and world regulatory clarity, is going to open this up even wider."
Persons: Justin Tallis, Jeremy Allaire, Circle's, Allaire, Crypto, Dante Disparte, Disparte, CNBC's MacKenzie Sigalos Organizations: Afp, Getty, CNBC, Economic, Treasury, Federal, House Financial, U.S . Securities, Exchange Commission, SEC, Allaire Locations: London, U.S, Davos, Switzerland, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGood chance U.S. approves stablecoin laws this year, Circle CEO saysCircle CEO Jeremy Allaire discusses the crypto company's confidential filing for an IPO, and the prospect for U.S. stablecoin laws in 2024.
Persons: Jeremy Allaire
The public listing is expected to take place once the SEC finishes its review, "subject to market and other conditions," Circle said in the two-paragraph press release Thursday. Founded in 2013, Circle is best known as the issuer of USD Coin, the world's second-biggest U.S. dollar pegged stablecoin, which was launched in 2018. But the SPAC market collapsed in 2022, and Circle ended that agreement in December of that year, just after crypto exchange FTX spiraled into bankruptcy. Coinbase , which took a stake in Circle in August, jumped almost 400% in value in 2023, and other crypto stocks such as MicroStrategy and bitcoin miner Marathon Digital enjoyed hefty rallies. WATCH: SEC approves spot bitcoin ETFs
Persons: USDC, Bitcoin, — CNBC's Rohan Goswami Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Concord, Corp, Marathon Digital
"We estimate Bitcoin custody and surveillance revenue will more than offset decline in Bitcoin trading volume as assets migrate to ETFs," the analysts said. "Spot bitcoin ETFs appear poised to take volume away from crypto exchanges," said Bryan Armour, director of passive strategies research for North America at Morningstar. watch nowMizuho sees the income from custody fees as fairly modest given how far investors have pushed up the stock. "They are essential infrastructure in terms of custody, trading, and surveillance for the majority of the ETF proposals," Carter said. WATCH: Former SEC Chair Jay Clayton on changes in bitcoin trading
Persons: Brian Armstrong, Michael Nagle, Coinbase, Franklin Templeton, they'll, Bernstein, bitcoin, Emilie Choi, , Mizuho, Bryan Armour, Choi, we've, Nic Carter, Carter, Jay Clayton Organizations: Coinbase Global Inc, Bloomberg, Getty, SEC, Coinbase, BlackRock, JPMorgan, Mizuho, FactSet, Circle's U.S, CNBC, North America, Morningstar, Fidelity, Castle, Ventures Locations: New York, BlackRock, Coinbase, bitcoin
Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.
Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa
"It feels that [2023]was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25," Pascal Gauthier, CEO of Ledger, told CNBC last week in an interview. Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. It began with Standard Chartered last week which reiterated an April price call that bitcoin would hit $100,000 by end of 2024. "Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024."
Persons: Chino, Bitcoin, Pascal Gauthier, Ledger, Sam Bankman, Changpeng Zhao, David Marcus, Marcus, Facebook's, Diem, Gauthier, Vijay Ayyar, Matrixport Organizations: Getty, CNBC, U.S . Department of Justice, bitcoin, Standard Chartered, Federal Reserve
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