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☆ What happened when this US couple moved to Greece in their 70s
▼ + stars: | 2024-07-31 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +10 min

But Patricia Mahan and Dan Matarazzo, from the US, have opted to do it twice in the past two decades. The retired pair, who’ve been married for 37 years, left the States for Mexico in 2006, before swapping Mexico for Greece last year. “When we first moved to our little stone house, all our neighbors brought over gifts of food and produce,” says Mahan. The couple say they’ve tried to put them own stamp on it while “honoring its traditional style,” adding skylights and repainting the walls. ‘Older culture’The couple often go on hikes together and spend afternoon at the beach either swimming or reading.

Persons: Patricia Mahan, Dan Matarazzo, who’ve, “, ”, Mahan, Patricia, Dan, Matarazzo, I’ve, San Miguel de Allende, I’ll, they’d, ” Patricia, Dan “, “ Kritsa, Sofia, ‘, ’, they’ve, ” Mahan, Dan One, it’s, you’re, United States … ”, hasn’t, “ You’ve Organizations: CNN, “ Locations: States, Mexico, Greece, Tucson , Arizona, Kritsa, Crete, New Jersey, San Miguel, “, Santa Fe , New Mexico, Agios Nikolaos, ”, Scandinavia, France, America, United States

☆ Ether ETFs are coming. Here's how Wall Street sees the funds impacting the world's 2nd-biggest crypto
▼ + stars: | 2024-07-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Spot ether ETFs could launch as soon as July 22, reports say. Wall Street has issued a range of outlooks on how the world's second-largest cryptocurrency will move once the ETFs launch. The bank expects these funds to drive $15 billion to $45 billion worth of ether inflows in a 12-month window. Bulls derived their confidence from how bitcoin behaved after its spot ETFs launch in January. They noted bitcoin's first-mover advantage and stressed that the ether token offers functionality that wouldn't be accessible through the ETFs, thus limiting demand.

Persons: —, bitcoin, Nikolaos Panigirtzoglou, CoinDesk, Rachel Lin, Alex Kuptsikevich Organizations: Street, Service, Securities and Exchange Commission, Chartered, Bulls, JPMorgan, Citi, Steno, Reuters, Galaxy Digital, ETH, Business

☆ Bitcoin blues could extend into July but outlook for the second half is upbeat
▼ + stars: | 2024-06-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Bitcoin's blues could linger throughout July, but investors are still optimistic about the cryptocurrency in the second half of the year. July is usually a strong month for bitcoin, which has finished higher for the month in seven of the last 11 years, according to CoinGlass. "There are always other known potential sources of bitcoin supply from government for example, but it's always uncertain when that's coming to market. This week, the crypto market was startled when the U.S. and German governments sent large amounts of previously seized bitcoin to exchanges, according to CryptoQuant. Marion Laboure, senior strategist at Deutsche Bank Research, said growing demand for crypto ETFs will help keep bitcoin's price "elevated" in the months ahead.

Persons: bitcoin, Zach Pandl, it's, JPMorgan's Nikolaos Panigirtzoglou, Pandl, Trump, Marion Laboure, 21Shares, Michael Bloom Organizations: Metrics, Federal, U.S ., Deutsche Bank Research, Solana Locations: U.S, Mt

☆ Vanishing short-sellers have helped push stocks to record highs. But beware a sharp negative reversal, JPMorgan says.
▼ + stars: | 2024-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Short bets against funds that track major US indexes have declined to record lows, JPMorgan said. As the S&P 500 and Nasdaq have hit a streak of record highs this year, short interest in funds that track the indexes has dropped, the bank said. AdvertisementFirst, short bets are expensive to maintain when a stock or fund is climbing, a risk that's especially relevant in today's bull run. Second, regulators have added restraints to short selling, by mandating transparency and adding costs to short sellers that target equities, JPMorgan said. According to JPMorgan, short positions are also disappearing from individual stocks, with a clear decline in the top seven leading equities.

Persons: —, Nikolaos Panigirtzoglou, Jim Chanos Organizations: JPMorgan, Service, Nasdaq

☆ Michael Mosley likely died soon after becoming unwell, Greek police say
▼ + stars: | 2024-06-10 | by ( Eleni Giokos | Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —British TV personality and health guru Michael Mosley may have died shortly after becoming unwell while walking alone on the Greek island of Symi, local police told CNN on Monday. ET) on Wednesday, the day he went missing, Greek police spokeswoman Konstantia Dimoglidou told CNN. A direction sign on a rocky path in the hills of Pedi, a small fishing village in Symi, pointing toward Agia Marina, where the body of TV doctor and columnist Michael Mosley was discovered. Yui Mok/PAAn initial autopsy concluded that Mosley died from natural causes and that there were no injuries on his body that could have caused his death, the BBC reported. The position in which his body was found suggests he was sitting at the time of his death, Dimoglidou said.

Persons: Michael Mosley, Mosley, Konstantia Dimoglidou, Yui Mok, Dimoglidou, Lefteris Papakalodoukas, Papakalodoukas, Mosley’s, Clare Bailey, “, ”, Tom Watson, Mosley “, Rishi Sunak Organizations: CNN, Police, BBC, Associated Press, Daily Mail, British, PA Media Locations: British, Symi, Nikolaos, Pedi, Agia Marina, Britain

After a four-day search, Greek officials said on Sunday they had found the body of Michael Mosley, a British medical journalist and documentary maker who disappeared last week while on a trip on the Greek island of Symi. His body was found on a beach in Agia Marina, said the mayor of Symi, Eleftherios Papakalodoukas. The authorities also used dogs and drones, and the Greek coast guard also joined the effort as fears escalated that Mr. Mosley had drifted out to sea. Mr. Mosley, 67, a BBC journalist, had arrived on Tuesday on Symi, part of the Dodecanese islands in the Aegean Sea, for a weeklong trip. When hours had passed with no sign of Mr. Mosley, his wife, Clare Bailey Mosley, reported him missing to the police.

Persons: Michael Mosley, Eleftherios Papakalodoukas, Mosley, Clare Bailey Mosley Organizations: BBC Locations: British, Symi, Agia Marina, Nikolaos

Greek authorities on Thursday said they were searching for Michael Mosley, a prominent British journalist and television presenter who had gone missing a day earlier while on a walk on the island of Symi. Mr. Mosley, 67, was reported missing by his wife, Clare Bailey, on Wednesday afternoon, according to Constantina Dimoglidou, a spokeswoman for the Greek police. The couple had arrived in Symi on Tuesday, planning to stay for a week. “We’re looking everywhere for him,” Ms. Dimoglidou said, adding that the local fire service and volunteers were involved in the search. Mr. Mosley told friends on Wednesday afternoon that he was going to walk about two miles from the Agios Nikolaos area back to the main town of Symi, where the couple was staying, according to Ms. Dimoglidou.

Persons: Michael Mosley, Mosley, Clare Bailey, Constantina, “, ” Ms, Dimoglidou, Nikolaos Locations: British, Symi, Rhodes, Pedi

☆ Bitcoin faces 'several' headwinds that will challenge miners in near term, says JPMorgan
▼ + stars: | 2024-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. But much of their performance relies on bitcoin's price, which still faces several near-term headwinds, according to JPMorgan. However, "we do not see upside for bitcoin prices in the current juncture and if anything we see headwinds over the near term," he added. That was expected to happen after the halving in April, which slashed a key revenue source for bitcoin miners. "The more bitcoin prices decline the higher the number of unprofitable miners that come under pressure to leave the bitcoin network and the larger the result[ing] decline in the hash rate and bitcoin production cost."

Persons: JPMorgan's Nikolaos Panigirtzoglou, Bitcoin, it's overbought, There's, Kong's, there's, Panigirtzoglou Organizations: JPMorgan, Venture, Miners

☆ JPMorgan is cautious on crypto as retail investors dump following ETF hype
▼ + stars: | 2024-05-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Retail dollars flowed out of bitcoin ETFs in April, and investors should adopt a cautious stance on the cryptocurrency for now, according to JPMorgan. "The past two weeks saw significant selling/profit taking with perhaps retail investors playing a bigger role than institutional investors," JPMorgan's Nikolaos Panigirtzoglou said in a note Thursday. "Indeed, not only have spot bitcoin ETFs seen outflows in April but our proxies of the retail impulse into equities have also downshifted over the past month." Panigirtzoglou noted that in addition to crypto, retail investors also sold equities in April and that the impulse into stocks has also shifted down. "This is shown by … the net flow into equity funds including ETFs and mutual funds, typically used by retail investors … [which] turned negative in April after strong buying in February and March," he said.

Persons: JPMorgan's Nikolaos Panigirtzoglou, Panigirtzoglou, cryptocurrencies Organizations: JPMorgan, Metrics, Investors, Federal

☆ The Bitcoin network completes the fourth-ever ‘halving’ of rewards to miners
▼ + stars: | 2024-04-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

watch nowThe Bitcoin network on Friday evening completed its fourth "halving," reducing the rewards earned by miners to 3.125 bitcoins from 6.25. After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively, from its halving day price to its cycle top. Hash rates are a measure of the computational power used to process transactions on the bitcoin network. "The market so far has seen bitcoin mining stocks as mere BTC proxies, in absence of bitcoin ETFs," said Bernstein analyst Gautam Chhugani. "[The] Bitcoin halving is already partially priced in by the market and we do not expect prices to increase significantly following the halving event," the firm's Marion Laboure said in a note Thursday, adding that it "has been widely anticipated in advance due to the nature of the Bitcoin algorithm."

Persons: Reginald Smith, Bernstein, Gautam Chhugani, MARA, Nikolaos Panigirtzoglou, Marion Laboure Organizations: Metrics, JPMorgan, BTC, IRIS, Deutsche Bank Locations: Friday's

☆ Bitcoin resumes its rally, ripping through $54,000 for the first time since December 2021
▼ + stars: | 2024-02-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The price of bitcoin shot above the $54,000 level on Monday after waking up from a week of tepid trading. At its session high, bitcoin hit $54,965.26 and reached its highest level since December 2021. "Today is settlement day for bitcoin futures, which is contributing to the price jump we're seeing," said Ryan Rasmussen, analyst at Bitwise Asset Management. "We're approaching the window where we typically see traders positioning themselves ahead of the bitcoin halving, which will happen in the second half of April. Bitcoin traded flat in the week leading up to Monday, when the breakout began, and put it on track for a 27% monthly gain.

Persons: cryptocurrency, bitcoin, Ryan Rasmussen, Ether, Solana, Polygon's, Microstrategy, Bitcoin, Owen Lau, Oppenheimer, JPMorgan's Nikolaos Panigirtzoglou Organizations: Metrics, Bitwise Asset Management, JPMorgan, CNBC PRO Locations: —

☆ Stablecoin expansion is bringing liquidity to crypto, but JPMorgan warns of challenges ahead
▼ + stars: | 2024-02-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

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

☆ Bitcoin tries for a winning week as investor worries about GBTC sell pressure subside
▼ + stars: | 2024-01-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin pushed higher to end the week as investors took some comfort in the idea that outflows from the Grayscale Bitcoin ETF (GBTC) could be starting to taper off. It's on pace, however, to post a nearly 10% decline for the week. If premarket gains hold, Coinbase is is on pace to end the week up 1% for the week. It would mark for its first positive week in five. Bitcoin miner Riot Platforms is set to rise 9% this week and also post its first positive week in five.

Persons: Bitcoin, It's, John Todaro, Nikolaos Panigirtzoglou, — CNBC's Gina Francolla Organizations: Metrics, JPMorgan, U.S, CNBC PRO Locations: GBTC

☆ This is what was behind the bitcoin sell-off and why JPMorgan thinks it could be ending
▼ + stars: | 2024-01-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The driving force behind the recent sell-off in bitcoin may have run its course, according to JPMorgan. BTC.CM= YTD mountain Bitcoin has retreated since the approval of bitcoin ETFs. JPMorgan strategist Nikolaos Panigirtzoglou said in a note to clients Thursday that the main source of the selling has come from the Grayscale Bitcoin Trust (GBTC) . Some outflows from GBTC were expected, given the prior discount and its high cost relative to other bitcoin ETFs. And some of the other bitcoin ETFs are seeing big inflows, with funds from iShares ( IBIT ) and Fidelity Wise Origin ( FBTC ) both surpassing $1 billion in inflows.

Persons: Bitcoin, Nikolaos Panigirtzoglou, Panigirtzoglou Organizations: JPMorgan, Fidelity Locations: bitcoin, GBTC, iShares

☆ Altcoins are finally joining the current bitcoin rally as crypto investors turn risk-on
▼ + stars: | 2023-11-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Altcoins were in rally mode this week after lagging bitcoin in its recent climb to new 2023 highs. Bitcoin and ether have been separate from this trend recently, with more investors appearing to treat them as a safety trade compared to smaller, riskier altcoins. "Historically we've seen bitcoin rally, then Ethereum, then alts, and that pattern seems to be repeating as this bull market heats up," he said. "We see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs," he said. He also said that bitcoin ETFs already exist in Canada and Europe but haven't garnered much interest from investors since their inception.

Persons: Altcoins, bitcoin, Polygon's, Bitcoin, Rob Ginsberg, Ginsberg, altcoins, – it's, It's, Ryan Rasmussen, Mike Novogratz, JPMorgan's Nikolaos Panigirtzoglou, haven't, Panigirtzoglou, — CNBC's Michael Bloom Organizations: Solana, ADA, ETH, Wolfe Research, Treasury, Bitwise Asset Management, Galaxy Digital, JPMorgan Locations: Canada, Europe

☆ Downside risk in crypto market is ‘limited’ after August correction, says JPMorgan
▼ + stars: | 2023-08-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin remains stuck in an environment of low liquidity, thin trading volumes and few, if any, catalysts to take it higher. After the recent correction, however, most downside risk is behind us, according to JPMorgan. As a result, we see limited downside for crypto markets over the near term." Panigirtzoglou highlighted the district court decision in the SEC vs. Ripple case, PayPal's launch of a stablecoin, Coinbase's new "Base" chain launch and anticipation that the SEC will approve a spot bitcoin ETF. Bitcoin is down 10% in August but remains higher by more than 57% in 2023 as a whole.

Persons: Nikolaos Panigirtzoglou, Bitcoin, — CNBC's Michael Bloom Organizations: JPMorgan, SEC Locations: Washington, China

For some, the answer to exuberant markets lies in the ample cash still sloshing around the financial system. Total global liquidity, a measure of cash and credit in the world economy, has risen to almost $170 trillion in June, Crossborder calculates, from $158 trillion in October. Central banks have added a net $1.7 trillion into money markets since November, it also estimates, a move that correlates with a risk-taking trend. But an alternative scenario is that U.S. money market funds, stuffed with cash after depositors fled regional banks in March, buy enough newly issued Treasuries to keep rates stable. "Liquidity is not a force that reverberates immediately into financial markets," said JPMorgan global market strategist Nikolaos Panigirtzoglou.

Persons: Michael Howell, Crossborder, Richard Clarida, Georgina Taylor, Ken Taubes, reverberates, Nikolaos Panigirtzoglou, Morgan Stanley, Luca Paolini, Paolini, Naomi Rovnick, Harry Robertson, Dhara Ranasinghe, Kirsten Donovan Organizations: U.S . Treasury, Federal Reserve, European Central Bank, Crossborder Capital, U.S, Reuters, BNP, JPMorgan, Apple, Thomson Locations: Japan, U.S

☆ Smoke from Canada’s wildfires has reached as far as Norway
▼ + stars: | 2023-06-09 | by ( Laura Paddison | ) edition.cnn.com time to read: +2 min

Over the last few days, plumes of smoke have stretched from Canada across Greenland, Iceland and made their way to Norway. It’s not unusual for wildfire smoke to travel long distances. “Smoke from wildfires such as those in Canada is injected at high altitudes thus staying in the atmosphere longer and able to travel over far distances,” he said. In 2020, smoke from California’s record-breaking wildfires was detected in Svalbard, a Norwegian archipelago located deep inside the Arctic Circle. Wildfire smoke moving over the Arctic deposits soot on the snow and ice, darkening the white surface, which allows it to absorb more heat.

Persons: Nikolaos Evangeliou, Evangeliou, It’s Organizations: CNN, Environmental Research Locations: Canada, Norway, Greenland, Iceland, Europe, Svalbard, Norwegian

☆ Crypto’s biggest headwinds this year are hurting stablecoins. Here’s what investors need to know
▼ + stars: | 2023-05-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Stablecoins are like cash in crypto markets: They are supposed to be pegged to the value of a stable asset, such as the U.S. dollar. Stablecoins play an important role bridging traditional and digital currencies and giving market participants access to crypto trading and protocols. For many, that makes them a proxy for the amount of fiat money entering and leaving crypto, Panigirtzoglou said. Republican negotiators walking out of the high-stakes debt ceiling talks Friday also has implications for stablecoins. Tether and Circle's USDC hold about 65% and 57%, respectively, of their stablecoin reserves in T-bills, according to the companies' attestation reports.

☆ Justice Department files criminal charges in cases of American tech stolen for Russia, China and Iran
▼ + stars: | 2023-05-16 | by ( Hannah Rabinowitz | ) edition.cnn.com time to read: +3 min

CNN —The Justice Department announced on Tuesday five criminal cases against people accused of stealing or illegally diverting American technology and materials for the Russian, Chinese and Iranian governments. The man, Xiangjiang Qiao, is at large in China, according to the Justice Department. “These charges demonstrate the Justice Department’s commitment to preventing sensitive technology from falling into the hands of foreign adversaries, including Russia, China, and Iran,” said Matthew Olsen of the Justice Department’s national security division. In New York, a Greek national is charged with allegedly acquiring more than 10 different types of sensitive technologies on behalf of the Russian government. The man, Dr. Nikolaos “Nikos” Bogonikolos, was arrested in Paris last week and the US will move for his extradition, the Justice Department said.

☆ 'Ordinals' could signal the beginning of a new generation for Bitcoin. Here's what investors need to know
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

"In a way, Bitcoin Ordinals add more diversity and utility to the Bitcoin network, which could elevate the Bitcoin network utility to that of other blockchains, such as Ethereum." There's one population in crypto, however, who have long believed the Bitcoin network could and must do more than that. Binance cited Bitcoin network congestion on Sunday as the reason for pausing withdrawals, and bitcoin dropped 7% between then and Monday. "Congestion, or lots of demand for the block space, is not just good, it's a critical thing for the future of Bitcoin," Miller added. A sneak peek Ordinals and spikes in transaction fees are just a glimpse of what may be on the horizon.

☆ Explainer: Why European money market funds inflows are lagging behind the U.S. torrent?
▼ + stars: | 2023-04-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

[1/2] U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. In Europe, investors put 17.7 billion euros ($19.35 billion) into euro-denominated money market funds in March, Refinitiv Lipper data shows, when the Credit Suisse crisis rocked markets. Other analysts said it was due to the fact that euro money market funds are underdeveloped relative to U.S. funds and are focused more on private sector, particularly bank, debt. WHAT IS A MONEY MARKET FUND? The European money market fund sector is far smaller than in the United States.

☆ JPMorgan says more banks could run out of reserves like SVB if pace of this deposit flight continues
▼ + stars: | 2023-04-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

"The current pace of deposit loss to MMFs raises questions over sustainability," JPMorgan strategist Nikolaos Panigirtzoglou wrote in a Friday client note. "If it continues for a prolonged period, more US banks could eventually run out of reserves and face liquidity issues similar to SVB, Signature Bank and Silvergate." The ongoing deposit flight has created a problem for banks that have to maintain a base of assets against their deposit totals. In the current case, the situation has seen banks dip into reserves to cover their capital requirements, a situation that JPMorgan called potentially dangerous. Bank reserves have declined sharply since the Fed began curtailing then ultimately reversing its quantitative easing.

While money funds are not strictly gauranteed or insured, the 85% invested heavily in government securities put up some stark competition for bank deposits that have lagged central bank policy rate rises over the past 18 months - causing much political ire in countries such as Britain. But, in contrast to money funds, the average rate across all of them, according to the Federal Deposit Insurance Corporation, is still just 0.37%. That's now changing due to safety and insurance fears at smaller banks stateside - as well as the compelling alternative at money funds that appear safer against that backdrop. Of this trillion, half went to government money market funds and the other half to larger banks, they reckoned. Noting that some $7 trillion of U.S. bank deposits remained uninsured, the JPM team concluded: "A FDIC guarantee of all U.S. bank deposits would certainly help, but it might not be enough to completely stop this deposit shift."

☆ Why the struggles of mid-sized US banks could be bad news for the Main Street economy
▼ + stars: | 2023-03-28 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

Households and businesses may find it harder to get loans from regional banks as people pull deposits from those lenders. "The greatest vulnerabilities with respect to credit creation going forward lie with non-mortgage bank lending to households and mortgage bank lending for non-financial non-corporate businesses," JPMorgan said. Regional banks are "very important" to the financial system, CFRA's Yokum said. Regional banks can potentially give better service, more customized products, potentially higher deposit rates," he said. Some hefty figures illustrate the "disproportionately large" role small banks hold in lending in the US.

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