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Amundi's Marco Pirondini told Insider he thinks regulation is coming for the crypto space. He said assets like bitcoin and etherum wouldn't play a bigger role in 10 years than they do today. "The world of these digital currencies that live outside the rule I think is coming to an end," he said. Luke Lloyd, an investment strategist at Strategic Wealth Partners, told Insider in February that while he thinks regulation around bitcoin specifically would spook investors in the near-term, it would be a positive longer-term. China has taken a hardline stance, banning banks from conducting business with bitcoin, silencing bitcoin social media influencers, and stopping bitcoin mining.
Persons: Amundi's Marco Pirondini, doesn't, etherum, Marco Pirondini, Pirondini, Pascale Blanque, Aya Kantorovich, It's, there's, Luke Lloyd, Lloyd Organizations: Amundi, , cryptocurrencies, Strategic Wealth Partners Locations: China, Washington, El Salvador
Hunter Horsley, CEO of Bitwise Asset Management and executives celebrate the launch of an ETF at the New York Stock Exchange, June 1, 2021. Henry Kravis, Stanley Druckenmiller and Bridgewater CEO David McCormick have invested in Bitwise Asset Management's Series B funding. Bitwise plans to use the funds to strengthen its balance sheet and develop its research, client service and sales teams. It currently offers several cryptocurrency index funds "but there's more that we want to do," he added. In January, 81% of 1,000 financial advisors Bitwise surveys annually said they were fielding questions from clients about cryptocurrencies.
Persons: Hunter Horsley, Henry Kravis, Stanley Druckenmiller, David McCormick, Horsley, Daniel Sundheim, Kevin Warsh, Dan Loeb's, Daniel Och's Willoughby, Louis Bacon's, Paul Eisenstein's, Elad Gil, Naval Ravikant, Bitwise Organizations: Bitwise Asset Management, New York Stock Exchange, Bridgewater, CNBC, Wall, Federal, Louis Bacon's Moore Strategic Ventures, Electric Capital, Khosla Ventures, Island Ventures, Naval, cryptocurrencies, Securities and Exchange Commission, Fidelity, SkyBridge, SEC Locations: Wall, Silicon Valley, Bitwise, Highland
Hedge funds plan to ramp up their crypto holdings to more than 7% of assets by 2026, a survey showed. Hedge funds have been drawn to the volatility and huge price rises in cryptocurrencies such as bitcoin. "Inevitably, they have drawn growing interest from hedge funds as well as institutional and retail investors." The company polled 100 chief financial officers at hedge funds around the world, with average assets under management of $7.2 billion. Yet most hedge funds that have moved into the space have only committed a small amount.
Persons: Jonathan White, Brevan Howard Organizations: Intertrust, Financial Times Locations: Netherlands, cryptocurrencies
Unregulated spread of cryptocurrencies a concern, says Italian regulator
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/IllustrationThe spread of cryptocurrencies without any clear regulation is a cause for concern and could damage the way the market operates, the head of Italy's stock market regulator said on Monday. Paolo Savona joined a host of institutional leaders who have clamoured for more regulation and said cryptocurrencies could facilitate illegal activity such as money laundering and even undermine central banks' ability to conduct monetary policy. read moreSavona said there were some 4,000-5,000 cryptocurrencies in circulation without any form of real regulation. He warned that the currencies could be a shield for criminal activity such as tax evasion, money laundering, funding terrorism and kidnapping.
Persons: Edgar Su, Paolo Savona, cryptocurrencies Organizations: REUTERS, Thomson Locations: Europe, United States, China, Britain, Russia, Savona, Italy
Suze Orman likes bitcoin. Here’s how she says you should invest in it
  + stars: | 2021-06-14 | by ( Michelle Fox | ) www.cnbc.com sentiment -0.98   time to read: +2 min
Personal finance expert Suze Orman likes bitcoin. "You have to hold it for the long run," said Orman, author of "The Ultimate Retirement Guide for 50+." More from Invest in You:Suze Orman: Here's how you should calculate your net worthDogecoin is blowing up. Similarly, in May, when Musk tweeted Tesla suspended vehicle purchases using the cryptocurrency, the price dropped about 5% within minutes. "I don't like that one man can come out and say something and it controls the market," Orman said.
Persons: Suze Orman, bitcoin, CNBC's, Orman, Bitcoin, Elon Musk, Paul Tudor Jones, Musk Organizations: Financial, Association, CNBC Locations: bitcoin, Invest, cryptocurrencies
Institutional Investor Hall of Famer Richard Bernstein is sounding the alarm on bitcoin. "It's pretty wild," the CEO and CIO of Richard Bernstein Advisors told CNBC's "Trading Nation" on Monday. And, oil has been in a bull market, and it's basically, you never hear anything about it. Bernstein, who has spent decades on Wall Street, calls oil the most ignored bull market. "We've got this major bull market going on in commodities, and all people are saying is that it doesn't matter," he said.
Persons: Hall of Famer Richard Bernstein, bitcoin, Richard Bernstein, Bitcoin, it's, Bernstein, We've, Bubbles, cryptocurrencies Organizations: Hall of Famer, Richard Bernstein Advisors
Hoffman said volatility was 'required' before mass adoption of crypto and the technology that underpins it. This year's extreme volatility in the cryptocurrency market has troubled regulators and given big investors pause for thought. But it doesn't faze Gene Hoffman, president and COO of Chia, the new $500 million "green" token. "It's kind of like saying that we're gonna adopt the internet in the late 90s without having volatility in internet stocks. Chia's XCH token earns its green credentials from the energy use of its mining process.
Persons: Gene Hoffman, Chia, Hoffman, we're, Cryptocurrencies, Elon Musk, Mark Cuban, cryptocurrencies, Cuban, Bram Cohen, It's, Chia's Organizations: Tesla, eBay Locations: China, Europe, Vietnam, Polkadot's
But like regular money, their value is fixed to currencies such as the dollar, or to commodities such as gold. Tether, which maintains a one-to-one peg against the US dollar, is now the third-largest cryptocurrency, right behind bitcoin and ethereum. The stablecoin tug of warChamorro's app points to a future in which digitized currencies like stablecoins are as ubiquitous and accessible as government-issued money. Erin Scott/Reuters"Unlike central bank fiat currencies, stablecoins do not have legal tender status," Brainard observed. As central banks mint their own digital money, the companies behind private stablecoins may be reduced to providing the technology and infrastructure for the centralized currencies.
Persons: Laszlo Hanyecz, Hanyecz, scammers, cryptocurrencies, Papa John's, Bitcoin, Laszlo Hanyecz's bitcoin, DAI, Nic Carter, Shah, they'll, Carter, Peter Johnson, Johnson, Carlos Garcia Rawlins, bolivar, Simon Chamorro, Chamorro, Stablecoins, , Lael Brainard, stablecoins, Diem, Mark Zuckerberg, Erin Scott, Brainard, Caitlin Long, Grant Thornton, we've, Dante Disparte, Disparte, Alex Kern, Goldi, Jerome Powell, Kern, They're Organizations: Castle, Ventures, US, Venture, Blockchain, Jump, Reuters, Federal Reserve Board, New, Facebook, Avanti Bank, Reserve, Banking Board, First, PayPal, Visa, Google, Amazon, Bank of England, Bank of International, Fed, First Digital Locations: Hungarian, stablecoins, Venezuela, Caracas, Hong Kong, New York, Switzerland, Wyoming, USDC
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction. The dollar index edged lower in the Asian session but picked up later in the day. The British pound, Canadian dollar, Australian dollar and New Zealand dollar are currencies that may gain against a weaker U.S. dollar, Jones said. ING strategists wrote in a note to clients that the “glut of liquidity” from central banks was driving a search for “carry”.
Persons: Dado Ruvic, Neil Jones, , Jones, bitcoin, Mizuho’s Jones Organizations: REUTERS, Federal Reserve, UBS, European Central Bank, U.S ., ECB, Mizuho, Fed, , New Zealand, ING, ” ING, Seven Locations: cryptocurrencies, Carbis
Dollar marooned as investors shrug off inflation spike
  + stars: | 2021-06-11 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
The dollar bought 109.44 yen and was headed for a small weekly loss. It was also on track for modest weekly losses on the Aussie dollar and British pound, last trading at $0.7752 per Aussie and $1.41825 per pound. The U.S. dollar index fell slightly after the inflation figures were published and last sat at 89.974, down very slightly for the week. Benchmark 10-year U.S. Treasuries actually rallied to a three-month high in the wake of CPI, as short sellers quit bets on rising yields. Indonesia's rupiah gained about 0.4% to 14,187 per dollar as lower U.S. Treasury yields boosted the attraction of Indonesian bonds.
Persons: Chris Weston, we'd, Imre Speizer, Treasuries, Cryptocurrencies, bitcoin Organizations: U.S, European Central Bank, Pepperstone, Westpac, CPI, South Korean, Indonesia's, Treasury Locations: Asia, Melbourne, United States
Authorities in China escalated their campaign against cryptocurrencies, arresting more than 1,100 people suspected of using the digital assets to launder ill-gotten funds and ordering mines to shut down in one of its western provinces. The suspects repeatedly converted the assets from one cryptocurrency to another to cover their tracks, it said. Concerns of a regulatory clampdown contributed to a strong selloff in bitcoin and other cryptocurrencies. Bitcoin is still struggling to rally out of its recent trading range. It traded near $36,755.77 Thursday, having been as high as $64,802 apiece in mid-April.
Persons: Bitcoin Organizations: cryptocurrencies, Ministry of Public Security Locations: China, bitcoin
FILE PHOTO: Ledger Nano S cryptocurrency hardware wallets are seen for sale on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike SegarPARIS (Reuters) -French technology and digital company Ledger said on Thursday it completed a new $380 million fundraising round that gave it a valuation of more than $1.5 billion. Ledger, headquartered in Paris, runs a platform called Ledger-Live which deals with cryptocurrencies. Its latest Series C fundraising round was led by 10T Holdings, while other investors involved included Financiere Agache, a unit of Bernard Arnault, the French luxury goods billionaire who runs LVMH. “This industry is fast becoming mainstream and reshaping the entire financial sector and beyond,” added Gauthier.
Persons: Mike Segar PARIS, Ledger, Financiere, Bernard Arnault, Pascal Gauthier, , Gauthier Organizations: REUTERS, cryptocurrencies, 10T Holdings Locations: New York City , New York, U.S, Paris
Ledger completes new fundraising, valuing firm at over $1.5 bln
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.63   time to read: 1 min
PARIS, June 10 (Reuters) - French technology and digital company Ledger said on Thursday that it had completed a new $380 million round of fundraising, which Ledger said gave the company a valuation of more than $1.5 billion. Ledger, which is headquartered in Paris, runs a platform called Ledger-Live which deals with cryptocurrencies.
Persons: Ledger Organizations: cryptocurrencies Locations: Paris
China arrests over 1,100 suspects in crackdown on crypto-related money laundering
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Dado Ruvic/IllustrationPolice in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said. The arrests came as authorities in China step up their crackdown on cryptocurrency trading. read moreThe public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money. China's Payment & Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise. Nearly 13% of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.
Persons: Dado Ruvic, Cryptocurrencies Organizations: REUTERS, Police, Ministry of Public Security, State Council, Wednesday, Clearing Association, Thomson Locations: China
Tech group Ledger completes new fundraising, valuing it at over $1.5 bln
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 1.00   time to read: +1 min
Ledger Nano S cryptocurrency hardware wallets are seen for sale on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike SegarFrench technology and digital company Ledger said on Thursday it completed a new $380 million fundraising round that gave it a valuation of more than $1.5 billion. Ledger, headquartered in Paris, runs a platform called Ledger-Live which deals with cryptocurrencies. Its latest Series C fundraising round was led by 10T Holdings, while other investors involved included Financiere Agache, a unit of Bernard Arnault, the French luxury goods billionaire who runs LVMH (LVMH.PA). "This Series C announcement marks the transition of Ledger from the leading digital asset security company to becoming the secure gateway to the entire digital asset ecosystem," Ledger’s CEO Pascal Gauthier said in a statement.
Persons: Mike Segar, Ledger, Financiere, Bernard Arnault, Pascal Gauthier, Gauthier Organizations: REUTERS, cryptocurrencies, 10T Holdings, Thomson Locations: New York City , New York, U.S, Mike Segar French, Paris
Argo Blockchain CEO outlines efforts to make cryptocurrencies 'more climate-friendly'
  + stars: | 2021-06-10 | by ( ) www.cnbc.com sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArgo Blockchain CEO outlines efforts to make cryptocurrencies 'more climate-friendly'Peter Wall of Argo Blockchain says the firm has taken "lots of questions" from Chinese cryptocurrency miners following a crackdown by China on the sector over environmental concerns.
Persons: Peter Wall, Argo Blockchain Locations: China
Nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, as the crypto boom continues to create wealth for young, early adopters, according to the CNBC Millionaire Survey. More than a third of millennial millionaires have at least half their wealth in crypto. Fully 83% of American millionaires have none of their wealth in crypto, and only one in 10 keep more than 10% of their wealth in crypto assets, according to the survey. Most millionaires say they don't know what an NFT is, and more than a third say they are an "overhyped fad." Yet two-thirds of millennial millionaires say NFTs "are the next big thing."
Persons: George Walper, Walper Organizations: CNBC Millionaire Survey, Spectrem, Millionaire Survey, CNBC Locations: cryptocurrencies
Bank rules push bitcoin, not blockchain, to fringe
  + stars: | 2021-06-10 | by ( Liam Proud | ) www.reuters.com + 0.00   time to read: +4 min
Yet safer areas of the blockchain and crypto world are still accessible to JPMorgan (JPM.N), HSBC (HSBA.L) and others. Thursday’s consultation paper comes down hard on high-profile assets like bitcoin and ethereum. That means a trading position or loan denominated in bitcoin would be subject to a 1,250% risk weighting. As long as the underlying risks and ownership rights are the same, the standard-setters see no reason to massively increase capital requirements. - The Switzerland-based body, which sets international standards that are then implemented by local watchdogs, advocated a twin approach to capital requirements for crypto assets.
Persons: Satoshi bitcoin, Pablo Hernández de Cos, Banks Organizations: Bity, JPMorgan, HSBC, Basel Committee’s, Basel’s, U.S ., Supervisors, Banking, prudential Locations: Zurich, Switzerland, cryptocurrencies, Basel
How to regulate cryptocurrencies without stifling competition
  + stars: | 2021-06-10 | by ( ) www.cnbc.com + 0.97   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow to regulate cryptocurrencies without stifling competitionRobert Greifeld, Nasdaq former chairman and CEO, and Virtu Financial chairman; and Paul Grewal, Coinbase chief legal officer, join 'Power Lunch' to discuss the best way to regulate crypto and whether new rules could be on the way.
Persons: Robert Greifeld, Paul Grewal Organizations: Nasdaq, Virtu
How DigitalMint is helping hacking victims pay ransoms in cryptocurrencies
  + stars: | 2021-06-10 | by ( ) www.cnbc.com sentiment -0.58   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow DigitalMint is helping hacking victims pay ransoms in cryptocurrenciesSeveral businesses have never dealt in bitcoin, which is the currency of choice for virtually all ransom payments. CNBC Technology Reporter MacKenzie Sigalos joins 'Power Lunch' to discuss DigitalMint, a company specifically designed to swoop in at the last minute to handle the logistics.
Persons: MacKenzie Sigalos Organizations: CNBC Technology Locations: cryptocurrencies, bitcoin
The total supply of stablecoins has exploded over the past year, with US-dollar pegged crypto currencies surpassing $100 billion in May. And a growing number of investors are parking stablecoins in crypto savings accounts, which offer yields as high as 10%. The stablecoin tug of warChamorro's app points to a future in which digitized currencies like stablecoins are as ubiquitous and accessible as government-issued money. Erin Scott/Reuters"Unlike central bank fiat currencies, stablecoins do not have legal tender status," Brainard observed. As central banks mint their own digital money, the companies behind private stablecoins may be reduced to providing the technology and infrastructure for the centralized currencies.
Persons: Laszlo Hanyecz, Hanyecz, scammers, cryptocurrencies, Papa John's, Bitcoin, Laszlo Hanyecz's bitcoin, DAI, Nic Carter, Shah, they'll, Carter, Peter Johnson, Johnson, Carlos Garcia Rawlins, bolivar, Simon Chamorro, Chamorro, Stablecoins, , Lael Brainard, stablecoins, Diem, Mark Zuckerberg, Erin Scott, Brainard, Caitlin Long, Grant Thornton, we've, Dante Disparte, Disparte, Alex Kern, Goldi, Jerome Powell, Kern, They're Organizations: Castle, Ventures, US, Venture, Blockchain, Jump, Reuters, Federal Reserve Board, New, Facebook, Avanti Bank, Reserve, Banking Board, First, PayPal, Visa, Google, Amazon, Bank of England, Bank of International, Fed, First Digital Locations: Hungarian, stablecoins, Venezuela, Caracas, Hong Kong, New York, Switzerland, Wyoming, USDC
Gensler on cryptocurrencies: Investors do not have full protection
  + stars: | 2021-06-09 | by ( ) www.cnbc.com sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGensler on cryptocurrencies: Investors do not have full protectionSEC Chairman Gary Gensler addresses the need to regulate cryptocurrencies and what his agency plans to do about it.
Persons: Gary Gensler Organizations: SEC, cryptocurrencies Locations: cryptocurrencies
PRECIOUS-Gold falls on stronger dollar ahead of U.S. inflation data
  + stars: | 2021-06-08 | by ( Nakul Iyer | ) www.reuters.com + 0.00   time to read: +2 min
Spot gold eased 0.4% to $1,891.47 per ounce by 11:47 a.m EDT (1547 GMT), while U.S. gold futures fell 0.2% to $1,894.40. The dollar index strengthened 0.2%, lowering gold’s appeal for other currency holders, while benchmark Treasuries fell to a one-month trough. Analysts noted that higher U.S consumer price index data due on Thursday could spark some fears over the Fed tapering its expansionary monetary policy and drive gold prices lower. Societe Generale, however, said gold prices could reach $2,000 by end-2021. Meanwhile, silver fell 0.9% to $27.62, palladium dropped 1.2% to $2,800.96, and platinum slipped 1.5% to $1,155.46.
Persons: ” Phillip Streible, Janet Yellen, Streible, Michael Matousek, Nakul Iyer, Jonathan Oatis, David Gregorio Organizations: Treasury, Blue, Societe Generale, Global Investors Locations: U.S, Chicago, cryptocurrencies, Bengaluru
FOREX-FX volatility at Feb 2020 lows with dollar gaining slightly
  + stars: | 2021-06-08 | by ( Sinéad Carew | ) www.reuters.com + 0.00   time to read: +3 min
With an impending European Central Bank meeting on Thursday and U.S. inflation data due the same day, and a U.S. Federal Reserve meeting next week, currencies appeared to be treading water while the S&P 500 dipped very slightly. Range-bound currency markets mean a fall in volatility. The Deutsche Bank Currency Volatility Index hit its lowest level since February 2020. The U.S. dollar found a bit of support on Tuesday as investors prepared for the inflation data after Friday's weaker-than-expected jobs data, which has eased concerns about an early tapering of the Federal Reserve's monetary stimulus. The dollar index rose 0.15% to 90.107, while the euro fell 0.13% against the greenback at $1.2174 .
Persons: Sinéad Carew, we're, Erik Bregar, Cryptocurrencies, Bitcoin, Tommy Wilkes, Robert Birsel, Will Dunham, Bernadette Baum Organizations: YORK, U.S, Central Bank, Federal Reserve, Deutsche Bank, Exchange Bank of Canada, Bank of Canada, CPI, ECB, Traders, Treasury, Federal, Australian, RIC Locations: Norway, Sweden, London
The reason for the move was unclear, however, it may be related to concerns over the security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline. Court documents said investigators were able to access the password for one of the hackers’ bitcoin wallets. On Monday, U.S. law enforcement officials said they had seized $2.3 million in bitcoin paid to DarkSide, the cybercriminal gang behind a crippling cyberattack on Colonial Pipeline. According to a court document, the Federal Bureau of Investigation was able to access the “private key,” or password, for one of the hackers’ bitcoin wallets. According to blockchain analytics firm Elliptic, the seized funds represented the bulk of the DarkSide affiliate’s share of the ransom paid out by Colonial.
Persons: XRP, it’s, Bitcoin, , John Hultquist, Elon Musk, Nayib Bukele Organizations: Colonial Pipeline, bitcoin, Colonial, Federal Bureau of Investigation, Mandiant Threat Intelligence, El Salvador Locations: Washington, cyberattacks, , China, cryptocurrencies, Miami
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