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☆ Dollar slides on likely rate pause in wake of SVB collapse
▼ + stars: | 2023-03-13 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Investor focus will now be on Tuesday's inflation data to gauge how hawkish the Fed is likely to be. "Given what's happened in the U.S. financial system, a 25 basis point hike is more likely than a 50 basis point hike." The market is now pricing a nearly 18% chance of the Fed sticking to its current rate and an 82% chance of a 25 basis point hike. In contrast, the market was pricing a 70% chance of a 50 basis point hike before the SVB collapse. Meanwhile, the Japanese yen strengthened 0.61% versus the U.S. dollar to 134.18 per dollar, having touched a one-month high of 133.58 earlier in the session.

☆ Dollar sinks as US intervenes on SVB collapse
▼ + stars: | 2023-03-13 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

It had previously expected a 25 basis point hike. The SVB collapse led investors to speculate that the Fed would now hesitate to hike interest rates by a super-sized 50 basis points this month. "Given what's happened in the U.S. financial system, a 25 basis point hike is more likely than a 50 basis point hike." In contrast, the market was pricing a 70% chance of a 50 basis point hike before the SVB collapse. The Australian dollar surged 1.41% to $0.667, and was on track for its biggest one-day percentage jump since Jan. 6.

☆ Dollar slides as U.S. intervenes on SVB collapse
▼ + stars: | 2023-03-13 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

The U.S. government announced several measures early on Monday Asian hours, and said all SVB customers will have access to their deposits starting on Monday. The dollar index , which measures the U.S. currency against six rivals, fell 0.153% at 104.080. The Japanese yen strengthened 0.34% to 134.52 per dollar, the highest in a month as investors made a move to safe-haven Asian currencies. "The currency market is still digesting all the news related to the collapse of SVB," said Carol Kong, currency strategist at Commonwealth Bank Of Australia. The Australian dollar rose 0.79% to $0.663, while the kiwi rose 0.36% to $0.616.

☆ Ether hits 2-month low as New York AG labels crypto token as security
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Cryptocurrency token Ether fell to its lowest in two months on Friday after the New York attorney general labeled it a security, bracketing it with assets such as stocks and bonds and fueling fears of a wider regulatory crackdown. New York Attorney General Letitia James on Thursday referred to Ether as a security in her lawsuit against KuCoin for failing to register with the state before facilitating cryptocurrency transactions on its platform. "The situation in Ethereum (the blockchain that underpins Ether) could get real ugly," investment research firm Citron Research tweeted. loadingThe world's second-biggest cryptocurrency token was trading around $1,390, its lowest since January 10. The crypto industry and regulators have been in a tussle over the categorization of crypto assets as securities, which would subject digital asset firms to stricter oversight.

☆ US digital asset fund, venture capital firm to raise $100 million for two new blockchain funds
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 8 (Reuters) - Alpha Sigma Capital, a U.S.-based digital asset fund, and Transform Ventures, a venture capital firm, will raise $100 million for two new funds focused on the blockchain and so-called decentralized Web 3.0 ventures, Alpha Sigma founder and Chief Executive Officer Enzo Villani said on Wednesday. Transform Ventures, founded by crypto investor Michael Terpin, also merged some of its assets with Alpha Sigma's parent to form a new holding company called Alpha Transform Holdings. Truglia along with other participants stole 3 million tokens from Terpin's cellphone account in early 2018. The second fund, a closed-end venture capital firm called the Aegean Fund, is still in the process of being established, Villani said. "A lot of things that are happening right now (in the crypto and blockchain space) may be challenging.

☆ Crypto stocks fall as Silvergate crisis deepens
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, following its doubts about keeping its business viable. The digital assets-focused bank said late on Friday that effective immediately it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN). Shares of the La Jolla, California-based bank were down more than 4% in premarket trading, while crypto lending peer Signature Bank (SBNY.O) fell 3%. Crypto exchange Coinbase Global (COIN.O) and BTC mining machine maker Ebang International were both down about 1% each. "The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week," analysts at brokerage Bernstein said in an industry note.

☆ Dollar subdued as traders eye Powell testimony, jobs report
▼ + stars: | 2023-03-06 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Futures imply a 72% chance the Fed will raise interest rates by 25 basis points at its meeting on March 22. The spotlight will be firmly on the February jobs report scheduled for Friday and Fed Chair Jerome Powell's testimony to congress on Tuesday and Wednesday. Citi strategists expect Powell to indicate a preference for a 25 bps hike but leave all options on the table, since he will speak before the jobs data are released. The Japanese yen strengthened 0.01% to 135.85 per dollar, while sterling was last trading at $1.203, down 0.08% on the day. In the spot market, the onshore yuan opened at 6.9072 per dollar and was last changing hands at 6.9067.

☆ Silvergate's deepening crisis jolts crypto stocks
▼ + stars: | 2023-03-06 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

The crypto-focused bank said late on Friday that it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately. "The SEN is Silvergate's main flagship product that previously was the key attraction for depositors to bring funds to the bank," said analysts at Wedbush. Shares of crypto lending peer Signature Bank (SBNY.O) also fell roughly 2.5% in morning trade, while crypto exchange Coinbase Global (COIN.O) was down nearly 1%. Crypto firm Riot Platforms Inc (RIOT.O), and BTC mining machine makers Ebang International and Canaan Inc (CAN.O) drop between 1% and 2%. "The crypto market reacted to the negative news from Silvergate Bank, with both bitcoin and ethereum down about 4.8% for the week," analysts at brokerage Bernstein said.

☆ Bitcoin falls 5.2% to $22,253
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

March 3 (Reuters) - Bitcoin dropped 5.2% to $22,253 at 2204 GMT on Friday, losing $1,213 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 11.9% from the year's high of $25,270 on Feb. 16. Ether , the coin linked to the ethereum blockchain network, dropped 5.3% to $1,560.9 on Friday, losing $87.1 from its previous close. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Bitcoin, ether slide on Friday as investors weigh potential fallout from Silvergate woes
▼ + stars: | 2023-03-03 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A pedestrian walks past signage for Ethereum, top, and Bitcoin outside the Hong Kong Digital Asset Exchange Ltd. digital currency trading store in Hong Kong, China, on Thursday, June 24, 2021. Bitcoin was last lower by more than 4% at $22,364.21, according to Coin Metrics. Cryptocurrency prices fell on Friday as investors weighed the latest financial woes at Silvergate Capital and assessed what a potential bankruptcy at the crypto bank could mean for the broader crypto industry. Bitcoin and ether prices remained flat throughout Thursday, while shares of Silvergate dropped 57%. "To start 2023, crypto markets enjoyed a solid rally to six-month highs following a slowdown in FTX-related contagion, but the Silvergate news has renewed concerns around liquidity and risk," Medalie added.

☆ Bitcoin falls to its lowest price in weeks as crypto markets tumble amid Silvergate troubles
▼ + stars: | 2023-03-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The price of bitcoin hit a two-week low as the industry's crucial banking partner faces financial troubles. Silvergate has experienced a steep downtrend in deposits, along with a 95% plunge in share price over the past year. The price of bitcoin hit a two-week low early Friday and experienced its largest one-hour price drop since the blowup of bankrupt exchange FTX in November. Many large digital asset exchanges work with Silvergate for transactions between entities, and a dent in those relationships could impact industry liquidity. Silvergate was entangled in a number of ailing firms such as FTX, resulting in a massive decline in deposits at the bank amid broader crypto market contagion.

☆ FTX has a massive $9.5 billion shortfall in top crypto and cash needed to repay customers, the bankrupt exchange's new bosses say
▼ + stars: | 2023-03-03 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

FTX has a $9.5 billion shortfall in top crypto and cash to repay customers, bankruptcy lawyers say. Just $694 million in assets of $2.2 billion recovered are easy to cash in. FTX US also has a shortfall, with $191 million in assets versus $335 million of customer claims and $283 million of related party claims payable. In January, bankruptcy lawyers said they had recovered $5.5 billion in liquid assets from FTX. The Commodities and Futures Trading Commission (CFTC) has estimated that $8 billion of client money had been lost by the exchange.

☆ Billionaire investor Bill Gross slams the hype around Cathie Wood, with Ark's flagship fund lagging top tech stocks
▼ + stars: | 2023-02-28 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Billionaire 'Bond King' Bill Gross slammed the hype around Ark's top stock-picker Cathie Wood Monday. He pointed out her flagship ETF has lagged funds tracking top tech stocks over the past five years. Wood is known for her big bets on disruptive tech, including AI and blockchain stocks. "CNBC/media idolatry with Cathie Wood is absurd," the PIMCO founder said on Twitter Monday. Read more: 'Big Short' investor Michael Burry points to the steep drop in ARKK stock - and says Cathie Wood's flagship fund was always bound to collapse in value

☆ 2 former Barclays bankers just netted a 700% profit selling Bored Ape NFTs
▼ + stars: | 2023-02-24 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Mike Anderson and Ovie Faruq offloaded their collection of Bored Ape Yacht Club NFTs this week. The 72 NFTs sold for $9.25 million, according to OpenSea data cited by Bloomberg. The former Barclays junk bond traders reportedly netted a 700% profit for the deal. The two traders' 700% profit still pales in comparison to what they could have made at the height of the crypto boom, according to Bloomberg. The publication estimated that Anderson and Faruq's Bored Ape collection was worth $30 million at the start of May 2022 – which would have netted them profits of just under 3,000%.

☆ Bitcoin and Ethereum are here to stay: Circle CEO Jeremy Allaire
▼ + stars: | 2023-02-24 | 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 EmailBitcoin and Ethereum are here to stay: Circle CEO Jeremy AllaireCircle CEO Jeremy Allaire joins 'Squawk Box' to discuss whether crypto 'winter' is over, if further regulation is coming into play for crypto, and more.

☆ Reddit cofounder Alexis Ohanian paid only $15,000 for ether worth $80 million today - and has made $50 million on the crypto and Coinbase stock
▼ + stars: | 2023-02-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

If the Reddit cofounder kept all of the coins, they would be worth about $80 million today. Ohanian made a total of $50 million from early bets on the crypto and Coinbase stock. "In hindsight, I didn't invest nearly as much as I should have," Ohanian told Forbes. Ohanian told Forbes that he owns at least 700 non-fungible tokens (NFTs). Moreover, in 2021, Ohanian spent over $500,000 worth of ether at today's prices on seven NFTs that he thought looked like Williams, and gifted his favorite one to her.

☆ Crypto firm Polygon Labs cuts 100 positions as rout worsens
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Polygon Labs said on Tuesday it has laid off 100 employees, or nearly 20% of its positions, after it combined multiple business units earlier this year, making it the latest digital asset company to execute job cuts. The decentralised platform that makes digital coin Ethereum more accessible was founded in 2017 as Matic and was rebranded to Polygon in Feb 2021. The crash led to high-profile bankruptcies of key industry players such as crypto hedge fund Three Arrows Capital and Celsius Network. Its swift fall has sparked tough global regulatory scrutiny of how crypto firms hold funds and conduct business operations. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh Kuber and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Coinbase swings to quarterly loss as crypto winter hits trading volumes
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Shares in Coinbase, which lost roughly 86% of their value in 2022, were down about 2% in extended trading after results. But the biggest blow to the sector came from the bankruptcy of Sam Bankman-Fried's major crypto exchange FTX in November. Trading volumes at the crypto exchange in the fourth quarter plunged to $145 billion, compared with $547 billion a year earlier. The company reported net revenue of $605 million in the quarter, compared with $2.49 billion a year earlier. Coinbase reported a net loss of $557 million in the three months ended Dec. 31, compared with a profit of $840 million a year earlier.

☆ Bitcoin rises 4.99% to $23,319
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: 1 min

Feb 15 (Reuters) - Bitcoin rose 4.99% to $23,319 at 1959 GMT on Wednesday, adding $1,108 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, was up 41.4% from the year's low of $16,496 on Jan. 1. Ether , the coin linked to the ethereum blockchain network, rose 4.63% to $1,628.7 on Wednesday, adding $72.1 to its previous close. Reporting by Jose Joseph in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Cryptoverse: Punk apes and a resurrection of NFTs
▼ + stars: | 2023-02-14 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

The NFT market is twitching out of its torpor, defying reports of its demise. Over the past 30 days, though, OpenSea remains top with volumes of $443.98 million, versus $366 million for Blur. BITCOIN JOINS NFT PARTYIn another non-fungible development, the novel use of the bitcoin blockchain for minting an NFT collection has caused a stir among crypto enthusiasts. Bitcoin Punks is a series of monkey-themed NFTs and a derivative of the wildly popular CryptoPunks collection. Some media reports have indicated Bitcoin Punk NFT being sold for as much as 9.5 bitcoin, worth in the region of $205,000.

☆ Paxos ordered to cease minting Binance stablecoin by New York regulator
▼ + stars: | 2023-02-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Cryptocurrency firm Paxos will cease issuing new Binance USD, or BUSD , stablecoins under the direction of New York state's financial regulator, Binance founder Changpeng Zhao said Monday. "We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services," Zhao said on Twitter. Paxos' BUSD product is related to, but separate from, Binance's self-issued Binance-pegged BUSD. "The Department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos," NYDFS said. Last week, the Securities and Exchange Commission settled with crypto exchange Kraken over allegations of unregistered offering and sale, in connection with Kraken's crypto staking platform.

☆ What investors need to know about ‘staking,’ the passive income opportunity at the center of crypto’s latest regulation scare
▼ + stars: | 2023-02-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

Not six months ago, ether led a recovery in cryptocurrency prices ahead of a big tech upgrade that would make something called "staking" available to crypto investors. A clampdown on staking, and staking services, could have damaging consequences not just for those exchanges, but also Ethereum and other proof-of-stake blockchain networks. For example, if you decide you want to stake your ether holdings, you would do so on the Ethereum network. Investors can give their crypto to the staking service and the service does the staking on the investors' behalf. Proof-of-stake vs. proof-of-workStaking works only for proof-of-stake networks like Ethereum, Solana, Polkadot and Cardano.

Bored Ape Yacht Club was not the biggest crypto phenomenon, but it was one of the top beneficiaries of celebrity hype. The Bored Apes — a computer-generated collection of 10,000 cartoons — were being presented as a status symbol, membership in an exclusive club. Yuga sued Ripps for trademark infringement, and argues that his maligning of the Yuga apes is nothing more than a profiteering tactic. Hickman, who is Black, thought the Bored Apes looked like stereotypical portrayals of Black people as stupid or lazy. He said he thought this would be obvious to most people the second they saw an image of a Bored Ape.

☆ Ether losses build as crypto investors weigh the future of staking after Kraken exchange's SEC settlement
▼ + stars: | 2023-02-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The price of ether fell on Friday, extending losses from the previous session as fears about a U.S. regulatory crackdown on crypto staking weighed on investors. The drop began after crypto exchange Kraken closed its staking program as part of a $30 million settlement with the Securities and Exchange Commission. Earlier in the week, Coinbase CEO Brian Armstrong sounded the alarm on a potential regulatory crackdown on staking and staking services in the U.S. that may be underway. The angst in the crypto market centers on the staking services offered by exchanges like Kraken as well as Coinbase. Staking is available only on networks like Ethereum that operate using the "proof-of-stake" protocol.

The checking is not done by individuals, but by computers in the blockchain network, often via third-party staking services. Nearly all of the major crypto exchanges offer staking services to their customers for a variety of tokens, including Coinbase (COIN.O), Binance, Crypto.com, Gemini, Huobi and OKX. The SEC has said most staking providers fail to provide customers proper disclosures about how their cryptocurrency will be used and should register their staking services with the agency. In its settlement with the SEC on Feb. 9, Kraken neither admitted nor denied the SEC's claim that its staking service should have been registered. Kraken said it would continue to offer staking to customers based outside of the United States.

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