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☆ Do Kwon Sentenced to Four Months for Passport Fraud in Montenegro
▼ + stars: | 2023-06-19 | by ( Vicky Ge Huang | Ivan Cadjenovic | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/do-kwon-sentenced-to-four-months-for-passport-fraud-in-montenegro-6fb924fa

Persons: Dow Jones, kwon, 6fb924fa Locations: montenegro

☆ How Are Stablecoins Faring? These Charts Will Tell You
▼ + stars: | 2023-06-11 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-are-stablecoins-faring-these-charts-will-tell-you-37288cd5

Persons: Dow Jones

☆ Binance.US Was Deeply Unprofitable in 2022, Documents Show
▼ + stars: | 2023-06-08 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/binance-us-was-deeply-unprofitable-in-2022-documents-show-9c9c95a6

Persons: Dow Jones

☆ Tether to Buy More Bitcoin for Stablecoin Reserves
▼ + stars: | 2023-05-18 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tether-to-buy-more-bitcoin-for-stablecoin-reserves-eaeeee3d

☆ Crypto Companies Test the Public Markets
▼ + stars: | 2023-05-10 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Unlike other collapses, crypto’s crash has largely avoided rippling into other markets. Illustration: Mallory BranganThe 2023 market rebound is enabling some crypto companies to explore an option that appeared off the table just six months ago: trying to go public. Bitcoin-mining company Bitdeer Technologies listed on the Nasdaq last month after merging with a special-purpose acquisition company, or SPAC, a blank-check company so called for its use in helping businesses access public markets with fewer strings attached. Blockchain company Chia Network recently took another step toward going public, while cloud-mining company BitFuFu and crypto cash-machine company Bitcoin Depot are working on plans to go public via SPAC mergers.

☆ Crypto Exchange Coinbase Posts Loss, But Beats Expectations
▼ + stars: | 2023-05-05 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. But unlike other collapses, it has largely avoided rippling into other markets. WSJ explains how crypto became so interconnected. Illustration: Mallory BranganCoinbase Global reported a fifth consecutive quarter of losses as retail investor enthusiasm for crypto trading on the platform remained stagnant. The biggest cryptocurrency exchange in the U.S. posted a loss of $79 million in the first quarter, narrowing its loss of $430 million a year ago.

☆ Corporate Profit Margins Are Finally Stabilizing, Creating New Tailwind for Stocks
▼ + stars: | 2023-05-04 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

A larger share of revenue at big U.S. companies is beginning to reach the bottom line, a potentially encouraging sign for a stock market that has been stuck in neutral in recent weeks. More than halfway through the first-quarter earnings season, the net profit margin of companies in the S&P 500 has ticked up to 11.5% from 11.3% in the fourth quarter, based on actual results and estimates for companies that haven’t yet reported.

☆ Crypto’s Cure for a Shrinking Customer Base: Buy Government Bonds
▼ + stars: | 2023-04-26 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Illustration: Mallory BranganCryptocurrency firms are leaning on traditional financial products to attract customers to the flagging market. More decentralized finance companies have bought up Treasurys to sweeten yields on their blockchain-based financial services.

☆ Drop in Transportation Stocks Foreshadows Weakening Economy
▼ + stars: | 2023-04-20 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Delta posted a quarterly loss and said consumers’ behavior is shifting in ways that can be hard to predict. Photo: ed jones/Agence France-Presse/Getty ImagesEconomically sensitive stocks, like those of transportation and small-cap companies, are trailing the broader market, reflecting growing investor concern about a potential recession. The Dow Jones Transportation Average, which tracks 20 large U.S. companies ranging from airlines to railroads to truckers, has underperformed the Dow Jones Industrial Average by about 8.3 percentage points since early February. Shares of Norfolk Southern Corp., American Airlines Group Inc. and J.B. Hunt Transport Services Inc. have dropped at least 10% over the same period.

☆ At FTX, Multimillion-Dollar Expenses Were Approved by Emoji
▼ + stars: | 2023-04-10 | by ( Caitlin Ostroff | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

FTX’s failures are rooted in “hubris, incompetence, and greed,” the crypto exchange’s new management team said in a report outlining scathing details about the lack of financial controls and record-keeping under founder Sam Bankman-Fried . Mr. Bankman-Fried’s crypto hedge fund Alameda Research often had difficulty understanding what its positions were, let alone hedging or accounting for them, the report said.

☆ A Little-Known Stablecoin Gets Big Help From World’s Largest Crypto Exchange
▼ + stars: | 2023-04-10 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

The market value of a little-known digital token doubled in a month after the world’s largest cryptocurrency exchange, Binance, started to heavily promote the coin on the platform. Binance removed spot bitcoin trading fees for TrueUSD in March, and the coin’s market value soared to $2.1 billion, an increase of about $1 billion, according to CoinMarketCap data. TrueUSD is currently the only stablecoin—a cryptocurrency pegged to the dollar—that Binance users can trade for bitcoin free.

☆ Stock Pickers Failed to Take Part in First-Quarter Rally
▼ + stars: | 2023-04-10 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Apple is one of three companies that helped drive the S&P 500’s returns in the first quarter. Stock pickers missed out on the first-quarter rally, failing to extend their recent winning streak. Only one in three actively managed large-cap mutual funds beat their benchmarks in the first three months of the year, the worst performance since the three-month period ended December 2020, according to data from Bank of America Global Research.

☆ Investors Seek Safety in Tech Stocks, Money-Market Funds
▼ + stars: | 2023-04-01 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

The first quarter in markets was one for the record books. At the start of the year, investors unexpectedly scrambled back into the speculative stocks that were hammered in 2022 when the Federal Reserve started raising interest rates. The period ended with a mad dash out of the banking system that few could have foreseen just weeks earlier.

☆ Binance Sees $2 Billion in Outflows as Troubles Compound
▼ + stars: | 2023-03-29 | by ( Vicky Ge Huang | Dave Michaels | ) www.wsj.com time to read: 1 min

Binance founder Changpeng Zhao said the CFTC complaint is ‘unexpected and disappointing.’Traders are pulling billions of dollars from Binance as problems plaguing the world’s largest crypto exchange continue to mount. The Commodity Futures Trading Commission on Monday sued Binance, alleging the exchange operated illegally in the U.S. and violated rules designed to prevent illicit financial activity. Last week, Binance announced it would charge fees on spot bitcoin trading again after cutting them to zero last summer. It also had to temporarily suspend spot trading for hours while it fixed a software error.

☆ Tether Is Winning Stablecoin Battle Despite Looming Risks
▼ + stars: | 2023-03-27 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Tether’s growing dominance coincides with a decline of the overall stablecoin market. Tether is continuing to extend its lead in the battle for the stablecoin market. However, its growth isn’t without controversy. Already the world’s largest stablecoin by market cap, tether’s value has increased by more than $5 billion in the past two weeks to about $79 billion, according to CoinMarketCap data.

Some banks are rolling out the welcome mat for cryptocurrency firms that found themselves in need of banking services after the downfall of two big crypto-friendly lenders, Signature Bank and Silvergate Capital Corp.As crypto companies have scrambled to establish new bank relationships, industry executives say they have received a positive reception from regional banks such as Customers Bancorp ., based in West Reading, Pa., and Fifth Third Bancorp , based in Cincinnati.

☆ Bitcoin Booms in Wake of Bank Crisis
▼ + stars: | 2023-03-21 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Bitcoin was all but left for dead after the implosion of crypto exchange FTX, but its recent rally is proving naysayers wrong. The world’s largest cryptocurrency has risen 21% so far this month on the back of the banking crisis, bringing bitcoin’s rally to almost 70% so far this year. Bitcoin traded above $28,000 on Sunday for the first time since June.

☆ Tether Becomes Unlikely Crypto Winner in Banking Crisis
▼ + stars: | 2023-03-14 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Turmoil in the dollar-backed cryptocurrency world has helped tether, the largest stablecoin, to increase its lead. So far this year, tether’s market cap has risen 10% to $73 billion while that of its chief rival, USD Coin, fell by more than 11% to $39 billion, according to CoinMarketCap data. Binance USD has fallen by almost half to just over $8 billion.

Silicon Valley Bank was one of six banking partners used for managing a portion of the estimated 25% of Circle’s USD Coin reserves held in cash. A major cryptocurrency operated by Circle Internet Financial Ltd. meant to mimic the value of the U.S. dollar dropped sharply after the company said it had $3.3 billion tied up in the collapsed Silicon Valley Bank. USD Coin fell below 87 cents on Saturday morning, according to data from CoinDesk. The virtual currency, known as a stablecoin, is designed to trade exactly at $1. It is backed by real U.S. dollars and short-term government debt, and sits at the heart of cryptocurrency trading.

☆ Crypto Investors Cash Out $2 Billion in USD Coin After Bank Collapse
▼ + stars: | 2023-03-11 | by ( Vicky Ge Huang | Hannah Miao | ) www.wsj.com time to read: 1 min

The collapse of Silicon Valley Bank is the second-largest bank failure in U.S. history. Circle Internet Financial Ltd. has $3.3 billion of its USD Coin reserves tied up in the collapsed Silicon Valley Bank, the cryptocurrency firm said late Friday. The dollar-pegged cryptocurrency, USD Coin, traded below 98 cents Friday, according to data from CoinDesk.

☆ International Stocks Lure Investors Seeking Bargains
▼ + stars: | 2023-03-08 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

The trends suggest a lack of investor confidence in domestic stocks amid rising interest rates and lingering inflation. U.S. stock indexes are mostly higher to start 2023, but investors are increasingly looking for bargains overseas. They have added a net $14.4 billion to U.S. mutual and exchange-traded funds that buy international stocks this year, while pulling $34.1 billion from domestic stock funds, according to data from Refinitiv Lipper through March 1.

☆ SEC Is Cracking Down on Crypto Staking. Here’s What to Know.
▼ + stars: | 2023-03-05 | by ( Vicky Ge Huang | Paul Kiernan | ) www.wsj.com time to read: 1 min

Regulators are going after crypto staking, most recently with a $30 million fine in February against a crypto exchange called Kraken. The move has big implications for the crypto industry. Here’s what you need to know.

☆ SEC Is Cracking Down on Crypto Staking. Here’s What to Know
▼ + stars: | 2023-03-04 | by ( Vicky Ge Huang | Paul Kiernan | ) www.wsj.com time to read: 1 min

☆ Small-Cap Stocks Shine in Market Reversal
▼ + stars: | 2023-03-02 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Signs of strength in the U.S. economy have boosted the attractiveness of small-cap stocks for investors despite recession fears. Investors are hoping shares of small, domestic-focused companies have more room to run, even as the rebound in the broader market fizzles. They have added a net $4.2 billion to U.S. mutual and exchange-traded funds that buy small-capitalization stocks this year, while pulling $17.4 billion from large-cap funds, according to data from Refinitiv Lipper through Feb. 22. Of the equity groups tracked by Refinitiv Lipper, the inflows to small-cap funds are second only to international stock funds, which have attracted $16 billion.

☆ Interest-Rate Concerns Push Investors Into Dividend-Paying Stocks
▼ + stars: | 2023-02-24 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Investors are expected to turn away from speculative stocks in response to interest-rate trends. The prospect of interest rates remaining higher for longer is sending investors scrambling back to dividend-paying stocks. Investors poured a net $272 million into U.S. mutual and exchange-traded funds that buy dividend-paying stocks in the two weeks ended Wednesday, according to data from Refinitiv Lipper. They added a record $48 billion to such funds in 2022 but pulled $835 million from them in January when shares of speculative companies propelled a market rebound.

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