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☆ Bitcoin and other cryptos slump as the Fed gets ready to raise interest rates again
▼ + stars: | 2023-01-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Crypto markets are slipping as the two-day meeting of the Federal Reserve kicks off. A blockchain exec broke down how crypto markets are thinking about this week's expected rate hike. Ethereum is flat ahead of the central bank meeting, trading at $1,585. Recent economic data points indicate that high inflation is easing, giving the central bank room to pull back on monetary tightening. "Any movement ahead of the Fed meeting is mere correlation," Jeremy Epstein, CMO of smart contract platform Radix, told Insider.

☆ $100 repair bill sparked Half Moon Bay shooting, prosecutor says
▼ + stars: | 2023-01-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

SAN FRANCISCO — A farmworker charged with killing seven people at two Half Moon Bay mushroom farms reportedly told investigators he was spurred to carry out the shootings after his supervisor demanded he pay $100 to repair a forklift damaged at work. KNTV-TV, the NBC affiliate in the San Francisco Bay Area, was first to report the development. Zhao told KNTV-TV in a courthouse interview Thursday that he committed the shootings. He said he has a 40-year-old daughter in China and lived with his wife in Half Moon Bay. The coroner’s office has named six of the victims: Zhishen Liu, 73, of San Francisco; Marciano Martinez Jimenez, 50, of Moss Beach, California; Aixiang Zhang, 74, of San Francisco; Qizhong Cheng, 66, of Half Moon Bay; Jingzhi Lu, 64, of Half Moon Bay; and Yetao Bing, 43, whose hometown was unknown.

☆ After a tough year for crypto, here's how to handle losses on your tax return
▼ + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Plus, there's currently no "wash sale rule" for crypto. The rule blocks the tax break if you buy a "substantially identical" asset 30 days before or after the sale. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said. But it's easy to lose track of carryover losses and miss future opportunities to lower taxes, she warned. If you wind up getting, say, 10% back after claiming a bad debt deduction, that 10% becomes regular income.

☆ Treasury imposes sanctions against Russian paramilitary firm Wagner Group
▼ + stars: | 2023-01-26 | by ( Amanda Macias | ) www.cnbc.com time to read: +5 min

A mural praises the Russian Wagner group and its mercenaries fighting in Ukraine on March 30, 2022 in Belgrade, Serbia. The Treasury Department identified the Wagner Group, led by Putin crony Yevgeny Prigozhin, as a "significant transnational criminal organization." Joint Stock Company Terra Tech, a Russian-based technology firm, for providing space and aerial imagery to the Wagner Group. Joint Stock Company Research and Production, a Russian space company supporting Russia's military activities in Ukraine. In addition, State announced steps to impose visa restrictions on 531 members of the Russian military for their role in Ukraine.

WASHINGTON, Jan 26 (Reuters) - The United States on Thursday stepped up sanctions against the Wagner Group, labeling the Russian mercenary company fighting in Ukraine as a transnational criminal organization responsible for widespread human rights abuses. The U.S. Treasury Department, as part of action targeting dozens of people and entities in an effort to degrade Russia's ability to wage the war, said it designated Wagner Group as a "significant transnational criminal organization" on Thursday. It had previously designated Wagner under its Russia and Ukraine sanctions programs. "These images were gathered in order to enable Wagner combat operations in Ukraine," Treasury said. He said the United States assesses Wagner has about 50,000 personnel deployed to Ukraine, including 40,000 convicts recruited from Russian prisons.

☆ Suspect in Half Moon Bay shooting rampage appears in California court
▼ + stars: | 2023-01-25 | by ( Jorge Garcia | ) www.reuters.com time to read: +5 min

[1/6] A suspect is arrested by law enforcement personnel after a mass shooting at two locations in the coastal northern California city of Half Moon Bay, California, U.S. January 23, 2023 in a still image from video. The hearing was held at the San Mateo County Superior Court in nearby Redwood City, California. The complaint against Zhao also alleged "special circumstances" accusing Zhao of "personally and intentionally" shooting to kill. IMMIGRANT VICTIMSHalf Moon Bay, a community of about 12,000 residents south of San Francisco, is home to both a luxury resort and a low-income farming community. Two days before the Half Moon Bay killings, another gunman 380 miles to the south opened fire at the Star Ballroom Dance Studio, a club frequented mostly by older patrons of Asian descent in Monterey Park.

☆ DCG-owned crypto exchange Luno axes 35% of staff, citing market turbulence
▼ + stars: | 2023-01-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin's price this year. Cryptocurrency exchange Luno is the latest company in the industry to make layoffs, setting out to cut 35% of its global workforce. "2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market," the company said in a statement shared with CNBC Wednesday. "Luno unfortunately hasn't been immune to this turbulence, which has affected our overall growth and revenue numbers." A Luno spokesperson told CNBC the layoff measure would have "minimal or no impact on key operating, and compliance teams."

☆ D.C. appeals court expedites oral arguments in Grayscale lawsuit against SEC
▼ + stars: | 2023-01-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The SEC on Wednesday rejected Grayscale's application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. The District of Columbia Court of Appeals has scheduled a date to hear oral arguments in Grayscale's lawsuit contesting the Securities and Exchange Commission's decision to deny the conversion of its Grayscale Bitcoin Trust to an exchange-traded fund. Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021. Still, crypto investors are longing to see the SEC approve a U.S. spot bitcoin ETF – and no longer just as a way to open the crypto market to more institutional investment.

☆ The founders of Web3 startup QuickNode managed to raise $60 million, valuing the company at $800 million — even after the fall of FTX. Here's how they did it.
▼ + stars: | 2023-01-24 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Web3 infrastructure company QuickNode has raised $60 million at an $800 million valuation. That's illustrated by the blockchain infrastructure company QuickNode, which just announced $60 million in Series B funding at an $800 million valuation. That's helped QuickNode quadruple its revenue over the past year, Alex Nabutovsky, QuickNode's CEO and cofounder, told Insider. QuickNode's founders decided it was best to put off raising a Series B and focus on their company's growth. Back then, QuickNode's founders received a term sheet in a matter of days, capped off with a meal at the trendy restaurant Carbone.

☆ Fact Check-Financial disclosures do not show Rep. Lauren Boebert is worth $12 million
▼ + stars: | 2023-01-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

There is no public evidence to show that Republican Congresswoman Lauren Boebert has a net worth “of over $12 million” as claimed online. A tweet with over 13,500 retweets reads: “Lauren Boebert has a net worth of over $12 million. In her 2021 financial disclosure report, filed on August 2022 and the latest available, (here), Boebert listed 12 entries of “assets and ‘unearned’ income”. As liabilities for 2021, Boebert reported a home mortgage of “$250,001-$500,000.”Boebert’s financial disclosures for 2020 (here) and 2019 (here) also do not support the claims that her net worth is $12 million. Financial disclosure reports of Rep. Lauren Boebert do not indicate that she is worth $12 million.

☆ Crypto comeback is just a 'mean-reversion' rally, Bernstein says
▼ + stars: | 2023-01-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

That's one observation about the current crypto bounce Bernstein analysts made in a note to investors Monday. They called it a mean-reversion rally, meaning that they see bitcoin prices reverting to their long-term mean or average level. "We reckon, the mean reversion of crypto still has some headroom," analyst Gautam Chhugani said in the note. BTC.CM= 6M mountain Bitcoin Nevertheless, Chhugani attributed the recent bounce to capital already within the crypto industry, namely "sidelined stablecoins" being deployed. As the crypto asset class becomes "more regulated," Chhugani expects to see institutions take crypto positions this year, he said.

☆ Explainer: What Brazil and Argentina's 'currency union' really means
▼ + stars: | 2023-01-23 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

BRASILIA, Jan 23 (Reuters) - Brazil and Argentina sparked some excitement on Sunday over the possibility of a potential "currency union", though the two countries are unlikely to ditch the real or peso any time soon. That sparked off chatter about a European Union-style zonal currency for South America, though officials have since played that down and analysts say a full-on currency union is a distant prospect. Under the plan, the Brazilian real and Argentine peso would continue to exist, with the new tender targeted narrowly at trade. That is key for Argentina, which is grappling with low foreign currency reserves after years of debt crises. In 2019, former Brazilian President Jair Bolsonaro touted plans for a currency union, which also never materialized.

☆ Crypto tokens were once considered a fast track to riches for Web3 startup founders. Now some aren't bothering to launch them.
▼ + stars: | 2023-01-17 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Crypto tokens were once a quick way for Web3 founders to cash in. Just over a year ago, Web3 startups regularly raised money by selling their own cryptocurrencies directly to the public. But now, the crypto crash has made it an inauspicious time for them to launch tokens. Common has since postponed its token launch indefinitely. Georgen said that his aspirations to launch tokens weren't primarily motivated by cashing in.

☆ A crypto crash for big stablecoins is likely to send shudders through other financial markets too, a Cornell professor warns
▼ + stars: | 2023-01-12 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

A crashed stablecoin could pose a threat to the wider financial system, a Cornell professor warned. The companies that issue stablecoins would have to redeem their government bond holdings if the digital tokens fail, Eswar Prasad said Thursday. "A large volume of redemptions, even in a fairly liquid market, can create turmoil in the underlying securities market," Prasad said. The turmoil hasn't yet spilt over into traditional financial markets, but financial watchdogs are worried that stablecoin issuers' government bond holdings pose that risk, according to Prasad. "The fact that we haven't had spillovers from this part of the financial ecosystem into traditional financial markets or into the real economy certainly seems to be suggestive of the fact that there is a firewall," he added.

NEW YORK, Jan 11 (Reuters) - Anew Climate LLC, a TPG Inc-owned (TPG.O) provider of carbon emission reduction products to businesses, has agreed to invest as much as $640 million in carbon offset developer Terra Global Capital, the companies told Reuters on Wednesday. This demand gave Anew the confidence to make an investment of this scale, said Randy Lack, Anew's head of portfolio management. "We have been looking for a platform partner to do NBS (nature-based solutions) and Terra Global has a fantastic track record," Lack said in an interview. Lack said Anew would work "hand-in-glove" with Terra Global to ensure all projects meet tight criteria on environmental and social impacts. "The equity investment by Anew is catalytic to the growth of Terra Global," Leslie Durschinger, founder of Terra Global, said in an interview.

☆ From the Shanghai upgrade to U.S. regulation: Watch these 5 events to see where crypto markets are heading in 2023
▼ + stars: | 2023-01-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Unlike in previous crypto winters, however, macro forces outside the crypto industry are the biggest drivers of the market. The Shanghai upgrade Ethereum developers are gearing up for the network's next big upgrade, the "Shanghai" upgrade, which has a target release of March 2023. "The problem right now is if you stake ether into the network, your ether will be locked until the Shanghai upgrade," Lau said. "There will be more liquidity of ether after the Shanghai upgrade," he added. Gox but the expected distribution of the bitcoin recovered from the exchange's 2014 implosion could be a near-term headwind for bitcoin investors.

☆ New York AG accuses Celsius ex-CEO of defrauding crypto investors
▼ + stars: | 2023-01-05 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

New York Attorney General Letitia James sued former Celsius Network CEO Alex Mashinsky on Thursday, alleging that Mashinsky defrauded hundreds of thousands of investors at his now-bankrupt crypto exchange. At one point, deposits at the crypto exchange were valued at $20 billion, according to the complaint. But Mashinsky's statements were false, James alleges, and became part of the former Celsius CEO's efforts to hide deep losses on risky crypto-lending investments. Celsius investors were left bereft and so despondent that some considered suicide, CNBC previously reported. Celsius entered bankruptcy proceedings with only $1.75 billion in crypto assets, a far cry from the $4.7 billion it owed users.

CNBC rounds up some of the boldest price calls for bitcoin in 2023. Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, are being squeezed by the slump in prices and rising energy costs. "In prior down markets, miner capitulation has usually indicated major bottoms," Ayyar told CNBC. However, Mobius told CNBC that he is sticking for his $10,000 price call in 2023. "There will be a managed bull market in 2023, not a bubble -- so we won't see the price overshooting as before," she told CNBC.

☆ Bruce Batkin Turned a Love of Architecture Into a Financial Career
▼ + stars: | 2023-01-01 | by ( James R. Hagerty | ) www.wsj.com time to read: +1 min

Bruce Batkin co-founded Terra Capital Partners in 2002 to package real-estate funds for investors, initially in Australia and later in the U.S.As a boy riding his bicycle on Long Island, Bruce Batkin often stopped at fancy homes and rang doorbells to request house tours, invariably granted to a cherubic child in the 1960s. Back inside his parents’ three-bedroom, one-bath ranch, he drew lavish floor plans. Later, at Cornell University, he earned a degree in architecture. He worked in real-estate finance for Merrill Lynch, ABN Amro Bank and Chase Manhattan Bank. In 2002, he co-founded Terra Capital Partners to package real-estate funds for investors, initially in Australia and later in the U.S.

☆ Crypto exchange Kraken to shutter its Japan operations after global layoffs
▼ + stars: | 2022-12-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Digital currency exchange Kraken will close down its operations in Japan next month, in another sign of consolidation in the battered crypto industry. In a blogpost on Wednesday, Kraken said it would cease crypto trading services through its Japanese subsidiary, Payward Asia, and deregister from Japan's Financial Services Agency on Jan. 31, 2023. It is the second time Kraken has left the Japanese market. It cited a combination of "current market conditions in Japan" and a "weak crypto market globally" as the reasons behind its decision. Japanese customers will have until Jan. 31 to withdraw their fiat and crypto holdings from the Kraken platform, the company said.

☆ The crypto investing outlook for 2023 after a 60% decline in bitcoin this year
▼ + stars: | 2022-12-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

The other was the riskiest of risk assets, whose moves mirrored those of tech stocks. It won't happen overnight, but investors more than ever want to see a crypto market driven by utility rather than speculation . Barclays analyst Benjamin Budish said his team believes "crypto assets are likely to continue to behave like high-beta risk assets going forward." Investing in the next two quarters Bitcoin has fallen more than 60% this year and sits roughly 75% off of its all-time high from November 2021. When there's a pullback in that growth, as there was this year, bitcoin tends to struggle, Alden explained.

☆ Bitcoin lost over 60% of its value in 2022—here’s how much 6 other popular cryptocurrencies lost
▼ + stars: | 2022-12-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

In the latest blow to the crypto space, Core Scientific, one of the largest publicly traded crypto mining companies in the U.S, which primarily mints bitcoin, filed for bankruptcy on Dec. 21, citing falling crypto prices and rising energy costs. Just 8% of Americans have a positive view of cryptocurrency as of Nov. 2022, according to the CNBC All-America Economic Survey. Overall, the crypto market has lost a little over $2 trillion in 2022 and popular digital coins such as bitcoin have fallen far below their 2021 highs. Here's how much the value of seven popular cryptocurrencies changed in 2022 as of Dec. 22, per CNBC's calculations. For this reason, financial experts typically advise against investing more into crypto than you're willing to potentially lose.

Dec 20 (Reuters) - Private U.S. oil and gas companies are increasingly turning to a niche financing structure that securitizes their production, providing a funding avenue for producers and owners as traditional sources become more expensive or simply dry up. With banks pressured by stakeholders to restrict loans to the oil and gas sector over its environmental impact, private energy producers - more reliant on bank lines than listed peers - are able to maintain access to outside finance through this niche product. While the first rated PDP securitization was completed in September 2019 by Raisa Energy, volatile commodity prices and a wave of producer bankruptcies in 2020 stymied its initial application. The investment bank helped arrange, among others, a $750 million ABS sold by Jonah Energy in October - currently the largest PDP securitization completed. GROWING APPEALAs well as financing day-to-day operations, private equity firms that own energy producers are exploring using PDP securitizations as an investor pay-day.

☆ Crypto contagion isn't over and the lack of transparency means the industry is an 'insider's game,' EY strategist says
▼ + stars: | 2022-12-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

FTX's collapse shows that crypto contagion isn't over and the industry has transparency issues, according to EY strategist Paul Brody. Brody noted that transparency claims made by crypto firms were often "difficult to test," which makes the industry an "insider's game." Policymakers have urged the SEC to tighten regulation on crypto firms, criticizing the current hands-off approach. He noted that his own team finds transparency claims among crypto firms "difficult to test and follow through." Lawmakers have been critical of the SEC's current approach, which asks crypto firms to "come in and talk" to be regulated.

☆ Mark Cuban says last year's crypto boom was '99% noise' – and Sam Bankman-Fried's arrest could pop the bubble
▼ + stars: | 2022-12-20 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Mark Cuban said there's still some underlying value in crypto despite the ongoing sell-off. "99% of it was noise but there's real value there," he told 'The Problem with Jon Stewart' Monday. Cuban added that Sam Bankman-Fried's arrest on fraud charges will force crypto to "get its act together". "There's the signal and the noise," Cuban told Apple TV+'s "The Problem with Jon Stewart". Stablecoin issuer Terra and hedge fund Three Arrows Capital collapsed earlier in 2022 as the crypto selloff brought to light potential instabilities in the digital asset sector.

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