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☆ Binance holds $74.7 billion worth of crypto in its reserves and roughly 40% are in the firm's own tokens, report says
  + stars: | 2022-11-11 | by ( Brian Evans | ) www.businessinsider.com   time to read: +1 min
Nearly half of Binance's reserves are in the firms own stablecoin and native token, according to Bloomberg. Co-founder Changpeng Zhao said earlier this week Binance would be more transparent and provide proof of reserves. Of Binance's total reserves, $23 billion was in BUSD and $6.4 billion was in Binancecoin, the report said. Binance was in talks to takeover FTX on on Monday, but the deal fell apart less than 24 hours after Binance began its due diligence. Binance is one of the only cryptocurrency firms to release its reserves data since the downfall of FTX.
☆ Crypto's Lehman moment: Here's how Sam Bankman-Fried's FTX compares to the biggest collapse of the Global Financial Crisis
  + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
Experts have drawn comparisons between the collapse of crypto exchange FTX and the fall of Lehman Brothers in 2008. Here's how the two events compare and what FTX's fall means for the broader financial system. In the years leading up to the Great Financial Crisis, Lehman loaded its balance sheet with vast amounts of subprime mortgage debt. When the "bank run" began this week, FTX didn't have the funds to meet withdrawal requests. But compared to 14 years ago, it probably won't be FTX's downfall that sparks a broader financial crisis, Allen said.
☆ Wall Street pushed into digital assets. Now investors are paying the price as FTX's crisis raises questions of a ripple effect in cryptoworld.
  + stars: | 2022-11-11 | by ( Rebecca Ungarino | Danielle Walker | ) www.businessinsider.com   time to read: +8 min
FTX, the crypto exchange in crisis, found backers in BlackRock, VanEck, and Ontario Teachers. The solvency crisis facing the exchange and its famous CEO raises questions of a ripple effect. Now, in the middle of crypto winter, FTX is in the middle of a solvency crisis. Binance, a rival crypto exchange that was initially going to buy FTX, backed out. "What we like about it is that we're not really speculating on whether prices of crypto assets, bitcoin or otherwise, are going up or down.
☆ What the collapse of FTX means for the future of crypto
  + stars: | 2022-11-11 | by ( Sarah Jackson | ) www.businessinsider.com   time to read: +5 min
Sam Bankman-Fried's crypto exchange FTX collapsed in a matter of days and has started Chapter 11 bankruptcy proceedings. The FTX fiasco is the latest in a series of meltdowns to rock the crypto world this year. "It's been a long time coming, and it's a real wild west out there for anybody who is trading crypto." Big banks could be less likely to let people trade cryptoFinancial institutions like Goldman Sachs, JPMorgan, and Morgan Stanley tried to capitalize on the crypto boom last year with services like trading crypto futures or derivatives. Crypto exchanges should watch for contagion riskOther exchanges and companies should be on high alert for continued fallout.
☆ Op-ed: Crypto markets need regulation to avoid more washouts like FTX, says Coinbase CEO Brian Armstrong
  + stars: | 2022-11-11 | by ( Brian Armstrong | Coinbase Ceo | ) www.cnbc.com   time to read: +5 min
The problem is that, so far, U.S. regulators have refused to provide clear, sensible regulations for crypto that would protect consumers. All of this helps explain why more heavy-handed regulation would just make the problem of crypto companies and crypto users going overseas worse. Instead, we need smarter regulation that protects consumers and makes the U.S. a more attractive place for crypto companies to operate. Despite the prevailing notion that crypto companies don't want to be regulated, many — if not most — companies have been working with policymakers for years. Until then, however, regulators need to establish clear rules that bring crypto back on-shore, encourage innovation, and protect consumers.
☆ Jim Cramer gives his take on 'crypto collapse contagion'
  + stars: | 2022-11-10 | 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 EmailJim Cramer gives his take on 'crypto collapse contagion'Cramer explained why he's not too worried about the possibility of crypto's collapse bleeding over to the broader market.
☆ Coinbase could benefit as crypto exchanges brace for regulatory scrutiny after FTX fallout, analysts say
  + stars: | 2022-11-10 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
The fall of crypto exchange FTX will likely bring regulatory scrutiny with it – and Coinbase may emerge as a winner, analysts say. “We believe today's events could potentially accelerate regulatory scrutiny on these offshore exchanges on both a national and global basis," a team of Cowen analysts said in a note this week. Retail trading will face several near-term headwinds in the aftermath of the FTX saga – lower crypto adoption, depressed prices, more regulatory scrutiny, potential FTX-related contagion. “Longer term, we expect Coinbase to benefit from clear leadership in adherence to regulatory compliance,” Cowen said. "We view Coinbase as the most regulatory compliant crypto platform globally.” That sentiment was echoed by others on Wall Street this week.
☆ The rise and fall of FTX's Sam Bankman-Fried, who became a crypto billionaire in just 4 years — and lost most of his wealth in a single day
  + stars: | 2022-11-10 | by ( Lakshmi Varanasi | ) www.businessinsider.com   time to read: +1 min
Sam Bankman-Fried catapulted into a crypto billionaire in a matter of four years. He's the co-founder of FTX, a cryptocurrency exchange, and Alameda Research, a trading firm. Last Tuesday, Sam Bankman-Fried was a 30 year-old with a mop of brown hair and enough clout to go by his initials, SBF. He had a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and $15.6 billion to his name, according to estimates from Bloomberg. He had catapulted into one of the biggest names in crypto in a matter of four years and was setting his sights on mainstream finance.
☆ What the FTX debacle means for crypto's attempt to become a legitimate asset class
  + stars: | 2022-11-09 | by ( Bob Pisani | ) www.cnbc.com   time to read: +5 min
What happens to other crypto platforms like Coinbase? That creates an opportunity for centralized, regulated, retail-focused crypto platforms (like Coinbase). What does this mean for the crypto space? We believe the episode is likely to accelerate regulation of the crypto space in the U.S. and elsewhere. Bitcoin has already been determined to be a commodity and not a security, but other crypto tokens may be deemed to be securities.
☆ Binance's rescue of FTX shows no crypto company is 'too big to fail,' experts say
  + stars: | 2022-11-09 | by ( Ryan Browne | ) www.cnbc.com   time to read: +4 min
Ben Mcshane | Sportsfile | Getty ImagesBinance's agreement to salvage rival cryptocurrency exchange FTX from collapse shows how no one is safe from the chill of crypto winter, according to industry experts. "It shows that no one is too big to fail," said Pascal Gauthier, CEO of crypto wallet firm Ledger. On Monday, the CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, took to Twitter in since-deleted tweets to play down concerns his crypto trading empire was at risk of collapsing. The debacle highlights how the crypto industry is becoming more centralized and straying from its decentralized roots, according to Gauthier. "FTX is a very big warning for everyone," Gauthier said in an interview on CNBC's Squawk Box Europe Wednesday.
☆ Crypto's self-appointed savior just reached for a lifeline
  + stars: | 2022-11-08 | by ( Allison Morrow | ) edition.cnn.com   time to read: +5 min
He’s an entrepreneur whose name often appears alongside descriptors like “wunderkind,” “savior,” white knight, “digital Warren Buffett,” etc. Then, in a truly unexpected twist, Binance said it had offered to buy FTX to resolve its liquidity crisis. The news prompted a brief recovery in digital assets but wasn’t enough to calm anxious investors. Other digital assets and equities tied to the industry, such as Coinbase, also fell. There’s a lot to figure out still, but we can expect digital assets to remain volatile until more details about the FTX-Binance deal are made public.
☆ FTX-Binance deal is the 'most dramatic' in crypto's history, says Castle Island Ventures founder
  + stars: | 2022-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX-Binance deal is the 'most dramatic' in crypto's history, says Castle Island Ventures founderCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Nic Carter of Castle Island Ventures discusses the implications of the agreement between Binance and FTX for the crypto market.
☆ Internal forums, major deals, and employee exits: Inside BlackRock's long road to embracing crypto
  + stars: | 2022-11-07 | by ( Rebecca Ungarino | Morgan Chittum | ) www.businessinsider.com   time to read: +13 min
A group of employees at the firm organized and started holding a forum to discuss crypto, five people familiar with the group told Insider. Eager, usually more junior, staff members huddled around to hear industry experts talk about crypto and blockchain. A junior employee touched off BlackRock's crypto effortsThe blockchain working group and the informal crypto-asset forum will end up being key footnotes in the firm's history. Leaving BlackRock for cryptoLader left BlackRock in June 2021 for Uniswap, the world's largest decentralized-exchange protocol, where she is now the chief operating officer. She was "very, very central" to the firm's crypto efforts," a former employee said.
☆ Bitcoin slumps ahead of midterms, and FTX addresses slow withdrawals: CNBC Crypto World
  + stars: | 2022-11-07 | by ( Mackenzie Sigalos | Jordan Smith | Talia Kaplan | ) 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 slumps ahead of midterms, and FTX addresses slow withdrawals: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, we take a deep dive into crypto's influence on politics ahead of the midterm elections.
☆ Bitcoin's volatility falls below Nasdaq and S&P 500's for first time since 2020
  + stars: | 2022-10-21 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
While bitcoin's price is stuck lately, there is one good thing to come from it for investors betting on crypto to become a legitimate asset class: It's less of a wild ride. After hovering in the $19,000 level for more than a month, bitcoin's volatility is now lower than that of both the Nasdaq and S&P 500, according to Kaiko. (Though bitcoin's correlation with stocks has eased, it remains high and its price continues to be driven by macro themes.) "Bitcoin volatility is at multi-year lows while equity volatility is only at its lowest level since July," Clara Medalie, head of research at Kaiko, told CNBC. The data suggests that cryptocurrency markets are less reactive to volatile macro events than they were earlier on in the year, whereas equity markets have remained highly sensitive."
☆ Crypto bank deposits have dropped in this bear market. Why JPMorgan says it's a ‘small blip’ over the long term
  + stars: | 2022-10-21 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
The outlook for crypto banks is surprisingly strong given a drop-off in customer deposits in the wake of depressed prices and low volatility , according to JPMorgan. Both Silvergate Bank and Signature Bank , two commercial banks that serve the cryptocurrency industry, reported their third-quarter financial results this week. Signature's crypto deposits fell 12% on a quarterly basis, but the bank added 116 digital currency clients, bringing its total crypto customer base to 1,677. Its crypto deposits tend to come from crypto exchanges and stablecoin companies. At Silvergate, crypto deposits decreased by 11%, and its crypto customer base increased by 92 to reach 1,439.
☆ October is a historically strong month for bitcoin, but price action this month has been oddly lackluster
  + stars: | 2022-10-19 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
The month of October, celebrated as "Uptober" by long-time crypto investors, has historically churned out some big gains for bitcoin. In seven of the last 10 years, bitcoin has posted a positive month. For four of the last six years, ether has ended the October trading month higher, according to Kaiko. Bitcoin was lower for the month by 0.3% as of Tuesday, while ether was down 1.4%, according to Coin Metrics. "Crypto market volatility has dipped to multi-year lows over the past month, with bitcoin's 20-day volatility now equal to that of the Nasdaq equity index," Kaiko head of research Clara Medalie told CNBC.
☆ CNBC's 'Crocodile of Wall Street' exposes the biggest crypto laundering scheme to date
  + stars: | 2022-10-18 | by ( Eamon Javers | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC's 'Crocodile of Wall Street' exposes the biggest crypto laundering scheme to dateCNBC's Eamon Javers joins 'TechCheck' to discuss crypto's largest laundering scheme thus far, the intrinsic ability of blockchain to help catch perpetrators and his new CNBC documentary on the subject, "Crocodile of Wall Street," available on YouTube.
☆ Bitcoin is failing to rally with stocks as $940 million in bitcoin is pulled from exchange favored by institutions
  + stars: | 2022-10-18 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +1 min
But an uncertain regulatory environment continues to prove a headwind for bitcoin. On Tuesday some 48,000 bitcoins moved off Coinbase Pro, a favored exchange among institutional investors, according to data provider CryptoQuant. The outflow was the biggest among crypto exchanges since crypto's big crash in June of this year and the second-largest of all time. Exchange outflows suggest investors are withdrawing their crypto from exchanges and shifting from selling mode to accumulating mode. He also said the transactions were likely done in over-the-counter trading desks, and therefore might not affect the price of bitcoin.
☆ Web3 VC Adam Struck says better crypto wallets could protect retail investors in the future, after they lost billions from the Celsius meltdown. Here's how.
  + stars: | 2022-10-18 | by ( April Joyner | ) www.businessinsider.com   time to read: +3 min
Crypto wallets let people keep custody of their assets, but they're notoriously hard to use. As a result, there's a big market opportunity for friendlier wallets, VC Adam Struck told Insider. By contrast, non-custodial crypto wallets, such as MetaMask, allow people to keep control over their assets. That opens up a big opportunity for wallet startups that can offer a better user experience, according to Adam Struck, the founder and managing partner of the investment firm Struck Crypto. But having easier options for storing crypto assets without having to rely on any given company's investment practices could serve as a valuable stopgap until that happens, he believes.
☆ Ben McMillan of IDX discusses crypto's reaction to inflation data and what it means for digital assets
  + stars: | 2022-10-14 | 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 EmailBen McMillan of IDX discusses crypto's reaction to inflation data and what it means for digital assetsCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, IDX Digital Assets CIO Ben McMillan discusses crypto prices amid the ongoing macro volatility.
☆ What BNY Mellon’s digital asset custody launch means for the crypto market
  + stars: | 2022-10-13 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
The crypto industry this week cleared a massive hurdle for attracting big investors after BNY Mellon said it's officially holding crypto assets in its custody for institutions. If the current market and regulatory environment weren't so bad, a wave of new investors might now be flooding into the crypto market. In the past month, Nasdaq has launched crypto custody for institutions and Franklin Templeton, Betterment, Société Générale and other wealth managers have made forays into crypto. Even though for many others, bitcoin has become a "boring" macro-driven asset with little utility, BNY Mellon clients have been looking beyond crypto's speculative nature. "You've got crypto assets, digital cash, stablecoins and then you have tokenized assets.
☆ Crypto’s bear market is unlike others before it. This time the Fed's steering the ship
  + stars: | 2022-09-20 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +17 min
In any other year, the bitcoin price would have skyrocketed after the BlackRock announcement, but it didn't. Bitcoin hit its all-time high on Nov. 8, less than a week after the Fed first introduced the tapering . "Bitcoin OGs want to believe that it's a risk-off asset – that's a long-term trajectory," said Burak Tamac, senior researcher at CryptoQuant. It's bitcoin that's received so much hostility about being environmentally unfriendly, but myths about the cryptocurrency's environmental impact are slowly being debunked . Beyond bitcoin, crypto remains just a little too out of reach for many.
☆ Britain's financial watchdog says FTX may be operating in UK without authorisation
  + stars: | 2022-09-19 | by ( ) www.reuters.com   time to read: +1 min
General view of the Financial Conduct Authority (FCA) offices in London, Britain, May 4, 2022. REUTERS/Peter NichollsLONDON, Sept 19 (Reuters) - Britain's Financial Conduct Authority said on Friday cryptocurrency exchange FTX may be offering financial services or products in the UK without its authorisation. read more"Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us," the FCA statement said. Regulators around the world continue to grapple with how best to regulate cryptocurrency companies. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alun John; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
☆ Turning point for the crypto community? Where bitcoin goes from here
  + stars: | 2022-09-17 | by ( Kevin Schmidt | ) www.cnbc.com   time to read: +4 min
But with bitcoin coming off a nearly two-year low, the short-term temperaments are being met with a mix of positive and negative factors that are guiding where the crypto community goes from here. Proposals for more SEC oversight of the crypto community are likely to be met with hostility from the community itself, although the agency has already taken steps to enforce its regulatory agenda. "A year from now, the large trading venues will be in the process of registering with the SEC," Hougan said. Beyond the crypto community, rates of adoption from large investment firms demonstrate that digital currencies are being embraced by Wall Street, Hougan said. "Blackrock and Schwab coming in reinforces to everyday investor that bitcoin is not going away," Hougan said.
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