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☆ Some investors are shunning Wall Street’s tech frenzy
▼ + stars: | 2023-07-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —While many on Wall Street have chased the monster rally in mega-cap tech stocks this year, exchange-traded fund (ETF) investors seem to be bucking the “all-in on tech stocks” trend and opting for a more diversified strategy. The Nasdaq Composite index has climbed about 31% for the year, powered by a handful of tech stocks that have soared on hype surrounding artificial intelligence. The Vanguard Information Technology Index Fund saw $955 million of net outflows in the first half of 2023 compared to $291 million net inflows in the first half of last year. Investors had piled into tech-focused ETFs last year when the sector had fallen out of favor, betting that tech stocks would recover, buoyed by an economy that remains resilient despite the Federal Reserve’s punishing pace of interest rate hikes. Now, investors are exiting these ETFs and reallocating their cash to quality stocks with strong balance sheets that can withstand a potential economic downturn, says Todd Rosenbluth, head of research at VettaFi.

Persons: Todd Rosenbluth, ”, Shelby McFaddin, Larry Fink, Bitcoin, ” Fink, Antoni Trenchev, Charles Schwab, Clare Duffy, paring, Elon Musk, it’s, Read Organizations: CNN Business, Bell, CNN, Vanguard Information Technology, Investors, “, Wealth, BlackRock, Fox Business, Federal Reserve, Fidelity Digital Assets, Citadel Securities, Facebook, Twitter, Meta

LONDON, April 28 (Reuters) - Mastercard (MA.N) will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini to offer crypto-linked payment cards in some countries. "We have dozens of partners around the world who offer crypto card programmes and they continue to expand," Raj Dhamodharan, Mastercard's head of crypto and blockchain, told Reuters on Thursday. Banks have become wary of crypto clients after a number of big crypto firms collapsed last year, including the bankruptcy of major exchange FTX. Asked if Mastercard is considering imposing restrictions on the amount of money that could be transferred to crypto exchanges using its payments network, Dhamodharan said, "We're not here to pick winners.

☆ Bitcoin is already up 50% this year — beating stocks and gold
▼ + stars: | 2023-03-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTBitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Filip Radwanski | Sopa Images | Lightrocket | Getty ImagesBitcoin is up 50% this year despite the collapse of major crypto-focused banks, beating major stock indexes and commodities. Interest rate outlookThe bank collapses came after a year of interest rate hikes from the U.S. Federal Reserve. But it sold those assets at a hefty loss because interest rate rises had pushed the price of Treasurys lower. Bitcoin vs. stocks

In papers filed with a state court in Manhattan, James is seeking a permanent injunction to stop KuCoin from operating in New York until it complies with the law. KuCoin trails Binance, Coinbase and Kraken in trading volume among cryptocurrency spot exchanges, according to the data company CoinMarketCap. Last month, James sued the CoinEx cryptocurrency platform for failing to register with the state. In January, 10 states including New York secured up to $24 million from the cryptocurrency company Nexo Inc, which they also accused of operating illegally. Reporting by Jonathan Stempel in New York; Editing by Diane Craft and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Visa, Mastercard pause crypto push in wake of industry meltdown - sources
▼ + stars: | 2023-02-28 | by ( Manya Saini | ) www.reuters.com time to read: +3 min

The crypto industry saw a stunning reversal of fortunes in 2022 as bankruptcies of industry majors FTX and BlockFi rattled investors and increased regulatory scrutiny on the sector. Card companies, which pocket a small percentage of the dollar value of transactions they process, had announced multiple partnerships with crypto firms and put in place dedicated teams to explore blockchain technology. Mastercard teamed up with crypto lender Nexo in April to launch what it called the world's first "crypto-backed" payment card. But it is not viewing crypto tokens as a strategic priority in the near-term, a source familiar with the matter said. They are related to an uncertain regulatory environment for crypto and demand/interest for crypto services declining in the near term."

☆ SEC charges crypto trading platform Nexo
▼ + stars: | 2023-01-19 | 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 EmailSEC charges crypto trading platform NexoCNBC's Kate Rooney reports on a new SEC action. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Bonawyn Eison, Steve Grasso and Guy Adami.

On a larger exchange like Binance or Coinbase , for example, many customers opt to let the platform custody their crypto tokens. In the four years that Bitzlato operated, only $52 million moved directly from the exchange to Binance, the same dataset shows. CNBC reviewed transaction data for the ten largest recipients of Bitzlato outflows, which collected over $45 million in Bitzlato-originated funds. Those wallets also received millions more in funds from other exchanges, including Huobi, FTX, Poloniex, Nexo, and WhiteBIT, a Ukrainian exchange. We also asked whether Binance was aware that Bitzlato was allegedly used to launder money and, if so, why funds from Bitzlato were custodied on its platform.

☆ Crypto firm Nexo Capital agrees to pay $45 mln to settle U.S. SEC, state charges
▼ + stars: | 2023-01-19 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

NEW YORK, Jan 19 (Reuters) - Nexo Capital Inc has agreed to pay $45 million in penalties to settle charges from the U.S. Securities and Exchange Commission and state regulators that the crypto firm failed to register its crypto asset lending product, the SEC said on Thursday. Nexo has agreed to pay a $22.5 million penalty to the SEC and another $22.5 million in fines to state regulators in relation to its Earn Interest Product to U.S. investors, the SEC said in a statement. Nexo began to offer its lending product around June 2020, allowing U.S. investors to give their crypto assets to the company in exchange for a promise of interest, the SEC said. The company ceased offering the product to new investors after the SEC announced similar charges against another company in February 2022. Last week, the SEC sued Genesis Global Capital LLC and Gemini Trust Company LLC for their lending product.

☆ Four accused in Bulgarian probe of crypto lender Nexo -investigators
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

SOFIA, Jan 13 (Reuters) - Investigators looking into crypto lender Nexo on Friday said that four citizens of Bulgaria had been accused of participating in an organised crime group for money laundering as well as tax and computer fraud. Nexo had said after Thursday's operations that the raided office was not customer facing but has only back office functions. Some 35 artworks, including from Salvador Dali, Henri Matisse and Pablo Picasso, had been seized from one of the accused, investigators said. According to Bulgarian prosecutors $94 billion has gone through the Nexo platform in the past five years. Crypto lenders act like banks for the crypto world, offering customers interest on cryptocurrencies they deposit with the platform.

☆ Bulgaria launches probe of crypto lender Nexo, raids sites
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

SOFIA, Jan 12 (Reuters) - Bulgarian prosecutors have launched an investigation into alleged illegal activities conducted by cryptocurrency lender Nexo, they said on Thursday, raiding more than 15 sites in the capital Sofia. Prosecutors said Nexo has been operating through many companies, many of which were just "post boxes". Crypto lenders act like banks for the crypto world, offering customers interest on cryptocurrencies they deposit with the platform. According to Bulgarian prosecutors $94 billion has gone through the Nexo platform in the past five years. The firms grew rapidly during the COVID-19 pandemic, but as crypto markets slumped last year various crypto lenders froze withdrawals, leaving customers with large losses.

☆ Dollar retreats as risk appetite improves; Australia, NZ currencies rise
▼ + stars: | 2022-12-27 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

China will stop requiring inbound travellers to go into quarantine on arrival starting Jan. 8, the National Health Commission said on Monday, even as COVID cases spike. At the same time, Beijing downgraded the regulations for managing COVID cases to the less strict Category B from the top-level Category A. "There seems to be no let-up in the pace of relaxing COVID restrictions despite the surge in COVID cases in the mainland," said Christopher Wong, a currency strategist at OCBC. "It's worth remembering that the dollar rose in each of the past four years in January. "While ... (the) policy tweak has added uncertainty to the BOJ outlook, we continue to lean toward BOJ policymakers making no further policy adjustments through the end of 2023," said analysts at Wells Fargo.

The events of the year took many investors by surprise and made the task of predicting bitcoin's price that much harder. The crypto market was awash with pundits making feverish calls about where bitcoin was heading next. When asked about his $250,000 target earlier this month, the Draper Associates founder told CNBC $250,000 "is still my number" — but he's extending his prediction by six months. The entrepreneur says he's also done making bitcoin price predictions. Buehler said lack of risk management in the crypto industry, missing regulation and fraud have also been major factors affecting prices.

LONDON, Dec 5 (Reuters) - UK-based crypto lender Nexo said on Monday it would phase out its U.S. products and services over the coming months due to clashes with regulators. Crypto lenders act like banks for the crypto world, offering customers interest on cryptocurrencies they deposit with the platform. The firms grew rapidly during the COVID-19 pandemic, but as crypto markets slumped earlier this year various crypto lenders froze withdrawals, leaving customers with large losses. Eight U.S. state regulators charged Nexo in September for allegedly failing to register its Earn Interest Product. Nexo said it will continue to process customer withdrawals "in real-time" as it withdraws from the United States.

☆ It’s going to 'get worse' for crypto before it gets better, NEXO co-founder says
▼ + stars: | 2022-11-23 | 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 EmailIt’s going to 'get worse' for crypto before it gets better, NEXO co-founder saysAntoni Trenchev, MD and co-founder at Nexo, says it’s going “to get worse” for crypto before it gets better.

☆ FTX to start U.S. bankruptcy proceedings, CEO to exit
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +4 min

LONDON, Nov 11 (Reuters) - Crypto exchange FTX is to start U.S. bankruptcy proceedings and CEO Sam Bankman-Fried is to step down, after a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators around the world. The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals. "I'm really sorry, again, that we ended up here," said FTX founder Bankman-Fried, in a series of tweets after the commencement of the bankruptcy filing. FTX is under investigation by the U.S. Securities and Exchange Commission, Justice Department, and Commodity Futures Trading Commission, according to a source familiar with the investigations. Cyprus's Securities and Exchange Commission has asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday.

A representative for FTX did not immediately respond to requests for comment on the deal or the SEC investigation. FTX and Binance did not disclose the terms of their agreement, and markets face fresh uncertainty over whether it will proceed. REUTERS/Dado Ruvic/Illustration 1 2Prior to the Binance proposed deal, Bankman-Fried approached cryptocurrency exchange OKX on Monday morning about a deal, but the exchange declined to move forward. "It has been a truly a devastating year for the industry," said Ryan Wong, a senior researcher at crypto exchange Huobi. "This could be a major source of risk to crypto markets," Lai wrote.

☆ Crypto winter ‘only going to get worse,’ blockchain firm CEO says
▼ + stars: | 2022-11-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

There's something about the latest crypto crash that makes it different from previous downturns. Artur Widak | Nurphoto | Getty ImagesThe ongoing crypto winter is "only going to get worse" as the industry recalibrates to a higher interest rate world, according to the chief executive of blockchain firm Tezos. "Crypto hasn't been evaluated by that metric, and neither has technology in the last 10 years that we've had low interest rates," Breitman told CNBC. "It remains to be seen, but basically I think what you'll find is the things that are useful are going to thrive." The notion of the end of the era of easy money in crypto is one that analysts have been discussing in recent months amid the downturn.

But for the past few months, bitcoin's price has bounced stubbornly around $20,000 in a sign that volatility in the market has settled. Large crypto investors with highly leveraged bets like Three Arrows Capital were floored by the pressure on prices, further accelerating the market's drop. Mastercard announced a service that allows banks to offer crypto trading, having previously launched a new blockchain security tool for card issuers. In a note released Thursday, analysts at the bank said there were parallels with bitcoin's trading in Nov. 2018, when prices steadied for a while before rising steadily. Publicly-traded bitcoin miners sold 12,000 bitcoins in June and only around 3,000 in September, according to Goldman Sachs.

☆ Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank
▼ + stars: | 2022-09-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Cryptocurrency lender Nexo on Tuesday announced it has taken a stake in a federally-regulated U.S. bank, paving the way for the company to offer banking services to Americans as a licensed institution. Nexo, based in Zug, Switzerland, said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a little-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans. Nexo declined to disclose the size of its stake in Summit National Bank. On top of the ability to launch new products, Nexo said its bank license would bring users enhanced legal safeguards.

☆ FTX wins Voyager Digital auction bid for $1.4 billion
▼ + stars: | 2022-09-27 | 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 EmailFTX wins Voyager Digital auction bid for $1.4 billionCNBC's Kate Rooney reports on news around Nexo, Voyager Digital, FTX and Celsius.

Eight states announced on Monday they're bringing actions against the crypto lending platform Nexo Group in connection with its unregistered, interest-bearing cryptocurrency product. The filings also state that Nexo misrepresented the accounts, and suggested to investors that they are a licensed and registered platform. These interest earning accounts, known as "Earn Interest Product," allowed investors to deposit assets with Nexo in exchange for earning yields as high as 36% on their deposits. Celsius, which offered similar interest-bearing accounts, filed for bankruptcy this summer after freezing customer funds in June. The orders states filed further prevent Nexo from offering this product to residents until it meets the necessary registration requirements.

☆ Eight U.S. state regulators charge Nexo for failure to register interest account
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationSept 26 (Reuters) - Eight U.S. state regulators on Monday charged cryptocurrency lender Nexo Group for allegedly failing to register its Earn Interest Product, as authorities crackdown on digital asset platforms rocked by a crypto winter in recent months. "Since the SEC guidance on earn products in February 2022, Nexo has voluntarily ceased the onboarding of new U.S. clients for our Earn Interest Product as well as stopped the product for new balances for existing clients," the company said in an emailed statement. Nexo's interest accounts offered under the product promise an annual interest rate as high as 36%, according to California's Department of Financial Protection and Innovation. The regulatory clampdown comes in the midst of a crypto winter that has seen crypto prices have plummet this year as a risk-off sentiment and fears of a looming recession crushed risky assets, forcing some companies into bankruptcy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Institutional crypto lending involves lending cryptocurrencies as well as cash in return for a yield. Unsecured lending has become common across the crypto industry, according to the review of filings and the interviews. Crypto research firm Arkham Intelligence put the figure in the region of $10 billion, for instance, while crypto lender TrueFi said at least $25 billion. BULLISH ON BORROWINGWhile Blockchain.com has largely pulled back from unsecured lending, many crypto lenders remain confident about the practice. Sid Powell, co-founder and CEO of unsecured crypto lending platform Maple, said institutional crypto lenders were more cautious after Three Arrows' insolvency, but conditions have since normalized and lenders are now again comfortable lending unsecured.

☆ 7 companies poised to cash in on the $30 billion hydrogen commercial-vehicle market by winning over giants like Amazon
▼ + stars: | 2022-09-20 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +7 min

Rising fuel costs, the possibility of stricter emissions regulations to come, and questions about battery supplies, have all increased the appeal of zero-emission fuel cells. Volvo TrucksVolvo GroupCEO: Martin LundstedtMarket Cap: $32.97 billionHQ: Gothenburg, SwedenVolvo Trucks said in June 2022 it had begun testing hydrogen fuel-cell trucks. In the latter case, Plug Power has provided Amazon with more than 15,000 fuel cells to replace the batteries in its warehouse forklifts since 2016. Plug just signed a new deal to provide the behemoth with the liquid hydrogen necessary to run its fuel-cell vehicles starting in 2025. As part of a deal with Weichai group, Ballard is building fuel cells in China to power fuel-cell vehicles in that market.

☆ Цена биткоина впервые превысила $34 000
▼ + stars: | 2021-01-05 | by ( Mld Media Srl | ) noi.md time to read: +1 min

Стоимость биткоина впервые в истории превысила $34 000. Цена биткоина впервые в истории превысила $34 000, следует из данных онлайн-биржи Coindesk. По сравнению с началом 2020 года цена биткоина выросла примерно в 4,7 раза. Выше $30 000, а затем и $33 000 стоимость биткоина поднялась в субботу, 2 января. Агентство напоминает, что 26 ноября цена криптовалюты упала на 14% из-за предупреждений о необходимости коррекции.

Persons: Bloomberg Nexo, Энтони Тренчев, Скотт Минерд, Майк Макглоун Organizations: Bloomberg, Guggenheim Investments, Bloomberg Intelligence

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