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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

☆ 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

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.

☆ 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.

☆ 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.

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.

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