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☆ Coinbase shares surged on Ripple’s partial court victory this week. Why the decision matters for the crypto exchange
▼ + stars: | 2023-07-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Thursday's judgment was only a partial win for Ripple, but significant nonetheless for both the company and the wider crypto market. Coinbase shares rallied more than 24% the day of the ruling on optimism that it might prevail in its own battle with the SEC. Regulators in June sued Coinbase, alleging it was operating as a broker, an exchange and a clearinghouse for unregistered securities – and named 13 such securities. "In our view, [the] decision in the Ripple case helps tip the scale even more toward a favorable outcome for Coinbase." Needham has a buy rating on Coinbase and on Friday raised its price target to $120 from $70.

Persons: Coinbase, it's, Canaccord, Joseph Vafi, Vafi, Needham, John Todaro, Genuity, Raymond James, Berenberg, Cowen, Ramsey El Organizations: Labs, SEC, Regulators, Wedbush Securities, Berenberg, BTC, Coinbase, Barclays Locations: Coinbase

☆ Standard Chartered boosts 2024 bitcoin forecast to $120,000
▼ + stars: | 2023-07-10 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, July 10 (Reuters) - The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered (STAN.L) said on Monday, predicting the recent jump in its price could encourage bitcoin "miners" to hoard more of the supply. "Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report. Bitcoin's price has leapt 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021. "It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently." "Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year."

Persons: Geoff Kendrick, Kendrick, Marc Jones, Amanda Cooper, Sharon Singleton Organizations: Chartered, BTC, Kendrick, Citi, Thomson

☆ Standard Chartered sees upside to its 2024 bitcoin target of $100,000
▼ + stars: | 2023-07-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

"We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. BTC.CM= YTD mountain Bitcoin (BTC) this year Miners decide how much of the new supply of bitcoin (900 bitcoins a day) reaches the market, depending on their profitability. If they're more profitable per bitcoin mined, they can sell less while maintaining cash inflows. Miners have three sources of cash: selling bitcoin, selling equity or borrowing. Kendrick's analysis is based on estimates of cash costs per bitcoin mined, drawn from mining companies' quarterly earnings filings.

Persons: Bitcoin, Geoff Kendrick, — CNBC's Michael Bloom Organizations: Chartered, BTC, Standard Chartered, Miners

☆ Standard Chartered bumps up bitcoin forecast to $120,000
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

LONDON, July 10 (Reuters) - Top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered (STAN.L) said on Monday, predicting the jump in its price could encourage bitcoin 'miners' to hoard more of the supply. Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called "crypto winter" was over, but one the bank's top FX analysts, Geoff Kendrick, said there was now 20% "upside" to that call. "Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report. Reporting by Marc Jones; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Geoff Kendrick, Kendrick, Marc Jones, Amanda Cooper Organizations: Chartered, BTC, Thomson

☆ A challenging macro backdrop could dampen bitcoin's upside in the third quarter
▼ + stars: | 2023-07-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +10 min

Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment. Before the recent rush of applications to launch U.S. spot bitcoin ETFs injected new optimism in the crypto market, it was a frustrating second quarter for traders. Between the end of the banking crisis in May and the BlackRock bitcoin ETF filing on June 15, regulatory pressure weighed heavily on sentiment and bitcoin traded sideways. Regulation and ETFs Beyond the macro backdrop, it's clear developments in U.S. regulation and ETF applications will continue to be the main themes in the third quarter. Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment.

Persons: it's, Christopher Ferraro, Powell, hasn't, Ferraro, Cantor Fitzgerald's Elliot Han, bitcoin, Han, we're, " Ferraro, Dado Ruvic, Ruvic Organizations: BlackRock, Galaxy Digital, CNBC, Federal Reserve, Securities, Exchange, Fidelity, Galaxy, SEC, REUTERS, Reuters Locations: BlackRock, –, U.S, Europe, Hong Kong, London

☆ Crypto is trying to fix its custody problem as institutions pour in and regulatory uncertainty lingers
▼ + stars: | 2023-06-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

And the highly regulated institutions wanting to give their clients access to bitcoin are still a little skeptical that the crypto industry has learned its lessons. Another issue is there aren't enough dedicated custodians in the crypto industry. The Go Network acts as a platform on which partner firms can execute and settle trades between crypto assets and fiat currencies. BitGo handles custody of crypto assets while dollars are spread across a network of banks for safekeeping. "[The crypto industry] was operating on the edge, saying, it's risky, but we're making a lot of money.

Persons: Crypto, Bitcoin, Roger Bayston, Franklin Templeton's, FTX, Schwab, Gustavo Schwenkler, It's, David Wells, haven't, it's, BitGo, Mike Belshe, CNBC's, Wells, Belshe, BlackRock's Joseph Chalom, Franklin Templeton's Bayston Organizations: Crypto, New York City, Arrows, Terraform, Securities and Exchange, Fidelity, Citadel, EDX, Valley Bank, First, Leavey School of Business, Santa Clara University, Nasdaq, Bank of New York Mellon, CNBC, Go, Markets, Schwab, BlackRock, Securities, Exchange, Coinbase Locations: Coinbase State, New York, First Republic, PacWest, Wells

☆ The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases.

Persons: Chang Kim, bitcoin, Kim Organizations: Securities, Exchange Commission, BlackRock

☆ Here are Monday's biggest analyst calls: Meta, Tesla, Disney, Amazon, Boeing, Walmart, Uber & more
▼ + stars: | 2023-06-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: Bank of America upgrades Alliant to buy from neutral Bank of America said shares of the Wisconsin and Iowa energy company are attractive. UBS upgrades Moderna to buy from neutral UBS said the biotech company's pipeline is underappreciated. UBS downgrades Alphabet to neutral from buy UBS said it sees "near-term monetization risk" for the tech giant. Bank of America reiterates Paramount Global as buy Bank of America said the media company is "unique." Loop reiterates Disney as buy Loop said it's standing by its buy rating on the entertainment and parks giant.

Persons: LNT, Goldman Sachs downgrades Tesla, Goldman, Morgan Stanley, TD Cowen, Coinbase, underperform TD Cowen, Wells, Brinker, Williams, Tesla, Bernstein, Uber, Davidson, Roth, Roth MKM, Piper Sandler, Lululemon, Piper, LULU Organizations: Bank of America, of America, UBS, Moderna, Walmart, Amazon Prime, BTC, BMO, Sherwin, Deutsche Bank, Deutsche, Citi, Boeing, WSFS Financial Corporation, Networks, TAM, Meta, Paramount Global, Brunswick Locations: Wisconsin, Iowa, China

Thin liquidity and big playersCrypto "market depth" has been sitting at very low levels this year. Market depth is a measure of liquidity in a market. According to data firm Kaiko, bitcoin's market depth has fallen 20% since the start of this year. Low liquidity, which has been a feature of the crypto market all year, is also partly behind bitcoin's 80% year-to-date rally. "I think trading volumes and price volatility are two of the most telling indicators of crypto market activity.

Persons: Andriy Onufriyenko, Bitcoin, Kaiko, Jamie Sly, Sly, bitcoin, Clara Medalie, Morgan Stanley, Goldman Sachs, Carol Alexander, Alexander, you've, Vijay Ayyar, Ayyar, CCData's Sly Organizations: BlackRock, CNBC, BTC, Securities, Exchange Commission, Retail, University of Sussex, Citadel, Fidelity Locations: U.S, CoinGecko, Invesco, Blackrock

☆ Bitcoin rallies 17% this week as institutional interest in the asset picks up
▼ + stars: | 2023-06-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

For many crypto investors, this week felt like the beginning of a new era – and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. BlackRock filed an application for its spot bitcoin ETF June 15, spurring a flurry of fund filings from other asset managers. In the past two weeks, bitcoin's trading volume has increased 0.5% on a week-over-week basis, according to JPMorgan.

Persons: Bitcoin, bitcoin, Polygon, Yuya Hasegawa, Invesco, Charles Schwab, CNBC's, it's, Owen Lau, Oppenheimer, Lau, Hasegawa Organizations: Solana, Securities and Exchange Commission, Nasdaq, SEC, BlackRock, Fidelity Digital Assets, Citadel Securities, JPMorgan Locations: Cardano

☆ Bitcoin rallies 10% to highest level in over a month as traders get bullish on ETF news
▼ + stars: | 2023-06-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Bitcoin rose to its highest level in more than a month on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a series of recent applications from companies including BlackRock . The price of bitcoin jumped 10% to $29,405.22 at about 11 a.m. ET, the highest point since May 6, according to CoinGecko data, extending gains from earlier in the day. Investors are growing bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets. "The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets," Vijay Ayyar, head of international markets at CoinDCX, India's largest crypto exchange, told CNBC.

Persons: Bitcoin, bitcoin, Vijay Ayyar, Ayyar Organizations: Mobile, CNBC, BTC Locations: Barcelona, Spain, BlackRock, CoinDCX

Those announcements follow decisions by GM (GM.N) and Ford (F.N) to add Tesla charging technology, shunning efforts by the Biden administration to make CCS the dominant charging standard in the United States. Texas - home to Tesla's headquarters and a new car factory complex - is the first state which will mandate Tesla's charging technology, giving a boost to CEO Elon Musk's hope of making it the national charging standard. "It’ll effectively make an NACS the new charging standard," Cox said. The move was to prevent Tesla's North America Charging Standard from dominating the network. And at least one other state is considering giving applicants bonus points on applications if they include the Tesla charging ports.

Persons: Rivian, Tesla, Biden, Elon Musk's, Lew Cox, It’ll, Cox, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Lisa Shumaker Organizations: Reuters, BTC, GM, Ford, CCS, Texas Department of Transportation, U.S . Department of Transportation, Tesla's, Thomson Locations: Texas, United States . Texas, California , Iowa, Michigan, U.S, Philadelphia, San Francisco

☆ Exclusive: Tesla standard: BTC Power joins move to add to EV chargers
▼ + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, June 20 (Reuters) - BTC Power will add Tesla's (TSLA.O) standard to its electric vehicle chargers next year, its chief executive told Reuters on Tuesday, days after Ford (F.N) and General Motors (GM.N) sent shockwaves through the industry by adopting the technology. Privately-owned BTC, a supplier to 7-Eleven and fleet operators, is the fourth major fast charger maker to embrace Tesla's standard, following ABB E-mobility North America (ABBN.S), Tritium DCFC (DCFC.O), and SK Signet (260870.KN). "By including the NACS (North American Charging Standard) connector to our chargers we can eliminate the need for unreliable and unpredictable adapters that are being utilized by drivers using our equipment," BTC CEO Frank Meza said. Reuters first reported on Tuesday that electric pickup maker Rivian (RIVN.O) would adopt Tesla's charging standard. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Frank Meza, Elon Musk's, Biden, Rivian, Abhirup Roy, Peter Henderson, Alexander Smith Organizations: FRANCISCO, BTC, Reuters, Ford, General Motors, ABB, America, SK Signet, EV, Detroit automakers, Tesla, Thomson Locations: Santa Ana , California, America, San Francisco

☆ Ritholtz’s Josh Brown talks crypto winter, the failure of blockchains and how to invest in digital assets
▼ + stars: | 2023-06-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

I don't think advisors really have any reason to be compelled to have these conversations with clients and clients aren't asking for it." "[If tomorrow you] woke up and there was no crypto … I don't think your life would change one iota. At the end of 2021, Ritholtz partnered with WisdomTree to launch the RWM WisdomTree Crypto Index to offer exposure to the crypto market through a financial advisor. "I don't think everyone has to, but if you want to, I think holding bitcoin outright is maybe the most common sense approach. "I don't think individual investors should be involved in bitcoin futures," he said, "because there's no passive way to do that.

Persons: Bitcoin, Josh Brown, There's, –, Brown, he's, Ritholtz, WisdomTree, … There's, It's, Gemini's Cameron, Tyler Winklevoss, You've Organizations: Ritholtz Wealth Management, CNBC Pro, Digital Assets, Financial Professionals, Advisors Locations: Austin , Texas, U.S, Brown

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

☆ Why cryptocurrencies are climbing after the SEC sued the largest U.S. crypto exchange
▼ + stars: | 2023-06-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

It's only Tuesday, but the Securities and Exchange Commission has already brought legal action against two of the biggest platforms in crypto – and to the surprise of some, crypto prices are climbing. What began as a muted reaction Tuesday to the SEC's lawsuit against Coinbase , the largest U.S. crypto exchange and first publicly listed crypto company, turned into a positive one. At one point in the afternoon, bitcoin and ether had nearly recovered their losses from the previous day's crypto market sell-off, sparked by the SEC's lawsuit against Binance, the largest crypto exchange in the world. Investors are also now anticipating another Fed rate hike, which has typically weighed on crypto prices. "Crypto prices are up 60% or more YTD, the crypto winter is over," he added.

Persons: It's, Coinbase, Matt Hougan, Hougan, that's, bitcoin, Ric Edelman, Gary Gensler, We're, Edelman Organizations: Securities and Exchange Commission, Coinbase, Investors, Binance, SEC, CNBC, Digital Assets, Financial Professionals, Republican Locations: U.S, Coinbase

☆ Crypto shares tumble after U.S. SEC charges Binance with securities law violations
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. Securities and Exchange Commission sued crypto exchange Binance and its founder, Changpeng Zhao, alleging violations of securities laws. The SEC's complaint against the world's biggest cryptocurrency exchange listed 13 charges. Bitcoin , the world's biggest cryptocurrency was down 5.3% after falling to its lowest level since mid-March following the news. In a blog post, Binance said: "We intend to defend our platform vigorously," adding that "because Binance is not a U.S. exchange, the SEC's actions are limited in reach." Shares of rival crypto exchange Coinbase Global (COIN.O) were down 11.6%, while Blockchain farm operator Bitfarms Ltd stock was down 5.8%.

Persons: Changpeng Zhao, Bitcoin, Binance's cryptocurrency, Binance, Zhao, Sinéad Carew, Manya, Leslie Adler Organizations: U.S . Securities, Exchange Commission, SEC, Bitfarms, Inc, Marathon, Mining, BTC, MicroStrategy, Ebang, Canaan Inc, U.S . Commodity Futures, Commission, Manya Saini, Thomson Locations: U.S, Binance, New York, Bengaluru

☆ Bitcoin posted its worst month since November, but network activity saw record highs
▼ + stars: | 2023-06-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Even though bitcoin just ended its first down month of the year, the network activity hit new record highs — and that's a good thing for Bitcoin and its investors. However, Bitcoin's average daily network hashrate – which measures how much computing power the network uses to process transactions and is a key indicator of the network's health – increased for the fifth consecutive month. Investors want the hashrate to be larger; the more energy devoted to securing the network, the broader and more decentralized the network becomes. At the same time, Bitcoin's mining difficulty increased by about 2% for the month and reached an all-time high. Transaction fees on Bitcoin also surged in May with the help of Ordinals , digital content on Bitcoin similar to nonfungible tokens, or NFTs, with some technical differences.

Persons: bitcoin, Bitcoin, Reginald Smith, Bitcoin's, Smith, Michael Bloom Organizations: Investors, JPMorgan Locations: U.S

☆ Bitcoin rises as investors await vote on tentative debt ceiling agreement
▼ + stars: | 2023-05-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

On Monday, bitcoin rose as high as $28,461.45, while ether reached a high of $1,928.16. The cryptocurrencies began climbing Saturday evening after House Republicans reached a tentative deal with the White House to raise the nation's debt ceiling and avoid a default. As the debt ceiling negotiations weighed on crypto investors last week, the minutes of the latest Federal Reserve meeting also showed central bank officials are divided on where to go with interest rate hikes. Bitcoin and ether are on pace for their worst month since November, down 5% and up less than 1%, respectively. For the quarter, bitcoin is down 2%, after finishing the first quarter up 71%.

☆ Binance Australia customers seen selling bitcoin at discount to rival exchanges
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, May 30 (Reuters) - Bitcoin prices on the Australian arm of Binance, the world's largest crypto-currency exchange, were almost A$9,000 lower than prices on rival exchanges on Tuesday, in a sign customers were seeking to exit their positions quickly. The price of the world's biggest cryptocurrency, bitcoin , was at around A$34,000($23,062.20) on Binance Australia, compared with A$43,000 on BTC Markets, an Australia-based cryptocurrency exchange. Bitcoin was quoted at $27,790 outside Australia. Earlier this month, the Binance unit said some customers in Australia will not be able to deposit or withdraw money after a third-party service provider cut off its service. ($1 = 1.4743 Australian dollars)Reporting by Ankur Banerjee in Singapore and Lewis Jackson Editing by Vidya RanganathanOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey's runoff election is paralyzing key oil exports from northern Iraq
▼ + stars: | 2023-05-25 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +6 min

Oil typically flows through Turkey from both the Iraqi state and the semi-autonomous Kurdistan Regional Government (KRG). More specifically, this Kirkuk crude flows down the Iraq-Turkey Pipeline linking the north of the Gulf country with Turkey's Ceyhan port in the Mediterranean. But the flows have been paralyzed since March 25 by a legal dispute involving federal Iraq, the KRG and Turkey. This decision led to U.S. companies deciding to exit contracts in Kurdistan and deterred some KRG oil buyers from further purchases. "The ruling party in Turkey [Erdogan's AKP] wants to settle the elections and then deal with KRG's oil with Baghdad."

Persons: KRG, Hayan Abdul, Ghani, —, Recep Tayyip Erdogan, Kemal Kilicdaroglu, Lawk Ghafuri, Yerevan Saeed, Saeed, Bilal Wahab, Wagner Organizations: CNBC, Kurdistan Regional Government, Turkey Pipeline, International, Commerce's, Reuters, ICC, Baghdad, BTC, Kurdistan, Gulf Institute, Sinjar, Washington Institute for Near East Locations: Turkey, Ankara, Baghdad, Iraqi, Kurdistan, Kirkuk, Iraq, Basra, Paris, U.S, Ceyhan, Baku, Syria, Erbil, Yerevan, Washington

☆ Crypto sees fifth consecutive week of outflows, with negative sentiment focused on bitcoin
▼ + stars: | 2023-05-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Crypto investment products are coming off their fifth consecutive week of outflows while trading volumes on trusted exchanges hit their lowest level since late 2020, according to CoinShares. Outflows in popular electronic trading products, mutual funds and OTC trusts referencing bitcoin , ether and other crypto assets totaled $32 million for the week ending May 19, CoinShares said in a weekly report Monday. "This was another down week for crypto and, interestingly, a week of divergence with upbeat equity markets," Bernstein analyst Gautam Chhugani said in a note Monday. The market saw $32.7 million in bitcoin outflows, followed by $1 million in ether. Any sign of dislocation in U.S. banks/the U.S. Dollar/the U.S. debt crisis could trigger crypto markets to catch a bid amidst the chaos."

☆ 'He lied to us about what he was doing and who he was': Anthony Scaramucci reflects on the top 3 lessons he wants all investors to learn from his experience with Sam Bankman-Fried.
▼ + stars: | 2023-05-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Anthony Scaramucci's investment firm SkyBridge Capital had a rough run in 2022 after being burned by the collapse of the bankrupt crypto exchange FTX. Scaramucci told Insider that the amount of leverage in the system and the tax-loss selling in December depressed their overall performance. Still, there are spillover effects — and lessons — from last year's debacle with FTX that Scaramucci and SkyBridge are working through. Lessons learned from the FTX debacleLast year, Sam Bankman-Fried through FTX, the crypto exchange he founded, bought 30% of SkyBridge for $45 million. And finally, as the majority shareholder of the firm, Scaramucci holds the right of refusal to reject any transfer of the shares.

☆ Bitcoin just hit a 2-month low and posted its worst week of the year. Here's what analysts say happens next.
▼ + stars: | 2023-05-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The largest crypto asset by market cap lost 11.25% for the week, its worst since November, according to Coin Metrics. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "Bitcoin has switched between the narrative of a risk asset and the narrative of a flight to safety asset. BTC.CM= 5D mountain Bitcoin (BTC) this week For the past few days, bitcoin has ended down to flat. Bitcoin is still up 59% for the year, but down about 7% for the quarter so far, according to Coin Metrics.

☆ 'Ordinals' could signal the beginning of a new generation for Bitcoin. Here's what investors need to know
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

"In a way, Bitcoin Ordinals add more diversity and utility to the Bitcoin network, which could elevate the Bitcoin network utility to that of other blockchains, such as Ethereum." There's one population in crypto, however, who have long believed the Bitcoin network could and must do more than that. Binance cited Bitcoin network congestion on Sunday as the reason for pausing withdrawals, and bitcoin dropped 7% between then and Monday. "Congestion, or lots of demand for the block space, is not just good, it's a critical thing for the future of Bitcoin," Miller added. A sneak peek Ordinals and spikes in transaction fees are just a glimpse of what may be on the horizon.

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