The US Securities and Exchange Commission has labelled 19 crypto tokens as securities. Crypto tokens are created by developers for use in DeFi, gaming and other applications. The designation is explicitly laid out in the SEC lawsuits filed against crypto exchanges Binance and Coinbase Global last week. The labeling prompted a sharp selloff in the tokens. The impact was immediate with the combined market value falling $23 billion since the SEC’s lawsuit against Binance was filed on June 5. Furthermore, … Continue reading “Cryptocurrencies Hit Hardest by SEC Crackdown”
Elon Musk’s SpaceX Valued at $137 Billion in New Funding Round
Space Exploration Technologies Corp. (SpaceX), the most valuable private company in the US, is reported to be raising $750 million in its latest funding round putting the value at $237 Billion according to a CNBC report. The company was offering the shares for $77 apiece in December according to people who asked not to be identified because the information wasn’t public. The $137 billion figure compares with a $127 billion valuation in July, according to data provider PitchBook. Andreessen Horowitz … Continue reading “Elon Musk’s SpaceX Valued at $137 Billion in New Funding Round”
Bitcoin Falls 65% in 2022 Failing to Live Up to the Store of Wealth Billing
Leading cryptocurrency Bitcoin in 2022 failed to live up to its desired purpose esposed by its proponents as being a safe asset that only went up and was disconnected from fiat currencies. In 2022 Bitcoin dropped 65%, Solana collapsed 94%, Cardano 81% and Ethereum lost 68%. BTC was hovering around $16,500 on December 30, well below its all-time high of nearly $70,000 hit in November 2021. The fall coincided with the rise in interest rates and the strength of the … Continue reading “Bitcoin Falls 65% in 2022 Failing to Live Up to the Store of Wealth Billing”
Crypto Tokens are Like Pet Rocks says JPMorgan’s Jamie Dimon
In an interview Tuesday on CNBC JPMorgan CEO Jamie Dimon commented on cryptocurrencies and their delusion, as he has warned a number of times. He labelled them “decentralized Ponzi schemes” back in October. A clearly annoyed Dimon with the incompetency of CNBC and their ilk when asked on Crypto, who we should remind was mocked multiple times by crypto zealots and pay for play analysts like those on CNBC responded in kind. When asked about after the FTX mega or … Continue reading “Crypto Tokens are Like Pet Rocks says JPMorgan’s Jamie Dimon”
Digital Platform Coinbase Nears All-Time Low in Wake of FTX Collapse, Where to for COIN?
Digital banking platform Coinbase has had quite the traumatic experience since it went public last year. Trading under the symbol $COIN, shares of Coinbase Global, on Wednesday touched near all-time lows as Bitcoin nears two-year lows. The surprising collapse of billionaire Sam Bankman-Fried’s FTX exchange continued to reverberate around cryptocurrencies from FTX’s liquidity crunch. The collapse opened Pandora’s box with the Binance-FTX deal as more dominoes fall over with liquidations. A federal probe into FTX’s actions reportedly is underway. Digital … Continue reading “Digital Platform Coinbase Nears All-Time Low in Wake of FTX Collapse, Where to for COIN?”
Fitch Says Lack of Crypto Regulation Limits Further U.S. Bank Participation
The lack of a federal regulatory framework will likely limit U.S. bank participation in digital assets and the blockchain in the near-term Fitch Ratings says. U.S. banks have generally taken an “asset-light approach to digital assets”. This includes offering custody and collateral settlement via blockchain networks and issuing stable coin-based payment solutions. BNY Mellon recently began accepting bitcoin and ether from customers after receiving approval by the New York Department of Financial Services (NYDFS). For banks it’s about security, customers … Continue reading “Fitch Says Lack of Crypto Regulation Limits Further U.S. Bank Participation”
Crypto Hackers in 2022 on Track for Record Stolen with Over $US3 Billion Already
Blockchain specialist Chainalysis reports that at least $US718 million has been stolen so far in October alone by hackers from cryptocurrencies. That takes the gross stolen in the year past $US3 billion and on course to be a record for the total value hacked. The targets are predominantly decentralized finance (DeFi) protocols deploying software-based algorithms for crypto investors to bypass a central intermediary. Unfortunately, the security for DeFi has not grown with the sophistication of hackers. What we have seen … Continue reading “Crypto Hackers in 2022 on Track for Record Stolen with Over $US3 Billion Already”
How the Ethereum Merge Changes the Cryptocurrency Marketplace
The Ethereum merge went through without a hiccup, except the Ether price did fall over 10%, 15% top to bottom. The event that cryptocurrency investors had been excited about for a long time. The Ethereum crypto network runs Ether, the world’s second-most-valuable digital currency merged early Sept. 15. The migration of Ethereum to proof-of-stake has created much excitement since the successful merge in testnet. The Merge will change how transactions on Ethereum are ordered with the aim for the network … Continue reading “How the Ethereum Merge Changes the Cryptocurrency Marketplace”
Digital Platform Coinbase Faces SEC Probe on Crypto Listings
Digital banking platform Coinbase went public last year trading under the symbol $COIN is facing a SEC probe into whether it improperly let Americans trade digital assets that should have been registered as securities. Bloomberg reported this was according to three people familiar with the matter. The $COIN shares fell 9.2% on the news. This probe is separate and predates the SEC investigation into an alleged insider trading scheme that saw former Coinbase manager and two other people. sued by … Continue reading “Digital Platform Coinbase Faces SEC Probe on Crypto Listings”
Chinese Chip Designer Nano Labs IPO Tied to Grin Crypto Mining Sector and Metaverse
Launching an IPO is much to do about market timing. Unfortunately, Nano Labs, a fabless chip designer in China focused on cryptocurrency mining couldn’t have timed it worse. Cryptocurrencies have crashed, Crypto mining has been savaged by energy costs and China is continually at odds with the U.S. Nano Labs listed on the Nasdaq on July 12, 2022 under the symbol NA after it raised $20 million by offering 1.8 million ADSs at $11.50 The offering was near the top … Continue reading “Chinese Chip Designer Nano Labs IPO Tied to Grin Crypto Mining Sector and Metaverse”