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”
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”
Ether Outperforms Bitcoin with Anticipation of the Merge
In cryptocurrencies the migration of Ethereum to proof-of-stake this year has garnered much excitement since the successful merge in testnet last week. Ether, the cryptocurrencies for Ethereum, has risen almost 14% in the past seven days, with Bitcoin’s rise just 5.9%. The move has closed the gap somewhat between the two with Ether is down about 20% this year and Bitcoin down around 10%. The Merge will change how transactions on Ethereum are ordered with the aim for the network … Continue reading “Ether Outperforms Bitcoin with Anticipation of the Merge”
Energy Companies Becoming a Major Force in Crypto Powering Bitcoin Miners
Energy companies’ capital intensity risk models by necessity look to opportunity for growth and to evolve. Energy prices have risen for the past year and accelerating higher after the Russian invasion of Ukraine. Together with the price of Bitcoin still down 40% from its November higher bitcoin margins have contracted to about 70% from 90%, according to analysts. Energy companies are in the position to deliver power directly to Bitcoin miners. Beowulf Mining Plc is an example of the opportunity for … Continue reading “Energy Companies Becoming a Major Force in Crypto Powering Bitcoin Miners”
US Justice Dept Seized $3.6 Billion in Bitcoin in Largest Financial Seizure Ever
The US Justice Department announced it has seized over $3.6 billion in cryptocurrency at today’s prices in what has been touted as the single largest financial seizure ever. They seized bout 94,000 of the 119,754 Bitcoin they alleged as stolen. It would be worth about $4.1B at today’s prices. The DoJ arrested Ilya Lichtenstein, 34, and his wife Heather Morgan. 31, with conspiring to launder cryptocurrency that was stolen during the 2016 hack of Bitfinex. The couple will make an … Continue reading “US Justice Dept Seized $3.6 Billion in Bitcoin in Largest Financial Seizure Ever”
Australian Green Bitcoin Miner Iris Energy Debuts on NASDAQ
Australian green bitcoin miner Iris Energy debuted on Nasdaq Wednesday opening at the $US28 IPO price only to sell off sharply. Trading under the symbol $IREN , which accesses abundant or under-utilized renewable energy to power its operations, fell as much as 22% in its first session and closed down 12.7 % at $US24.45. It didn’t help that Bitcoin prices fell though the day. Australia’s Iris Energy (IREN) is an Bitcoin mining company primarily powered by renewable energy raised its initial public … Continue reading “Australian Green Bitcoin Miner Iris Energy Debuts on NASDAQ”
Greed Outpacing Fear in Markets says Goldman’s Solomon
In what may appear as patently obvious to most Goldman Sachs CEO, David Solomon speaking at an event in Singapore said we are living in one of those “periods of time when greed has outpaced fear.” and the global economy is facing a ‘complicated time’. We are in times not too dissimilar to the 1980’s where the fictional Gordon Gekko ruled and the real Ivan Boesky would most likely be the norm in the moral hazard free 2021. Soloman says … Continue reading “Greed Outpacing Fear in Markets says Goldman’s Solomon”
Traders Market Weekly: Retail Sales, Chips and Inflation
November 14 – 20 2021 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Retail Sales, Chip Earnings and Inflation The Week That Was – What Lies Ahead? Contents Part A: Stock markets Part B: Bonds Fed and Banks Part C: Commodities Energy – Oil and Gas Gold and Silver Part D: Foreign Exchange Geopolitics and Economics Economy Week ahead Editorial The markets shrugged off lots of land mines this … Continue reading “Traders Market Weekly: Retail Sales, Chips and Inflation”