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”
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”
South Korea’s Kospi the Weakest Stock Market in Asia This Year, Closing Down 24.9%
South Korea’s blue chip Kospi stock market lost almost a quarter of its value in 2022, ending down -24.9%, it was the weakest major Asian stock market this year with its worst performance since 2008. The Kospi was closed for a holiday on the last trading day of the year and closed down -3.3% for the week. Weakness in semiconductor stocks and internet giants particularly hurt the Index with Samsung Electronics being a major component and down 26% decline. Kakao was down … Continue reading “South Korea’s Kospi the Weakest Stock Market in Asia This Year, Closing Down 24.9%”
Micron Lowers Guidance with Severe DRAM and NAND Supply and Demand Imbalance
Memory chip maker Micron reported lower fiscal first-quarter revenue, which dropped by nearly half to $4.09 billion as prices fall for both main types of memory, DRAM and NAND. MU reported a worse than expected net loss of $195 million for the quarter after the bell Wednesday. Revenue, margins and earnings were hit further by lower memory prices and industry oversupply that are driving the chipmaker’s grim outlook. Micron earnings have been drastically hurt by China weakness which is 30% … Continue reading “Micron Lowers Guidance with Severe DRAM and NAND Supply and Demand Imbalance”
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?”
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”
Micron Lowers Guidance as DRAM on NAND Chip Sales Persist in Down Cycle
Memory chip maker Micron report lower fiscal fourth-quarter revenue and warned for the next quarter after the bell Thursday. $MU beat with Adj EPS of $1.45 over expected $1.37 but revenue of $6.64Bil missed exp $6.80Bil. The chipmaker sees Q1 Adj Revenue of $4B To $4.5B down from exp $6.02B. This comes after MU Recently warned revenue may come in at or below the low end of the revenue guidance range. Revenue, margins and earnings were hit further by lower … Continue reading “Micron Lowers Guidance as DRAM on NAND Chip Sales Persist in Down Cycle”
Micron Downside Risks on DRAM on NAND Chip Sales Persist
Memory chip maker Micron is set to report fiscal fourth-quarter results after the bell Thursday. Recently $MU warned revenue may come in at or below the low end of the revenue guidance range. Revenue, margins and earnings may be hit further by lower memory prices and industry oversupply that are driving the chipmaker’s grim outlook. Both Mizuho and Wells Fargo analysts downgraded Micron last week. Micron earnings have been drastically hurt by China weakness which is 30% of the company’s … Continue reading “Micron Downside Risks on DRAM on NAND Chip Sales Persist”
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”