A strategist at global investment bank JPMorgan says crypto is effectively nonexistent as an asset class for most large institutional investors. “The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging,” he added. JPMorgan on Institutional Crypto Investing JPMorgan Asset Management’s head of institutional portfolio
Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21. Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services
The recent bankruptcy filing of Bitcoin (BTC) miner Core Scientific despite a $72M relief offer from creditors raised questions about the overall health of the bitcoin mining community amid a prolonged bear market. Turns out, the public bitcoin miners owe more than $4 billion in liabilities and require an immediate restructuring to get out of
Top Stories This Week SBF sent home after his parents put up their house to cover his astronomical bail bond Sam Bankman-Fried will spend the holidays with his family in Palo Alto, California, after his parents secured $250 million in bail funds with the equity in their home. Among the conditions of the bail are
The last 12 months have been tough on digital currency investors as the crypto winter has caused a large sum of value to leave the once-bustling economy. The privacy coin economy, for instance, shed more than 55% against the U.S. dollar as it dropped from $11.7 billion in Jan. 2022 to the current $5.22 billion.
From Terra to FTX, 2022 has given us many weird crypto stories. While investors have been enduring a bear market that saw the crypto industry sink below the $1 trillion market capitalization mark, adoption in the space has been growing, and old mysteries were finally solved. From the incredible short squeeze of a bankrupt company’s
After a lackluster rise of crypto in 2021, which saw many new crypto millionaires and several crypto startups attain unicorn status, came the dramatic fall in 2022. The industry was plagued by macroeconomic pressures, scandals and meltdowns that wiped out fortunes virtually overnight. As 2022 comes to a close, many crypto proponents are perplexed about
Bitcoin (BTC) entered the Christmas holiday period unchanged at $16,800 as an eerie lack of volatility persevered. Hopeful price target sees Bitcoin at $17,400 Data from Cointelegraph Markets Pro and TradingView confirmed another day of an almost imperceptible range for BTC/USD just below $17,000. The pair had struggled to break out despite multiple potential catalysts
Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting the country’s access to global finances and markets. Russia’s New
The ongoing legal proceedings around former FTX CEO Sam Bankman-Fried (SBF) took a new turn as District Judge Ronnie Abrams withdrew her participation from the case. The United States District Court for the Southern District of New York rescued itself from the FTX case after revealing that a law firm — which employs Abrams’ husband
From an outside perspective, 2022 has been a rollercoaster ride for crypto. The market reached a total valuation of $3 trillion during the bull market of 2021, only to scale back to its current level of around $810 billion. While this poor performance can be partly attributed to the pervading macroeconomic environment — compounded by
Ripple remains belligerent against the U.S. Securities and Exchange Commission (SEC). Both CEO Brad Garlinghouse and general counsel Stuart Alderoty wrote tweets denouncing the SEC’s double standards. Garlinghouse tweeted a meme in reference to recent scandals at banking giant Well Fargo. The meme shows DC Comics superhero Batman slapping his sidekick Robin. The latter’s speech
Tesla CEO and Twitter chief Elon Musk says the Federal Reserve’s recent rate hikes “might go down in history as most damaging ever.” The billionaire has urged the Fed to cut interest rates immediately, emphasizing that the U.S. central bank is “massively amplifying the probability of a severe recession.” Elon Musk on Fed Rate Hikes
A key set of crypto tax reporting rules is being delayed until further notice under a decision made by the United States Treasury Department. The rules were supposed to be effective in the 2023 tax filing year, in accordance with the Infrastructure Investment and Jobs Act passed in November, 2021. The new law requires that
The chaos we’ve experienced in global markets this year — global geopolitical upheaval magnified by the confluence of broken supply chains, inflation and heavy national debt loads — seems to signal the beginning of a new era. All of this is within the context of the United States dollar serving as the primary global reserve
Password management service LastPass was hacked in August 2022, and the attacker stole users’ encrypted passwords, according to a Dec. 23 statement from the company. This means that the attacker may be able to crack some website passwords of LastPass users through brute force guessing. Notice of Recent Security Incident – The LastPass Blog#lastpasshack #hack
Bitcoin (BTC) is on track to end the year with a loss of about 65%. This would mark the third negative year for Bitcoin, with the other two being 2014 and 2018. In comparison, the S&P 500 has fared much better, but it is also down close to 20% in 2022. Although cryptocurrency prices have seen deep
Court filings show that debtors from FTX Trading Ltd. and Alameda Research want 56 million shares of Robinhood stock frozen after multiple creditors are seeking access to the funds, and also Sam Bankman-Fried (SBF). Court Filing Wants to ‘Enforce an Automatic Stay’ Against Claims Over FTX’s 56 Million Robinhood Shares On Dec. 22, 2022, court
Dan Berkovitz, general counsel for the United States Securities and Exchange Commission, said he will be leaving the agency after more than a year. In a Dec. 22 announcement, the SEC said Berkovitz will depart on Jan. 31. A former commissioner with the Commodity Futures Trading Commission, Berkovitz joined the agency in November 2021. At
Bitcoin (BTC) saw a flicker of volatility around the Dec. 23 Wall Street open as the latest United States inflation data came in line with expectations. Bitcoin sees “crumb” of volatility on PCE Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly decoupling from solid sideways action to dip to $16,750 on Bitstamp. The