The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers and staff and the banks they supervise regarding activities with crypto assets. The letter covers preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities. The letter, signed by the directors…
The Ethereum network’s long-awaited transition from proof-of-work to proof-of-stake is set to occur from Sept 15 to 16 and for the last year, traders and analysts have been discussing various outcomes for the upgrade and possible trading strategies. Let’s take a look at three options investors and traders have. Hodl ETH to earn the expected “hardfork” token The first strategy…
Three finance researchers at the University of Technology in Sydney, Australia, claim that insider trading is “systemic” in the cryptocurrency industry and estimate that such activity has taken place on up to 25% of Coinbase listings in the last four years. In a not-yet-peer-reviewed paper titled “Insider Trading in Cryptocurrency Markets,” Professor Ester Felez Vinas, Professor Talis Putnins, and PhD…
According to local news outlet LaPresse on Wednesday, the Caisse de dépôt et placement du Québec (CDPQ), an institutional investor chartered with managing retirement assets in Canada’s predominantly french speaking province of Quebec, wrote off almost the entirety of its CA$200 million ($154.7 million) investment in troubled cryptocurrency lender Celsius Network. The move came just ten months after the CDPQ…
Crypto markets dipped today after the Federal Reserve released minutes from its July meeting in which the agency said it would continue to hike interest rates in order to tame inflation. Bitcoin’s price dropped 0.9% in the hour following the Fed’s announcement, and was down 2.4% for the day. Ethereum was down by 0.9% and down 2% for the day.…
On August 16, the crypto lender Celsius Network has been approved by a bankruptcy court judge to sell bitcoin the company previously mined to continue funding specific operations. The following day, the company’s attorney detailed that Celsius has been offered cash injections, but the lawyer did not disclose who offered the funds and how much was presented. Celsius Approved to…
In this week’s newsletter, read about how Justin Bieber, along with other celebrities, was called out to disclose their connections to nonfungible token (NFT) firms. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn about how OpenSea is implementing new ways to combat NFT…
CDPQ, one of Canada’s largest pension managers, has written off its $150 million investment in bankrupt crypto lender Celsius Network. “We knew there were challenges in regards to [crypto assets], but perhaps we underestimated those challenges,” Charles Edmond, CEO of Caisse de dépôt et placement du Québec (CDPQ) said on Wednesday. CDPQ reported a $26 billion loss for the first…
Bitcoin’s (BTC) bounce fizzled out near $24,500 on Aug. 17, indicating that the recovery still faces stiff resistance from the bears. On-chain monitoring resource Material Indicators said the ask liquidity on the Fire Charts was similar to prior local tops. Another reason for caution among crypto investors was that the recovery in the S&P 500 was reaching extreme overbought levels…
As the Ethereum Merge draws near, many are speculating on its economic effects. To provide a clearer view to those who anticipate the major upgrade, Lex Sokolin, the head economist at ConsenSys, shared his insights in an interview with Cointelegraph. The expert discussed the effect of the EMerge on users, developers and businesses. Additionally, Sokolin also cleared up some misconceptions…
