Search

Bitcoin has surged past $49,000 for the first time since December 2021, coinciding with the launch of the first US exchange-traded funds (ETFs) that directly invest in the cryptocurrency. The price of Bitcoin rose by as much as 6.7% to reach $49,021, following the approval of 11 spot Bitcoin ETFs by the US Securities and Exchange Commission. This development is seen as a significant moment for financial advisers, who now need to have an opinion on Bitcoin as an asset class, even if they may not recommend it to their clients. The availability of regulated Bitcoin products could lead to a more steady flow of interest and investment in the cryptocurrency. [Extracted from the article]

Circle Internet Financial Ltd., a stablecoin provider, has confidentially submitted plans to launch an initial public offering (IPO) after previously scrapping a bid to list its shares via a blank-check deal. The company filed a draft registration statement with the US Securities and Exchange Commission, with the number of shares and price range to be determined later. Circle's worth was estimated at $9 billion when it attempted to go public in 2022. The decline in Circle's stablecoin, USDC, has allowed its main rival, Tether Holdings Ltd., to gain market share. [Extracted from the article]

Bitcoin trading volume has surged to its highest level in almost 10 months as investors prepare for the launch of the first US exchange-traded funds (ETFs) focused on the cryptocurrency. Daily trading volume for Bitcoin reached $52 billion, the highest since March 2023. The price of Bitcoin also rose by 3.8% following the approval of 11 spot Bitcoin ETFs by the US Securities and Exchange Commission. The launch of these ETFs is seen as a significant moment for financial advisers, who will now need to have an opinion on Bitcoin as an asset class. [Extracted from the article]

Circle Internet Financial Ltd., a stablecoin provider, has confidentially submitted plans to launch an initial public offering (IPO) after previously scrapping a bid to list its shares via a blank-check deal. The company filed a draft registration statement with the US Securities and Exchange Commission, with the number of shares and price range to be determined later. Circle's worth was estimated at $9 billion when it attempted to go public in 2022. Investors in the company include Goldman Sachs, BlackRock, and Fidelity. [Extracted from the article]

BlackRock and Ark Investment Management have further reduced fees for their proposed Bitcoin exchange-traded funds (ETFs) in an effort to attract investors. BlackRock lowered the fee on its iShares ETF to 0.25% and also reduced its introductory offer. Ark's ETF with 21Shares will now have a fee of 0.21%. The US Securities and Exchange Commission is expected to make a decision on Bitcoin ETF applications soon. [Extracted from the article]

Bitcoin is trading just below $47,000 as investors await a decision from regulators on whether to approve the US's first exchange-traded fund (ETF) tied directly to the cryptocurrency. The US Securities and Exchange Commission is expected to make a decision on some Bitcoin ETF applications on Wednesday. Bitwise emerged as offering the cheapest fee for its planned ETF at 0.24%, while Grayscale's planned Bitcoin Trust was the most expensive at 1.5%. Standard Chartered suggests that Bitcoin could reach $200,000 by the end of 2025 if ETF approvals are granted. [Extracted from the article]

Bitcoin is trading just below $47,000 as investors await a decision from regulators on whether to approve the US's first exchange-traded fund (ETF) tied directly to the cryptocurrency. The US Securities and Exchange Commission is expected to make a decision on some Bitcoin ETF applications by Wednesday. Bitwise emerged as offering the cheapest fee for its planned ETF at 0.24%, while Grayscale's planned Bitcoin Trust was the most expensive at 1.5%. Bitcoin's price has been volatile due to speculation around the proposed investment products. Monthly options volume for Bitcoin reached its highest level since late 2021. It is uncertain whether SEC approval would immediately lead to a spike in Bitcoin's price. [Extracted from the article]

Bitcoin experienced a significant slump, erasing most of its gains from the beginning of the year. The cryptocurrency fell by as much as 9.2% and briefly dipped below $41,000. This decline in Bitcoin also affected crypto-linked stocks, with shares in Coinbase Global Inc. falling by 8.1%. The volatility is attributed to the anticipation surrounding the US Securities and Exchange Commission's decision on approving a spot Bitcoin exchange-traded fund (ETF). Over $600 million in positions across all cryptocurrencies have been liquidated on major exchanges, marking the largest amount of liquidations since December 11. While some analysts expect the SEC to decline all Bitcoin ETF proposals, others believe that issuers may retaliate if their proposals are rejected. Other assets, such as Ether and Solana, also experienced declines alongside Bitcoin. [Extracted from the article]

Abu Dhabi is emerging as a popular destination for crypto companies looking for investors and regulatory support. Companies like Copper Technologies, Paxos Trust, and eToro Group have chosen Abu Dhabi for global expansion, attracted by the growing network of partners, developing government policies, and deep-pocketed investors. Abu Dhabi's financial regulator, the Abu Dhabi Global Market, is seen as more respected and reliable than Dubai's Virtual Assets Regulatory Authority. While the UAE's crypto industry is still relatively small compared to other countries, some businesses are seeking licenses in both Dubai and Abu Dhabi to cater to both local and international clients. [Extracted from the article]

M&G Investments, the asset management arm of M&G Plc, has invested $20 million in a UK crypto derivatives trading platform called Global Futures and Options Ltd. (GFO-X). This investment is part of a $30 million series B funding round for GFO-X. GFO-X has also entered into a strategic partnership with LCH SA, a subsidiary of the London Stock Exchange Group, to utilize its clearing service called DigitalAssetClear. The launch of DigitalAssetClear and the partnership with GFO-X is expected to take place in the first quarter of 2024. This investment by M&G may indicate a growing institutional confidence in digital assets following the collapse of FTX last year. [Extracted from the article]

Robinhood Markets Inc. is launching a commission-free crypto trading app in the European Union, allowing investors to buy and sell over 25 cryptocurrencies. The app will also offer a loyalty program that rewards users with Bitcoin based on their monthly trading volume. While the company has seen a recovery in crypto prices and increased trading volumes, it does not currently have plans to offer its crypto services to UK investors due to regulatory uncertainty. Robinhood will generate revenue from its crypto brokerage through rebates from market makers and trading venues. The company plans to expand its offerings and secure approvals in more EU countries in the future. [Extracted from the article]

Bitcoin reached its highest price of the year, surging 2.87% to $38,834, as investors took on more risk ahead of comments from Federal Reserve Chair Jerome Powell. This rally also affected other digital assets such as Ether and Solana, which saw increases of over 2%. The rise in Bitcoin's value is the highest since May 2022, before the collapse of the TerraUSD stablecoin ecosystem. Traders are optimistic about the potential approval of the US's first Bitcoin exchange-traded fund and a recent settlement between US authorities and Binance Holdings Ltd. has also eased concerns. [Extracted from the article]

(Bloomberg) -- Bitcoin rallied as much as 2.87% to a high of $38,834 on Friday, marking the cryptocurrency's highest price this year.Prices of other digital assets tracked by Bloomberg were up. Bitcoin's jump constitutes the token's highest value since May 5 last year, just before the collapse of the TerraUSD stablecoin ecosystem rocked the sector and began a steady decline in asset prices.©2023 Bloomberg L.P.By Emily NicolleReported by Author [Extracted from the article]

Binance Holdings Ltd.'s new CEO, Richard Teng, has stated that he does not plan to make immediate changes to the company's top leadership team following a $4.3 billion settlement with the US Department of Justice. Teng took over from co-founder Changpeng "CZ" Zhao, who was required to step down as part of the settlement. Zhao's partner and senior Binance executive, Yi He, will remain in her role. Binance has experienced several senior departures this year, and Teng is now tasked with selecting a formal headquarters and board of directors for the company. Binance is not publicly traded and does not disclose financial information, but it is estimated to generate at least $5.1 billion in annual gross revenue from trading fees. Teng has stated that the company's revenues and profits remain strong, and it has a debt-free capital structure. Binance still faces a separate lawsuit from the US Securities and Exchange Commission and must comply with reporting requirements and independent compliance monitoring as part of its settlement with the DOJ. Zhao has stepped down as chairman of Binance's US exchange but retains an economic interest in the entity. [Extracted from the article]

Two crypto platforms connected to Justin Sun, including the HTX exchange, have been targeted by hackers in separate attacks. The total amount of cryptocurrencies stolen is estimated to be over $110 million. HTX confirmed that it had temporarily suspended deposits and withdrawals due to the hack, with approximately $30 million worth of cryptocurrencies stolen. Additionally, the HECO Bridge, a network set up by HTX, lost over $85 million in a separate hack. These attacks follow a previous hack on Poloniex, another crypto exchange backed by Sun, which resulted in the loss of over $100 million. HTX has stated that it will fully compensate for the losses and resume services once the investigation is complete. [Extracted from the article]

The US government has seized nearly $9 million worth of Tether tokens that were linked to a network of scammers involved in romance scams. These scammers used fake crypto trading platforms to exploit over 70 victims. The seizure comes after Tether Holdings Ltd. froze around $225 million in its USDT cryptocurrency due to an investigation into an international human trafficking group. "Pig butchering" is the term used to describe this type of scam, where scammers establish a fake romantic or personal relationship with victims and then disappear with their money. Stablecoins like USDT aim to maintain a stable value and can be used for trading or storing wealth. [Extracted from the article]

Tether Holdings Ltd., the operator of the $87 billion stablecoin, is making a significant investment in Bitcoin mining. The company plans to spend around $500 million over the next six months to construct its own mining facilities and acquire stakes in other companies. This move diversifies Tether's revenue streams and could impact the competition for Bitcoin's token supply. Tether aims to grow its share of the total computing power to run the Bitcoin network to 1%, with plans to reach 120 megawatts by the end of 2023 and up to 450 megawatts by the end of 2025. [Extracted from the article]

Circle's CEO, Jeremy Allaire, is facing challenges as he prepares the company for an initial public offering (IPO). Circle's stablecoin, USDC, is losing ground to its main competitor, Tether, which is eroding its importance in the digital-asset markets. USDC's market share has fallen to less than 19%, compared to Tether's dominance. The differences between USDC and Tether, such as their locations and user-friendly designs, contribute to Tether's current advantage. Circle's close ties to the US banking system, including the collapse of Silicon Valley Bank, have also affected its credibility. However, Circle has a strong infrastructure and high-profile investors, and efforts by the US to introduce legislation around stablecoins could potentially boost USDC. [Extracted from the article]

According to Bloomberg, Michael Novogratz, the CEO of Galaxy Digital Holdings Ltd., does not expect US lawmakers to regulate the crypto sector before the 2024 election. He made this statement ahead of the anticipated approval by the Securities and Exchange Commission (SEC) of the first American exchange-traded fund (ETF) to directly hold Bitcoin. Novogratz also predicted that the Federal Reserve would cut interest rates in the first quarter of next year, which, combined with subsequent crypto regulation, would support the industry's growth over the next 18 months. The absence of sector-specific legislation has led to increased enforcement action from US authorities, and Galaxy Digital Holdings reported a net loss of $94 million in the third quarter. However, the company's financial situation has improved since then, with $124 million in income before tax and $24 million in trading revenue in October. Shares of Galaxy traded up 10% on Thursday. [Extracted from the article]

Galaxy Digital Holdings, the crypto financial services firm led by Michael Novogratz, reported a wider loss in the third quarter due to falling token prices and low volatility in the digital asset market. The company's net loss was $94 million, compared to $68 million in the same quarter last year. Despite a 70% increase in trading volume, trading revenue decreased by $6 million. However, Galaxy's financial situation improved in October, with $124 million in income before tax and $24 million in trading revenue, driven by the appreciation of digital asset prices. The company also saw an 11% increase in management and performance fees, and its assets under management grew by 58% to approximately $3.9 billion. Galaxy's shares have risen by 97% this year, and Novogratz expects the US Securities and Exchange Commission to approve a Bitcoin exchange-traded fund by the end of 2023. [Extracted from the article]

Past claims by Bankman-Fried that the exchange and Alameda operated as separate companies have unraveled during the trial, with former co-chief executive Caroline Ellison testifying that Alameda had borrowed around $13 billion in customer assets from FTX by June 2022. Alameda was Tether's largest non-exchange customer between 2020 and 2022, with blockchain data showing it received almost $40 billion in transfers of its stablecoin USDT directly from the company - equal to roughly 20% of all USDT tokens ever issued. [Extracted from the article]

(Bloomberg) -- Bitcoin briefly topped $30,000 for the second time this week on growing expectations that another favorable court action raises the likelihood than an exchange-traded fund holding the cryptocurrency will finally be approved. "Though beneficial for the crypto industry, the ruling in SEC v. Ripple was a somewhat mixed outcome for Ripple", said Elliott Z. Stein, a senior litigation analyst for Bloomberg Intelligence. [Extracted from the article]

"Though beneficial for the crypto industry, the ruling in SEC v. Ripple was a somewhat mixed outcome for Ripple", said Elliott Z. Stein, a senior litigation analyst for Bloomberg Intelligence. A DC court is expected to issue a mandate Friday that could make effective an August opinion that went in favor of Grayscale Investments LLC, which had sued the US Securities and Exchange Commission as it looked to convert its Bitcoin trust (GBTC) into an ETF. (Bloomberg) -- Bitcoin topped $30,000 for the second time this week on growing expectations that another favorable court action raises the likelihood than an exchange-traded fund holding the cryptocurrency will finally be approved. [Extracted from the article]

Jean-Louis van der Velde, Tether and Bitfinex's current CEO, will transition into an advisory role at the stablecoin issuer once Ardoino takes over, the company said this month. (Bloomberg) -- Tether Holdings Ltd's Chief Technology Officer Paolo Ardoino is hardly crypto's most well-known public figure. While the rest of Tether's leadership has stayed largely absent from public view, Ardoino emerged as the company's unofficial frontman, communicating mostly via social media posts, media interviews and the occasional industry conference. [Extracted from the article]

(Bloomberg) -- Binance's Stéphanie Cabossioras has stepped down from her position as managing director at the crypto exchange's French unit, adding her name to the list of senior leaders to have departed the company this year. Cabossioras, who joined Binance in April last year as head of legal in the region, acted as the firm's general manager in the country. [Extracted from the article]

(Bloomberg) -- The European Union's markets watchdog has called for crypto companies and national regulators to start preparing to meet the bloc's new industry rules, rather than rely on a lengthy transitional phase. Approved by EU lawmakers earlier this year, MiCA is a wide-ranging package of EU measures governing digital finance that will require crypto providers seeking to offer services in the bloc to register with a local regulator in at least one member state. [Extracted from the article]

Read: UK Plans Swift Action if Crypto Firms Break New Promotion Rules A Binance spokesperson said it had told the FCA that it is "in active discussions with another suitable FCA-authorized firm to approve our financial promotions as soon as possible." Exchanges Huobi and KuCoin were among more than a hundred companies added to the watchdog's warning list in the first 24 hours of it going live earlier this month, with consumers seeing the generic warning: "This firm may be promoting financial services or products without our permission. [Extracted from the article]

All crypto platforms are now required by the regulator to display clear risk warnings to UK-based consumers and meet higher technical standards, with all communications needing to be approved by an FCA-authorized firm. (Bloomberg) -- Binance will suspend access to its crypto exchange for new users based in the UK on Monday, after a partnership with a third party to approve communications on its platform under new local rules was terminated by the country's watchdog. [Extracted from the article]

"I don't think BlockFi would've filed for bankruptcy in November 2022 if the Alameda loans were still in good standing" and the funds on FTX were there, Prince said. Zac Prince, chief executive officer of defunct crypto lender BlockFi, took the stand Friday to discuss his firm's business relationship with the digital-asset exchange and its sister trading fund, Alameda Research. After BlockFi received a rescue package from FTX US over the summer, it continued to lend to Alameda, providing around $850 million in net new financing up until the fund collapsed in early November. [Extracted from the article]

Van der Velde remains chief executive of Tether's sister cryptocurrency platform Bitfinex, while Ardoino will remain the exchange's CTO, according to the statement. Starting in December, Ardoino will replace Jean-Louis van der Velde who is transitioning into an advisory role at the company, Tether said in a statement on Friday. (Bloomberg) -- Stablecoin issuer Tether Holdings Ltd. appointed its technology boss Paolo Ardoino as its new chief executive officer, following several years in which the executive had emerged as the company's main public figure. [Extracted from the article]

(Bloomberg) -- An attack on FTX that siphoned an estimated $477 million in digital assets just as the crypto exchange entered bankruptcy last year is now showing a "stronger possibility" of being connected to Russia, according to blockchain analytics firm Elliptic. The unidentified hacker stole hundreds of millions of dollars in assets from FTX's corporate digital wallets in November 2022. [Extracted from the article]

Ellison Describes Bid to Have Saudi Crown Prince Buy FTX Shares (11:50 a.m.) By September 2022, Alameda's borrowing from FTX had risen to around $13.7 billion due to the trading platform's continuous need to repay its loans, Ellison said. (Bloomberg) -- Alameda Research co-Chief Executive Officer Caroline Ellison took the stand for a second day on Wednesday in the trial of Sam Bankman-Fried, co-founder of crypto exchange FTX. [Extracted from the article]

Alameda Borrowed $13 Billion from FTX Customers by June 2022 (10:15 a.m.) Ellison shared an updated balance sheet with Bankman-Fried in mid-June 2022, a period that she described as "a time of crisis for Alameda." Bankman-Fried and Ellison discussed Alameda's balance sheet, which showed that the business had borrowed around $10 billion from FTX and had loaned around $5 billion to FTX executives and affiliated entities. (Bloomberg) -- Alameda Research co-Chief Executive Officer Caroline Ellison took the stand for a second day on Wednesday in the trial of Sam Bankman-Fried, co-founder of crypto exchange FTX. [Extracted from the article]

(Bloomberg) -- Alameda Research co-Chief Executive Officer Caroline Ellison took the stand for a second day on Wednesday in the trial of Sam Bankman-Fried, co-founder of crypto exchange FTX. The market crash made Alameda's assets depreciate significantly since the company held most of its value in cryptocurrencies, Ellison said, though the firm's day-to-day trading at that time was still profitable. FTX Latest: Ellison Was "Very Stressed Out" Over Alameda Losses. [Extracted from the article]

(Bloomberg) -- The owner of crypto exchange Bitfinex is exploring a $150 million share buyback that would provide it with greater control over the private company's dealings, particularly as regulatory scrutiny on the industry heats up. iFinex Inc., the Hong Kong-based firm which shares directors with crypto's largest stablecoin issuer Tether Holdings Ltd., wrote to shareholders on Sept. 22 with an offer of $10 per share for 15 million shares, according to a document seen by Bloomberg News. Bitfinex offered to make users whole by providing them with BFX tokens, which iFinex later redeemed in exchange for shares in its company via BnkToTheFuture. [Extracted from the article]

(Bloomberg) -- Crypto exchanges Huobi and KuCoin were among dozens of digital asset companies added to the UK Financial Conduct Authority's warning list on Sunday for marketing their services in the UK without proper approvals, as the regulator tightens its grip on the industry. You should avoid dealing with this firm", the FCA wrote as a generic warning for Huobi and KuCoin, which were among the 147 companies it added to the list. [Extracted from the article]

Yuga co-founder Greg Solano said in a post on X, formerly Twitter, that the firm still has more than 120 members of staff. (Bloomberg) -- Yuga Labs, the crypto company behind the popular Bored Ape Yacht Club and CryptoPunks nonfungible token collections, said it is laying off some staff across its business as part of an internal restructuring. [Extracted from the article]

(Bloomberg) -- Tim Grant, the former head of crypto investor Galaxy Digital Holdings Ltd.'s European business, is to spearhead a new investment and operating firm backing companies in areas including digital assets, fintech and institutional capital markets. Its investments include software startup Netrios, which is wholly-owned by Deus X, shares in Galaxy Digital Holdings and a venture investment in Swiss crypto bank SEBA. [Extracted from the article]

Zhu and Davies, for their part, have accused Teneo of not engaging constructively to return funds to creditors. (Bloomberg) -- The arrest of Three Arrows Capital co-founder Su Zhu in Singapore on Friday was yet another example of the dramatically declining fortunes of formerly highflying crypto founders around the world. All the while, Zhu and Davies were engaged in a months-long fight with Teneo - the firm appointed to unwind Three Arrows - with each accusing the other of failing to cooperate. [Extracted from the article]

(Bloomberg) -- Three Arrows Capital co-founder Su Zhu was apprehended in Singapore while trying to leave the country on Friday. Zhu was apprehended at Singapore's Changi Airport on Friday afternoon, Teneo said, adding that the Sept. 25 order also saw Zhu's co-founder Kyle Davies receive the same sentence. [Extracted from the article]

(Bloomberg) -- Liquidators to Three Arrows Capital said the hedge fund's co-founder Su Zhu was apprehended in Singapore while trying to leave the country. Teneo, which is liquidating the failed crypto hedge fund, said it received a committal order against Zhu after he failed to comply with a court order compelling him to cooperate with the liquidation investigation. [Extracted from the article]

"Neither Binance nor its executives have shares or profit-sharing with CommEX", Binance spokesperson Simon Matthews said in a text message to Bloomberg News. (Bloomberg) -- Binance said it exited its Russia business by selling it to CommEX, a crypto exchange that says it officially launched on Tuesday. [Extracted from the article]

The firm's proprietary trading division, which uses its own capital rather than acting on the behalf of clients, will be integrated into the Hedge Fund Solutions division, he said. (Bloomberg) -- CoinShares, one of Europe's largest cryptocurrency asset managers, is starting a hedge fund division as it seeks to make inroads with American investors. [Extracted from the article]

Read more: Crypto Speculation Falls Out of Favor With Game Studios Brevan Howard Digital previously co-led a $40 million funding round for Horizon Blockchain Games in October. (Bloomberg) -- Blockchain technology isn't even close to being compatible with the power required to run high-quality video games, despite pushes by game studios to engage in the space. [Extracted from the article]

(Bloomberg) -- Carly Nuzbach Lowery, the former chief legal officer of UK crypto custodian Copper Technologies Ltd., has started a new company which will help crypto firms deal with tougher new rules on marketing their services in the UK. Lowery, who is funding the company herself, expects Gateway's authorization to be granted prior to the rules' enforcement date later this year. [Extracted from the article]

(Bloomberg) -- Deutsche Bank AG is one step closer to launching a digital assets custody service after finalizing a deal with Swiss crypto technology firm Taurus SA. The partnership means Deutsche Bank can start its work on offering custody of digital assets to clients. [Extracted from the article]

FTX's failure, along with sister platforms FTX.US and Alameda Research, triggered an industry-wide fallout that left billions of dollars in assets locked up in customer claims. (Bloomberg) -- A plan to reboot a new version of defunct crypto exchange FTX Group may emerge as soon as next year, potentially injecting a jolt of activity back into a market that's been largely subdued since the platform's collapse. A total of $16 billion in customer claims against FTX and its varying companies were filed as of Aug. 24, with nearly $11 billion in claims scheduled by the estate against the FTX.com and FTX.US exchanges. [Extracted from the article]

(Bloomberg) -- The UK's Financial Conduct Authority will give some crypto firms more time to implement certain changes to their marketing processes ahead of new rules on financial promotions set to kick in next month. Lucy Castledine, the FCA's director of consumer investments, said the watchdog was "concerned by the failure of many overseas and unregulated crypto firms to engage with us on the new rules.". [Extracted from the article]