‘Crypto is not dead’: Industry insiders react to report that states 72% of institutional traders have no plans to trade crypto in 2023

JPMorgan Chase & Co. on Wednesday published a survey stating 72% of institutional traders, out of the 835 surveyed, “have no plans to trade crypto” in 2023. But some industry experts say that this doesn’t mean crypto is dead. The survey was conducted between Jan. 3 and Jan. 23, and included responses from 60 global … Read more

Crypto is a ‘gambling contract’ not a currency and should be banned, says Charlie Munger

““A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.”” — Charlie Munger, Vice Chair of Berkshire Hathaway That was Charlie … Read more

Crypto firm Grayscale hit with another lawsuit alleging ‘unfair’ and ‘deceptive acts’

Crypto investment firm Osprey Funds LLC has filed a lawsuit against crypto firm Grayscale Investments, claiming that it has misled investors through unfair and deceptive acts in the asset management industry. More specifically, it claims Grayscale knew the application to convert GBTC to an ETF was never going to be approved by regulators. The lawsuit, … Read more

Elon Musk is trying to build a Twitter payments system — and crypto may be part of it: report

Twitter is reportedly pushing forward its efforts to introduce payments across the social media platform. In Elon Musk’s vision, the system would use fiat currencies at first, but may add crypto functionality later, the Financial Times reported on Monday. The social media giant has been applying regulatory licenses and devising the software it needed to … Read more

Fed rejects crypto bank’s application to join U.S. payment system

The Federal Reserve Board on Friday rejected a Wyoming-based crypto-centric bank’s application to become a member of the central bank’s exclusive payment system. In a press release, the Fed said the firm’s proposed business plan, and focus on crypto assets, presented significant safety and soundness risks. The bank, called Custodia, does not have federal deposit … Read more

Opinion: Congress should renew the CFTC so it can regulate shadowy financial markets

The Commodity Futures Trading Commission, or CFTC, is the federal regulatory agency that is charged with regulating derivatives, the complex financial products that helped cause the 2007-08 financial crisis and subsequent recession. Despite its importance in ensuring the stability of the nation’s financial system, the CFTC’s authorization lapsed in 2013. After a decade and several … Read more

Why bitcoin is up 40% in January despite crypto industry carnage. Can the rally continue?

Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch. Bitcoin has had a stellar start this year, with an almost 40% rise so far, even though crypto lender Genesis filed for bankruptcy last week, only months after digital asset exchange FTX imploded in November. In this installment, I’ll break down what’s … Read more

Bitcoin and crypto are moving past FTX’s collapse, but the road back will be rough

The cryptocurrency market has rebounded in recent weeks, with bitcoin BTCUSD, -2.03% and other digital assets almost recovering their losses since the collapse of the FTX cryptocurrency exchange. Now, many investors wonder whether this is the end of the bear market for crypto, or just a temporary resurgence.  To answer this question and shed more … Read more

‘The Nasdaq is our favorite short.’ This market strategist sees recession and a credit crunch slamming stocks in 2023.

If you think the Federal Reserve wouldn’t dare keep interest rates high and risk throwing the U.S. economy into recession, Keith McCullough would like to have a chat with you. He’s convinced that 2023 will bring a U.S. corporate profit recession and a credit crunch as businesses struggle to obtain financing and pay down debt. … Read more

Crypto banks borrow billions from home-loan banks to plug shortfalls

Two of the biggest banks to cryptocurrency companies are rushing to stem a flood of customer withdrawals by borrowing billions of dollars from Federal Home Loan Banks, the system originally designed to support mortgage lending in the 1930s. Signature Bank   SBNY, +7.47% tapped its local home-loan bank for nearly $10 billion in the fourth … Read more