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
Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch. Crypto miners have had a remarkable start of this year, as bitcoin BTCUSD rose to around $24,000 from below $17,000 in early January. Meanwhile, Dogecoin DOGEUSD rallied, as Elon Musk is reportedly pushing forward Twitter’s payments system and considering adding crypto in … Read more
A New York judge has imposed communication limits on former FTX chief executive Sam Bankman-Fried, according to a court filing on Feb. 1. The filing includes two restrictions. Bankman-Fried can’t communicate with any previous or current employees at FTX or Alameda, other than his immediate family members, except in the presence of a legal counsel. … Read more
““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
What a difference a few months makes. Since the implosion and bankruptcy filing of the cryptocurrency exchange FTX in November, its founder Sam Bankman-Fried has experienced some dramatic life changes—as have those closest to him. A prime example? The listing of a townhouse in Washington, DC, that was purchased in April 2022 by Guardians Against … Read more
Michael Burry, the hedge-fund manager at Scion Asset Management who correctly forecast the 2008 financial crisis, on Tuesday night sent out a one-word tweet: “Sell.” Burry didn’t elaborate, but it’s not hard to fill in the blanks. Assets like bitcoin and ARK Innovation ETF surged in January, in a seeming dash for trash on the … Read more
The stock of crypto exchange Coinbase is on track to record its strongest month in history, despite the implosion of its former competitor FTX in November which shook investor confidence in digital currency markets. Coinbase COIN, +4.88% shares are up 60% year-to-date and are up 77% from the all-time low of $31.55 on Jan.6, … Read more
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
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
Microcap software company Akerna Corp. had high hopes for its role in the cannabis business, but things have gotten so bad it’s moving into another troubled industry, cryptocurrencies. This is just one of many examples that point to tough times in the pot sector. Separate announcements from Akerna KERN, -0.82% and several other cannabis names … Read more