Mike Novogratz’s Crypto Trading Desk Lost $136 Million in Nine Months
The bad year for traders at Mike Novogratz’s cryptocurrency merchant bank got even worse in the third quarter — and that was before the market fell out of bed this month. Net realized and unrealized losses on digital assets at Galaxy Digital Holdings LP’s trading operation totaled about $41 million in the third quarter, bringing […]
Bitcoin Gets a Thumbs Up From New York Stock Exchange’s Chairman
Bitcoin has plunged in price in the past year, but the CEO of one of the world’s biggest exchange operators isn’t deterred from entering the space. Jeffrey Sprecher, CEO of IntercontinentalExchange (ticker: ICE) and chairman of the New York Stock Exchange, spoke enthusiastically about cryptocurrencies at the Consensus Invest conference in New York on Tuesday. […]
Leading Financial Services to Create Code of Conduct for CryptoAsset Markets
Ten industry-leading financial services and technology firms launched the Association for Digital Asset Markets (ADAM) to establish a Code of Conduct (“Code”) for emerging digital asset markets. ADAM will be the first broad-based organization of its kind in the United States to proactively seek comprehensive standards for digital asset market participants. ADAM will work with […]
Token Liquidity Plummets Leaving Bag Holders High and Dry
Despite cryptocurrency prices having plunged 80-95% from the start of the year, traders aren’t taking a punt on the bargain. Token volumes have plummeted across major exchanges with 60% of listed cryptocurrencies trading below January levels. Order books are now filled to the brim on the sell side with November, to date, seeing an acceleration […]
Abu Dhabi’s Al Hilal Bank Uses Blockchain to Sell Sukuk in Secondary Market
Abu Dhabi’s Al Hilal Bank has executed the world’s first sukuk transaction using blockchain technology, it said on Monday. The Islamic bank used the distributed ledger technology, best known as the underpinning of crypto-currency Bitcoin, to sell and settle in the secondary market a small portion of its $500 million five-year sukuk, issued in September. “Al […]
Bitcoin Will Fall 30% Before Bottoming at $3,000
Bitcoin shares could bleed another 30 percent before they bottom, cryptocurrency trader Michael Moro told CNBC on Friday. “You really won’t find [the floor] until you kind of hit the 3K-flat level,” the Genesis Trading & Genesis Capital Trading chief said on “Squawk on the Street.” “It’s really difficult. There are small levels of resistance,” […]
Coinbase Loses Chief Policy Officer Michael Lempres
Coinbase Inc., one of the largest U.S. crypto exchanges, is losing its policy head at a time when communication between Washington and the digital money sector may never be more important. Michael Lempres, who was named the firm’s policy officer in September after serving more than a year as its legal chief, is leaving to […]
MV Index Solutions Launches Bitcoin US OTC Spot Index
MV Index Solutions today launched the MVIS Bitcoin US OTC Spot Index (MVBTCO), which is the first bitcoin index based on U.S. price feeds from established OTC digital asset trading operations. The index shows the spot price of bitcoin by tracking its performance based on three of the leading providers in OTC liquidity, including Circle […]
Bitcoin for Payments a Distant Dream as Usage Dries Up
The use of bitcoin for commercial payments has dropped dramatically this year, even as the original digital coin starts to fulfill one of the basic features of any payment currency: stability. The value of bitcoins handled by major payment processors shriveled nearly 80 percent in the year to September, data from blockchain researcher Chainalysis shows. […]
Israeli Investment House Offers Crypto Funds for Institutions
Silver Castle Ltd., Israel’s first dedicated cryptocurrency investment firm for institutional and accredited investors, launched two funds this month and expects to have $50 million under management by the end of the year. The launch comes after a bad year for Bitcoin, which has fallen more than 70 percent from a record high last December. […]
Canada: Cryptocurrencies Need Regulation to Prevent Money Laundering
Canadian House finance committee wants the government to dramatically change the way it regulates cryptocurrencies to prevent their use in money laundering. A cryptocurrency like Bitcoin is a form of electronic cash that’s become increasingly popular for making secure online transactions. Cryptocurrencies are attractive to money launderers because they’re generally anonymous and difficult to trace. […]
Wall Street’s Crypto Bull Tom Lee Slashes Year-end Bitcoin Price Forecast Nearly in Half
Wall Street’s best-known cryptocurrency bull just cut his bitcoin price target nearly in half. Tom Lee, co-founder of Fundstrat Global Advisors, lowered his year-end target to $15,000 from $25,000 — still well above where the cryptocurrency was trading on Friday. A key driver was bitcoin’s “break-even” point, the level at which mining costs match the […]
Twitter Says the Bitcoin Scam Wave Came From Third-party App
Twitter has confirmed the series of cryptocurrency-related hackings on its platform originated from a third-party software provider – and not its own system. In an email to Hard Fork, a Twitter spokesperson confirmed attackers exploited a third-party marketing solution to blast fake Bitcoin giveaway links from a slew of verified accounts, including Google and Target. […]
Cryptos Are ‘Evil Spawn’ of the Crisis for ECB’s Coeure
“Bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea,” the European Central Bank Executive Board member said at the Bank for International Settlements in Basel. Coeure traced cryptocurrencies’ faults to their origins, noting that Satoshi Nakamoto — the supposed creator of Bitcoin — mined the first block months after […]
Bitcoin’s Backers Now Want Acceptance from the System they Sought to Supplant
In the aftermath of the global financial crisis, Satoshi Nakamoto — a digital nom de currency — published a white paper laying out his or her vision for an electronic, peer-to-peer currency that could provide an alternative to the failures of Wall Street, the regulatory structure, and the rest of the financial system as it […]
Blockchain Company Accenture Deploys Software License Management Application on DLT
Accenture has completed its first transactions using a distributed ledger technology (DLT)-based application that delivers enhanced enterprise software asset management capabilities. The new application uses Digital Asset’s smart contract language, DAML, to model and enforce software license events throughout their lifecycle, from origination to purchase, which simplifies tracking, usage and audit functions. “We manage a […]
Friends Accused of Torturing Pal to Steal his Cryptocurrency
These guys are accused of taking a “bit” out of crime. A group of young professional men ransacked their pal’s luxury apartment after a night of drinking and forced him to cough up his cryptocurrency account login information, the Manhattan District Attorney’s Office charges in a new complaint. Defendant Stephen Orso, 25, allegedly demanded that […]
Bitcoin Futures Volatility Sets Record Low
Bitcoin was trading marginally lower Monday, but remains in its recent narrow trading range. In Monday trading, a single bitcoin BTCUSD, +0.37% was fetching $6,393.63, down 0.6% since 5 p.m. Eastern Time on Sunday on the Kraken crypto exchange. The No. 1 digital currency has spent the last five trading sessions inside the $6,300 to $6,400 range. As […]
