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Πέμπτη 1 Δεκεμβρίου 2022

Markets Spike After Fed Chair Says It ‘Makes Sense to Moderate the Pace’ of Rate Hikes, Hints Easing Could Happen in December

Markets Spike After Fed Chair Says It ‘Makes Sense to Moderate the Pace’ of Rate Hikes, Hints Easing Could Happen in December

Equities, precious metals, and cryptocurrencies shined on Wednesday following Federal Reserve chairman Jerome Powell’s speech at the Brookings Institution in Washington. The crypto economy increased 3.11% to $860 billion, while the top four stock indexes jumped between 2% to 5% higher on Nov. 30.

Stocks, Crypto, and Precious Metal Markets Jump Higher Against the Greenback Following Powell’s Speech at Brookings Institution

On the last day of November, the U.S. central bank’s chief Jerome Powell offered a “progress report on the Federal Open Market Committee’s (FOMC) efforts.” The Fed chair’s speech at the Brookings Institution in Washington hinted at the possibility of smaller rate hikes starting in December.

“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said. “The time for moderating the pace of rate increases may come as soon as the December meeting.”

After Powell’s speech, equity markets spiked and cryptocurrencies and precious metals followed suit. A troy ounce of .999 fine gold jumped 1.15% higher during the last 24 hours, while an ounce of fine silver rose by 4.45%, according to the New York Spot Market Price. Gold is currently exchanging hands at $1,770 per ounce and silver is swapping for $22.27 per ounce.

Gold bug and economist, Peter Schiff, added his two cents about Powell’s commentary on Wednesday afternoon. “Investors are no longer buying what Powell is selling,” Schiff said via Twitter. Schiff remarked that “not only will the economy crash” but it will also be “another financial crisis,” the economist opined.

All four major stock indexes rallied on Wednesday afternoon as well following Powell’s speech. Nasdaq, the Dow Jones, S&P 500, and NYSE were all up between 2% and close to 5% higher against the U.S. dollar. Equities investors believe Powell plans to settle down with large rate hikes following his commentary at Brookings Institution.

Powell’s statements, however, noted that restrictive policy is still needed to remain in place for quite some time. “It is likely that restoring price stability will require holding policy at a restrictive level for some time,” Powell detailed. “History cautions strongly against prematurely loosening policy. We will stay the course until the job is done,” the Fed chair added.

Cryptocurrencies also benefitted after Powell’s speech as the entire crypto economy increased 3.11% against the U.S. dollar on Wednesday afternoon. Bitcoin (BTC) rose above the $17K per unit zone, rising 3.43% against the greenback. Ethereum (ETH) jumped 5.66% higher on Wednesday nearing the $1,300 per unit range.

What do you think about the market reaction to Jerome Powell’s speech on Wednesday? Let us know what you think about this subject in the comments section below.



from Bitcoin News

Τετάρτη 30 Νοεμβρίου 2022

Elon Musk Says Apple Has Threatened to Withhold Twitter From App Store as Battle for Free Speech Escalates

Tech giant Apple has threatened to withhold Twitter from its app store, according to Tesla CEO and Twitter chief Elon Musk. The billionaire added: “This is a battle for the future of civilization. If free speech is lost even in America, tyranny is all that lies ahead.”

Apple’s Threat to Musk and Twitter

The battle for free speech has escalated for Elon Musk and his newly acquired social media company as Apple has threatened to withhold Twitter from its app store, Tesla CEO and Twitter chief Elon Musk revealed Monday, noting that Apple will not say why.

In a follow-up tweet, Musk confirmed that Apple is “making moderation demands.”

According to reports, Apple was one of Twitter’s top advertisers, spending more than $100 million per year advertising on the social media platform. However, Musk tweeted Monday:

Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?

Replying to Musk asking who else has been withheld by Apple, blockchain firm LBRY shared: “During Covid, Apple demanded our apps filter some search terms from being returned. If we did not filter the terms, our apps would not be allowed in the store. Apple may make good products, but they have been opposed to free speech for some time.” The company added, “Apple disallowed almost anything related to Covid, especially vaccines or human origins of the virus,” elaborating:

We had to build a list of over 20 terms to not show results for, only on Apple devices. Apple also later rejected us because users included Pepe images in videos.

In addition, Musk tweeted: “Did you know Apple puts a secret 30% tax on everything you buy through their App Store?” According to Apple’s website, the company takes a 30% “processing” fee from all sales made through its in-app purchase system.

As the free speech discussion intensified, a Twitter user warned Musk: “Is this really a fight we want to pick? An awful lot of your Tesla customers use iOS to access their cars … if that app gets pulled, it’ll significantly impact your ability to sell to Apple customers.” Musk replied: “Are you suggesting Apple would use its duopolist powers to hurt Tesla?”

Battle for Free Speech Intensifies

As the free speech discussion deepened, Musk tweeted that if free speech is lost in the U.S. then tyranny is all that lies ahead, stressing that this is a battle for the future of civilization.

The Tesla executive asked in another tweet: “Why are so many in the media against free speech? This is messed up.”

Many people joined in the free speech thread. “Monopolies should be subject to the same limits we placed on our government in the Bill of Rights,” the pro-bitcoin CEO of Microstrategy, Michael Saylor, opined. “Make no law abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” Musk agreed, tweeting: “Absolutely, especially if done in collusion with the government.”

Musk said Friday that he will make an alternative phone if Apple and Google boot Twitter from their app stores.

What do you think about Apple threatening to withhold Twitter from its app store and Elon Musk’s fight for free speech? Let us know in the comments section below.



from Bitcoin News

Veteran Investor Mark Mobius Expects Bitcoin Price to Fall to $10,000

Veteran Investor Mark Mobius Expects Bitcoin Price to Fall to $10,000

Veteran investor Mark Mobius, the founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nonetheless, he said: “Crypto is here to stay as there are several investors who still have faith in it.”

Mark Mobius’ Bitcoin Price Prediction

The founder of Mobius Capital Partners, Mark Mobius, shared his latest bitcoin price prediction in an interview with Bloomberg Monday.

Prior to starting his own company, Mobius spent more than three decades at Franklin Templeton Investments. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios.

The veteran investor said that his next target for bitcoin is $10,000, noting that cryptocurrencies are “too dangerous” for him to invest his own cash or his clients’ money in.

Despite the collapse of crypto exchange FTX and subsequent market sell-offs, Mobius emphasized:

Crypto is here to stay as there are several investors who still have faith in it … It’s amazing how bitcoin prices have held up.

This was not the first time that the former Franklin Templeton executive mentioned $10,000 as his target for bitcoin’s price. In May, he advised investors against buying the dip, cautioning that the market still had some way to fall. In November last year, he said people should not look at cryptocurrencies as a means to invest but as “a means to speculate and have fun.”

Mobius is not alone in expecting the price of bitcoin to drop to $10,000. Doubleline Capital CEO Jeffrey Gundlach, aka the bond king, said in June: “I wouldn’t be surprised at all if it [bitcoin] went to $10,000.” Gold bug and economist Peter Schiff said this month that bitcoin still has a long way to fall. He valued BTC at $10K. Moreover, a recent Bloomberg MLIV Pulse survey showed that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K.

Meanwhile, some people are still very optimistic about the price of BTC. Venture capitalist Tim Draper, for example, said earlier this month that he expects bitcoin’s price to hit $250K by mid-2023.

Do you think the price of bitcoin will drop to $10K? Let us know in the comments section below.



from Bitcoin News

Τρίτη 29 Νοεμβρίου 2022

Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed

Kevin O'Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-Fried (SBF) almost raised $8 billion from institutional investors to save crypto exchange FTX before it collapsed. However, when reports emerged of FTX being investigated by several authorities, including the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), all interested investors vanished.

Kevin O’Leary Tried to Raise Funds to Save FTX

Kevin O’Leary shared how he tried to save cryptocurrency exchange FTX before it collapsed in an interview with the Insider, published Sunday. O’Leary is a paid spokesperson for FTX and has investments in the company.

Prior to FTX’s bankruptcy filing on Nov. 11, Mr. Wonderful was talking to a number of prospective investors interested in owning a stake in the crypto exchange. Sovereign wealth funds were interested in investing $8 billion to rescue FTX, he told the publication.

Noting that Bankman-Fried called him to discuss the investments, O’Leary shared:

We had a brief conversation. He was very rational. We discussed a few things about, you know, the timing on that $6 billion to $8 billion. But it was enough information for me to go back to the interested sources and confirm the number was eight.

Mr. Wonderful noted that Bankman-Fried said during their call that regulators will “come down hard” on the situation.

However, as reports emerged that the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and other global regulators were closing in on FTX, rescue offers immediately dried up. O’Leary continued:

All of those interested parties were gone … I texted that back to Sam … and I told him that was not going to be an option.

Nonetheless, O’Leary believes that if a sovereign wealth fund or other buyers had put in roughly $4 billion, then investors would have felt confident in keeping their assets in FTX. “So really what was on the table and being debated all around the world was you could buy a $32 billion asset for $4 billion,” he said.

‘There’ll Be a Mountain of Litigation’

Mr. Wonderful has started moving his assets elsewhere, he revealed, noting that Canada is the only country that offers fully-regulated broker-dealer exchange accounts. “We have confidence that the regulatory environment in Canada scrutinizes accounts that can’t be commingled,” the Shark Tank star opined, adding that he believes the market has not seen the bottom of the FTX fallout yet.

Commenting on the FTX meltdown rattling trust across the crypto sector, O’Leary opined:

There’s a lot of allegations flying around … It’s a difficult situation, there’s no question about it. There’ll be a mountain of litigation.

Despite regulators investigating Bankman-Fried and the crypto industry screaming fraud, O’Leary maintains he’s never met a more brilliant mind when it comes to crypto and blockchain. He described:

He’s a savant … He’s probably one of the most accomplished traders of crypto in the world, and so I was very impressed.

Last week, the Shark Tank star said he would back Bankman-Fried again if he has another venture. This has outraged the crypto industry since most people believe that the former FTX CEO engaged in multiple fraudulent activities.

Like other FTX investors, including the Singapore government’s Temasek Holdings and Ontario Teachers’ Pension Fund, O’Leary is writing down all of his FTX investments. He stated: “I’m writing that all down to zero … It’s not clear what can be recovered.”

What do you think about the comments by Kevin O’Leary? Let us know in the comments section below.



from Bitcoin News

Δευτέρα 28 Νοεμβρίου 2022

Minimax․Finance Announces the Integration of VERSE DEX

PRESS RELEASE. Minimax.Finance integrated the recently launched VERSE DEX to provide the Minimax community with more options for cost-effective swaps on Ethereum network. VERSE pools are also available at the platform.

The Minimax team has integrated VERSE DEX into Minimax’s swap section; now Minimax users can enjoy all the DEX benefits, including security and the absence of third-party custodians. This integration has been available at Minimax.Finance since its recent launch on Ethereum. This part of the integration will get extended as the VERSE team launches the DEX on more blockchains.

Minimax.Finance Chief Executive Val Hrykyan said, ‘Our goal is to provide the web3 community with a unified interface to make management of web3 portfolio easy and convenient. Therefore, the integration of VERSE DEX is a logical step in this direction.’

About VERSE DEX

VERSE DEX is a decentralized exchange (DEX) which uses an automated market maker (AMM) to facilitate trades in a completely decentralized yet efficient manner. The AMM utilizes smart contracts to create markets for trading pairs of a wide variety of tokens. Liquidity providers supply VERSE DEX with capital, earning yield from the fees paid by people who trade. Verse DEX is derived from the battle tested Uniswap V2 contract, and has been audited by a third-party smart contract auditor. Verse DEX is available on Ethereum and SmartBCH blockchains, but is continuously expanding onto low-fee, high transaction speed blockchains.

Verse DEX aims to bring everyone permissionless and non-custodial trading access, with a special focus on people new to DeFi.

VERSE DEX is focused on offering a DEX that anyone can use. While almost all other DEXs are intimidating to new users, VERSE DEX will be seamlessly integrated into the Bitcoin.com Wallet, giving its millions of users an easy way to use a DEX.

To learn more about VERSE DEX, please visit https://verse.bitcoin.com/.

About Minimax

Minimax.Finance is an interactive web3 marketplace. The platform provides a unified interface for users to get a high-level overview of the web3 space, easily monitor and manage their Web3 portfolio, and at the same to utilize multiple web3 platforms, without having to switch between different apps and blockchains. The Minimax team has already integrated 13 platforms, including Verse DEX, Aave, Yearn, Pancakeswap and others across eight blockchains, with plans to integrate many more soon.

In the near future the team plans to introduce gasless transactions, which will enable users to interact with their favorite apps on multiple blockchains without having to get the native tokens. This will make web3 experience much smoother and reduce multiple routine operations.

Currently Minimax.Finance provides multiple opportunities for staking, yield farming and lending. Support for NFTs, borrowing and other web3 utilities will be added soon. It will be easy for new projects to get listed at our platform.

To learn more about Minimax.Finance, please visit https://app.minimax.finance/.

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



from Bitcoin News

Billionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down

Billionaire Bill Ackman Discusses Crypto Regulation — Warns Crypto Industry Needs to Self-Police or Risks Being Shut Down

Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up.

Bill Ackman on Crypto Regulation and the Need for Industry to Self-Police

Billionaire Bill Ackman shared his thoughts on a variety of crypto-related topics, including crypto regulation, in a series of tweets Saturday.

Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). His current net worth is about $3.5 billion.

Regarding cryptocurrency regulation, he said: “I am not sure we need new rules. Much of the fraud that is taking place is old-fashioned pump and dump schemes, and failures of custodians to protect customer assets.”

The executive continued: “I suspect that existing anti-fraud and other laws already govern these violations. We just need more enforcement.” Ackman opined:

Regulators need more resources to police the bad actors. Unfortunately, it will likely take years for the regulators to catch up, and they may never get there. The crypto industry therefore needs to self-police and out the bad actors, or it is at risk of being shut down.

The collapse of FTX, a major cryptocurrency exchange, earlier this month has many people calling for tighter crypto regulation.

Some people have stressed that the FTX meltdown is not a crypto failure, including Mark Cuban and Robert Kiyosaki. U.S. Congressman Tom Emmer believes that it is a failure of the SEC, Chairman Gary Gensler, FTX co-founder Sam Bankman-Fried, and centralized finance.

Ackman further described, “Crypto remains the Wild West as the same protections of registered security offerings don’t exist,” elaborating:

Therefore, the character, reputation and track record of the management teams and sponsors of crypto-based businesses are extremely critical in choosing which projects to back.

Last week, the billionaire said: “Crypto is here to stay and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy.” He added: “All legitimate participants in the crypto ecosystem should therefore be highly incentivized to expose and eliminate fraudulent actors as they greatly increase the risk of regulatory intervention that will set back the positive potential impact of crypto for generations.”

What do you think about the comments by billionaire Bill Ackman? Let us know in the comments section below.



from Bitcoin News

Coinbase: Institutional Investors Increased Allocations During Crypto Winter, Long-Term Price Outlook Positive

Coinbase: Institutional Investors Increased Allocations During Crypto Winter — Price Outlook Long-Term Remains Positive

A recent survey sponsored by the Nasdaq-listed crypto exchange Coinbase shows that institutional investors increased their allocations during the crypto winter. The firm emphasized that there is “a strong signal of the acceptance of crypto as an asset class” and “the price outlook over the long term remains positive.”

Coinbase’s Institutional Investor Survey

The Nasdaq-listed cryptocurrency exchange Coinbase published Thursday the findings from a survey it sponsored to understand how decision-makers at U.S. institutions view digital assets. The survey was conducted independently by Institutional Investor Custom Research Lab between Sept. 21 and Oct. 27.

A total of 140 institutional investors in the U.S. participated in the survey, representing about $2.6 trillion in assets under management. Coinbase was not involved in sourcing the respondents.

Coinbase wrote:

Institutional investors increased their allocations during the crypto winter, with many using this as an opportunity to learn and build for the future.

“62% of investors who are currently invested in crypto increased their allocations in the past 12 months (vs. 12% who decreased their allocations). This is evidence that institutional investors have continued to take a long-term view of the asset class even as prices have fallen,” the crypto firm detailed.

In addition, Coinbase shared:

58% of investors expect to increase their allocations over the next three years. A majority of investors (59%) are currently using or planning to use a buy-and-hold approach.

“Overall sentiment towards digital assets has remained positive with 72% supporting the view that digital assets are here to stay (86% among those currently invested in crypto and 64% among those planning to invest),” Coinbase continued, elaborating:

Given the current climate, this is a strong signal of the acceptance of crypto as an asset class.

“While some investors categorize digital assets as either real assets/commodities or as alternative assets, more investors are creating their own category for crypto or classifying crypto as part of innovation or emerging technologies. This is also evidence of a long-term opportunity that may emerge in the future,” Coinbase further described.

Despite crypto winter, Coinbase said institutional investors are still bullish about crypto long-term, stating:

The price outlook over the long term remains positive with 71% of investors saying that they expect digital asset valuations to increase over the long term.

What do you think about these findings by Coinbase? Let us know in the comments section below.



from Bitcoin News

Markets Spike After Fed Chair Says It ‘Makes Sense to Moderate the Pace’ of Rate Hikes, Hints Easing Could Happen in December

Equities, precious metals, and cryptocurrencies shined on Wednesday following Federal Reserve chairman Jerome Powell’s speech at the Brooki...