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The CEO of the biggest asset manager in the world says that gold and cryptocurrencies are “assets of fear.” In a roundtable discussion at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, BlackRock CEO Larry Fink says that crypto assets are a legitimate investment for those who want to hedge against “optimism.” “If you believe that countries are going to continually debase their currency, if you believe that they’re is going to be global rise of insecurity… crypto assets or gold are assets of fear. You own these assets because you’re frightened of the debasement of your assets, you’re worried about your financial security, you’re worried about your fiscal security, and between crypto assets and gold, there’s a strong belief that it’s a good hedge against optimism.” In a separate interview with 60 Minutes, Fink says that after being initially skeptical of Bitcoin (BTC), he ...

Bitcoin and altcoins are beneficiaries of major inflows this year, while the question of a BTC supply squeeze remains. Bitcoin (BTC) institutional investment vehicles have seen over $1 billion in new inflows in less than two months. In its latest weekly report on Nov. 13, crypto asset management firm CoinShares furthered the narrative that Bitcoin and altcoins are again attracting capital. Crypto institutional product AUM up 99% year-to-date Bitcoin, Ether (ETH) and some major altcoins are enjoying price gains as excitement over the possible approval of the United States’ first spot exchange-traded fund (ETF) grows. Since November 2022, the total crypto market cap has increased by $600 billion, data from TradingView confirms. Total crypto market cap 1-week chart. Source: TradingView The past two months, however, has seen a precipitous increase in funds being deployed to crypto investment products, CoinShares reveals. “Digital asset investment products saw inflows totalling US$293m ...

After halting withdrawals in June 2023, Haru Invest is yet to come up with a timeline to repay its customers. Troubled cryptocurrency platform Haru Invest is planning to suspend its server a few months after halting withdrawals in June 2023. Haru Invest is thinking of shutting down its server in order to reduce the server maintenance costs of services, Haru Invest CEO Hugo Lee announced on Oct. 16. The CEO emphasized that the server maintenance cost accounts for the “largest percentage of fixed costs” at Haru Invest and is a priority for the firm. “We plan to suspend the service in a few weeks, backing up all member information,” Lee wrote in the announcement, adding that the firm is “yet to have a definite plan” for the server suspension. The firm’s move to shut down the server comes as Haru Invest says it's “actively devising various strategies” to lower all costs associated with operating its services, the CEO said. “Some of the current fixed expenditures include the upkeep of ...

BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud. Bankrupt cryptocurrency lender BlockFi is trying to block attempts by the similarly bankrupt FTX and Three Arrows Capital (3AC) that aim to retrieve hundreds of millions of dollars to pay back their creditors. BlockFi claimed in an Aug. 21 filing to a New Jersey bankruptcy court that its own creditors shouldn’t be pushed to the back of the line because FTX’s creditors were harmed by the exchange allegedly misappropriating $5 billion BlockFi lent it. “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors.” “To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands,” BlockFi added. FTX also provided $400 million to BlockFi in June 2022 in addition to buying BlockFi equity ...

Veteran trader Dan Tapiero said that the most important thing for traders is to be able to make rational judgments that aren't impacted by people's fears. While many beginners base their trades on the negativity brought about by devastating events happening within the crypto space, experienced traders base their decisions on different factors and are able to come out on top of others, even in a bear market .  Speaking with Cointelegraph, Dan Tapiero, the founder of growth equity funds 10T Holdings and 1RoundTable Partners, shared some of the most important things that he employs as he navigates the market . This includes having a broader perspective in the space and not being influenced by feelings and people’s fears. Tapiero explained: “It's important to understand that the space has really grown. It's not just about the price of Bitcoin, or the price of Ethereum. We have five or six companies that actually made more money last year than in the previous year. So, ev...

December continued to see Bitcoin trade below its 50-, 100- and 200-day moving averages, but stabilization in the DeFi sector is flashing positive signals at the start of 2023. 2022 was a rollercoaster ride of ups and downs for the blockchain industry . While the year’s first quarter looked promising, the crypto industry has been on a downward trajectory ever since. While indications of a global macroeconomic slowdown increase, these headwinds hamper the blockchain industry ’s potential recovery. There are some signs of stabilization in the crypto market and a potential upside at the start of the new year. For those serious about understanding the crypto space’s different sectors, including venture capital, derivatives, decentralized finance (DeFi), regulations and much more, Cointelegraph Research publishes a monthly Investors Insights report. Compiled by leading experts on these various topics, the monthly reports are an invaluable tool to quickly get a sense of the current state...

The Russian government doesn’t want to enable Bitcoin for regular Russian people but exclusively for foreign trade entities. The Russian central bank is ready to consider allowing crypto currency use within the country but only as part of a legal experiment, governor Elvira Nabiullina said. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during a press conference of Bank of Russia on Dec. 16. The Bank of Russia’s only objection has always been that crypto cannot be used as a payment instrument, Nabiullina emphasized. She added that the central bank is also concerned about investor protection because the crypto market is highly volatile. While Russia formally does not prohibit its people from investing in crypto, the Bank of Russia believes that the mass adoption of crypto would inevitably lead to its use as a payment method, according to Bank of ...

DOGAMÍ's team says it hopes to develop the first Web3 mobile game for mainstream audiences. DOGAMÍ, an augmented reality mobile game involving nonfungible token (NFT) pet companions, has completed a $14 million seed funding round, according to a Dec. 12 press release provided to Cointelegraph. The Web3 mobile gaming company raised $7 million led by VC firm XAnge after initially securing $6 million from industry leaders in January 2022.  DOGAMÍ, with community members in over 80+ countries, indicated that it has already sold 12,000 NFTs of dog avatars and 12,000 NFTs of canine accessories through a collaboration with omni-channel clothing retailer GAP.  The company has also launched its first mobile application, "DOGA House", which allows users to discover and interact with their “NFT puppies” in the “DOGAMÍ universe” while earning DOGA cryptocurrency. Related: Leveraging the Blockchain to deliver more rewarding experiences for casual gamers Despite the continuing bear m...

Temasek-backed Amber has raised about $50 million in funding from a new sovereign fund, with the deal to be announced in January. Cryptocurrency trading firm Amber Group is putting its expansion plans on hold despite the FTX contagion having “no disruption” to its daily operations, according to a senior executive. Amber has scrapped plans to expand in Europe and the United States as a consequence of exposure to the now-defunct exchange FTX and will focus on institutional clients in Asia, according to managing partner Annabelle Huang. Huang also said that Amber has been forced to deprioritize its new metaverse project due the FTX contagion, the Financial Times reported on Dec. 9. Apart from ditching its expansion plans , the firm has reportedly been cutting its headcount recently. After reportedly laying off up to 40% of staff in September, the firm continued to lay off employees again in December. According to Huang, Amber had roughly 10% of its trading capital stuck on FTX, which is...

The company’s latest initiative will allow users to open up a U.S. dollar checking account with only their name, email, and phone number. American fintech company ZELF has introduced an anonymous Visa debit card to be accepted at any of Visa’s 80 million locations worldwide.  ZELF’s latest initiative will allow users to open up a U.S. dollar checking account with only their name, email, and phone number, sparing them from having to provide documentation such as a social security number and proof of address. According to the fintech company, prospective clients can open a checking account and have an anonymous virtual debit card, which works with Apple and Google Pay, within 30 seconds.  ZELF is LIVE on @ProductHunt with the ultimate in payment #privacy — anonymous crypto reloadable debit card Over 150 countries supported Support us @ https://t.co/TkJWpAnS9t — ZELF (@zelfco) December 8, 2022 Holders of the Visa debit card will have the option of funding their accounts thro...

"It's net good news for GBTC shareholders and FUD fighting," said Selkis. According to a new Twitter post by Ryan Selkis, CEO of blockchain research firm Messari, Grayscale Bitcoin Trust's (GBTC) controlling shareholders Genesis Global and Digital Currency Group cannot simply "dump" their holdings to raise more capital. Selkis explained that the restrictions are due to Rule 144A of the U.S. Securities Act of 1933, which forces issuers of over-the-counter, or OTC, traded entities to give advance notice of proposed sales, as well as a quarterly cap on sale of either 1% of outstanding shares or weekly traded volume.  2/ DCG bought nearly $800mm worth of GBTC shares since the premium flipped to a discount in early 2021. DCG's board authorized up to $1.2bn of share purchases across Grayscale Trusts. In light of the current liquidity issues, the remainder is likely on hold indefinitely. — Ryan Selkis (@twobitidiot) November 28, 2022 Based on calculations...

The popularity of decentralized finance played an integral role in the launch of MetaMask Institutional as companies looked to safely enter the space. Source: https://thebittimes.com/the-blue-fox-defi-s-rise-and-the-birth-of-metamask-institutional-tbt25748.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Ethereum News Post by: TheBitTimes.com