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2022-12-25 20:51:59 JPMorgan: Crypto Is a Nonexistent Asset Class for Most Large Institutional Investors

A strategist at global investment bank JPMorgan says crypto is effectively nonexistent as an asset class for most large institutional investors. “The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging,” he added. JPMorgan Asset Management’s head of institutional portfolio strategy, Jared Gross, discussed crypto and institutional investors’ interest in the asset class on Bloomberg Friday. The senior investment strategist described.Gross added that it is “self-evident” that bitcoin has not proven itself to be a form of digital gold or haven asset like some have hoped.

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2022-12-25 16:02:59 Binance trading volume falls to its lowest since October 2020

Daily crypto trading volume on Binance sunk to $9.39 billion on Dec. 23, its lowest since October 2020, according to data from Nomics. With the upcoming holiday season and the rearing bear market, trading volumes on most centralized exchanges have been impacted. According to research published by CoinGecko, crypto derivatives trading volume on exchanges has tanked by 24% since the collapse of FTX. According to the study, a likely reason for the fall in the trading volume is that traders have stopped or reduced their trading activity since the FTX crash. Furthermore, the research added that trading activity also generally slows down toward the end of the year.

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2022-12-25 10:02:59 Caroline Ellison admits to concealing billions of dollars of FTX loans

FTX associate Caroline Ellison admitted during her plea deal that she concealed billions of dollars worth of loans, according to a Reuters report on Dec. 23. FTX to borrow funds from Alameda without limit. The two executives also hid that fact from investors and the wider public. Alameda Research is generally considered a sister firm of FTX, as Bankman-Fried founded both firms. While FTX operated as a cryptocurrency exchange, Alameda served as a hedge fund, allowing the two companies to work together closely. Ellison admitted to the lending arrangement in a statement to U.S. District Judge Ronnie Abrams in Manhattan federal court.

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2022-12-25 04:02:59 Public BTC mining companies face $4B in liabilities, Core Scientific leads the pack

Public Bitcoin (BTC) mining companies collectively have liabilities that amass to over $4 billion, according to Hashrate Index.Owing the most in liabilities, Core Scientific debt sat at approximately $1.3 billion on Sept. 30, according to a company statement. The BTC mining industry has seen significant fluctuations during this bear market — the recent bankruptcy of Core Scientific stands as a testament to volatility of the sector. Though it is the largest public BTC miner by hashrate, Core Scientific has struggled under debt for many months — unable to pay off monthly debt service payments, according to Hashrate Index.

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2022-12-24 20:50:55 Russian Parliament Postpones Adoption of Crypto Mining Bill

Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting. Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC. positions of the various regulators involved in the process.

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2022-12-24 16:03:00 BNB Chain unique wallets surpass Ethereum, becomes largest L1 blockchain

Unique addresses on the BNB Chain crossed 230 million, surpassing Ethereum and becoming the “largest layer 1 blockchain in the world,” according to a company statement. Meanwhile, the network also witnessed “record-breaking highs” in transactional volume — reaching 9.8 million transactions in May. BNB Chain reported that the blockchain has “made significant strides in onboarding the next billion users into Web3.”.Kan stated that these changes had “resulted in faster transactions, lower costs, and extra capacity.”

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2022-12-24 10:03:01 Binance Responds to ‘FUD’: ‘A Healthy Company Will Not be Destroyed By a Tweet’

Binance has published a lengthy statement in response to “recent media and community questions” regarding the company’s financial health in the wake of the collapse of rival crypto exchange FTX. The firm wrote that it “does not need” to disclose detailed information on its financial status since it isn’t a publicly traded company. Binance added that it is self-sufficient and “financially healthy,” with “no external financing needs and external investors, and no intention to go public at this stage.”.Binance hit back at allegations that its finances are a “black box,”.

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2022-12-24 04:03:00 FTX Case May Bring SEC One Step Closer To Banning Crypto Exchanges

The Securities and Exchange Commission (SEC) appears to be compiling legal ammunition to take on the beating heart of the global crypto economy: centralized crypto exchanges. On Wednesday, the SEC announced charges against two key allies of disgraced FTX founder Sam Bankman-Fried: Caroline Ellison, former CEO of FTX’s affiliate trading firm Alameda Research, and Gary Wang, an FTX co-founder. And the agency’s unfolding case against FTX reveals arguments that could further that strategy.

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2022-12-23 20:52:00 Binance Labs Amassed 2,100% Returns on Investment Since Inception

Binance Labs – the investment arm of crypto exchange Binance – reportedly made a historical return on investment, reaching as high as 2,100%. As a result, the total assets under management have hit $7.5 billion, according to the latest blog post. The platform also assured users its “financial status is very healthy” and added that it has sufficient capital reserves to cover day-to-day operations and ride out any challenging cycles. Binance said all users’ assets in its platform are supported 1:1. Moreover, clients also have the right to withdraw coins at any given time, thereby quashing rumors about sufficient reserves for users to do so.

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2022-12-23 16:03:00 British Columbia suspends new crypto mining energy requests

Crypto mining firms looking to start up in British Columbia province are out of luck, at least for the next 18 months as the Canadian province is temporarily refusing new requests from miners for power. The move aims to preserve B.C.'s power, most of which is generated from hydroelectricity, for companies that align with the province's climate goals. The suspension also allows time for the provincial government and First Nations to create a crypto mining policy framework, the energy ministry said. The seven mining projects already operating in B.C.

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