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Bitcoin to $500K

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Jamie Dimon bashes bitcoin while profiting from bitcoin … the case for bitcoin at $500K … a potential price catalyst to keep on your radar … is gold about to turn north?   Jamie Dimon is the CEO of JPMorgan. He’s also a master marketer. Earlier this week, he called bitcoin “worthless.” It’s far from.... The post Bitcoin to $500K appeared first on InvestorPlace......»»

Category: topSource: investorplaceOct 13th, 2021

NewsWatch: First U.S. Bitcoin ETF looks set to debut Monday or Tuesday from ProShares Trust

ProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists......»»

Category: topSource: marketwatch20 hr. 13 min. ago

El Salvador explores bitcoin mining powered by volcanoes

At a geothermal power plant near El Salvador’s Tecapa volcano, 300 computers whir inside a trailer as they make complex mathematical calculations day and night verifying transactions for the cryptocurrency bitcoin......»»

Category: topSource: foxnewsOct 16th, 2021

Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money

“We can operate on an even playing field in the digital world” At the Black Blockchain Summit, there is almost no conversation about making money that does not carry with it the possibility of liberation. This is not simply a gathering for those who would like to ride whatever bumps and shocks, gains and losses come with cryptocurrency. It is a space for discussing the relationship between money and man, the powers that be and what they have done with power. Online and in person, on the campus of Howard University in Washington, D.C., an estimated 1,500 mostly Black people have gathered to talk about crypto—decentralized digital money backed not by governments but by blockchain technology, a secure means of recording transactions—as a way to make money while disrupting centuries-long patterns of oppression. [time-brightcove not-tgx=”true”] “What we really need to be doing is to now utilize the technology behind blockchain to enhance the quality of life for our people,” says Christopher Mapondera, a Zimbabwean American and the first official speaker. As a white-haired engineer with the air of a lecturing statesman, Mapondera’s conviction feels very on-brand at a conference themed “Reparations and Revolutions.” Along with summit organizer Sinclair Skinner, Mapondera co-founded BillMari, a service that aims to make it easier to transmit cryptocurrency to wherever the sons and daughters of Africa have been scattered. So, not exactly your stereotypical “Bitcoin bro.” Contrary to the image associated with cryptocurrency since it entered mainstream awareness, almost no one at the summit is a fleece-vest-wearing finance guy or an Elon Musk type with a grudge against regulators. What they are is a cross section of the world of Black crypto traders, educators, marketers and market makers—a world that seemingly mushroomed during the pandemic, rallying around the idea that this is the boon that Black America needs. In fact, surveys indicate that people of color are investing in cryptocurrency in ways that outpace or equal other groups—something that can’t be said about most financial products. About 44% of those who own crypto are people of color, according to a June survey by the University of Chicago’s National Opinion Research Center. In April, a Harris Poll reported that while just 16% of U.S. adults overall own cryptocurrency, 18% of Black Americans have gotten in on it. (For Latino Americans, the figure is 20%.) The actor Hill Harper of The Good Doctor, a Harvard Law School friend of former President Barack Obama, is a pitchman for Black Wall Street, a digital wallet and crypto trading service developed with Najah Roberts, a Black crypto expert. And this summer, when the popular money-transfer service Cash App added the option to purchase Bitcoin, its choice to explain the move was the MC Megan Thee Stallion. “With my knowledge and your hustle, you’ll have your own empire in no time,” she says in an ad titled “Bitcoin for Hotties.” Read more: Americans Have Learned to Talk About Racial Inequality. But They’ve Done Little to Solve It But, as even Megan Thee Stallion acknowledges in that ad, pinning one’s economic hopes on crypto is inherently risky. Many economic experts have described crypto as little better than a bubble, mere fool’s gold. The rapid pace of innovation—it’s been little more than a decade since Bitcoin was created by the enigmatic, pseudonymous Satoshi Nakamoto—has left consumers with few protections. Whether the potential is worth those risks is the stuff of constant, and some would say, infernal debate. Jared Soares for TIMECleve Mesidor, who founded the National Policy Network of Women of Color in Blockchain What looms in the backdrop is clear. In the U.S., the median white family’s wealth—reflecting not just assets minus debt, but also the ability to weather a financial setback—sat around $188,200, per the Federal Reserve’s most recent measure in 2019. That’s about eight times the median wealth of Black families. (For Latino families, it’s five times greater; the wealth of Asian, Pacific Island and other families sits between that of white and Latino families, according to the report.) Other estimates paint an even grimmer picture. If trends continue, the median Black household will have zero wealth by 2053. The summit attendees seem certain that crypto represents keys to a car bound for somewhere better. “Our digital selves are more important in some ways than our real-world selves,” Tony Perkins, a Black MIT-trained computer scientist, says during a summit session on “Enabling Black Land and Asset Ownership Using Blockchain.” The possibilities he rattles off—including fractional ownership of space stations—will, to many, sound fantastical. To others, they sound like hope. “We can operate on an even playing field in the digital world,” he says. The next night, when in-person attendees gather at Barcode, a Black-owned downtown D.C. establishment, for drinks and conversation, there’s a small rush on black T-shirts with white lettering: SATOSHI, they proclaim, IS BLACK. That’s an intriguing idea when your ancestors’ bodies form much of the foundation of U.S. prosperity. At the nation’s beginnings, land theft from Native Americans seeded the agricultural operations where enslaved Africans would labor and die, making others rich. By 1860, the cotton-friendly ground of Mississippi was so productive that it was home to more millionaires than anywhere else in the country. Government-supported pathways to wealth, from homesteading to homeownership, have been reliably accessible to white Americans only. So Black Bitcoiners’ embrace of decentralized currencies—and a degree of doubt about government regulators, as well as those who have done well in the traditional system—makes sense. Skinner, the conference organizer, believes there’s racial subtext in the caution from the financial mainstream regarding Bitcoin—a pervasive idea that Black people just don’t understand finance. “I’m skeptical of all of those [warnings], based on the history,” Skinner, who is Black American, says. Even a drop in the value of Bitcoin this year, which later went back up, has not made him reticent. “They have petrol shortages in England right now. They’ll blame the weather or Brexit, but they’ll never have to say they’re dumb. Something don’t work in Detroit or some city with a Black mayor, we get a collective shame on us.” Read more: America’s Interstate Slave Trade Once Trafficked Nearly 30,000 People a Year—And Reshaped the Country’s Economy The first time I speak to Skinner, the summit is still two weeks away. I’d asked him to talk through some of the logistics, but our conversation ranges from what gives money value to the impact of ride-share services on cabbies refusing Black passengers. Tech often promises to solve social problems, he says. The Internet was supposed to democratize all sorts of things. In many cases, it defaulted to old patterns. (As Black crypto policy expert Cleve Mesidor put it to me, “The Internet was supposed to be decentralized, and today it’s owned by four white men.”) But with the right people involved from the start of the next wave of change—crypto—the possibilities are endless, Skinner says. Skinner, a Howard grad and engineer by training, first turned to crypto when he and Mapondera were trying to find ways to do ethanol business in Zimbabwe. Traditional international transactions were slow or came with exorbitant fees. In Africa, consumers pay some of the world’s highest remittance, cell phone and Internet data fees in the world, a damaging continuation of centuries-long wealth transfers off the continent to others, Skinner says. Hearing about cryptocurrency, he was intrigued—particularly having seen, during the recession, the same banking industry that had profited from slavery getting bailed out as hundreds of thousands of people of color lost their homes. So in 2013, he invested “probably less than $3,000,” mostly in Bitcoin. Encouraged by his friend Brian Armstrong, CEO of Coinbase, one of the largest platforms for trading crypto, he grew his stake. In 2014, when Skinner went to a crypto conference in Amsterdam, only about eight Black people were there, five of them caterers, but he felt he had come home ideologically. He saw he didn’t need a Rockefeller inheritance to change the world. “I don’t have to build a bank where they literally used my ancestors to build the capital,” says Skinner, who today runs a site called I Love Black People, which operates like a global anti-racist Yelp. “I can unseat that thing by not trying to be like them.” Eventually, he and Mapondera founded BillMari and became the first crypto company to partner with the Reserve Bank of Zimbabwe to lower fees on remittances, the flow of money from immigrants overseas back home to less-developed nations—an economy valued by the World Bank and its offshoot KNOMAD at $702 billion in 2020. (Some of the duo’s business plans later evaporated, after Zimbabwe’s central bank revoked approval for some cryptocurrency activities.) Skinner’s feelings about the economic overlords make it a bit surprising that he can attract people like Charlene Fadirepo, a banker by trade and former government regulator, to speak at the summit. On the first day, she offers attendees a report on why 2021 was a “breakout year for Bitcoin,” pointing out that major banks have begun helping high-net-worth clients invest in it, and that some corporations have bought crypto with their cash on hand, holding it as an asset. Fadirepo, who worked in the Fed’s inspector general’s office monitoring Federal Reserve banks and the Consumer Financial Protection Bureau, is not a person who hates central banks or regulation. A Black American, she believes strongly in both, and in their importance for protecting investors and improving the economic position of Black people. Today she operates Guidefi, a financial education and advising company geared toward helping Black women connect with traditional financial advisers. It just launched, for a fee, direct education in cryptocurrency. Crypto is a relatively new part of Fadirepo’s life. She and her Nigerian-American doctor husband earn good salaries and follow all the responsible middle-class financial advice. But the pandemic showed her they still didn’t have what some of his white colleagues did: the freedom to walk away from high-risk work. As the stock market shuddered and storefronts shuttered, she decided a sea change was coming. A family member had mentioned Bitcoin at a funeral in 2017, but it sounded risky. Now, her research kept bringing her back to it. Last year, she and her husband bought $6,000 worth. No investment has ever generated the kinds of returns for them that Bitcoin has. “It has transformed people’s relationship with money,” she says. “Folks are just more intentional … and honestly feeling like they had access to a world that was previously walled off.” Read more: El Salvador Is Betting on Bitcoin to Rebrand the Country — and Strengthen the President’s Grip She knows frauds exists. In May, a federal watchdog revealed that since October 2020, nearly 7,000 people have reported losses of more than $80 million on crypto scams—12 times more scam reports than the same period the previous year. The median individual loss: $1,900. For Fadirepo, it’s worrying. That’s part of why she helps moderate recurring free learning and discussion options like the Black Bitcoin Billionaires chat room on Clubhouse, which has grown from about 2,000 to 130,000 club members this year. Jared Soares for TIMECharlene Fadirepo, a banker and former government regulator, near the National Museum of African American History and Culture There’s a reason Black investors might prefer their own spaces for that kind of education. Fadirepo says it’s not unheard-of in general crypto spaces—theoretically open to all, but not so much in practice—to hear that relying on the U.S. dollar is slavery. “To me, a descendant of enslaved people in America, that was painful,” she says. “There’s a lot of talk about sovereignty, freedom from the U.S. dollar, freedom from inflation, inflation is slavery, blah blah blah. The historical context has been sucked out of these conversations about traditional financial systems. I don’t know how I can talk about banking without also talking about history.” Back in January, I found myself in a convenience store in a low-income and predominantly Black neighborhood in Dallas, an area still living the impact of segregation decades after its official end. I was there to report on efforts to register Black residents for COVID-19 shots after an Internet-only sign-up system—and wealthier people gaming the system—created an early racial disparity in vaccinations. I stepped away to buy a bottle of water. Inside the store, a Black man wondered aloud where the lottery machine had gone. He’d come to spend his usual $2 on tickets and had found a Bitcoin machine sitting in its place. A second Black man standing nearby, surveying chip options, explained that Bitcoin was a form of money, an investment right there for the same $2. After just a few questions, the first man put his money in the machine and walked away with a receipt describing the fraction of one bitcoin he now owned. Read more: When a Texas County Tried to Ensure Racial Equity in COVID-19 Vaccinations, It Didn’t Go as Planned I was both worried and intrigued. What kind of arrangement had prompted the store’s owner to replace the lottery machine? That month, a single bitcoin reached the $40,000 mark. “That’s very revealing, if someone chooses to put a cryptocurrency machine in the same place where a lottery [machine] was,” says Jeffrey Frankel, a Harvard economist, when I tell him that story. Frankel has described cryptocurrencies as similar to gambling, more often than not attracting those who can least afford to lose, whether they are in El Salvador or Texas. Frankel ranks among the economists who have been critical of El Salvador’s decision to begin recognizing Bitcoin last month as an official currency, in part because of the reality that few in the county have access to the internet, as well as the cryptocurrency’s price instability and its lack of backing by hard assets, he says. At the same time that critics have pointed to the shambolic Bitcoin rollout in El Salvador, Bitcoin has become a major economic force in Nigeria, one of the world’s larger players in cryptocurrency trading. In fact, some have argued that it has helped people in that country weather food inflation. But, to Frankel, crypto does not contain promise for lasting economic transformation. To him, disdain for experts drives interest in cryptocurrency in much the same way it can fuel vaccine hesitancy. Frankel can see the potential to reduce remittance costs, and he does not doubt that some people have made money. Still, he’s concerned that the low cost and click-here ease of buying crypto may draw people to far riskier crypto assets, he says. Then he tells me he’d put the word assets here in a hard set of air quotes. And Frankel, who is white, is not alone. Darrick Hamilton, an economist at the New School who is Black, says Bitcoin should be seen in the same framework as other low-cost, high-risk, big-payoff options. “In the end, it’s a casino,” he says. To people with less wealth, it can feel like one of the few moneymaking methods open to them, but it’s not a source of group uplift. “Like any speculation, those that can arbitrage the market will be fine,” he says. “There’s a whole lot of people that benefited right before the Great Recession, but if they didn’t get out soon enough, they lost their shirts too.” To buyers like Jiri Sampson, a Black cryptocurrency investor who works in real estate and lives outside Washington, D.C., that perspective doesn’t register as quite right. The U.S.-born son of Guyanese immigrants wasn’t thinking about exploitation when he invested his first $20 in cryptocurrency in 2017. But the groundwork was there. Sampson homeschools his kids, due in part to his lack of faith that public schools equip Black children with the skills to determine their own fates. He is drawn to the capacity of this technology to create greater agency for Black people worldwide. The blockchain, for example, could be a way to establish ownership for people who don’t hold standard documents—an important issue in Guyana and many other parts of the world, where individuals who have lived on the land for generations are vulnerable to having their property co-opted if they lack formal deeds. Sampson even pitched a project using the blockchain and GPS technology to establish digital ownership records to the Guyanese government, which did not bite. “I don’t want to downplay the volatility of Bitcoin,” Sampson says. But that’s only a significant concern, he believes, if one intends to sell quickly. To him, Bitcoin represents a “harder” asset than the dollar, which he compares to a ship with a hole in it. Bitcoin has a limited supply, while the Fed can decide to print more dollars anytime. That, to Sampson, makes some cryptocurrencies, namely Bitcoin, good to buy and hold, to pass along wealth from one generation to another. Economists and crypto buyers aren’t the only ones paying attention. Congress, the Securities and Exchange Commission, and the Federal Reserve have indicated that they will move toward official assessments or regulation soon. At least 10 federal agencies are interested in or already regulating crypto in some way, and there’s now a Congressional Blockchain Caucus. Representatives from the Federal Reserve and the SEC declined to comment, but SEC Chairman Gary Gensler assured a Senate subcommittee in September that his agency is working to develop regulation that will apply to cryptocurrency markets and trading activity. Enter Cleve Mesidor, of the quip about the Internet being owned by four white men. When we meet during the summit, she introduces herself: “Cleve Mesidor, I’m in crypto.” She’s the first person I’ve ever heard describe herself that way, but not that long ago, “influencer” wasn’t a career either. A former Obama appointee who worked inside the Commerce Department on issues related to entrepreneurship and economic development, Mesidor learned about cryptocurrency during that time. But she didn’t get involved in it personally until 2013, when she purchased $200 in Bitcoin. After leaving government, she founded the National Policy Network of Women of Color in Blockchain, and is now the public policy adviser for the industry group the Blockchain Association. There are more men than women in Black crypto spaces, she tells me, but the gender imbalance tends to be less pronounced than in white-dominated crypto communities. Mesidor, who immigrated to the U.S. from Haiti and uses her crypto investments to fund her professional “wanderlust,” has also lived crypto’s downsides. She’s been hacked and the victim of an attempted ransomware attack. But she still believes cryptocurrency and related technology can solve real-world problems, and she’s trying, she says, to make sure that necessary consumer protections are not structured in a way that chokes the life out of small businesses or investors. “D.C. is like Vegas; the house always wins,” says Mesidor, whose independently published book is called The Clevolution: My Quest for Justice in Politics & Crypto. “The crypto community doesn’t get that.” Passion, she says, is not enough. The community needs to be involved in the regulatory discussions that first intensified after the price of a bitcoin went to $20,000 in 2017. A few days after the summit, when Mesidor and I spoke by phone, Bitcoin had climbed to nearly $60,000. At Barcode, the Washington lounge, Isaiah Jackson is holding court. A man with a toothpaste-commercial smile, he’s the author of the independently published Bitcoin & Black America, has appeared on CNBC and is half of the streaming show The Gentleman of Crypto, which bills itself as the one of the longest-running cryptocurrency shows on the Internet. When he was building websites as a sideline, he convinced a large black church in Charlotte, N.C., to, for a time, accept Bitcoin donations. He helped establish Black Bitcoin Billionaires on Clubhouse and, like Fadirepo, helps moderate some of its rooms and events. He’s also a former teacher, descended from a line of teachers, and is using those skills to develop (for a fee) online education for those who want to become crypto investors. Now, there’s a small group standing near him, talking, but mostly listening. Jackson was living in North Carolina when one of his roommates, a white man who worked for a money-management firm, told him he had just heard a presentation about crypto and thought he might want to suggest it to his wealthy parents. The concept blew Jackson’s mind. He soon started his own research. “Being in the Black community and seeing the actions of banks, with redlining and other things, it just appealed to me,” Jackson tells me. “You free the money, you free everything else.” Read more: Beyond Tulsa: The Historic Legacies and Overlooked Stories of America’s ‘Black Wall Streets’ He took his $400 savings and bought two bitcoins in October 2013. That December, the price of a single bitcoin topped $1,100. He started thinking about what kind of new car he’d buy. And he stuck with it, even seeing prices fluctuate and scams proliferate. When the Gentlemen of Bitcoin started putting together seminars, one of the early venues was at a college fair connected to an annual HBCU basketball tournament attended by thousands of mostly Black people. Bitcoin eventually became more than an investment. He believed there was great value in spreading the word. But that was then. “I’m done convincing people. There’s no point battling going back and forth,” he says. “Even if they don’t realize it, what [investors] are doing if they are keeping their bitcoin long term, they are moving money out of the current system into another one. And that is basically the best form of peaceful protest.”   —With reporting by Leslie Dickstein and Simmone Shah.....»»

Category: topSource: timeOct 15th, 2021

Silver, The Edge Over Gold

When discussing wealth preservation or any form of a conservative hedge, the word gold comes easily to the forefront. The shiny metal has a substantial history of having saved a civilization or two. The lesser obvious choice is silver, but this precious metal is in a unique situation right now that any speculator that seeks […] When discussing wealth preservation or any form of a conservative hedge, the word gold comes easily to the forefront. The shiny metal has a substantial history of having saved a civilization or two. The lesser obvious choice is silver, but this precious metal is in a unique situation right now that any speculator that seeks out a hedge against inflation should be aware of. Silver, the edge over gold. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more It isn’t just a good bet to hedge exuberant market risk right now. It is massively undervalued and, as such, a pristine play in itself. Silver In US-Dollar, Monthly Chart, Still At Average Prices: Silver in US-Dollar, monthly chart as of October 15th, 2021. A look at the monthly chart over the last forty years, back to 1980 when the US also was confronted with a crisis, silver prices skyrocketed. Overall, though, prices right now reflect averages like averages of that time. Gold In US-Dollar, Monthly Chart, Trending Up: Gold in US-Dollar, monthly chart as of October 15th, 2021. In comparison to the monthly gold chart, we can see what’s out of whack. Gold since then from its averages at the time has appreciated nearly 300%. We see no fundamental reasons that substantiate such a divergence between the two. With silver being that grossly undervalued, it has tremendous additional potential once it is forced to catch up. This is partially reflected in the stretch between the spot price and the actual value of physical silver that can be acquired. A nearly 20% spread can be seen now for almost two years. It would come as no surprise that a supply shortage might bring fuel to an up move. Silver In US-Dollar, Daily Chart, Minimizing Entry Risk: Silver in US-Dollar, daily chart as of October 15th, 2021. It isn’t only the long-term profit probability that makes silver attractive. Silver also has an edge from the perspective of execution. Low-risk entries and exits are fundamental elements for high probability win ratios. We want to share some edges with the reader on how to engage with silver from an execution standpoint. We picked the daily time frame since daily charts do have a significant position for most market speculators. Daily time frame charts are typically used for smaller time frame position traders as setup time frames. Larger time frame players who have their setups either on weekly or monthly charts still use daily time frames to time their entries to mitigate execution risk. We circled in the daily chart above two sets of supportive methods on how to find low-risk entries that provide not only higher likely turning points, but a way to set tighter stops than usual. White circles show how meaningful the “mean” (blue line) is to silver traders. Yellow circles show when the price meets the 200 simple moving average (purple line), another point of interest to traders. A low-risk entry point marks when multiple edges appear simultaneously like in scenario “one,” a low-risk entry point is located. In our example, a short entry with support from a two-hundred simple moving average, the mean, and a distribution zone defined by a fractal volume analysis (histogram to the right of the chart.) Silver In US-Dollar, Monthly Chart, Getting Ready: Silver in US-Dollar, monthly chart as of October 14th, 2021. From a long-term investment perspective, we would be interested in looking for a daily low-risk entry point once October (very right bar on monthly chart above) closes in the green. In addition, we would like the price to be lower than the October’s candle closing price after the first four trading days of November. Silver, The Edge Over Gold: We do not believe in extremes, quite the contrary. While typically diversification means more like throwing stuff against the wall and hoping something sticks, when it comes to wealth preservation, diversification is a good thing. We aren’t living in times to aim to make a killing. Right now, risk control supersedes exuberant market play for profits. We find gold and bitcoin very much suitable to protect your wealth. The steep percentage factor of inflation also warrants for a more aggressive wealth preservation play. That is where silver comes in. Silver with the potential to see triple-digit prices in the near future allows for keeping inflation risk in check. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can also subscribe to our free newsletter. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. The views, thoughts and opinions expressed here are the author’s alone. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting. Article By Korbinian Koller, Midas Touch About the Author: Korbinian Koller Outstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent.Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking. Updated on Oct 15, 2021, 2:41 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 15th, 2021

CFTC Fines Bitfinex, Tether $43MM For "Misleading" Claims About Reserves

CFTC Fines Bitfinex, Tether $43MM For "Misleading" Claims About Reserves Years ago, several anonymous accounts on twitter, reddit and other social media platforms complained that tether, one of the original stablecoins, and Bitfinex, the crypto exchange that helped create tether, were conspiring to drain the reserves from Tether's bank accounts, something that Bloomberg appeared to confirm in a report published earlier this month. The SEC has been saying for months that regulating stablecoins is a priority, just like finally legalizing a bitcoin ETFs. But stablecoins present a unique threat to the US dollar, as one Treasury official explained earlier. Their lack of volatility (even tether continues to trade at roughly $1 despite reports about tether's reserves) mean they could be used for payments, making them a competitor to the dollar (while bitcoin and altcoins are more accurately compared with precious metals). The agency said Friday that tether and Bitfinex will pay a combined $42.5MM, with $41MM of that coming from tether, and the remaining $1.5MM coming from Bitfinex. Tether's fine was imposed over the company's claims that its stablecoin was "fully backed" by US dollars (which, as Bloomberg demonstrated, it's not). Bitfinex, meanwhile, will pay $1.5MM over findings that "Bitfinex engaged in illegal, off-exchange retail commodity transactions in digital assets with U.S persons on the Bitfinex trading platform and operated as a futures commission merchant (FCM) without registering as required," according to the statement. The CFTC took a few seconds to pat itself on the back in its press release as the feuding over which agencies have jurisdiction over crypto continues to intensify. "This case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace," said Acting Chairman Rostin Behnam. "The CFTC will continue to take decisive action to bring to light untrue or misleading statements that impact CFTC jurisdictional markets.”" The CFTC added that it imposed these charges in keeping with its Congressional mandate to protect American investors from scams and fraud. "As demonstrated by today’s actions against Tether and Bitfinex, the CFTC is committed to carrying out its statutory charge to promote market integrity and protect U.S. customers," said Acting Director of Enforcement Vincent McGonagle. "The CFTC will use its strong anti-fraud enforcement authority over commodities, including digital assets, when necessary. The CFTC will also act to ensure that certain margined, leveraged or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges. Moreover, as the Bitfinex order reflects, the CFTC will take decisive action against those who choose to violate CFTC orders." The penalties stemmed from the same findings about tether's lack of verifiable reserves that Bloomberg disclosed earlier this month. Since..."at least June 1, 2016 to February 25, 2019, Tether misrepresented to customers and the market that Tether maintained sufficient U.S. dollar reserves to back every USDT in circulation with the “equivalent amount of corresponding fiat currency” held by Tether and “safely deposited” in Tether’s bank accounts. In fact Tether reserves were not “fully-backed” the majority of the time." The CFTC also found that tether only held the amount of fiat reserves that it advertised during only 27.6% of the days in a 26-month sample time period from 2016 through 2018. The investigation also showed how Bitfinex helped tether essentially launder its reserves. "...[I]nstead of holding all USDT token reserves in US dollars as represented, Tether relied upon unregulated entities and certain third-parties to hold funds comprising the reserves; comingled reserve funds with Bitfinex’s operational and customer funds..." Tether also neglected to complete mandatory audits during this time. The company even went so far as to put up tether's reserves to cover Bitfinex losses when it was struggling with a hacker-induced "liquidity crisis." Tyler Durden Fri, 10/15/2021 - 14:26.....»»

Category: smallbizSource: nytOct 15th, 2021

Bitcoin Nears $63k As ProShares Signals ETF Launch Imminent, Dorsey Plans Mining System

Bitcoin Nears $63k As ProShares Signals ETF Launch Imminent, Dorsey Plans Mining System Update (1650ET): Confirming the earlier headlines that set the stage for a Bitcoin (futures) ETF to start trading next week, Bloomberg's James Seyffart tweeted that Proshares' 8A just hit which registers the ETF's shares with the SEC for trading on an exchange. If anyone needs more evidence that this is happening on Tuesday. Proshares' 8A just hit which registers the ETF's shares with the SEC for trading on an exchange. pic.twitter.com/Idp6cm4qet — James Seyffart (@JSeyff) October 15, 2021 Additionally, ETFStore President Nate Geraci told CoinDesk that the form is “a step forward” for digital assets and bridging them with the more traditional financial sector. He confirmed that the filing of a post-effective amendment is confirmation of the SEC’s tacit approval. “It’s an encouraging sign for the future of crypto to see SEC Chairman Gensler get comfortable in helping mainstream investors more easily access bitcoin exposure,” he said in an email. “The availability of a bitcoin ETF will now bring more investors under the crypto tent and facilitate greater education across the space.” As UBS warned in its latest Crypto Compasss, so as not to tempt fate, one veteran investor offered the tongue-in-cheek observation that anticipated SEC approval for a futures-based ETF may mark a local top in prices, much like the Coinbase IPO, per the old adage: "buy the rumour, sell the fact." The same thing occurred on the exact day that BTC futures debuted on the CME on December 17, 2017. We wouldn't bank on it but also wouldn't be surprised to see such a milestone marking the point where some long-term dip buyers begin to lighten up. They have been accumulating steadily for the past seven months. But, options markets are signaling a lot of upside still for BTC (and positive gamma)... However, UBS notes that stablecoin intervention is a more potent threat, with authorities actively throwing sand in the wheels of further development.  *  *  * Update (1635ET): Square (and Twitter) CEO Jack Dorsey has been a long-time advocate for cryptocurrencies and this evening he tweeted about his latest plans to create a Bitcoin mining system: Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions. — jack⚡️ (@jack) October 15, 2021 As he detailed in a brief thread: 1/ Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes. True?  2/ Mining needs to be more efficient. Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration. What are the largest opportunities here?  3/ Silicon design is too concentrated into a few companies. This means supply is likely overly constrained. Silicon development is very expensive, requires long term investment, and is best coupled tightly with software and system design. Why aren’t more companies doing this work?  4/ There isn’t enough focus on vertical integration. Considering hardware, software, productization, and distribution requires accountability for delivering to an end customer vs improving a single technology in the chain. Does seeing this as a single system improve accessibility?  5/ Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners?  Our team led by @JesseDorogusker will start the deep technical investigation required to take on this project. We’d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We’ll update this thread as we make our decisions. And now over to Jesse.  That headline was enough to push Bitcoin even higher on the day, nearing $63k at its peak... *  *  * Cryptos are all rallying this morning but Bitcoin is making headlines as it broke back above the $60,000 level for the first since April... Source: Bloomberg This has extended a recent run from around $40,000 which has been driven by increasingly optimistic signs of a Bitcoin ETF being imminent... Source: Bloomberg This has pushed Bitcoin back up to be the world's 8th largest asset (just below that of Silver), and well above $1 trillion market cap... Source Citing “people familiar with the matter,” Bloomberg has reported that the United States Securities and Exchange Commission is poised to approve the first Bitcoin futures ETFs in the country. The anonymous sources said: “The regulator isn’t likely to block the products from starting to trade next week.” Bloomberg's Eric Balchunas recently laid out his odds for which of the numerous ETF proposals will be accepted first... And for those in the "digital gold" camp, this analog from the '70s is interesting. CoinTelegraph reports that Austrian investor and analyst Niko Jilch this week referenced famed investor Paul Tudor Jones while explaining the “excitement” over the Bitcoin ETF. Tudor Jones had previously highlighted Bitcoin’s cycles being similar to gold in the 1970s — just when it had become a futures product itself and enjoyed a 10-year bull run followed by a 50% correction. Gold’s 1970s rip, TechDev additionally noted, fits extremely neatly over Bitcoin’s performance since October 2020. Finally, not to be forgotten, Ethereum is holding above $3800... Tyler Durden Fri, 10/15/2021 - 16:42.....»»

Category: smallbizSource: nytOct 15th, 2021

Crypto: First U.S. Bitcoin ETF looks set to debut Monday or Tuesday from ProShares Trust

ProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists......»»

Category: topSource: marketwatchOct 15th, 2021

Dow jumps as stocks notch weekly gains amid hopes for strong consumer demand, earnings season ahead

The stock market found support from the government's report that showed retail sales rose 0.7% last month, exceeding estimates for a 0.2% decline. Wall Street's big indexes are up midway through October. Johannes Eisele/Getty Images The Dow industrials leapt more than 380 points Friday following strong retail sales and earnings from Goldman Sachs. Goldman joined other banks this week in jumpstarting the Q3 earnings season with profit beats. Retail sales rose in September, confounding expectations for a decline. US stocks closed higher Friday as Wall Street's key indexes locked in wins for the week on the back of unexpectedly strong monthly retail sales and a big earnings beat from Goldman Sachs. The Dow Jones Industrial Average surged more than 380 points, with Goldman Sachs shares advancing after the bank's third-quarter earnings of $14.93 a share came in well ahead of expectations of $10.18, driven by strong investment banking revenue.Goldman stock helped push the financial sector on the S&P 500 index up by more than 1%. Both indexes gained more than 1% for the week. Here's where US indexes stood at 4:00 p.m. on Friday: S&P 500: 4,471.46, up 0.75%Dow Jones Industrial Average: 35,295.55, up 1.1% Nasdaq Composite: 14,897.34, up 0.5%Goldman joined Morgan Stanley, Bank of America, JPMorgan and other banks this week that posted quarterly results above expectations. The banks were the first major companies to jumpstart the new earnings season. But other companies may have trouble passing on higher prices to their customers while supply-chain problems are ongoing. Those factors potentially pose a serious risk to broader earnings prospects, said Morgan Stanley in a note Friday. Meanwhile, stocks on Friday found support from the government's report that showed retail sales rose 0.7% last month to $625 billion, exceeding the median estimate of a 0.2% decline from economists surveyed by Bloomberg. Spending at stores and restaurants unexpectedly bounced up, a brighter sign for an economy highly dependent on consumers.Elsewhere on the market, the Securities and Exchange Commission is set to approve the first US bitcoin futures exchange-traded fund as soon as next week, Bloomberg reported late Thursday.Meanwhile, a China central bank official said the ripple effects from the Evergrande Group crisis that's roiled global markets are "controllable," marking China's first comments since the property developer missed international bond payments last month. NuCypher, a little-known altcoin that bills itself as a decentralized threshold cryptography network, soared by more than 1,000% and touched a $2 billion market cap. Gold dropped 1.6% to $1,768.00 per ounce. The 10-year Treasury note yield edged up to 1.577%. Oil prices rose. West Texas Intermediate crude tacked on 1.1% at $82.17 per barrel. Brent oil, the international benchmark, added on 0.9% to $84.73. Bitcoin surged 7.1% to $61,561.Read the original article on Business Insider.....»»

Category: personnelSource: nytOct 15th, 2021

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

Axie Infinity, which features colorful, fighting creatures, has generated $2.5 billion in trading volume, according to the BGA Blockchain Game Report. Axie Infinity. Axie Infinity media kit Axie Infinity, a crypto game that lets players earn money, became the top-traded NFT collection, according to the BGA Blockchain Game Report. The game, which centers on NFT creatures called Axies, has generated $2.5 billion in trading volume. Axie Infinity toppled CryptoPunks and NBA Top Shot to take the title of most-traded NFT collection. Axie Infinity, an ethereum-based game where players can earn money by battling colorful creatures, became the top-traded NFT collection during the third quarter, data show. Developed by Vietnamese startup Sky Mavis, Axie Infinity drew in $2.08 billion in trading volume from July through September, representing 19% of trading volume in that space, according to the BGA Blockchain Game Report from Dappradar. And as of the report's publication on October 14, it was more than $2.5 billion. The game's creatures, called Axies, are NFTs that can be sold or purchased. NFTs, or non-fungible tokens, are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to bitcoin and other cryptocurrencies. During the third quarter, the game overtook CryptoPunks and NBA Top Shot - among the most famous NFTs - to claim the title of the most-traded NFT collection ever. CryptoPunks have become hot items for millionaires to buy, and payments heavyweight Visa in August ventured into the digital-collectibles market by purchasing the CryptoPunk 7610 pixelated avatar for around $150,000."The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution," said BGA, adding that the game pulled in $800 million in revenue in the third quarter. Players can earn two types of tokens, Smooth Love Potions and Axie Infinity Shards, through breeding, raising and battling Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. The AXS price earlier this month hit an all-time high of $155.88, according to CoinGecko. The SLP token's price reached an all-time high above $0.399 in July but has since pulled back. The broader blockchain industry posted a quarterly increase of 25% in unique active wallets, to 1.54 million. BGA said UAWs are somewhat analogous to daily active users, although individuals can hold multiple wallet addresses.A big driver in that increase came from blockchain-based games with players seeking to earn money. UAWs connected to blockchain games hit 754,000 in the third quarter, or 49% of the whole industry's usage, the report said. Read the original article on Business Insider.....»»

Category: worldSource: nytOct 15th, 2021

Top Ten: Weekend reads: Stocks to own during periods of high inflation

Also, bitcoin regulation and Social Security's largest increase in 40 years......»»

Category: topSource: marketwatchOct 15th, 2021

NuCypher soars 1,134% in a single day as the altcoin touches $2 billion market valuation

While NuCypher celebrated its one-year anniversary on Friday, there was no indication as to what developments drove a surge in demand for the altcoin. Drew Angerer/Getty Images NuCypher soared as much as 1,134% on Friday as the altcoin touched a $2 billion market cap.The decentralized threshold cryptography network celebrated its one-year anniversary on Friday.The surge made NuCypher the 79th largest cryptocurrency, according to CoinMarketCap.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.NuCypher, a little-known altcoin that bills itself as a decentralized threshold cryptography network, soared as much as 1,134% on Friday.The surge catapulted NuCypher's market valuation to more than $2 billion from about $200 million as one-day volume exploded 18,266% higher, according to data from CoinMarketCap. The altcoin hit a high of $3.58 before paring its gains by about 50% to $1.80.While NuCypher celebrated its one-year anniversary on Friday, there was no clear indication as to what developments drove such a sharp surge in demand for the altcoin, which is now the 79th largest cryptocurrency by market value."One year ago today the NuCypher network launched. Since then, thousands of stakes and dozens of dapp developers have discovered threshold cryptography," NuCypher's Twitter profile said Friday morning.The surge in NuCypher came as bitcoin continued its October rally and hit $60,000 amid ongoing speculation that the SEC may be close to approving the first bitcoin futures ETF.NuCypher has 687.5 million coins in circulation and a max supply of 3.9 billion coins. NuCypher, which is built on the ethereum network, serves as an encryption service for public blockchains and offers end-to-end encrypted data sharing on public blockchains and decentralized storage solutions.NuCypher's white paper was first published in 2017, and the altcoin began trading on October 15, 2020, at a price of $0.23 and a market valuation of $2.4 million. Coinmarketcap Read the original article on Business Insider.....»»

Category: smallbizSource: nytOct 15th, 2021

Bitcoin breaks $60,000 for the first time since April as crypto ETFs look set for watershed SEC approval

Market sentiment is on the upturn as the SEC appears ready to allow the first US bitcoin futures ETF to start trading next week. Getty Bitcoin broke the $60,000 level on Friday for the first time since April as investors were encouraged by signs a futures ETF will soon be approved. The SEC is set to allow trading of the first US bitcoin futures ETF next week, Bloomberg reported. The digital coin rose as much as 5% to $60,343.07. It's now just 7.5% from a record high. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin topped $60,000 for the first time since April on Friday as investors celebrated the prospect of the SEC approving the first US bitcoin futures ETF within days.The digital asset rose as much as 5% to $60,343.07, according to Bloomberg data, bringing it within 7.5% of its record price of $64,869.78. That takes bitcoin's year-to-date gains to roughly 107%.Market sentiment is on the upturn as the SEC is ready to allow the first US bitcoin futures ETF to start trading next week, according to Bloomberg.Anticipation has been further fuelled by the regulator approving Volt Equity's ETF last week, according to Will Hamilton, head of trading and research at digital asset management firm TCM Capital.Volt's ETF specifically tracks companies that have significant exposure to bitcoin, or generate most of their profit from bitcoin-related activities like mining, lending, or manufacturing mining equipment."It's a small step, but a very promising one," Hamilton said. "In essence, the SEC has given the nod, from an investor protection point of view, that investing in these heavily crypto-exposed companies is 'ok'."Separately, a direct update from the SEC seems to have contributed to Friday's moves. The regulator's investor education Twitter account posted a link to a June notice on Thursday, warning about the risks associated with investing in bitcoin."Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said. Investors interpreted it as signalling the regulator will approve those types of funds at some point next week.On Wednesday, Russian President Vladimir Putin said he recognizes cryptocurrencies as a means of payment. And Morgan Stanley CEO James Gorman admitted crypto is more than just a fad.Further, Coinbase proposed creating a special regulator as a potential solution to the lack of regulatory clarity and enforcement in crypto markets, as it believes digital assets need to be treated differently to stocks.Crypto traders seem to have brushed off comments from JPMorgan boss Jamie Dimon that bitcoin is "worthless," and Bank of England's deputy governor Jon Cunliffe warning that the coin could trigger a 2008-level meltdown."Instead of scaremongering about bitcoin, certain officials should look closer to home," said Paolo Ardoino, chief technology officer at trading platform Bitfinex. "The unsustainable inflationary monetary policies of central banks will inevitably unravel."Read More: 2 ETF veterans-turned crypto investors break down why they think the SEC should approve a bitcoin ETF that invests in the digital currency itself instead of futures contracts - and share the 3 main pitfalls of a futures-based ETFRead the original article on Business Insider.....»»

Category: smallbizSource: nytOct 15th, 2021

Elon Musk"s Tesla is up $1 billion on its $1.5 billion bitcoin investment as the cryptocurrency soars

Elon Musk's position that Tesla will hold onto its billion-dollar-plus investment in bitcoin paid off as ETF excitement drives the coin to a new high. Elon Musk Picture Alliance The bitcoin bought by Tesla for $1.5 billion in January is worth $2.5 billion after bitcoin's rally. The token topped $60,000 briefly because the SEC looks likely to approve bitcoin futures ETFs. Tesla CEO Elon Musk is influential in crypto and his comments have driven volatility in bitcoin's price. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Elon Musk's vow that Tesla will hold onto its billion-dollar-plus investment in bitcoin is paying off as ETF excitement drives the coin's price to highs not seen since April.The electric-car maker now holds 42,902 bitcoin, according to Bitcoin Treasuries. It added $1.5 billion worth of the cryptocurrency to its balance sheet in February. That investment is valued at $2.5 billion on Friday, after bitcoin climbed more than 3%, according to Coinbase data. The price of the token touched $60,000 but has since slipped back to $59,310 - still its highest level in five months.This is not the first time Tesla's holding has added $1 billion in worth. Its fair value was almost $2.5 billion in March, the company said in an SEC filing. Overall, the value of Tesla's crypto investment has tracked the price moves for bitcoin since February. The token has gained 23% over the past month on hopes the SEC will give the go-ahead for crypto exchange-traded funds. A report Friday that regulators are ready to allow bitcoin futures ETFs to trade next week has boosted the price.Tesla has sold only 10% of its bitcoin, and that was only to find out whether it was as liquid as cash on a balance sheet, Musk said."Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy," its CEO Musk said in a tweet in May.Musk is a crypto influencer whose comments have contributed to volatility in the price of dogecoin and shiba inu as well as bitcoin. The comment indicating Tesla had suspended vehicle purchases in bitcoin was followed by a drop in the token's price.Read the original article on Business Insider.....»»

Category: smallbizSource: nytOct 15th, 2021

The SEC is ready to allow bitcoin futures ETFs to start trading next week, report says

Anticipation has been brewing for bitcoin futures ETFs to get the go-ahead from US regulators after a series of positive signs. Getty The first US bitcoin futures ETF is likely to start trading next week, Bloomberg reported late Thursday. It reported the SEC is unlikely to block the products, which would be a "watershed moment for crypto," an analyst said. Bitcoin hit a six-month-high above $60,000 on Friday, on hopes a bitcoin futures ETF is within reach. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The Securities and Exchange Commission is set to allow the first US bitcoin futures exchange-traded fund to start trading next week, Bloomberg reported late Thursday.The SEC is not likely to block such products from beginning to trade next week, the news outlet reported, citing people familiar with the matter.Four proposed bitcoin ETFs are in line for an October decision from the SEC on whether to approve, deny or delay their submissions. The firms involved - ProShares, Valkyrie Investments, Invesco, and VanEck - are among several applicants waiting for word.ProShares and Invesco's proposals are based on futures contracts and filed under a 1940 law that the chairman of the SEC, Gary Gensler, has said provide "significant investor protection" for mutual funds and ETFs.While pure bitcoin ETFs have not found favor with Gensler, he has sounded more positive about those based on futures contracts for the digital asset. The SEC green light would be "a watershed moment for the crypto community, as they have been waiting for this since 2018," Naeem Aslam, chief market analyst at Avatrade, said in a note."The reflection of this optimism can also be seen by looking at the bitcoin price, which is only 7% away from its all-time high."Bitcoin briefly topped $60,000 for the first time since April on Friday, before slipping to around $59,440. Its price has been gaining over recent days in anticipation of ETF approval, with many expecting it could regain April's record high of $64,895 before the end of the year.Firms waiting for a crypto ETF decision from the SEC include Fidelity, WisdomTree, Wilshire Pheonix, VanEck, First Trust SkyBridge, and Valkyrie, as well as ProShares and Invesco.Whichever fund secures first approval could gain a significant first-mover advantage, as investors seek exposure to the price of the digital asset in their traditional brokerage and retirement accounts.Tyler and Cameron Winklevoss were the first to try to create a bitcoin futures ETF, without success, in the US in 2013. This year, crypto ETFs were approved in Canada and Europe.Anticipation that a bitcoin futures ETF is just around the corner has been brewing, given recent developments.Cathie Wood's Ark Invest has put its name to an ETF whose SEC application was filed by issuer Alpha Architect on Wednesday. The ARK 21Shares Bitcoin Futures Strategy ETF carries the ticker ARKA, a positive sign of pending regulatory approval, an analyst said.Some investors are flagging an SEC tweet as another positive signal. The regulator's investor education office on Thursday posted a link to a June notice that warns about crypto funds."Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said.The SEC last week gave the go-ahead to Volt Equity's ETF, which tracks stocks with significant exposure to bitcoin - seen as the closest fund to a bitcoin ETF so far.The SEC didn't immediately respond to Insider's request for comment.Read More: An ultimate guide to 10 top altcoins, their real-world applications, and why investors are betting their tech is the future of cryptoRead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

US stock futures edge up after strong earnings lift S&P to its best day since March, as bitcoin tops $60,000

Some optimism returned to stock markets at the end of the week, as earnings season picked up pace. US politicians often place major bets on Wall Street. Angela Weiss/Getty Images US futures rose Friday after stocks notched their biggest gain since March the previous day. Strong earnings and falling US jobless claims cheered investors, while bond yields stayed below 1.6%. Elsewhere, bitcoin topped $60,000, and oil prices continued their relentless march higher. US futures rose Friday after stocks notched their biggest gain since March on the back of strong earnings the previous day.Meanwhile, bitcoin topped $60,000, leading to excitement that the cryptocurrency could hit a record high before the end of the year.S&P 500 futures were up 0.27%, Nasdaq 100 futures were 0.23% higher, and Dow Jones futures advanced 0.33% on Friday, indicating an upbeat start to regular trading later.The previous day, the S&P 500 logged its best performance since March, rising 1.71% as investors cheered strong earnings reports from banks and healthcare companies.European stocks climbed Friday, with the continent-wide Stoxx 600 index up 0.31%. In Asia overnight, China's CSI 300 rose 0.38%, and Japan's Nikkei 225 jumped 1.81%.A number of factors are supporting stocks, according to Deutsche Bank strategist Jim Reid. They include "decent corporate earnings releases, a mini-collapse in real yields, positive data on US jobless claims, as well as a further fall in global COVID-19 cases that leaves them on track for an 8th consecutive weekly decline," he said in a note.Bank of America's shares jumped more than 4% Thursday, after the US lender posted a sharp rise in third-quarter profit. Morgan Stanley, Citigroup and UnitedHealth Group also gained after their quarterly financial updates.Goldman Sachs is set to report earnings on Friday, while big names such as Tesla, Johnson & Johnson and Netflix will release their figures next week.A fall in weekly US jobless claims also helped stock-market sentiment on Thursday and Friday. They dropped to 293,000 last week, data showed Thursday, the lowest reading since March 2020 and below economists' expectations.US bond yields edged higher on Friday, with the yield on the key 10-year US Treasury note up 2.7 basis points to 1.546%. Yet the yield, which moves inversely to the price, was down on the week, having started above 1.6% on Monday.Elsewhere in markets, bitcoin briefly topped $60,000 for the first time since April on Friday as the rally in the world's biggest cryptocurrency continued. It then dipped to trade at around $59,440.Analysts said bitcoin jumped due to excitement around a Bloomberg report that a bitcoin futures exchange-traded fund is likely to be approved in the US soon. Such a product would open up the crypto market to a range of institutional investors.Naeem Aslam, chief market analyst at Avatrade, said it would be a "watershed moment for the crypto community as they have been waiting for this since 2018. The reflection of this optimism can also be seen by looking at the bitcoin price which is only 7% away from its all-time high."In the energy markets, oil continued its relentless march higher. Brent crude oil rose 0.86% to $84.72, a three-year high. WTI crude was trading at around a seven-year high, having risen 0.77% to $81.94.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

Payments crazy for cannabis - "Boomerang employees" - Youngkin chats Carlyle

The top finance stories for Oct. 15, including the latest on FIS's cannabis ambitions and a new trend of "boomerang employees." Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:FIS is building a new team focused on the cannabis and CBD industry.The newest job market trend is a surge in "boomerang employees."Virginia GOP gubernatorial hopeful Glenn Youngkin detailed his hopes for the state and his time at Carlyle.Let's get started. FIS is hiring a manager focused on cannabis and CBD Olena Ruban/Getty Images FIS is building a new team focused on the cannabis and CBD industry as it looks to tap into a "new, high-growth space." The payments giant is looking to hire a senior strategy manager who will develop the firm's strategy when it comes to CBD and cannabis merchants. More on that here.The latest job market trend: "Boomerang employees" Samantha Lee/Insider Workers who left their jobs during the pandemic are starting to ask for their old positions back, earning them the title of "boomerang employees." And while it used to be rare for employers to rehire quitters, many are welcoming back ex-employees with open arms. What you need to know about boomerang employees.Morgan Stanley's CEO talks bitcoin Andrew Burton/Getty Images; Samantha Lee/Insider During the bank's third-quarter earnings call, Morgan Stanley CEO James Gorman said bitcoin isn't a major part of the firm's business, but that it's more than just a passing trend. See more of the chief executive's comments on crypto. Glenn Youngkin on his days as a Wall Street kingpin Marianne Ayala/Insider We sat down with ex-Carlyle chief and Virginia GOP gubernatorial hopeful Glenn Youngkin, who shared his hopes for Virginia and discussed his years in private equity - and denied reports of tensions on his way out. Here's what we learned from Youngkin.Inside AQR's shift to the public cloud AQR AQR, the $137 billion quantitative manager, is in the middle of a multiyear migration to the cloud that will see it cut costs by as much as 30%. Steve Mock, AQR's co-CTO, detailed the big move.See the deck QC Ware used to raised $25 million QC Ware QC Ware, a fintech that builds quantum algorithms for companies like Goldman Sachs, Airbus, and BMW Group, just raised $25 million in a Series B funding round. We got a look at the 20-page pitch deck it used to raise the funds - see it here. If you haven't already, take a look at our exclusive library of pitch decks.The buy side's big bet on the cloud Samantha Lee/Business Insider Top hedge funds, investment firms and private-equity shops are increasingly turning to the cloud. Some see it as a recruiting move, while others hope to cut costs and increase compute power. We spoke with six firms, including Point72, Blackstone, and Millennium, to see how they're leveraging the tech to their advantage.On our radar:Coinbase has asked Congress to create a special regulator for digital assets, WSJ reports. More on that here.Citi CEO Jane Fraser says the bank has more tricks up its sleeve despite Google pulling the plug on its partnership. Here's what she said.Fortune reported on a new partnership between Carlyle Group and the Milken Institute that's aimed at diversifying asset management.Billionaire Dan Sundheim's D1 Capital is making a big bet on cannabis tech unicorn Dutchie, now valued at $3.75 billion. Here's why.American Express is hiring for 20 data scientist roles. Candidates should come prepared to solve these two logic questions.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

Bitcoin briefly hits $60,000 for the 1st time since April as crypto ETFs look set for watershed SEC approval

Market sentiment is on the upturn as the SEC appears ready to allow the first US bitcoin futures ETF to start trading next week. Getty Bitcoin touched $60,000 on Friday as investors awaited approval of a futures ETF tracking its price. The SEC is set to allow trading of the first US bitcoin futures ETF next week, Bloomberg reported. The digital coin hit a 24-hour high of $60,018, taking its year-to-date gains to around 104%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin briefly topped $60,000 for the first time since April on Friday, as investors celebrated the prospect of the SEC approving the first US bitcoin futures ETF within days.The digital asset hit a 24-hour high of $60,018, according to data from CoinGecko, nearing its record price of $64,895. That takes bitcoin's year-to-date gains to about 104%.Market sentiment is on the upturn as the SEC is ready to allow the first US bitcoin futures ETF to start trading next week, according to Bloomberg.Anticipation has been further fuelled by the regulator approving Volt Equity's ETF last week, according to Will Hamilton, head of trading and research at digital asset management firm TCM Capital.Volt's ETF specifically tracks companies that have significant exposure to bitcoin, or generate most of their profit from bitcoin-related activities like mining, lending, or manufacturing mining equipment."It's a small step, but a very promising one," Hamilton said. "In essence, the SEC has given the nod, from an investor protection point of view, that investing in these heavily crypto-exposed companies is 'ok'."Separately, a direct update from the SEC seems to have contributed to Friday's moves. The regulator's investor education Twitter account posted a link to a June notice on Thursday, warning about the risks associated with investing in bitcoin."Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said. Investors interpreted it as signalling the regulator will approve those types of funds at some point next week.On Wednesday, Russian President Vladimir Putin said he recognizes cryptocurrencies as a means of payment. And Morgan Stanley CEO James Gorman admitted crypto is more than just a fad.Further, Coinbase proposed creating a special regulator as a potential solution to the lack of regulatory clarity and enforcement in crypto markets, as it believes digital assets need to be treated differently to stocks.Crypto traders seem to have brushed off comments from JPMorgan boss Jamie Dimon that bitcoin is "worthless," and Bank of England's deputy governor Jon Cunliffe warning that the coin could trigger a 2008-level meltdown."Instead of scaremongering about bitcoin, certain officials should look closer to home," said Paolo Ardoino, chief technology officer at trading platform Bitfinex. "The unsustainable inflationary monetary policies of central banks will inevitably unravel."Read More: 2 ETF veterans-turned crypto investors break down why they think the SEC should approve a bitcoin ETF that invests in the digital currency itself instead of futures contracts - and share the 3 main pitfalls of a futures-based ETFRead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

Crypto: Some investors are taking this SEC tweet as a signal that a bitcoin futures ETF could get approval imminently

Some bitcoin fans view a new social media post by the U.S. Securities and Exchange Commission's investor education arm, warning about the 'highly speculative' nature of bitcoin, as bullish......»»

Category: topSource: marketwatchOct 14th, 2021

Crypto: Some investors are taking this SEC tweet as a signal that a bitcoin futures ETF could get approval

Some bitcoin fans view a new social media post by the U.S. Securities and Exchange Commission's investor education arm, warning about the 'highly speculative' nature of bitcoin, as bullish......»»

Category: topSource: marketwatchOct 14th, 2021

There are 52 companies representing $7 trillion worth of stock exposed to cryptocurrencies

"Creeping" exposure takes place in part when newly listed cryptocurrency companies are added to investment indexes, said MSCI. Cryptocurrencies. Getty Investors are becoming increasingly exposed to cryptocurrencies and risks associated with digital assets, said MSCI. At least 52 companies under coverage at MSCI ESG Research have crypto exposure. And 26 such companies are included in MSCI's flagship ACWI World Index. Investors focused on environmental, social and governance matters are increasingly subject to "creeping" exposure to cryptocurrencies, according to MSCI. The index provider said at least 52 public companies covered by MSCI ESG Research have exposure to cryptocurrencies, representing about $7.1 trillion in market capitalization, or around 6.6% of the market cap covered by the unit, according to the ESG team's podcast. "While most cryptocurrencies are speculative investments with little evident utility, some have seen limited success as genuine currencies, and many have posted eye-popping returns," said MSCI ESG Research. "This growth has contributed both to the rise of cryptocurrency-exposed companies and efforts by established companies to gain cryptocurrency exposure." Exposure comes from a range of companies such as pure-play crypto firm Coinbase, the exchange operator that went public in April. Other names include Facebook, which logs no revenue from digital coins but is exploring ways to monetize the system, and Nvidia, the chipmaker with a dedicated graphics-processing unit for professional cryptocurrency miners. Crypto exposure creeps in when newly listed cryptocurrency companies are added to indexes, or when companies that investors already own - directly or through indexes - venture into activities involving bitcoin or other cryptocurrencies, said MSCI. Crypto-exposed companies include 26 constituents of the MSCI ACWI Index, the company's flagship global equity index that gauges the performance some large- and mid-cap stocks in 23 developed and 27 emerging markets. The index includes more than 2,900 constituents across 11 sectors. Meanwhile, investors with crypto exposure may also be running counter to their ESG goals.Environmental risks from cryptocurrencies include greenhouse-gas emissions from energy usage and electronic waste. Governance risks include boards of cryptocurrency-exposed companies needing to adapt risk-management policies to issues such as cybersecurity and anti-money laundering practices.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021