Displaying items by tag: bitcoin

Bitcoin flew by $60,000 and is approaching all-time highs. This was a 4% climb in less than a day. Speculation is what pushed the world’s most prominent cryptocurrency higher, as it seems it seems regulators will be approving the first bitcoin exchange-traded fund. While there hasn’t been anything official, the ETF is set to launch at the NYSE on Tuesday, and investors are expecting the SEC to not object. Investors like Mikkel Morch, executive director at ARK36, are putting $65k price target on bitcoin. The rally wasn’t widespread in all crypto as both XRP and ADA slumped. Regulation is still one of the largest risks as central banks and governments around the globe are weary to embrace. Jon Cunliffe Dpubbt BoE Governor said crypto could spark a 2008 sized financial crisis.

FINSUM: Chinese regulators were the biggest threat to crypto earlier this year, but it appears the U.S. is moving more progressive on crypto regulation moving forward.

(Washington)

While dancing around the subjects for the past couple of years, the chief financial regulators have finally announced a regulation…see the full story on our partner Magnifi’s site

(New York)

Goldman Sachs released a key report to its clients this week detailing…see the full story on our partner Magnifi’s site

(New York)

Most bitcoin investors know it, but few else do: the bitcoin industry is ultra energy intensive as bitcoin mining takes mountains of electricity. Because of this, the surge in interest in ESG is casting a pall over the bitcoin frenzy. One research analyst summarized the situation very nicely, saying “Many companies have cozied up to Bitcoin in order to associate themselves with the digital currency’s technological mystique … As ESG funds start to flee Bitcoin, its price will begin a downward spiral. Stay away”.

FINSUM: This makes absolute sense. Bitcoin is highly energy inefficient, and therefore the combination of ESG considerations and likely government regulations make bitcoin look quite unattractive over the long term.

(New York)

In a sign of just how far Bitcoin and other cryptocurrencies have fallen from their heights, the CBOE has just scrapped its plans to continue to offer Bitcoin futures. Creating mainstream products around Bitcoin was all the rage until recently, but Wall Street’s appetite for doing so has tumbled alongside cryptocurrencies’ prices. Godman Sachs’ plans to create a bitcoin trading desk, much discussed early last year, have yet to materialize.

FINSUM: Have cryptocurrencies reached their zenith? In terms of prices, things are way off (Bitcoin at $20,000 in December 2017 to $4,000 now), but what about in terms of their place in the financial system?