Author: Max Bauer
Standard Chartered, the prominent emerging markets bank, announced the launch of its digital asset custody services in the United Arab Emirates (UAE) on Tuesday. The first client to utilize the new service is Brevan Howard Digital, the crypto and digital asset division of the renowned British hedge fund, Brevan Howard. The bank’s decision to introduce the service in the UAE stems from the country’s “well-balanced approach to digital asset adoption and financial regulation,” a spokesperson explained. “Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” said Gautam Sharma,…
A recent report from Jinshi Futures highlights the potential market impact of the Federal Reserve’s upcoming interest rate decision in September. Analyst Zhang Weixin of CITIC Construction Investment Futures suggests that the size of the rate cut will be pivotal in determining the market’s reaction, especially for commodities like copper. A 25 BP rate cut is likely to be seen as a precautionary move, boosting copper prices. However, a more aggressive 50 BP cut could trigger a sell-off in riskier assets, impacting the broader market. The absence of a rate cut would also create uncertainty. Disappointed expectations could lead to…
Bitcoin (BTC) continued its recovery on Tuesday, with the price approaching $58,000 by the end of the U.S. trading session. This represents a 1.7% gain in the last 24 hours and a nearly 10% increase from last Friday’s low. Other major cryptocurrencies, including Ethereum (ETH) and Solana (SOL), also posted gains of 1.5%. The broader crypto market recovery comes amidst the backdrop of the U.S. presidential election. While the upcoming debate between Donald Trump and Kamala Harris is unlikely to address digital assets directly, the contrasting policies of the two parties on cryptocurrency could influence market sentiment in the coming…
A recent Reuters poll indicates that the majority of economists anticipate the Federal Reserve will opt for a cautious approach to interest rate reductions, implementing three cuts of 25 basis points each throughout the remainder of 2024. This sentiment prevails despite recent data showing a softening labor market. The survey, conducted on September 10th, revealed that only a small minority (nine out of 101) of economists surveyed foresee a more aggressive 50 basis point cut at the upcoming Fed meeting next week. Stephen Stanley, chief U.S. economist at Santander Bank, suggested that the recent employment report, while weak, wasn’t alarming…
A new study by Social Capital Markets reveals that the Securities and Exchange Commission (SEC) has imposed over $7.4 billion in fines on the crypto industry since 2013. The massive $4.47 billion fine against Terraform Labs this year has pushed 2024 to a record-breaking year, with total fines reaching $4.7 billion. While the overall fine amounts have surged, the number of fines issued has decreased to 11 from 30 in 2023. The report suggests a strategic shift by the SEC towards fewer, but more impactful, cases, underlining the increasing financial risks associated with regulatory violations for crypto firms. Social Capital…
Caroline Ellison, the former co-CEO of Alameda Research and ex-girlfriend of disgraced FTX founder Sam Bankman-Fried, is scheduled to be sentenced on September 24th in a New York courtroom. Ellison pleaded guilty in December 2022 to multiple fraud charges related to the collapse of the FTX cryptocurrency exchange, which resulted in billions of dollars in losses for consumers. Ellison faces a maximum penalty of 110 years in prison, but her cooperation with prosecutors is likely to result in a more lenient sentence. Other former FTX executives, Gary Wang and Nishad Singh, have also cooperated with prosecutors and are awaiting sentencing.…
As the U.S. presidential debate between Donald Trump and Kamala Harris looms, the question of whether cryptocurrency will make its way into the discussion remains uncertain. Despite the growing prominence of digital currencies, prediction markets indicate that the odds are slim. On Polymarket, a platform where users bet on the likelihood of specific debate topics, the chances of Trump mentioning “crypto” or “Bitcoin” stand at a modest 17%. This reflects a cautious outlook among traders, who wager 17 cents per share on the possibility. Should Trump bring up these terms, each share would pay out $1 in cryptocurrency; otherwise, the…
As the highly anticipated debate between Donald Trump and Kamala Harris approaches, uncertainty surrounding the event is causing ripples in both the stock and cryptocurrency markets, according to analysts at QCP Capital. While the cryptocurrency market cap saw a modest 1.9% gain over the past day, major tokens like bitcoin and ether have experienced declines for the week, dropping 3% and 6%, respectively. The analysts attribute this to the broader market volatility, with the correlation between crypto and global stocks nearing a two-year high. “Macroeconomic uncertainty is currently dominating the cryptocurrency market,” noted QCP Capital analysts, highlighting the 30-day correlation…
Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their platforms. ENS, a decentralized naming system built on the Ethereum blockchain, allows users to replace complex crypto addresses with readable names. Announced by ENS Labs on Tuesday, this integration will initially benefit U.S. users. When sending crypto, users can now input the recipient’s ENS name directly into the search field. The platforms will then automatically identify the corresponding wallet addresses, streamlining the process. ENS Labs highlighted that this feature will minimize errors in crypto transactions on Paypal and Venmo. Furthermore, it will make it easier for users to…
Vice President Kamala Harris, the Democratic presidential nominee, has released a detailed list of policy positions on her campaign website, outlining her vision for a future administration. While the platform covers a wide range of issues, including tax cuts for middle-class families and affordable housing, it notably omits any mention of cryptocurrencies. Harris’s policy document, titled “Supporting American Innovation,” focuses on bolstering U.S. leadership in key industries like semiconductors, clean energy, and artificial intelligence. The document emphasizes her commitment to building upon the progress made by the current administration in these sectors. The absence of any mention of cryptocurrencies in…