Author: Max Bauer

The UK government has introduced a new bill in Parliament that would officially classify cryptocurrencies, non-fungible tokens (NFTs), and tokenized real-world assets (RWAs) as personal property. This landmark bill is expected to provide much-needed clarity and legal protection for digital asset owners in the UK. By recognizing crypto assets as personal property, the legislation will offer a clear legal framework for resolving ownership disputes, such as those arising during divorce proceedings. It will also strengthen protections for crypto owners, both individuals and businesses, against fraud and scams. The bill proposes a new category of property, expanding beyond the traditional classifications…

A month after its initial cryptic announcement, Coinbase has further stirred speculation around its upcoming wrapped Bitcoin product, cbBTC, by unveiling a potential logo. The logo, tweeted by the Base Twitter account, has intensified the belief that the launch of cbBTC is imminent. The move comes in the wake of the controversy surrounding wBTC and BitGo, where concerns have been raised regarding Justin Sun’s involvement. It appears Coinbase is strategically capitalizing on this situation, positioning cbBTC as a potentially more transparent and trustworthy alternative. Adding to the growing anticipation, several team members have also tweeted the logo, suggesting a coordinated…

Bitcoin’s mining difficulty has soared to an unprecedented 92.67 trillion, signaling a significant increase in the computational power dedicated to securing the network. This adjustment comes on the heels of a record-breaking seven-day moving average hash rate of 693.84 EH/s, reached on Sunday. The difficulty adjustment, which occurs approximately every two weeks, ensures that the average time to mine a new block remains around 10 minutes, irrespective of the number of miners competing for the reward. This surge in difficulty is a direct response to the increasing number of miners joining the network. The more miners there are, the harder…

The Federal Reserve is likely to start cutting interest rates next week, but the extent of easing may disappoint investors, according to Deutsche Bank. This mismatch in expectations could trigger volatility in the US government bond market. Stefanie Holtze-Jen, Deutsche Bank’s Asia Pacific chief investment officer, predicts six rate cuts through September 2025, less than the nine cuts currently priced in by traders. The anticipation of Fed rate cuts has fueled a rally in US Treasuries, with yields on the benchmark 10-year note falling for four consecutive months, the longest streak of declines in three years. However, Deutsche Bank warns…

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.…