DTCC rules out collateral for Bitcoin-linked ETFs
This notice means that exchange-traded funds and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets will not be assigned any collateral value.
The Depository Trust and Clearing Corporation (DTCC) — a financial services company that provides clearing and settlement services for the financial markets — stated that it will not allocate any collateral to exchange-traded funds (ETFs) with exposure to Bitcoin or cryptocurrencies and will not extend loans against them.
DTCC’s announcement states that effective April 30, 2024, the DTCC will implement changes to collateral values for specific securities during its annual line-of-credit facility renewal, potentially affecting position values in the collateral monitor.
This notice released on April 26 means that ETFs and similar investment instruments with Bitcoin (BTC) or other cryptocurrencies as underlying assets will not be assigned any collateral value, resulting in a 100% reduction in their collateral value.
Bitcoin Just Entered a ‘Second Danger Zone,’ Warns Crypto Analyst – Here Are His Targets
A cryptocurrency analyst and trader is warning that Bitcoin (BTC) may see another move to the downside in the next two weeks. The analyst pseudonymously known as Rekt Capital tells his 74,300 YouTube subscribers that the current Bitcoin correction may be mirroring its 2016 halving price action when BTC witnessed two corrective waves: one before […]
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Study: Half of Canadian Institutional Investors Actively Offered One Crypto Asset Product in 2023
According to a recent survey, half of Canadian institutional investors and financial services organizations have actively offered at least one type of cryptocurrency asset product or service to clients in the past year. The study revealed that half of the institutional investors surveyed were exposed to crypto through exchange-traded funds (ETFs), closed-end trusts, or other […]Nvidia shares up 15% in 5 days — Will AI crypto tokens follow?
Nvidia’s share price saw a 15% increase after a brief slump during the previous trading week, prompting analysts to speculate about the price movements of AI crypto tokens.
The share price of Nvidia (NVDA), one of the biggest producers of graphics processing units (GPUs), has recovered by 15% this week, leading analysts to speculate whether “bottomed out” artificial intelligence (AI) crypto tokens will follow suit.
“This is absolutely insane,” trading resource The Kobeissi Letter declared in an April 27 post on X, while pointing out the major climb seen in Nvidia’s market cap within the past trading week:
“The stock has jumped from a low of $756 to $880+, adding ~$320 BILLION in market cap,” it added.
A16z Exec Blasts Meme Coins: They Make Crypto Look ‘Like a Risky Casino’
Eddy Lazzarin, CTO of A16z Crypto, one of the largest cryptocurrency-focused venture capital funds, has criticized the meme coins’ effect on the broad appreciation of the cryptocurrency market. Lazzarin stated that meme coins undermined the “long-term vision of crypto” that has maintained some actors in the space, making it look “like a risky casino.” A16z […]Forbes lists XRP, ADA, LTC, ETC among top “zombie” tokens
Forbes unveils 20 “zombie” crypto tokens like XRP, ADA, ETC, LTC with high market values but lacking in utility and adoption.
The post Forbes lists XRP, ADA, LTC, ETC among top “zombie” tokens appeared first on Crypto Briefing.
About 87% of Crypto Millionaires Don’t Believe They May Lose Their Crypto Forever
Cryptocurrencies have emerged as a pivotal conversation in the 21st century, and it comes as no surprise given their transformative potential and widespread implications. For many, they seem like a beacon of hope, offering a sanctuary for investments when traditional financial assets stumble. It’s only logical that the ultra-wealthy have eagerly embraced the crypto wave […]
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Republic First Bank Fails, Triggers Minor Crypto Market Downturn Amid Banking Sector Concerns
The United States witnessed its first banking failure of 2024 with the closure of Philadelphia-based Republic First Bank, creating ripples within the cryptocurrency community as Bitcoin, Ether, and various altcoins experienced slight price drops following the announcement. This event has spurred discussions among crypto enthusiasts and investors, with some seeing bank failures as a compelling […]New UK Law Empowering Authorities to Seize and Destroy Crypto Assets Takes Effect Today
A new law enabling the National Crime Agency and police to seize, freeze, and destroy crypto assets is now in effect in the UK. Under this law, police can seize crypto from suspects without needing to make an arrest first. Additionally, victims have the right to request the release of funds held in crypto accounts […]Republic First Bank closed by US regulators — crypto community reacts
Republic First Bank’s 32 branches across the United States will reopen under Fulton Bank starting next week, according to the FDIC.
United States regulators have closed Philadelphia-based Republic First Bank, marking the nation’s first banking failure of 2024.
It has sparked debate among the crypto community amid Bitcoin (BTC), Ether (ETH), and several altcoins slightly faltering following the news.
“Another bank just collapsed, the Republic First Bank. Yeah… I think I’ll stick to Bitcoin,” CEO of Zesh Marius Martocsan stated in an April 26 post on X.
Stablecoins Gain Ground as Global Financial Asset
According to Chainalysis’ “Crypto Spring Report,” stablecoin adoption and market importance are seeing a rapid increase in 2024, with a significant rise in the number of addresses holding them and their use in on-chain transactions, making them a global financial asset. Legislation efforts in the U.S., such as the Lummis-Gillibrand Payment Stablecoin Act, aim to […]
Franklin Templeton’s Ethereum spot ETF listed on DTCC
Franklin Templeton’s spot Ethereum ETF, EZET, is now listed on the DTCC, awaiting the SEC’s decision amidst growing frustration.
The post Franklin Templeton’s Ethereum spot ETF listed on DTCC appeared first on Crypto Briefing.
Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves
The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central bank’s currency reserves. He stated that no decision has been made yet to invest in bitcoin, underscoring the necessity for currency reserves to be liquid, sustainable, and easily tradable, given their use in international payments. Swiss National Bank on […]Crypto Trader Issues Bitcoin Warning, Says Ethereum Liquid Staking Project Flashing Short-Term Bullish Signal
A popular crypto trader says a liquid staking service for the Ethereum (ETH) blockchain is flashing a short-term bullish signal. The analyst Ali Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal on Lido DAO’s (LDO) 3-day chart. “If LDO can hold […]
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$10,000,000,000 Bank Shut Down by US Regulators in First Bank Failure of 2024
US regulators just announced the first bank failure of 2024. The FDIC says it has stepped in to protect $6 billion in assets and $4 billion in customer deposits at Philadelphia-based Republic Bank. The assets will be immediately handed over to Fulton Bank, a former rival that’s also located in Philadelphia. “Republic Bank’s 32 branches […]
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Solana cat coin PAJAMAS soars over 500% in one week
The Solana-based cat meme coin PAJAMAS gained over 500% in one week after YouTube co-founder Steve Chen joined the project.
The post Solana cat coin PAJAMAS soars over 500% in one week appeared first on Crypto Briefing.
Bitcoin Conference to Bring Star-Studded Lineup of Speakers to Hong Kong on Dawn of Historic ETFs
PRESS RELEASE. Excitement is brewing in the heart of Asia as Hong Kong regulators pave the way for a new era of innovation with the recent approval of spot Bitcoin exchange-traded funds (ETFs). This groundbreaking development underscores Hong Kong’s commitment to becoming a regulated hub for Bitcoin. At the same time, the Bitcoin Conference is […]
Urgent Bitcoin Update (Why Markets Are About To PUMP!)
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Bank of Russia and Rosfinmonitoring Reveal Fiat-to-Crypto Tracking System Pilot
The Bank of Russia and Rosfinmonitoring revealed the existence of a ‘know your crypto customer’ system pilot, that aims to link the fiat operations of crypto users with their blockchain actions. The pilot, which has been ongoing since 2023, involves five banks in Russia and is expected to run until April, but can be extended. […]Two US Senators Pen Open Letter to DOJ and DHS Concerning Crypto Use by Child Abusers
Two US Senators are writing a bipartisan letter to federal agencies about the potential use of crypto assets by child abusers. According to a new press release, Senator Elizabeth Warren, a Democrat from Massachusetts, and Senator Bill Cassidy, a Republican from Louisiana, say in the letter that digital assets are the “payment of choice” for […]
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‘The new $10 billion protocol’: Bitcoin builder explains what is Runes
The new Runes protocol for Bitcoin reached a $346 million market cap within its first week, representing explosive growth according to builder Punk 686.
The post ‘The new $10 billion protocol’: Bitcoin builder explains what is Runes appeared first on Crypto Briefing.
‘Lost’ Yuga Labs restructures again, with layoffs, new executive
The creator of the Bored Ape Yacht Club has been struggling with a changing market and still plans to focus on its Otherside metaverse project.
Yuga Labs CEO Greg Solano had a “tough day,” he informed company employees in a message that he then shared with the world on X. Some of those employees had an even worse day after an all-hands meeting where layoffs were announced. Yuga lost its way, Solano explained.
In his message to the staff, Solano said he had been appraising the company in the two months since he took over as CEO, and his conclusion was unsettling:
“Creator royalties were thriving and made our whole ecosystem electric. Now we’re in hard mode,” Solano said, but he has a plan.
Acinq to Withdraw Phoenix Wallet From US Markets Amid Regulatory Concerns
On Friday, April 26, Acinq announced that its Lightning Network bitcoin wallet, Phoenix, will cease services for U.S. residents from May 3, 2024. This announcement followed closely on the heels of the Samourai Wallet indictment and what is perceived as a targeted U.S. government effort against financial privacy and non-custodial solutions. Lightning Network Platform Phoenix […]Crypto Biz: X payment system, Block moves into Bitcoin mining and more
This week’s Crypto Biz examines X’s upcoming payment system, the NYSE’s potential 24/7 trading, Block’s expansion into Bitcoin mining, and more.
Social media platform X is set to incorporate a wide range of financial services into its ecosystem. Christopher Stanley, X’s head of payments, compared the future functionality of the platform to the combination of Venmo and Apple Pay in an X post on April 22.
Meanwhile, Jack Dorsey’s financial technology conglomerate, Block, is advancing its cryptocurrency initiatives by developing a Bitcoin (BTC) mining ecosystem. The initiative targets key industry challenges, including the high demand for ASIC mining rigs.
On Wall Street, the New York Stock Exchange (NYSE) is exploring the possibility of transitioning to 24-hour trading, similar to the cryptocurrency markets. This change could increase liquidity for traders but also lead to increased volatility for retail investors.
Grant Yun’s debut NFT collection on Solana sells out in 9 minutes
The collection “Life in Japan” from digital artist Grant Yun sold out in just 9 minutes on the Exchange Art NFT marketplace.
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John Deaton files amicus brief in support of Coinbase appeal against SEC
The lawyer said he had filed a brief on behalf of 4,701 Coinbase customers for no charge as part of his advocacy work in the crypto space.
The crypto lawyer currently running a Senate campaign to unseat Elizabeth Warren has filed a brief in support of Coinbase appealing a matter in its case against the United States Securities and Exchange Commission (SEC).
In an April 26 filing in U.S. District Court for the Southern District of New York, John Deaton filed an amicus brief in support of a motion for interlocutory appeal on behalf of 4,701 Coinbase customers. According to the brief, the lawyer filed the document pro bono to represent the interest of Coinbase customers rather than the exchange itself.
Deaton listed previous enforcement actions taken by the SEC as evidence the regulator “does not speak on behalf of digital asset users and investors and intends to offer no regulatory guidance beyond citing the Howey case.” He cited the commission’s civil cases against Debt Box, in which he claimed the SEC was “more interested in hurting a crypto company than maintaining an allegiance to truth and justice.” A judge sanctioned the commission in that case.
$90,000,000,000,000 Transfer of Wealth To Gen Z and Millennials Is ‘Tempting Target’ for Governments Amid Soaring Debt: Report
A multi-trillion dollar transfer of wealth from baby boomers to their brethren has become a “tempting target” for taxation, according to a new report. The transfer, which is estimated to reach $90 trillion in the US alone, has sparked a new and urgent political debate on inheritance taxes, reports the Financial Times. “With even the […]
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EU DeFi regulations set to welcome big banks, challenge crypto natives
New rules under the MiCA framework may encourage big banks to enter the DeFi space, potentially complicating compliance for native crypto projects.
Inoming rules for decentralized finance protocols in Europe could raise significant barriers to crypto-native projects while encouraging licensed traditional financial institutions to get on board, predicts Marina Markezic, executive director of the European Crypto Initiative.
During an interview with Cointelegraph, Markezic discussed the European Commission’s upcoming DeFi report, which is due Dec. 30, 2024. The report is under the Markets in Crypto-Assets (MiCA) framework and will examine the feasibility of specific regulations for the DeFi ecosystem.
“We think that this regulation will facilitate those [traditional] players to come into this crypto space. We know that some banks are already thinking of issuing stablecoins,” Markezic said in response to the expected impacts of a DeFi regulatory framework, adding that:
Contrary to Crypto Influencer Hype, Data Reveals ‘It is Not Altcoin Season’
Over the past 90 days, while bitcoin has shown steady performance, 19 other cryptocurrencies have outpaced the leading digital asset in terms of price growth. However, the Altcoin Season Index, which measures the performance of these cryptocurrencies against bitcoin, has dropped from 59 to 39 since early April, signaling that an altcoin season is unlikely […]Payment Processor Stripe To Kick Off USDC Payments This Summer, More Than Six Years After Ditching Bitcoin
Payment processing firm Stripe plans to roll out global USDC payments this summer, more than six years after the company ended Bitcoin (BTC) support. John Collison, Stripe’s president and co-founder, announced the upcoming payments feature on Thursday. At a presentation, Collison demonstrated how customers could link crypto wallets to Stripe and make instant payments with […]
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