Bloomberg

Signature Bank’s Closure Due to ‘Crisis of Confidence’ in Its Leaders – Not Crypto, Says Regulator: Report

March 16, 2023 The Daily Hodl

Bloomberg Strategist Mike McGlone Warns One Catalyst Could Drive Bitcoin (BTC) and Crypto Prices Down

March 3, 2023 The Daily Hodl

Bloomberg Analyst Issues Warning, Says Bitcoin Facing Massive Threat From Rate Hikes and Recession

February 13, 2023 The Daily Hodl

Moody’s to build scoring system for stablecoins: Report

January 26, 2023 Coin Telegraph

Bloomberg

Moody's is allegedly developing a scoring system for stablecoins, with analysis of up to 20 digital assets.

Credit rating firm Moody's is allegedly developing a scoring system for stablecoins, with analysis for up to 20 digital assets, Bloomberg reported on Jan. 26, citing unnamed sources.

The system, which appears to be in the early stages of development, will evaluate and rate the quality of the attestations of stablecoin reserves, although it will not be considered an official credit rating. Generally speaking, third parties attest that a company’s claims are accurate and validate that stablecoins are backed 1:1 by their reserves.

A stablecoin is a type of cryptocurrency whose value is pegged to a fiat currency, such as the United States dollar, or another financial instrument. The concept was developed to offer an alternative to the volatility of other cryptocurrencies by tying the stablecoin’s value to another asset. This does not imply, however, that stablecoins are risk-free.

For instance, Tether, the largest stablecoin issuer, settled with the New York Attorney General’s office in 2021 after allegedly misrepresenting the amount of fiat collateral backing its USDT (USDT) stablecoin. In addition to paying $18.5 million in damages to the state of New York, the company was required to submit periodic disclosures of its reserves, Cointelegraph reported at the time.

Stablecoin reserves have come under further scrutiny in recent months as a consequence of the bear market and crypto firms’ collapse in 2022. In May, the Terra ecosystem imploded when its algorithmic stablecoin, TerraUSD (UST), lost its dollar peg, crashing to a low of around $0.30.

Recently, Tether disclosed plans to stop lending funds from its reserves amid rumors concerning its secured loans. The company reiterated that its loans were overcollateralized by “extremely liquid assets” but decided to discontinue the service throughout 2023.

Moody’s provides credit ratings for publicly traded companies, delivering analyses regarding credit risk through its rates. On Jan. 19, the agency released a note on Coinbase discussing the crypto exchange's downgraded senior debt and corporate family rating, which indicates a company’s ability to meet its financial obligations.

Top Bloomberg Analyst Says Bitcoin (BTC) Should Add Another Zero To Price – But There’s a Catch

January 25, 2023 The Daily Hodl

Daring drive-by at SBF’s: 3 men drove into barricade and fled: Lawyers

January 20, 2023 Coin Telegraph

Bloomberg

The lawyer’s didn’t specify the date or time at which the incident took place, and claimed the security personnel were unable to get the license plate details.

Three men reportedly drove their car into the metal barricade outside Sam Bankman-Fried’s parent’s home where he is currently under house arrest, SBF’s lawyers claim.

In a filing to the federal court, the lawyers for the former FTX CEO said the three men got out of the car after hitting the barricade and told a security guard guarding the home: “You won’t be able to stop us.”

The unidentified trio were then able to drive away before security guards could record the car’s license plate.

According to a Reuters report, the incident was described in a Jan. 19 court filing which they said underscored the security risks faced by the FTX founder and those linked to him, including the two individuals who secured Bankman-Fried’s $250 million bond, stating:

“Given the notoriety of this case and the extraordinary media attention it is receiving, it is reasonable to assume that the non-parent sureties will also face significant privacy and safety concerns if their identities are disclosed.”

The lawyers however didn’t specify the date or time at which the incident took place.

On Jan. 12, lawyers representing some of the largest U.S. media outlets — including Bloomberg, CNBC, Reuters and the Financial Times — wrote a letter to U.S. District Court judge Lewis Kaplan to request for the names of the guarantors.

The media’s lawyers argued the public’s right to know Bankman-Fried’s guarantors significantly outweighed their privacy and safety rights.

Given that Bankman-Fried shares close ties to some of the wealthiest and most politically-connected individuals on the planet, the lawyers argued that such non-disclosure could undermine public confidence in U.S. government institutions.

Bankman-Fried was extradited to the U.S. in December and pleaded not guilty to all eight fraud and conspiracy-based charges laid against him on January 3, 2023.

All charges relate to his alleged involvement in FTX’s catastrophic collapse in November.The controversial figure remains under house arrest at his parent’s California home until his trial date, which is set for October 2, 2023.

CoinDesk could be up for grabs as parent company DCG scrambles for funds

January 19, 2023 Coin Telegraph

Alameda

DCG has reportedly received offers for CoinDesk exceeding $200 million in recent weeks, which at a purchase price of $500 thousand would be a 39,900% return on its initial investment.

Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet.

According to the Wall Street Journal, CoinDesk has sought the help of investment bankers from financial advisory firm Lazard, who are helping the firm weigh options including a full or partial sale.

You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu
— Charles Hoskinson (@IOHK_Charles) January 19, 2023

DCG has purportedly received multiple offers exceeding $200 million to buy out the media firm over the last few months, which would result in a phenomenal return on their investment given DCG supposedly acquired the company for just $500,000 in 2016.

Barry Silbert’s DCG appears to be in serious financial strife recently, and announced to shareholders on Jan. 17 that it would be halting dividends in an effort to strengthen its balance sheet and “preserve liquidity.”

On Jan. 18, Bloomberg reported that another DCG subsidiary, crypto lending firm Genesis Global, was planning to file for bankruptcy after revealing it owed creditors over $3 billion — likely a leading factor contributing to DCG’s financial woes.

CoinDesk and Genesis are among some 200 crypto-related businesses in DCG’s venture capital portfolio, according to its website. Other companies that DCG owns include asset management firm Grayscale Investments, crypto exchange Luno, and advisory firm Foundry.

Some believe that CoinDesk’s article in November exposing the irregularities in Alameda Research’s balance sheet was the first domino that eventually led to the fall of crypto exchange FTX and the liquidity issues now being faced by Genesis and its parent company DCG and the wider crypto market.

Cointelegraph has reached out to CoinDesk for confirmation that a potential sale was being considered, but was yet to receive an answer at the time of publishing.

BTC forming bottom akin to 2018 with one key difference: Bloomberg analyst

January 17, 2023 Coin Telegraph

2018

The Bloomberg analyst said Bitcoin is forming a bottom similar to how it looked prior to the 2019 bull run but with one major difference in the markets.

Mike McGlone, Bloomberg's senior commodity strategist believes Bitcoin (BTC) could be developing a "bottom" in the same way it did prior to 2019's bull run but said there is a major difference this time around.

During a Jan. 16 interview with crypto podcaster Scott Melker, McGlone argued unlike in 2018 when financial institutions such as the Federal Reserve were easing interest rates, this time they’re still tightening along with "every central bank."

"Back then the Fed already started easing and we held the bottom and broke out higher and then we had that issue in 2019," he said.

"Right now they're tightening aggressively, so you look at that and you can't be too excited about any markets. Give it some time. Big picture, yes, really bullish Bitcoin," McGlone added.

*Graph shared by McGlone showing Bitcoin market prices. Image: YouTube*

McGlone also warned BTC might not see the surge being predicted just yet as there are challenging macroeconomic conditions and pressure from interest-rate hikes.

He believes the NASDAQ is likely to dip below its 200-week moving average, which he claims is another indication BTC’s price rally may not happen soon.

"Liquidity is being pulled away still and if the NASDAQ breaks down, everything breaks down, Bitcoin is going to be part of it."

"I still think it's going to come out ahead so to me that's where we stand," he added.

McGlone also said the market has entered an "unprecedented" environment, "where we're having bounces in what we know are bear markets and the Fed just says, sorry we're taking the punchbowl away, we're not giving it get back to you."

"I still think we're in the midst of the biggest macroeconomic reset of our lifetimes, we just had a 100-year event in terms of the pandemic, we're having a historic war in Europe and we're having a historic shift in political leadership in China," he added.

"I mean it's going back to the days of the Soviet Union when you have one leader and are expecting to be economically viable."

Bloomberg Analyst Says Bitcoin Bottoming Out Like 2018 Amid ‘Unprecedented’ Macro Climate

January 16, 2023 The Daily Hodl

Major media outlets demand identities of SBF’s $250M bond guarantors

January 13, 2023 Coin Telegraph

<div>Major media outlets demand identities of SBF's 0M bond guarantors</div>

associated press

The media’s lawyers argued the public’s right to know Bankman-Fried's sureties outweighed their privacy and safety rights, but Bankman-Fried’s lawyers strongly disagreed.

Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond.

In a Jan. 12 letter addressed to New York District Court Judge Lewis Kaplan, attorneys from Davis Wright Tremaine LLP — acting on behalf of the media giants — argued that “the public’s right to know Bankman-Fried's guarantors outweighed their privacy and safety rights.”

Media organizations looking to persuade the judge to unseal the identities of Bankman-Fried's guarantors include the Associated Press, Bloomberg, CNBC, Dow Jones, The Financial Times, Insider and the Washington Post.

In making their case, the media’s lawyers used case precedent from Ghislaine Maxwell’s Dec. 2020 case — where the bond guarantors' names weren’t revealed — to argue that Sam Bankman-Fried’s financial crimes were not as serious as Maxwell’s involvement in Jeffery Epstein’s child sex traffic ring scandal:

"While Mr. Bankman-Fried is accused of serious financial crimes, a public association with him does not carry nearly the same stigma as with the Jeffrey Epstein child sex trafficking scandal.”

According to a Jan. 12 report from Reuters, Bankman-Fried’s lawyers previously argued that Bankman-Fried's sureties should be kept under wraps as Joseph Bankman and Barbara Fried — the parents and co-signers of Bankman-Fried’s $250 million bond — have received ongoing physical threats since FTX's catastrophic collapse in early November.

If the guarantor’s names were revealed, there would be a “serious cause for concern” for the safety and welfare of those two people, Bankman-Fried’s lawyers argued.

On Jan. 3, Bankman-Fried pleaded not guilty against all eight criminal charges related to the shock collapse of his former cryptocurrency exchange FTX, which includes wire fraud and violations of campaign finance laws among other charges.

Share this video