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Wikipedia Editors List FTX’s Questionable Blunder as the Top Trading Loss of All-Time

Wikipedia Editors List FTX’s Questionable Blunder as the Top Trading Loss of All-TimeFollowing the collapse of FTX at the beginning of November, two top executives from FTX and Alameda Research — Sam Bankman-Fried and Caroline Ellison — have been listed among traders with the top trading losses worldwide on Wikipedia. According to the Wiki page, Bankman-Fried’s and Ellison’s so-called ‘trading loss’ of 51 billion nominal U.S. dollars […]

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Banking Giant Morgan Stanley Says Bitcoin (BTC) and Crypto Adoption Among Institutions Slow To Pick Up: Report

Banking Giant Morgan Stanley Says Bitcoin (BTC) and Crypto Adoption Among Institutions Slow To Pick Up: Report

Banking giant Morgan Stanley says that blue-chip investors are reportedly lagging behind in terms of investing in Bitcoin (BTC) and crypto. According to a new report by the Financial Times, strategists Sheena Shah and Kinji Steinmetz from Morgan Stanley published a recent note revealing that a record-setting number of Bitcoin has not moved in over […]

The post Banking Giant Morgan Stanley Says Bitcoin (BTC) and Crypto Adoption Among Institutions Slow To Pick Up: Report appeared first on The Daily Hodl.

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Former Morgan Stanley CEO Says Crypto Could Be ‘Huge’ in the Future – Here’s What He Means

Former Morgan Stanley CEO Says Crypto Could Be ‘Huge’ in the Future – Here’s What He Means

The former top executive of banking giant Morgan Stanley says that the technology behind crypto assets could revolutionize the current financial system. In a new interview on CNBC’s Squawk Box, former Morgan Stanley CEO John Mack says that in about 50 years, monetary transactions and asset trading will take place digitally on blockchains as life […]

The post Former Morgan Stanley CEO Says Crypto Could Be ‘Huge’ in the Future – Here’s What He Means appeared first on The Daily Hodl.

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Former Morgan Stanley CEO: Crypto Could Become ‘a Huge Way’ That Monetary Transactions Take Place

Former Morgan Stanley CEO: Crypto Could Become ‘a Huge Way’ That Monetary Transactions Take PlaceFormer Morgan Stanley CEO John Mack has confirmed that he still owns bitcoin. While admitting that it is hard for him to understand why crypto has value, the former executive believes that 50 years from now, crypto could be “a huge way that monetary transactions take place.” Former Morgan Stanley CEO John Mack on Bitcoin […]

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Morgan Stanley Analyst Says Crypto Economy’s Liquidity Improved, but There’s ‘No Huge Demand to Re-Leverage’

Morgan Stanley Analyst Says Crypto Economy’s Liquidity Improved, but There’s ‘No Huge Demand to Re-Leverage’An analyst at the New York-based financial services and investment management company Morgan Stanley detailed on Monday that crypto liquidity seems to be recovering. Morgan Stanley’s Sheena Shah highlighted in a note to investors that the stablecoin market capitalization is seeing fewer redemptions for the first time since April. Morgan Stanley Investors’ Note Says Crypto […]

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Google invested a whopping $1.5B into blockchain companies since September

Other notable corporate investors include BlackRock, Morgan Stanley, Samsung, and Goldman Sachs, according to a report from Blockdata.

Google parent company Alphabet poured the most amount of capital into the blockchain industry compared to any other public company, investing $1.5 billion between Sep. 2021 and Jun. 2022, a new report shows. 

In an updated blog published by Blockdata on Aug. 17, Alphabet (Google) was revealed as the investor with the deepest pockets compared to the top 40 public corporations investing in blockchain and crypto companies during the period.

The company invested $1.5 billion into the space, concentrating on four blockchain companies including digital asset custody platform Fireblocks, Web3 gaming company Dapper Labs, Bitcoin infrastructure tool Voltage, and venture capital company Digital Currency Group.

This is in stark contrast to last year, where Google diversified its much smaller $601.4 million funding effort across 17 blockchain-based companies, which again included Dapper Labs, along with Alchemy, Blockchain.com, Celo, Helium and Ripple.

Google’s increased investment into the blockchain industry is consistent with the other top 40 publicly traded companies, with $6 billion in total being invested during this time, compared to $1.9 billion between Jan. 2021 to Sep. 2021 and $506 million in all of 2020.

Source: Blockdata

The other big corporate investors include asset management company BlackRock, which invested $1.17 billion, investment banking corporation Morgan Stanley, investing $1.11 billion, and electronics company Samsung, with investments totaling $979.2 million.

Like Google, Morgan Stanley and BlackRock adopted a more concentrated approach investing in only two to three companies during the period. However, Samsung was by far the most active investor having invested in 13 different companies.

The data also found that companies offering some form of non-fungible token (NFT) solutions have been the most popular investment.

“Many of these belong to industries such as gaming, arts & entertainment, and distributed ledger technology (DLT).”

The remaining investments have been split between companies that provide Blockchain-as-a-Service (BaaS), infrastructure, smart contract platforms, scaling solutions and digital asset custody platforms.

Related: Beyond the hype: NFTs can lead the way in transforming business experiences

The data also found that banks have started to increase their exposure to crypto and blockchain companies, driven by an increase in client demand for crypto services. Among the banks finding themselves on the top list of crypto investors are United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.

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Morgan Stanley encourages investors to buy battered El Salvador Eurobonds

The banking giant estimated that El Salvador wouldn’t face any issues with its debt payment for another year, despite the crisis it's facing currently.

The Bitcoin (BTC) bet has somewhat backfired for the small nation as the top cryptocurrency trade at a 70% discount from its top. At a time when the Latin American nation is struggling with its debt, Morgan Stanley has given a buy call for the battered Eurobonds.

Simon Waever, the global head of emerging-market sovereign credit strategy at Morgan Stanley, told investors in a Tuesday note that El Salvador’s bonds are overly punished by the market conditions despite the country having better financial metrics than many of its peers, reported Bloomberg. The note to investors read:

“Markets are clearly pricing in a high probability of the autarky scenario in which El Salvador defaults, but there is no restructuring.”

Waever noted that a country’s debt shouldn’t trade lower than 43.7 cents on the dollar even in cases of default, but also admitted that the level is impossible to achieve in the current market condition due to tightening global liquidity.

Related: El Salvador postpones Bitcoin bonds to September: Report

The Tuesday note assessed that El Salvador shouldn’t have any problem in repaying debts for the next 12 months because of the primary surplus, and it has smaller maturities coming due than other distressed nations like Argentina, Egypt and Ukraine.

El Salvador made BTC a legal tender in September last year, and things seemed to work perfectly well for the small nation for as long as the bull market peaked. The country purchased nearly $56 million worth of BTC since September and even used the profit in the last year to build schools and hospitals. However, the country lost a significant chunk of its investment once the bear market set in.

There were discussions around the issuance of a Bitcoin volcanic bond after a $1 billion aid request to the international monetary fund (IMF) fell through. However, the bond, which was hyped along with a Bitcoin city, has seen numerous delays with no concrete date for a launch.

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Wealthy Coinbase clients are still ‘hodling’ Bitcoin since December 2020, data suggests

Institutions that reportedly purchased 10,939 BTC from Coinbase in December 2020 are not selling yet.

Bitcoin's (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.

Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to "hodl" onto their investments despite BTC price down well over 50% from its all-time highs.

For instance, institutions that deposited 10,939 BTC (~$335 million at today's price) with Coinbase Custody in December 2020, when BTC/USD was around $23,000, have not moved since, on-chain data from CryptoQuant shows.

Ki Young Ju, CEO of CryptoQuant, noted:

"For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020."
Coinbase custodial wallets comparison. Source: CryptoQuant/Ki Young Ju

If this is the case, then these institutions are currently sitting on 30% profits from their BTC investments. Meanwhile, their decision to not unwind their Bitcoin positions, even when BTC/USD has plummeted by more than half, underscores their strong "hodling" sentiment.

That also points to institutions' ability to withstand additional declines in the Bitcoin price, at least until it drops below the investors' breakeven level of $23,000.

Bitcoin bear market not over?

Bitcoin's price has been fluctuating inside the $29,500-$30,500 range since May 12, underscoring the market's indecision in a higher interest rate environment.

Related: On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K

But several technical analysts anticipate that BTC's price would continue its prevailing downtrend.

For instance, PostyXBT, an independent market analyst, argues that the token could fall toward its 200-week moving average (the $20,000-22,000 range) next, as shown in the setup below.

BTC/USDT weekly price chart. Source: PostyXBT/TradingView

Meanwhile, Popular analyst Rekt Capital adds that a drop toward the 200-week MA could also have Bitcoin form a bearish wick, which might take its price to as low as $15,500-$19,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Dogecoin (DOGE) Surges As Elon Musk Attempts Twitter Takeover with Morgan Stanley

Dogecoin (DOGE) Surges As Elon Musk Attempts Twitter Takeover with Morgan Stanley

The CEO of SpaceX and Tesla is getting closer to his goal of acquiring social media giant Twitter, and in response his favorite cryptocurrency Dogecoin (DOGE) is rallying. According to a new Bloomberg report, the billionaire entrepreneur is in negotiations with Twitter executives and shareholders to purchase the platform with backing from banking giant Morgan […]

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Report: Twitter Engages in Negotiations With Elon Musk, Analyst Says Unless a Second Bidder Appears Musk Will Acquire the Company

Report: Twitter Engages in Negotiations With Elon Musk,  Analyst Says Unless a Second Bidder Appears Musk Will Acquire the CompanyAccording to multiple reports stemming from people familiar with the matter, Twitter has been engaged in negotiations with Elon Musk over his proposal to purchase the social media platform for $46.5 billion. Sources detail that a number of Twitter shareholders allegedly reached out to the company’s board after Musk detailed his financing plans last week. […]

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