Tag: bitcoin

Bitcoin hits nearly 2-week low in wake of China crackdown, BFSI News, ET BFSI

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LONDON/TOKYO: Bitcoin tumbled as much as 9% on Monday as recent volatility in the cryptocurrency market showed no signs of dampening down, with market players citing thin liquidity and China’s expanding crackdown on bitcoin mining.

Bitcoin fell as low as $32,288, its lowest in 12 days, and was last down 7.5%. If sustained, the drop would be its biggest in around a month.

Authorities in the southwest province of Sichuan on Friday ordered cryptocurrency mining projects to close. The State Council, China’s cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks.

“Crackdown on Chinese miners might mean that they are offloading coin into a thin market and taking us lower,” said Ben Sebley of London-based crypto firm BCB Group.

Production of bitcoin in China accounts for more than half of global bitcoin production. Sichuan is China’s second-biggest bitcoin mining province, according to data compiled by the University of Cambridge. Some miners shift production there in the rainy summer to take advantage of its rich hydropower resources.

Companies that mine bitcoin typically hold large inventories of the cryptocurrency, with any moves to sell large amounts depressing prices.

Bitcoin has dropped by over a fifth in the last six days, and is down by half from its April peak of just shy of $65,000. Still, it has gained over 10% this year.

Smaller rival ether, the second-biggest cryptocurrency by market capitalisation that tends to move in tandem with bitcoin, dropped as much as 12%, falling below $2,000 for the first time in almost a month. It was last down 10% at $2025.31.



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Bitcoin drops as hashrate declines with China mining crackdown, BFSI News, ET BFSI

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Bitcoin dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny.

The largest cryptocurrency fell 5.5% to $34,142 as of 10:50 a.m. Sunday in New York, dropping for a fourth time in the past five sessions. Ether, the second-biggest, declined 5.9% to $2,095.

The hashrate in China is dropping significantly as Bitcoin mines are being closed, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX wrote in an email Saturday, citing reports on Twitter from handle @bigmagicdao.

“Longer term most see hashrate moving out of China as positive but in the near term may have/has already resulted in inventory sales,” Cheesman said.

Cheesman also mentioned the death cross, which occurs when the 50-day moving average drops below the 200-day, but noted that “backtesting isn’t statistically significant” on the signal for Bitcoin. When the coin experienced a death cross in March 2020, for instance, that was at the start of a yearlong rally.

Cryptocurrencies have been enduring a lull recently. Bitcoin is trading at about half its record high of nearly $65,000 reached in mid-April. The market value of all cryptocurrencies is about $1.45 trillion, as measured by CoinGecko, versus a high around $2.6 trillion last month.

One of the factors cited has been concern about China clamping down on mining amid concerns about energy usage, and in the wake of deadly coal accidents.

The city of Ya’an in the southwestern region of Sichuan has promised the provincial authorities to root out all Bitcoin and Ether mining operations within one year, said a person with knowledge of the situation. According to a report in the Communist Party-backed Global Times, the closure of many Bitcoin mines in the province has resulted in more than 90% of China’s Bitcoin mining capacity being shuttered.

About 65% of the world’s Bitcoin mining took place in China as of April 2020, according to an estimate by the University of Cambridge.

In addition, Edward Moya, senior market analyst at Oanda Corp., said Bitcoin was being pressured by the sudden drop by the Titan token to nearly zero — a stablecoin that had drawn even billionaire Mark Cuban. Regulators had already been expressing concern about stablecoins, and Cuban himself encouraged further regulation of the space after the episode.

“Bitcoin tumbled as the demise over the Titan token raised the pressure of regulators to deliver more protections for the public,” Moya said in an email Friday. “Titan’s crypto crash was a surprise to many as it is a partially collateralized stablecoin. Given the risk-off environment that is hitting Wall Street, cryptocurrencies are under pressure.”



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The tale of Cryptocurrency – still up in the air?, BFSI News, ET BFSI

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After being out of favour for the past few years, cryptocurrency has seen a resurgence over the last year. Bitcoin, the poster child for the crypto movement, saw its value rise six times to ~ $ 63,000 by March 2021. Although it has sharply corrected post that it is still at four times the May 2020 levels. The primary reason for this has been the high participation, especially from retail players. This has been driven by the emergence of crypto exchanges like Coinbase, which went public April 2021 at a $100 billion valuation. Another key reason for its high value has been the scarcity; this is primarily because there is a limit set at 21 million bitcoins, and about 19 million of them has already been mined. Basis the success of Bitcoin, which has a current market cap of above $600 Billion, many more cryptocurrencies have emerged. Some of them, like Ethereum, Binance coin and tether, have a current market cap of more than $50 billion. So, what lead to the emergence of cryptocurrencies?

The cryptocurrency movement was driven by the distrust of the current financial system post the financial crisis of 2008. It was envisioned as a democratised currency created and owned by the people. The key to creating such a currency was a decentralised system where ownership is with everyone who participates. The trust this system created meant two parties not knowing each other could transact without needing an intermediary. It is this anonymous and decentralised nature that had the governments and central agencies concerned. Various governments had to impose restrictions on the use of cryptocurrency, owing to their increasing usage in illegal activities like money laundering, ransom payment, etc. This led to the fall in the value, post the initial enthusiasm. But globally, given the ease of launching a cryptocurrency and the interest, especially in the young, lead to multiple currencies being launched. There are more than 4000 cryptocurrencies globally, and they are still growing. While they might differ in their construct, the underlying volatility has been a feature of most of the cryptocurrencies launched, and therein lies the problem.

For any currency to act as a medium of exchange, the currency needs to be easy to carry, transact and should have a stable value over time. In the modern era, the primary role of central banks has been to provide this stability. Any drastic variation in the underlying value can lead to inflation or deflation, depending on the movement. While cryptocurrencies have been easy to transact and carry but the variability in their value and inability of a central agency to control it makes it a poor candidate to replace the current currency system. Widespread use of cryptocurrency can make the financial system vulnerable; this is especially true in developing countries where central banks ability to control inflation using monetary policy interventions can get severely impacted. Hence, we believe there is a very low probability that cryptocurrencies with their current construct can be seen as an alternate to the existing monetary system.

While cryptocurrencies have their drawbacks, having a digital currency is beneficial and hence many countries are looking to implement it. China has launched its digital currency. RBI has also been looking at creating a central bank digital currency (CBDC). The critical difference between these and existing cryptocurrencies is that they are expected to have a component of central control to help the central banks intervene and keep the value stable.

So what next for cryptocurrencies? While cryptocurrencies like bitcoin have not been able to serve their intended purpose of being a medium of exchange, they have emerged as an alternate asset class over the last few years. Given the limited availability and interest, especially among the millennials, their value is expected to increase. This has attracted significant capital flows towards this asset class. Given this, we believe the more prominent cryptocurrencies like Bitcoin, Ethereum, etc. are here to stay. At what value? That seems to be a trillion-dollar question.

The blog has been authored by Nilaya Varma, CEO, Primus Partners and Shravan Shetty, MD, Primus Partners.

DISCLAIMER: The views expressed are solely of the author and ETBFSI.com does not necessarily subscribe to it. ETBFSI.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.



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Index publisher MSCI looking at launch of crypto indexes, BFSI News, ET BFSI

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Global securities index publisher MSCI is looking at launching indexes for cryptocurrency assets, according to Chief Executive Henry Fernandez, in what would be another step towards mainstream acceptance for digital currencies and the companies trading in them.

Fernandez, speaking at a Clubhouse event organized by venture capital firm Andreessen Horowitz earlier this week, said MSCI has been talking to experts and is aiming to launch crypto indexes.

He gave no details on what assets any index would focus on nor any timeline for their introduction and MSCI later declined a Reuters request to elaborate on his comments.

Companies including Bank of New York Mellon Corp, Mastercard, Visa and Goldman Sachs have taken small steps towards supporting cryptocurrencies but they are still little used in day-to-day life.

In May, the S&P Dow Jones Indices unveiled new cryptocurrency indexes, bringing bitcoin and ethereum to the trading floors of Wall Street. The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them.

Crypto exchange Coinbase Global, of which Andreessen Horowitz is the biggest shareholder, also successfully listed on the tech-heavy NASDAQ in April, as bitcoin hit a record peak.

MSCI has been looking to expand its offerings, with Fernandez saying on Clubhouse the areas of private credit and environmental, social and governance (ESG) held opportunities for the company.

In April, the company launched 20 thematic indexes to help investors bet on “megatrends” in China that are aligned with the Chinese government’s policy goals.

The company publishes popular indexes for global equities and other securities, used by asset managers and investors to guide the allocation of $14.5 trillion in assets globally as of the end of 2020.

Inclusion in its indexes tends to open the door to more funds investing in the asset in question.



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SEC delays ruling on Bitcoin ETF in blow to crypto traders, BFSI News, ET BFSI

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US regulators have once again punted their decision on whether to approve a Bitcoin ETF.

The Securities and Exchange Commission said in a Wednesday regulatory filing that it will seek more public comment on a proposal to list a product on Cboe Global Markets Inc. It’s not the first time this year that the SEC has delayed giving an answer to the legions of crypto advocates pushing for a way to trade the largest cryptocurrency in an exchange-traded fund format.

Crypto enthusiasts have long been frustrated by the agency’s reluctance to sign-off on a Bitcoin ETF, a product that could catapult the world’s most valuable digital token into the mainstream among institutional investors.

There were predictions earlier this year that the regulator would be more receptive under SEC Chair Gary Gensler, who once taught classes on digital assets at the Massachusetts Institute of Technology. But since he took the reins in April, the agency has continued to express concerns that crypto exchanges lack oversight. And it has laid out fresh warnings about the risks of mutual funds investing in Bitcoin futures.

As part of Wednesday’s announcement, the SEC asked the public to weigh in on aspects of the Cboe proposal, which seeks approval of a VanEck Associates Corp. ETF. The SEC set deadlines into July and perhaps even August for people to respond. Here are some of the agency’s key questions:

  • Whether the trust and shares associated with the ETF would be susceptible to manipulation?
  • Whether Cboe’s plan is set up to prevent fraud and manipulation?
  • How transparent is Bitcoin?
  • Has regulation of the Bitcoin market changed substantially in the past five years?
  • What views do commentators have on the size and regulation of CME’s Bitcoin futures contracts?

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Millennials are killing it… Don’t LOL, BFSI News, ET BFSI

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– By Tarika Sethia

They are not just young but their choices are too unusual. While the traditional investors are still confused over cryptocurrency, millennials have already found solace in it.

Millennials investing in crypto

Vartika, a 28-year-old girl living in Mayur Vihar, Delhi, has seen hundreds of videos on YouTube which are related to cryptocurrency investments. She has invested in bitcoin and also made some money.

“I understood what cryptocurrency is by watching videos and decided to invest in it,” she said.

Around one crore investors are holding over $ 1 billion of cryptocurrency investments in India and the majority of them are millennials.

About 62% of users at WazirX, India’s biggest cryptocurrency exchange, are below 34 years of age. According to CoinDCX’s report titled ‘Mood of the Nation- 2020’, 71% of respondents below the age of 35 had invested in crypto at least once.

According to the CNBC Millionaire survey, more than 33% of millionaire investors belonging to the millennial generation have over half their wealth in cryptocurrencies. As mainstream and quotidian as it gets, it becomes essential to ask why some Indian millennials are throwing all their savings into a volatile virtual currency that they cannot afford to lose or is it just an alternate investment.

Cryptocurrency and Millennials

All these numbers shed light on the curious eyes of the millennial demography. The notion of crypto being a young person’s asset choice isn’t a farce. However, the question remains, why? While the equity markets were touching fresh lows each day during the Covid lockdown in 2020, cryptocurrencies kept rallying. It was 2020 when many began surfing the crypto wave. Work from home expanded the opportunity to do more than just work and allowed some free time to people leading to huge clamour for ‘meme’ stocks on social media. Fear Of Missing Out (FOMO) has made millennials dash for a chunk of the crypto pie.

Two things are attracting millennials towards cryptocurrencies. First, everything is digital and can be processed seamlessly on the smartphone. Second, it fetches high returns which no other asset class seems to offer.

“I have done my calculations. There are high chances that I will earn far more than what I invest,” said Syed, a 25-year-old intern in a private company.

Living in a digital world, convenience leaves millennials drooling. With copious platforms emerging for crypto trading and each one of them innovating to provide a better user experience, investing and trading has become easier. Brisk KYC to instant crypto purchases, investing in digital currency has become swift and seamless. It is the gift of having everything at your fingertip.

Millennials are not risk-averse

With skyrocketing growth and hard-hitting falls, cryptocurrencies are not for the risk-averse. Millennials are still young enough to afford risking a part of their investment into highly oscillating asset classes, as advised by financial advisors and influencers on Instagram and YouTube. This isn’t very fresh advice but has always lingered in the investment world. However, now it has welcomed a new asset class. This ideology served with the appeal of building wealth faster encourages this bracket to run towards crypto.

Cryptocurrency and regulations

Neither the government nor the regulator has taken any firm stand on cryptocurrencies yet. The crypto exchanges are trying their best to convince the regulator. While India’s central bank has clearly stated that they have issues against cryptocurrency, the Finance Ministry has a different view.

“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. The world is moving fast with technology. We cannot pretend we don’t want it,” said, Nirmala Sitharaman, Finance Minister.

Cryptocurrency and Global Push
The virtual currency has been dancing over tweets and has even attracted eyeballs of governments from El Salvador to India.

The curiosity about crypto is all over the world. It reached a new high when Tesla founder Elon Musk joined the race. In fact, after a drastic fall, Bitcoin soared this week after Musk’s tweets again favour the crypto.

Moreover, the European Investment Bank (EIB) issued its first digital bond on the Ethereum blockchain, in April this year. Richard Teichmeister, the head of funding at the EIB called the blockchain technology “revolutionary”. Dogecoin that started as a meme currency shot up in value when the tech billionaire Elon Musk tweeted about it.



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World Bank rejects El Salvador request for help on Bitcoin implementation, BFSI News, ET BFSI

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The World Bank said on Wednesday it could not assist El Salvador‘s bitcoin implementation given environmental and transparency drawbacks.

“We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” said a World Bank spokesperson via email.

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central America country had sought technical assistance from the Bank as it seeks to use bitcoin as a parallel legal tender alongside the U.S. dollar.

El Salvador’s government did not immediately respond to a request from Reuters regarding the World Bank’s decision.

The minister also said ongoing negotiations with the International Monetary Fund had been successful, although the IMF said last week it saw “macroeconomic, financial and legal issues” with the country’s adoption of bitcoin.

Zelaya said on Wednesday the IMF was “not against” the bitcoin implementation. The IMF did not respond to a request for comment.

Investors have recently demanded higher premiums to hold Salvadoran debt, on growing concerns over the completion of the IMF deal, key to patching budget gaps through 2023.

On Wednesday, bonds sold off across the curve, with the 2032 issue down more than 2 cents at 96.25 cents on the dollar. The spread of Salvadoran debt to U.S. Treasuries dipped to 705 basis points after hitting on Tuesday a four-month high of 725 bps.

“There is no fast track for a solution on an IMF program and even uncertainty on whether the bitcoin proposal is compatible with diplomatic U.S. (or) multilateral relations,” said Siobhan Morden, head of Latin America fixed-income strategy at Amherst Pierpont Securities in New York.

El Salvador this month became the first country to adopt bitcoin as legal tender, with President Nayib Bukele touting the cryptocurrency’s potential as a remittance currency for Salvadorans overseas.

This month, Bukele also pulled out of an anticorruption accord with the Organization of American States, which dismayed the U.S. government, as Washington looks to stem corruption in Central America as part of its immigration policy.

“The recognition of a ‘Bukele’ risk premium has probably done some permanent damage to investor sentiment,” Morden said in her client note.

The market may be focusing too much on the news headlines, however, and not enough on the possibility of a deal with the IMF, said Shamaila Khan, head of EM debt strategies at AllianceBernstein in New York.

“It is important for El Salvador to get the IMF program done. If it was lost on them, they wouldn’t have the conversations,” she said.

“Our view is too much risk is priced in at these levels.”



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Goldman expands in crypto trading with plans for Ether options, BFSI News, ET BFSI

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By Anchalee Worrachate

Goldman Sachs Group Inc. is moving beyond the world of Bitcoin and expanding into Ether.

The bank plans to offer options and futures trading in Ether, the coin that fuels the Ethereum network, in the coming months, according to Mathew McDermott, head of digital assets at Goldman.

It’s the latest step in the Wall Street giant’s crypto ambitions after Goldman restarted a trading desk this year to help clients deal in publicly traded futures tied to Bitcoin. McDermott said the bank also plans to facilitate trades via exchange-traded notes tracking Bitcoin.

Despite all the warnings from regulators about the risks posed by crypto’s extreme volatility and role in money laundering, investment banks are stepping up to offer Bitcoin services to their big clients. Even after prices plummeted in May, falling from about $60,000 to $33,000 in a matter of days, hedge funds are still enthusiastic to trade Bitcoin.

“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”

Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four.

The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks.

In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board.

“We are looking at a number of different companies that fit into our strategic direction,” he said.

Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.

McDermott said his conversations with clients show that digital currencies aren’t just a passing fad. In a survey of 850 institutions last week, Goldman found that close to one in 10 are trading crypto, and 20% are interested in it.

“Institutional adoption will continue,” he said. “Despite the material price correction, we continue to see a significant amount of interest in this space.”



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Bitcoin still being called a bubble after May’s 35% crash, BFSI News, ET BFSI

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By Ksenia Galouchko

The view that Bitcoin is a hallmark of speculative excess and froth is still going strong, even after last month’s 35% plunge.

About 80% of fund managers surveyed by Bank of America Corp. called the market a bubble, up from 75% in May. The poll, which captures the view of 207 investors with $645 billion in assets, said “long Bitcoin” is the second-most crowded trade after commodities.

The results point to a skepticism among some professional managers about whether crypto is a viable asset class, given its extreme volatility and regulatory uncertainty. Bubble fears are nothing new for cryptocurrencies, and plenty of investors have voiced doubts over the wisdom of wading into an asset that has no fundamental underpinning.

Even though prices have tumbled, investment banks are still embracing the emerging asset class. Goldman Sachs Group Inc. said it plans to roll out derivatives tied to Ethereum to clients, and Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies.

Prices also got a boost this week from veteran hedge fund manager Paul Tudor Jones, who reiterated his view that Bitcoin is a good hedge against inflation.

“I like Bitcoin as a portfolio diversifier,” Tudor Jones of Tudor Investment Corp. said in an interview with CNBC. “Everybody asks me what should I do with my Bitcoin? The only thing I know for certain, I want 5% in gold, 5% in Bitcoin, 5% in cash, 5% in commodities.”

Bitcoin still being called a bubble after May’s 35% crashOther highlights from survey, which was conducted June 4 to 10, include:

  • 72% of investors say inflation is transitory
  • 63% expect Federal Reserve to signal tapering in August-September
  • Inflation and bond market taper tantrum tied for the top tail risk
  • Allocation to bonds at three-year low (net -69%), while stocks back up to 2021 highs (61%)
  • Any equity market correction in the next six months likely to be less than 10%, according to 57% of investors
  • Managers favor a mix of value and tech stocks as best-performing assets in next four years
  • Allocation to Eurozone equities increased to net 41% overweight, highest since Jan. 2018
  • Allocation to U.S. equities remained at 6% overweight
  • Exposure to U.K. stocks increased to 4% overweight, highest since March 2014

–With assistance from Michael Msika.



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Bitcoin tops $40,000 after Musk says Tesla could use it again, BFSI News, ET BFSI

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LONDON/SINGAPORE: Bitcoin climbed above $40,000 on Monday, after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin has gyrated to Musk‘s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said on Twitter on Sunday.

Bitcoin, which jumped nearly 10% on Sunday, breaking above its 20-day moving average, was up 4.3% on Monday at 40,692.27, its first foray above $40,000 in more than two weeks.

“Musk’s words caused bitcoin to surge,” said Simon Peters, market analyst at eToro.

Bitcoin was also supported Monday after billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that bitcoin is a great way to protect his wealth over the long run and is part of his portfolio just like gold.

Bitcoin prices were also helped by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin, said Bobby Ong, co-founder of crypto analytics website CoinGecko.

Bitcoin is up about 40% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk’s apparently wavering enthusiasm for it. Tesla stock is down about 30% since the company’s bitcoin purchase.

Musk’s tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia , who in a radio interview last week accused him of “price manipulation” and selling a “big part” of his exposure.

“This is inaccurate,” Musk said. “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

Musk had tweeted in May that Tesla “will not be selling any bitcoin” and “has not sold any bitcoin” but investors are keenly awaiting Tesla’s next earnings update – due next month – for any disclosure of changes to its position.

Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin.



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