MAS Chairman Questions: Will Regulating Crypto Legitimize Speculation?

• The Monetary Authority of Singapore’s Chairman Tharman Shanmugaratnam questioned if regulating the crypto industry would give credibility to speculation.
• Shanmugaratnam argued that lawmakers could steer clear from the crypto sphere and make it clear that the whole space is unregulated.
• He also acknowledged that this is only possible if crypto companies don’t offer services typical to traditional finance institutions.

The Monetary Authority of Singapore (MAS) recently held a discussion at the WEF23, wherein Chairman Tharman Shanmugaratnam raised a controversial take on crypto regulations and questioned if regulating crypto could legitimize speculation.

Shanmugaratnam noted that while crypto regulations need to be in place to combat money laundering, it may be better to leave the industry unregulated if crypto companies do not offer services typical to traditional finance institutions. He argued that by doing so, lawmakers could make it really clear that the whole space is unregulated and investors have to invest on their own risk.

However, Shanmugaratnam also acknowledged that this may only be possible if crypto companies don’t offer services similar to those of traditional finance institutions. He said that if crypto companies would like to do things that traditional finance is doing, they should be subject to the same regulations.

The MAS chairman further noted that crypto regulation is still in its infancy and that it is important that the regulations are thought through carefully and not rushed into. He concluded by saying that the crypto industry needs to be given time to develop before any regulations are implemented.

Overall, the discussion at the WEF23 revealed that even though crypto regulations are necessary, it is important to consider the implications of regulating the industry. While it could provide investors with more security, it could also make the industry more attractive to speculators, which could have unintended consequences.

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BTC, ETH Buying Power Increases Despite Risk-Off Environment

• Glassnode data suggests that investors are continuing to hold Bitcoin and Ethereum compared to stablecoins in spite of the current risk-off environment.
• The data indicates that BTC and ETH purchasing power is on the up, as billions of stablecoins have been redeemed for fiat in recent months.
• This could be due to the FUD surrounding the Binance insolvency, which sparked a run on the exchange, but as the FUD died down, BTC and ETH buying power is increasing relative to stablecoins.

In recent months, trillions of dollars have been withdrawn from exchanges in the form of stablecoins, potentially due to the FUD surrounding the Binance insolvency. However, despite the current risk-off environment, data from Glassnode indicates that investors are continuing to hold Bitcoin and Ethereum compared to stablecoins.

The data, which was analyzed by CryptoSlate, shows that the 30-day change in stablecoin buying power on exchanges has been increasing, suggesting that there is greater stablecoin-denominated buying power in proportion to BTC and ETH buying power. This suggests that investors are confident holding Bitcoin and Ethereum, over stablecoins, during the current risk-off environment.

Stablecoins fulfill multiple functions, including facilitating on/off ramping and as a store of value, particularly in Southern Hemisphere countries that typically experience high inflation. This could explain why there has been an increase in stablecoin-denominated buying power, as investors look to protect their assets from the potential volatility of the market.

Overall, the data from Glassnode suggests that investors are still confident in the long-term potential of Bitcoin and Ethereum, compared to stablecoins, despite the current risk-off environment. This could be a sign of investors’ faith in the future of cryptocurrencies, even in times of uncertainty.

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Digital Dollars: The Future is Bright for USDC Stablecoin

Bullet Points:
-Circle published a recap of 2022 and said it had kept its promise of dollar parity for USDC
-The company has redeemed $213 billion since its launch in 2018, and 80% of the asset reserves are 3-month U.S. Treasuries
-The future of „digital dollars“ looks bright with the growing consensus in favor of well-regulated and trusted offerings

Circle recently published a report on the state of the USDC economy, and in the report they devoted a section to reminding readers that the USDC stablecoin is always 1:1 redeemable for US dollars. This is a promise that Circle has kept since the launch of the USDC stablecoin back in 2018, and despite the challenging year of 2020, Circle has managed to keep this promise.

The report emphasized that this was possible due to the company’s prudent management of USD assets backing the token. 80% of the asset reserves relate to 3-month U.S. Treasuries, which are among the most price-stable and liquid assets in the world. The remaining 20% is held as cash across eight different U.S.-regulated banks. This helps to ensure the dollar parity of the USDC stablecoin.

The report also highlighted the growing consensus in favor of „digital dollars“ and the promise of well-regulated digital dollars like USDC. Digital dollars offer things that would not be possible with money if it remained in physical form and only traveled on largely-closed networks or analog rails.

The future of digital dollars looks bright, and Circle is regulated and licensed under U.S. federal and state money transmission laws. This helps to ensure that the USDC stablecoin remains a safe, trusted and reliable digital currency. With this in mind, the report concluded that the future of digital dollars looks bright.

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VC Firms Sequoia, Paradigm, Temasek Invest in Failed Crypto Exchange FTX

Bulletpoints:
• Failed crypto exchange FTX revealed the names of various shareholders and investors in a recent bankruptcy court filing.
• VC firms Sequoia, Paradigm, and Temasek led the four rounds of fundraising between July 2021 and January 2022.
• Sequoia Capital invested the most in series B and series A, obtaining 4.8 million preferred shares and 5.3 million shares, respectively.

FTX, a failed crypto exchange, recently revealed the names of various shareholders and investors in a bankruptcy court filing dated Jan. 9. The filing showed that four rounds of fundraising had taken place between July 2021 and January 2022. These fundraising rounds were led by prominent venture capital firms known for their involvement in the crypto industry: Sequoia, Paradigm, and Temasek.

Sequoia Capital made two large investments in series B and series A, obtaining 4.8 million preferred shares and 5.3 million shares respectively. It also gained just over 572,000 shares in Series B-1, though it was only responsible for 16% of that round. Paradigm made its largest investment in Series A, acquiring 16.5 million shares. Despite this, it only led Series C, where it obtained 1.6 million shares and was responsible for 20% of all funding. It also obtained 1.5 million shares in series B.

Temasek, a Singapore state-owned investment company that recently moved into crypto VC investment, led FTX’s ambitious series A funding round. Temasek obtained 26.3 million shares and accounted for 16% of that investment. Additionally, filings showed that the New England Patriots owner Robert Kraft, Coinbase Ventures, and Tiger Global Management had all invested in FTX during the four rounds of fundraising.

Overall, the filing from FTX showed that a number of prominent investors had taken part in the four rounds of fundraising, with Sequoia and Paradigm leading the way. The filing also revealed the New England Patriots owner, Coinbase, and Tiger Global Management had all invested in FTX. With this information now available, it will be interesting to see what other new investors join the fray in the coming months.

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Gemini Discontinues Earn Program, Seeks Resolution for Assets Recovery

• Gemini officially discontinued its interest-bearing product, Earn
• The exchange has terminated its loan agreement with Genesis Global Capital
• Gemini is seeking a resolution for customers wanting to recover their assets

Gemini, one of the world’s leading digital asset exchanges, has officially discontinued its Earn product, which allowed users to earn interest on their crypto assets.

The exchange has terminated its loan agreement with Genesis Global Capital, the provider of the Earn program, on behalf of its customers. This officially ends the Earn Program, and Gemini has assured users that existing redemptions are not impacted.

Gemini is now seeking a resolution for customers wanting to recover their assets, which have been inaccessible for nearly two months due to market conditions resulting from the collapse of FTX. Gemini has formed a committee to resolve the situation and is acting with utmost urgency to provide updates twice a week on Tuesdays and Fridays.

The company is doing its best to arrange the return of user assets, and it has stated that this is its highest priority. Gemini has not publicly announced the end of Earn, but the letter has been circulated on social media.

Though the situation is unfortunate, it serves as a reminder of the importance of being aware of the risks associated with investing in digital assets. Gemini’s decision to discontinue its Earn product demonstrates its commitment to providing a safe and secure platform for its customers.

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Elon Musk har mere Dogecoin-sjov – Prisfald falder 20% efter seneste tweet

  • Dogecoin-entusiast Elon Musk kritiserede den centrale karakter af kryptokurrency.
  • Musk erklærede, at DOGE-tokens er for koncentreret.
  • DOGE-priserne faldt 20% i timerne efter tweeten.

Elon Musk, et berygtet Twitter-trold og verdens rigeste mand, ser ud til at have det mere sjovt ved at skabe kontrovers i kryptokurrencyrummet.

I betragtning af at Musk for nylig foretog et Bitcoin-køb på 1,5 mia. Dollar til Tesla, er hans tunge fokus på Dogecoin ret underligt. Efter hans seneste Dogecoin-tweet, der kritiserede centraliseringen af tokens, tog DOGE et prishit på 20 procent.

Musk bjeffer hundehvaler op

Dette prisfald faldt sammen med en markedsmæssig nedgang for kryptokurver. Bitcoin Future faldt 5 procent, mens Ethereum (ETH) faldt med 8%. Dog har DOGE oplevet et særligt betydeligt fald, på et tidspunkt mistet 25% fra den daglige åbning.

Alt dette skete lige før Musk tweeterede ud, ”Hvis store Dogecoin-indehavere sælger de fleste af deres mønter, får det min fulde støtte. For meget koncentration er det eneste rigtige spørgsmål IMO [efter min mening]. ”

Selvom Musk har en forkærlighed for at tale positivt om det Shiba Inu-inspirerede symbol, var dette bestemt kritisk. DOGE har set massive pumper i løbet af de sidste par uger efter tweets fra Musk, der promoverer kryptokurrency og begivenheder, der førte til, at Reddit-baserede spekulanter flyttede fra aktier over til DOGE.

Denne massive tilstrømning fik Binance CEO Changpeng Zhao til at lægge mærke til det. Han besluttede at adressere pumpen front-on og fremhæve nogle potentielle faldgruber, som DOGE-samfundet kunne stå over for.

Den feb. 4, Zhao tweeted:

Nogle fordele / risici ved #Doge.

Fordele: Cool, sjov, PR-manager @elonmusk. Decentraliseret i den forstand er der ikke noget „kerneteam“. Det er forladt.

Risici:
1 adresse rummer 27% af alle #DOGE.
Top 20 adresser rummer mere end 50% + af alle #DOGE
Kinda „centraliseret“ i den forstand. „forladt“.

Med en enkelt adresse, der har mere end 25 procent af hele udbuddet, og de næste 19 største adresser, der har yderligere 25 eller flere procent af mønterne, er DOGE muligvis ikke så decentraliseret som indehavere og spekulanter håber.

Se hvad jeg gør, ikke hvad jeg siger

Interessant nok tweeter Musk stærkt om DOGE, men ser ikke ud til at have sit syn på meme-valutaen. Uanset om han bare har det sjovt, troller eller tweeter sine ægte bekymringer, har Musk tydeligt vist, hvilken kryptokurrency han foretrækker ved at lægge sine penge, hvor hans mund er. Telsa foretog en massiv Bitcoin-erhvervelse, men ejer ikke en enkelt DOGE.

Selvom den teknologiske milliardær og geni ofte nævner projektet, er investorer og spekulanter nødt til at lægge mærke til Musks handlinger, ikke kun hans ord. Mens Musk så forhandlere FOMO pumpe ind i DOGE, akkumulerede han støt Bitcoin.

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matériel de minage pèse sur les fabricants

Bitcoin : la demande du matériel de minage pèse sur les fabricants en pleine pénurie mondiale

  • La pénurie mondiale de puces fait grimper le prix du matériel de minage de Bitcoin.
  • La demande de matériel grand public reste élevée alors que les restrictions sociales reviennent dans le monde entier.
  • Les pénuries n’ont pas eu d’impact sur le taux de hashage du BTC, qui reste proche de son sommet record en date.

The Trust Project est un consortium international d’organismes de presse basé sur des Bitcoin Revolution normes de transparence.

L’industrie minière de Bitcoin est la dernière en date à ressentir le manque de puces informatiques au niveau mondial.

La demande inattendue d’automobiles à une époque où les ventes d’électronique grand public sont élevées fait monter les prix et laisse les fabricants sans composants pour le minage.

Le matériel minier est vendu par des entreprises de premier plan comme Bitmain, ce qui oblige les mineurs à écumer le marché des pièces d’occasion. La hausse du coût des unités minières fait monter les prix, sauf pour les plus riches.

Pénurie de matériel de minage de Bitcoin alors que la demande augmente

Le matériel minier est très demandé suite à la récente augmentation du cours du bitcoin. Comme l’a rapporté BeInCrypto, les grandes exploitations minières américaines ont récemment commandé d’énormes quantités de matériel à des fabricants de premier plan comme Bitmain.

Cité par Reuters, Lei Tong de Babel Finance, qui prête de l’argent aux mineurs, a commenté :

“Les volumes d’achat en provenance d’Amérique du Nord sont énormes, ce qui comprime l’offre en Chine”.

La demande de puces d’autres industries exerce une pression supplémentaire sur les fabricants. Le retour des mesures de restriction sociale est en grande partie à l’origine de cette demande, les consommateurs se préparant à passer encore plus de temps devant leur écran.

Simultanément, l’industrie automobile, qui connaît une reprise inattendue, demande également des puces. Comme l’a rapporté DW, les ventes de voitures chinoises ont chuté d’environ 80% en février de l’année dernière. Mais l’augmentation de la demande à la fin de 2020 a fait que le secteur n’a baissé que de 6,8 % par rapport à l’année précédente.

Un porte-parole de Continental a expliqué :

“Après l’arrêt de l’industrie au début de la crise et la chute brutale de la demande qui en a résulté, les constructeurs automobiles de toutes les régions ont augmenté leurs volumes de production beaucoup plus rapidement que ne l’avaient prévu les experts du marché”.

Ils affirment qu’un délai de six à neuf mois dans la fabrication des puces avait créé le goulot d’étranglement actuel. Les marges bénéficiaires de l’électronique grand public ont tendance à être plus importantes, c’est pourquoi les fabricants préfèrent fournir l’industrie en premier.

Hausse du prix du matériel minier d’occasion

La hausse de Bitcoin au-dessus de 30 000 dollars a considérablement augmenté la rentabilité de l’exploitation minière. Lorsque les marges bénéficiaires de l’exploitation minière sont faibles, les coûts de l’électricité sont plus importants pour déterminer la rentabilité globale. Les prix de l’électricité devenant négligeables, l’exploitation minière se développe rapidement en Amérique du Nord et au Moyen-Orient.

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Harvard, Yale e Brown Endowments vêm comprando bitcoins há pelo menos um ano: fontes

Doações universitárias que apoiaram VCs de blockchain em 2018 começaram a comprar criptografia diretamente da Coinbase.

Alguns dos maiores fundos de doação de universidades nos Estados Unidos têm comprado criptomoedas discretamente no último ano ou mais por meio de contas mantidas na Coinbase e outras bolsas descobriu a Bitcoin Profit.

De acordo com duas fontes familiarizadas com a situação, Harvard, Yale, Brown e a Universidade de Michigan, bem como várias outras faculdades, têm comprado criptografia diretamente nas bolsas. (Vários fundos da Ivy League se interessaram pela tecnologia blockchain por meio de fundos de capital de risco com foco em criptografia em 2018.)

“Existem alguns”, disse uma fonte que pediu para não ser identificada. “Muitas dotações estão alocando um pouco para a criptografia no momento.”

Yale e Brown não responderam aos pedidos de comentários até o momento. Quando contatado pela CoinDesk, as doações de Harvard e da Universidade de Michigan se recusaram a comentar. A Coinbase também não quis comentar. Doações universitárias receberam uma única menção no relatório anual da Coinbase para 2020, mas sem citar nomes.

Alguns dos fundos de doação da universidade em questão podem ter mantido contas na Coinbase por até 18 meses, de acordo com uma fonte.

“Pode ser desde meados de 2019”, disse a fonte. “A maioria já faz pelo menos um ano. Eu acho que eles provavelmente irão discutir isso publicamente em algum momento deste ano. Eu suspeito que eles estariam sentados em alguns bons pedaços de retorno. ”

Doações universitárias são pools de capital acumulado por instituições acadêmicas, geralmente na forma de doações de caridade. Esses recursos, de apoio ao ensino e à pesquisa, podem ser alocados em diversos ativos para fins de investimento.

Harvard é a maior doação universitária com mais de $ 40 bilhões em ativos. Yale tem mais de US $ 30 bilhões, Michigan cerca de US $ 12,5 bilhões, enquanto Brown detém US $ 4,7 bilhões. Não se sabe quanto cada fundo alocou em criptografia, mas provavelmente é uma fração de uma porcentagem de seus ativos totais.

Estrada longa

Em 2018, o diretor de investimentos da Universidade de Yale, David Swensen, ganhou as manchetes apoiando dois fundos de risco focados em criptografia, um administrado por Andreessen Horowitz e outro lançado pelo co-fundador da Coinbase Fred Ehrsam e o ex-sócio da Sequoia Capital Matt Huang.

Várias outras universidades seguiram Yale no apoio a criptomoedas VCs, incluindo Harvard, Stanford, Dartmouth College, MIT, University of North Carolina e Michigan . Claramente, algumas dessas escolas parecem estar dando o próximo passo, investindo diretamente em ativos criptográficos.

A segunda fonte, que está envolvida no mundo dos fundos de hedge de criptografia, apontou para “uma grande mudança” nos últimos meses. “Estamos vendo planos de pensão de benefício definido chegando perto de fazer alocações. Estamos vendo os planos de previdência pública chegando perto de fazer alocações ”, disse a pessoa.

“Se eu tivesse ouvido isso três anos atrás, teria dito que estava errado”, disse Ari Paul, co-fundador da BlockTower Capital e anteriormente gerente de investimentos da Universidade de Chicago. “Mas muitas instituições agora estão confortáveis com o bitcoin . Eles entendem e podem simplesmente comprá-lo diretamente, desde que seja de uma entidade regulamentada como a Coinbase, Fidelity ou Anchorage . ”

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Bank for International Settlements conducts research on CBDCs in innovation centers

The BIS innovation centers are to work more intensively on projects for central bank digital currencies in the new year.

The Bank for International Settlements (BIS) has made central bank digital currency (CBDC) research a top priority for its innovation centers for 2021

As indicated in the new annual timetable of the “Bank for International Settlements‘ Innovation Hub” (BISIH), the latter wants to “explore the usability of central bank digital currencies for faster and more cost-effective processing of cross-border payments”. In addition, the BISIH wants to test various “architectures for retail CBDCs”.

The corresponding research projects will be carried out by the BIS innovation centers in Hong Kong, Singapore and Switzerland, in which they will cooperate with the central banks of the respective countries.

The innovation center in Singapore is to develop an international platform for payment processing on which banks and payment service providers can transact various central bank digital currencies.

Meanwhile, the center in Hong Kong is to tokenize “green bonds”, i.e. bring them in the form of crypto tokens. It is also tasked with developing a bridge for international payment transactions via CBDCs. Various models for issuing stablecoins are also to be examined here.

The BISIH offshoot in Switzerland has already carried out a feasibility study in which tokenized assets were connected to existing payment systems and processed via a so-called wholesale CBDC.

Benoît Cœuré, the head of the BISIH, explains in this context:

„This annual roadmap shows that we have set ourselves the goal of further researching how we can harness innovative technologies for the benefit of central banks and create public goods for the optimization of the financial system.“

In November, the Bank for International Settlements again made proposals for standards for the transmission of data from stablecoin issuers to the responsible supervisory authorities.

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300 000 $ pour le prix du bitcoin d’ici décembre ? Vous pouvez parier là-dessus

Quelqu’un se sent chanceux ? Deribit donne à ses utilisateurs la possibilité de parier sur une augmentation du prix de Bitcoin de plus de sept fois le prix actuel d’ici décembre 2021.

Deribit a lancé un contrat à options très élevées.
Le prix de Bitcoin devrait être multiplié par plus de sept pour que le contrat devienne rentable.
Actuellement, personne ne soutient l’offre. Pour l’instant.

Connaissez-vous un taureau Bitcoin local que vous voulez voir mettre son argent là où se trouve sa grande gueule béante ? Alors dites-lui de le mettre sur le nouveau contrat d’options de Deribit, qui lui permet d’acheter Bitcoin en décembre 2021 au prix d’aubaine de 300 000 dollars.
S’ils signent le contrat maintenant, ils auront le droit d’acheter Bitcoin pour 300 000 dollars à l’expiration du contrat en décembre 2021. Cela signifie qu’ils seront dans l’argent si le prix de Bitcoin dépasse ce prix.

Au prix actuel de Bitcoin, 41 408 $, la valeur de Bitcoin devra augmenter d’environ 258 612 $ pour que vous atteigniez le seuil de rentabilité.

Jusqu’à présent, 14 personnes ont proposé ces contrats d’option, qui coûtent entre 1 872 et 2 361 dollars. Mais il n’y a pas d’intérêt ouvert, ce qui signifie que personne ne les a achetés et qu’aucun pari ne sera réglé en décembre.

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En fait, sur Deribit, le prix le plus élevé que les gens sont prêts à parier que Bitcoin atteindra d’ici la fin de l’année est de 64 000 dollars. Il y a 18,6 Bitcoin (actuellement 766 267 $) en intérêt ouvert pour ce pari.

Cela signifie qu’aucun des traders de Deribit n’a pris au sérieux les affirmations d’un analyste senior de la Citibank, qui en novembre 2020 a prédit que Bitcoin pourrait dépasser 300 000 dollars d’ici décembre 2021.

Les commentaires de l’analyste, qui fixait Bitcoin à 318 000 dollars d’ici la fin de l’année, ont qualifié Bitcoin d'“or du 21e siècle“.

Acheter des bitcoins
„Le temps nous dira si nous finirons par atteindre des niveaux aussi élevés, mais le contexte et l’évolution des prix que nous observons suggèrent clairement la possibilité d’une hausse majeure dans les 12 à 24 prochains mois“, a écrit Tom Fitzpatrick, directeur mondial des services techniques de CitiFX à la Citibank, selon M. Forbes.

Mais il est trop tôt pour appeler : la négociation des contrats d’options de 300 000 dollars n’a été ouverte qu’il y a quelques heures. Cela, et décembre 2021 est loin d’être une date butoir.

Des émeutiers viennent de traverser le Capitole et une nouvelle variante de COVID est en liberté dans la ville que certains écrivains de Decrypt appellent la maison. Qui sait ce qui va se passer ?

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