Crypto

Last week, some former users of the now-defunct cryptocurrency exchange Cryptsy received a notice informing them of a new turn in the ongoing class settlement process. Authorized by the United States District Court for the Southern District of Florida, the document states that those who were defrauded in the 2016 collapse of the digital finance platform may be entitled to receive money from additional recovery. Cryptsy was a crypto exchange that went bust in January 2016 following months of user-reported issues with withdrawing funds from the platform. The court later found that Cryptsy founder Paul Vernon had stolen millions of dollars worth of customers’ digital assets before fleeing to China. Later that year, a group of the exchange’s users initiated a class action against the company a...

The sharp correction that threatened to pull Bitcoin (BTC) and altcoin prices back toward their swing lows appears to have dissipated now that Evergrande has informed investors that it intends to make an on-time payment on its debt. With global markets feeling reassured, major equities, Bitcoin and altcoins prices all saw a rebound at the market open. After a swift drop below $40,000 on Sept. 21, Bitcoin (BTC) now trades above $43,300 and Ether (ETH) has reclaimed the $3,000 level. Altcoins have also seen a strong recovery, with many posting up to 15% gains at the time of writing. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Livepeer (L...

The super app is set to be a one-stop solution for investors with both crypto and non-crypto use cases One of the largest payment processing platforms in the world, PayPal, announced the launch of its new personalised finance app that is aimed at acting as a single destination for users to securely manage and do more with their money. The app, marketed as an introduction to the next era of digital payments, specifically caters to consumers looking to invest and transact in crypto with its high-yield savings services. The inclusion of crypto-based financial services in an app that also caters to traditional financial users can be understood as a motivating sign for the future of mainstream crypto adoption. In a press release yesterday, PayPal revealed that the app would be equipped with new...

HSBC, the largest European bank with total assets of $3 trillion, maintains a skeptical stance on cryptocurrency while promoting the central bank digital currency (CBDC) development. HSBC Group CEO Noel Quinn penned an article, New forms of digital money could spur growth, outlining the firm’s commitment to supporting the concept of CBDC as it provides transparent legal tender designed to avoid “many risks” associated with cryptocurrencies and stablecoins. Released Sept. 21, the piece argues that global CBDC efforts like the Chinese digital yuan are the “new form of digital money,” while private money itself, including forms of stablecoins, “is nothing new.” “Current commercial bank money is privately created and widely used. But commercial bank money is anchored by central bank money...

Crypto companies from the United States filed two registration statements with the Securities and Exchange Commission, seeking permission to sell exchange-traded funds (ETF) in relation to Bitcoin (BTC) and decentralized finance (DeFi). Atlanta-based investment company Invesco joined New York’s Galaxy Digital Funds to file and register Invesco Galaxy Bitcoin ETF, a trust with physically protected private keys. Illinois-based Amplify ETFs filed the second registration to add DeFi-centric open-end EFT funds offering to the Amplify ETF Trust. If approved by the SEC, the Invesco Galaxy Bitcoin ETF will be registered as a securities offering with the ability to get listed on traditional national exchanges in the United States. According to the filing, the trust will use “robust physical ba...

For decades, art galleries and museum exhibitions around the world have facilitated the presence of cultural education, social interaction and visual moments of awe.  Michelangelo’s Sistine Chapel, Georgia O’Keeffe’s Black Iris III and Picasso’s Weeping Woman have all inspired generations of art-lovers in their own pursuits of life, creative or else. However, since the turn of the century — grossly impacted by seismic shifts in digital behaviors, economic uncertainties and enduring complaints of exclusivity — art galleries have seemingly depreciated in societal appeal.  A piece by Arts Professional in late-2017 exposed the decline in visitor numbers to London’s most prominent art attractions, a damning paradox to the year’s record tourism to the city....

El Salvador has made global headlines with its president’s controversial introduction of Bitcoin (BTC) as legal tender – a move that has sparked dissent from many local citizens and was met with skepticism by the International Monetary Fund. A new survey suggests that despite these developments, most El Salvadoreans still know little about the veteran cryptocurrency and even less about its smaller-market cap counterparts. Research conducted by the São Paulo-based agency Sherlock Communications suggests that 54% of Salvadoran respondents chose ‘none’ when asked which cryptocurrency they knew best out of a list of five leading coins. While 40% chose Bitcoin over the other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE)and EOS – the survey did not seek to probe the level or depth...

United St Securities and Commission, or SEC, chair Gary Gensler has doubled down on his “Wild West” analogy for cryptocurrencies, calling stablecoins instruments for gambling at old-timey casinos.  Speaking to Washington Post columnist David Ignatius on Tuesday, Gensler said most projects in the crypto space dealt with securities that fall under the regulatory purview of the SEC, while the Commodity Futures Trading Commission, or CFTC, was better suited for enforcement for others. The SEC chair described the authority of both agencies as “robust” but said there were gaps in the coverage, particularly for stablecoins, which “may have attributes of investment contracts.” “Stablecoins are almost acting like poker chips at the casino right now,” said Gensler. “We’ve got a lot of casinos h...

Dan Berkovitz, one of three commissioners currently serving at the U.S. Commodity Futures Trading Commission, said while the agency is suited to futures contracts, swaps, and options trading, it would need additional resources to handle the cash market for crypto assets. Speaking at the Managed Funds Association Digital Assets Conference on Tuesday, Berkovitz said the Commodity Futures Trading Commission, or CFTC, enforcement actions in the crypto space have been “aggressive,” citing a $100 million civil monetary penalty against derivatives exchange BitMEX. Though he said the agency had the “capability and the expertise” to further regulate crypto assets, it was currently unable to do so due to a “resource issue.” “If congress were to determine that our jurisdiction should be expanded to s...