Business

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...

After 46 consecutive days of trading above $42,000, Bitcoin (BTC) price started to show weakness on Sept. 21. Over the last three days, the 13% accumulated loss was enough to erase the hard-earned gains added since Aug. 6. Historicals also show that the previous bearish cycle took 79 days to regain the all-important $42,000 level. Traders’ attention turned to the start of the U.S. Federal Reserve’s monetary meeting, where the financial authority is expected to indicate whether it will curtail the $120 billion monthly asset repurchase stimulus program. Curiously, as all this takes place, China’s equity markets, as measured by the iShares MSCI China ETF ($MCHI), rebounded 1% on Sept. 21. Is China really the root of the recent correction? The apparent disconnection between B...

The price of Bitcoin has slumped below $40,000 for the first time in six weeks. The slide took place near the close of the day on Sept. 21, with BTC prices having drawn down by 16% from nearly $47,300 at the start of the day, to tag a local low of $39,650 at roughly 9pm UTC. The move marked a 25% retracement from BTC’s local highs above $50,000 on Sept. 7. However, the pullback comes after Bitcoin gained more than 80% since hitting $29,300 on July 20 and then heading into early-September’s highs. Bitcoin has since recovered to trade just above $42,000. Bitcoin was not alone in suffering a sharp price decline on Sept. 21, with 29 of the top 30 crypto assets by market cap suffering a 24-hour drawdown according to CoinGecko. According to the crypto Fear & Greed Index, the bearish price ac...