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G20 Countries to Build Crypto Policy Consensus for Better Global Regulation
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
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Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
During the bear market the thing we’re all looking forward to is the next bull run. When can that happen and what can you do to prepare for it?
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.
Bank of England’s Cunliffe Pushes for Crypto Regulation — Sees ‘Real’ Benefits for UK
Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed.
Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX.
“Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating:
We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem.
The Bank of England deputy governor noted that trading in crypto should be regulated rather than banned.
While cautioning that many coins were little more than a “gamble” and most were “without intrinsic value,” he admitted: “There are people who want to engage in that activity.” The BOE official clarified: “Provided they do that with their eyes wide open in a place that is safe, is not full of money laundering or illicit finance … then we should provide them at least with the opportunity to do that.”
Cunliffe opined:
If we’re talking about creating the regulation in which people can see whether they can develop services that have benefits using those technologies to the real economy … then I think there’s a real benefit for the U.K.
However, he cautioned: “If we’re talking about using these crypto technologies to create, basically, crypto assets that have nothing behind them … I don’t think there’s ever going to be a sustainable financial activity around that.”
In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for tighter crypto regulation. The Bank of England executive regularly warned about the danger of cryptocurrency. In July, he said crypto is “prone to collapse.” He also expects to see tough times ahead for the industry as the Federal Reserve continues to tighten financial conditions.
Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed.
Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX.
“Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating:
We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem.
The Bank of England deputy governor noted that trading in crypto should be regulated rather than banned.
While cautioning that many coins were little more than a “gamble” and most were “without intrinsic value,” he admitted: “There are people who want to engage in that activity.” The BOE official clarified: “Provided they do that with their eyes wide open in a place that is safe, is not full of money laundering or illicit finance … then we should provide them at least with the opportunity to do that.”
Cunliffe opined:
If we’re talking about creating the regulation in which people can see whether they can develop services that have benefits using those technologies to the real economy … then I think there’s a real benefit for the U.K.
However, he cautioned: “If we’re talking about using these crypto technologies to create, basically, crypto assets that have nothing behind them … I don’t think there’s ever going to be a sustainable financial activity around that.”
In November, Cunliffe said the collapse of crypto exchange FTX highlighted the urgent need for tighter crypto regulation. The Bank of England executive regularly warned about the danger of cryptocurrency. In July, he said crypto is “prone to collapse.” He also expects to see tough times ahead for the industry as the Federal Reserve continues to tighten financial conditions.
Indian Crypto Market Suffers Significantly — Experts Say Trading Volumes Unlikely to Recover Anytime Soon
Crypto trading volumes in India have plunged significantly this year. The FTX meltdown has exacerbated the problem, hurting “the sentiment across crypto tokens.” Local crypto experts are not expecting a recovery in the near future “Unless something dramatic happens” in the upcoming Union Budget.
Cryptocurrency trading volumes at major exchanges in India have plunged significantly this year. Since the collapse of crypto exchange FTX, major exchanges in India lost between 34% and 50% of trading volumes, Moneycontrol reported Monday, citing data from research firm Crebaco. However, the decline began long before the FTX implosion. One of the largest crypto trading platforms in India, Wazirx, lost 97.99% of its trading volumes from the beginning of the year to Dec. 22.
Crebaco CEO Sidharth Sogani told the publication:
I don’t think a lot of this recent trading volume plunge was driven by FTX. The market in India has been dead since April 2022.
“I don’t expect any action or recovery for the sector in India in the next six months, until something major gets announced in the Union Budget,” he continued.
Wazirx’s vice president of marketing, Rajagopal Menon, opined: “It all comes down to the removing / reducing the TDS (tax deducted at source) and capital gains without setoff for losses. No one is trading on Indian exchanges because of that.”
In this year’s Union Budget 2022, the Indian government imposed a 30% income tax on virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs), and a 1% TDS on all transactions of 10,000 rupees ($121) or more.
Menon stressed:
Unless something dramatic happens in the Budget this year, we don’t see a steady recovery in trading volumes anytime soon.
“Indian users have not been too badly affected by FTX except for the sentiment. The negative sentiment around the sector got exaggerated by FTX,” a top crypto exchange executive told the publication. The person elaborated:
Indian investors, after TDS, have moved to Binance and not FTX because Binance had peer-to-peer (P2P) transactions, FTX doesn’t. If you have INR, the only foreign exchanges you can trade on are Binance and Kucoin.
Sogani similarly explained that the FTX meltdown hurt “the sentiment across crypto tokens.” He added: “What came out later on has pushed the crypto industry behind by a few years.”
Meanwhile, India still has not come up with a policy on crypto. The Indian government is planning to discuss crypto regulations with the G20 countries in an effort to establish a technology-driven regulatory framework for crypto assets, the country’s finance minister previously revealed. The government recently updated parliament on the status of its cryptocurrency bill.
India’s central bank, the Reserve Bank of India (RBI), has continued to push for the banning of all cryptocurrencies, like bitcoin and ether. RBI Governor Shaktikanta Das recently said that the next financial crisis will come from crypto if it is allowed to grow.
Crypto trading volumes in India have plunged significantly this year. The FTX meltdown has exacerbated the problem, hurting “the sentiment across crypto tokens.” Local crypto experts are not expecting a recovery in the near future “Unless something dramatic happens” in the upcoming Union Budget.
Cryptocurrency trading volumes at major exchanges in India have plunged significantly this year. Since the collapse of crypto exchange FTX, major exchanges in India lost between 34% and 50% of trading volumes, Moneycontrol reported Monday, citing data from research firm Crebaco. However, the decline began long before the FTX implosion. One of the largest crypto trading platforms in India, Wazirx, lost 97.99% of its trading volumes from the beginning of the year to Dec. 22.
Crebaco CEO Sidharth Sogani told the publication:
I don’t think a lot of this recent trading volume plunge was driven by FTX. The market in India has been dead since April 2022.
“I don’t expect any action or recovery for the sector in India in the next six months, until something major gets announced in the Union Budget,” he continued.
Wazirx’s vice president of marketing, Rajagopal Menon, opined: “It all comes down to the removing / reducing the TDS (tax deducted at source) and capital gains without setoff for losses. No one is trading on Indian exchanges because of that.”
In this year’s Union Budget 2022, the Indian government imposed a 30% income tax on virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs), and a 1% TDS on all transactions of 10,000 rupees ($121) or more.
Menon stressed:
Unless something dramatic happens in the Budget this year, we don’t see a steady recovery in trading volumes anytime soon.
“Indian users have not been too badly affected by FTX except for the sentiment. The negative sentiment around the sector got exaggerated by FTX,” a top crypto exchange executive told the publication. The person elaborated:
Indian investors, after TDS, have moved to Binance and not FTX because Binance had peer-to-peer (P2P) transactions, FTX doesn’t. If you have INR, the only foreign exchanges you can trade on are Binance and Kucoin.
Sogani similarly explained that the FTX meltdown hurt “the sentiment across crypto tokens.” He added: “What came out later on has pushed the crypto industry behind by a few years.”
Meanwhile, India still has not come up with a policy on crypto. The Indian government is planning to discuss crypto regulations with the G20 countries in an effort to establish a technology-driven regulatory framework for crypto assets, the country’s finance minister previously revealed. The government recently updated parliament on the status of its cryptocurrency bill.
India’s central bank, the Reserve Bank of India (RBI), has continued to push for the banning of all cryptocurrencies, like bitcoin and ether. RBI Governor Shaktikanta Das recently said that the next financial crisis will come from crypto if it is allowed to grow.
Nobel Prize Laureate Paul Krugman Compares Tesla to Bitcoin — They ‘Have More in Common Than You Think’
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
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US Bankruptcy Court Rules Celsius Deposits Belong to the Firm
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
DOJ Asks Victims of Sam Bankman-Fried’s Fraud to Come Forward
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.
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US Arrests ‘Mutant Ape Planet’ NFT Creator in $3M ‘Rug Pull’ Scheme to Defraud Crypto Investors
The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits.
The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.”
The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport.
The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaborating:
After selling out of the NFTs, the purchasers were ‘rug pulled’ … Millions worth of the NFT purchasers’ cryptocurrency was diverted for Michel’s personal benefit.
Mutant Ape Planet is a collection of 6,799 unique mutant apes that has no relationship with the popular Bored Ape Yacht Club, a different set of monkey-themed NFTs.
Ivan J. Arvelo, special agent in charge of Homeland Security Investigations (HSI) in New York, described: “Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use.”
The DOJ noted that “in a social media chat with current and prospective purchasers, Michel admitted to the fraudulent ‘rug pull,’ but blamed the community of NFT purchasers for his actions, stating, ‘We never intended to rug but the community went way too toxic.'”
While the Mutant Ape Planet NFT developers “promised to fund a community wallet for marketing, and would offer purchasers raffles, giveaways, airdrops, and tokens with staking features,” the DOJ said:
The purchasers of the Mutant Ape Planet NFTs did not receive any of the promised benefits set out above.
The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits.
The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.”
The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport.
The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaborating:
After selling out of the NFTs, the purchasers were ‘rug pulled’ … Millions worth of the NFT purchasers’ cryptocurrency was diverted for Michel’s personal benefit.
Mutant Ape Planet is a collection of 6,799 unique mutant apes that has no relationship with the popular Bored Ape Yacht Club, a different set of monkey-themed NFTs.
Ivan J. Arvelo, special agent in charge of Homeland Security Investigations (HSI) in New York, described: “Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use.”
The DOJ noted that “in a social media chat with current and prospective purchasers, Michel admitted to the fraudulent ‘rug pull,’ but blamed the community of NFT purchasers for his actions, stating, ‘We never intended to rug but the community went way too toxic.'”
While the Mutant Ape Planet NFT developers “promised to fund a community wallet for marketing, and would offer purchasers raffles, giveaways, airdrops, and tokens with staking features,” the DOJ said:
The purchasers of the Mutant Ape Planet NFTs did not receive any of the promised benefits set out above.
Samsung’s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong
Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed.
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, launched a bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF.”
The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding:
The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominately in front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the way “for investment in future crypto-technology adoption.” However, the company noted that the fund “does not invest directly in bitcoin and will not receive any bitcoin from bitcoin futures on CME.” CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
While bitcoin is priced in U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Stock Exchange of Hong Kong (SEHK), the company clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. while HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund “will enter into and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.
The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed.
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, launched a bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF.”
The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding:
The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominately in front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the way “for investment in future crypto-technology adoption.” However, the company noted that the fund “does not invest directly in bitcoin and will not receive any bitcoin from bitcoin futures on CME.” CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
While bitcoin is priced in U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Stock Exchange of Hong Kong (SEHK), the company clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. while HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund “will enter into and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.
The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later
The World Economic Forum (WEF) has published an article predicting how metaverse tech will evolve and how it will be introduced in different sectors. For the organization, the biggest impact of the implementation of this tech will be observed in industrial environments, where it will contribute to carrying out more tasks and reducing expenses.
The World Economic Forum (WEF) believes that the metaverse will be first applied in industrial environments, instead of being adopted first by consumers. In an article published on Jan. 13, the organization predicts that the implementation of the metaverse will be done at an industrial level first, helping different companies to complete designing and monitoring tasks in a more efficient way.
Two of the metaverse technologies that will become integral for the industry in this new phase are digital twins and extended reality. Implementing digital twins, the digitalization of a group of elements coming from the real world, will allow testing the functionality of an element, or examining the possible inefficiencies of an assembly line, or simply prototyping a model without having to build it physically.
Extended reality, another of the technologies mentioned in the article, will allow designers to mix elements from the real world with digital elements, to examine the interactions between both.
These technologies are already being adopted by several companies, including automaker Renault, which launched its industrial metaverse in November, aiming to save $330 million by 2025 with the implementation.
While there is significant focus on the consumer metaverse from companies like Meta, which have been investing billions in the sector, the WEF believes that industries will be the ones pushing innovation.
The article states:
We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.
The organization believes that, once these two different metaverses are established, one will be able to improve the other and vice versa. However, it recommends shifting the focus from putting resources into the consumer metaverse, to putting them into the industrial metaverse, which is already happening in various sectors.
The WEF has referred to the metaverse before, issuing recommendations for maintaining safety and privacy in metaverse worlds in May 2022, especially when including children as part of these environments.
The World Economic Forum (WEF) has published an article predicting how metaverse tech will evolve and how it will be introduced in different sectors. For the organization, the biggest impact of the implementation of this tech will be observed in industrial environments, where it will contribute to carrying out more tasks and reducing expenses.
The World Economic Forum (WEF) believes that the metaverse will be first applied in industrial environments, instead of being adopted first by consumers. In an article published on Jan. 13, the organization predicts that the implementation of the metaverse will be done at an industrial level first, helping different companies to complete designing and monitoring tasks in a more efficient way.
Two of the metaverse technologies that will become integral for the industry in this new phase are digital twins and extended reality. Implementing digital twins, the digitalization of a group of elements coming from the real world, will allow testing the functionality of an element, or examining the possible inefficiencies of an assembly line, or simply prototyping a model without having to build it physically.
Extended reality, another of the technologies mentioned in the article, will allow designers to mix elements from the real world with digital elements, to examine the interactions between both.
These technologies are already being adopted by several companies, including automaker Renault, which launched its industrial metaverse in November, aiming to save $330 million by 2025 with the implementation.
While there is significant focus on the consumer metaverse from companies like Meta, which have been investing billions in the sector, the WEF believes that industries will be the ones pushing innovation.
The article states:
We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.
The organization believes that, once these two different metaverses are established, one will be able to improve the other and vice versa. However, it recommends shifting the focus from putting resources into the consumer metaverse, to putting them into the industrial metaverse, which is already happening in various sectors.
The WEF has referred to the metaverse before, issuing recommendations for maintaining safety and privacy in metaverse worlds in May 2022, especially when including children as part of these environments.
NYU Professor ‘Dr. Doom’ Says 99% of Crypto Is a Scam — Tells Investors to ‘Absolutely Stay Away’
NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.”
Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland.
Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet:
Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.
Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX filed for bankruptcy last November and SBF is currently facing several fraud charges, all of which he has pleaded not guilty to. “FTX and SBF are not an exception — they’re a rule,” Roubini exclaimed.
The NYU professor proceeded to advise against investing in cryptocurrencies. He stated that 99% of bitcoin investors did not buy BTC at $1,000 or $10,000. “Most of them got FOMO [fear of missing out] in 2021 when it was skyrocketing from $20,000 to … $69,000,” he stressed, emphasizing that 99% of bitcoin investors bought the cryptocurrency “well above the current market value.”
Roubini opined, “So they lost their shirts. It’s a nightmare.” Dr. Doom noted that bitcoin investors are not alone in losing money as other cryptocurrencies “have fallen by 90%, 95%.” He added: “Out of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% have gone to zero. So that means 97% of them … were either a scam or lost everything.”
Regarding crypto investing, Roubini advised:
You have to stay away. You have to absolutely stay away. And most of these people belong literally in jail — literally, they’re all crooks.
The NYU professor of economics has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are conmen. He called Binance CEO Changpeng Zhao (CZ) “a walking time bomb.”
Recently, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that most crypto tokens will fail, urging investors not to FOMO into this asset class. Meanwhile, a former SEC enforcement official, John Reed Stark, cautioned that an SEC regulatory onslaught is just beginning.
NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.”
Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland.
Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet:
Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.
Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX filed for bankruptcy last November and SBF is currently facing several fraud charges, all of which he has pleaded not guilty to. “FTX and SBF are not an exception — they’re a rule,” Roubini exclaimed.
The NYU professor proceeded to advise against investing in cryptocurrencies. He stated that 99% of bitcoin investors did not buy BTC at $1,000 or $10,000. “Most of them got FOMO [fear of missing out] in 2021 when it was skyrocketing from $20,000 to … $69,000,” he stressed, emphasizing that 99% of bitcoin investors bought the cryptocurrency “well above the current market value.”
Roubini opined, “So they lost their shirts. It’s a nightmare.” Dr. Doom noted that bitcoin investors are not alone in losing money as other cryptocurrencies “have fallen by 90%, 95%.” He added: “Out of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% have gone to zero. So that means 97% of them … were either a scam or lost everything.”
Regarding crypto investing, Roubini advised:
You have to stay away. You have to absolutely stay away. And most of these people belong literally in jail — literally, they’re all crooks.
The NYU professor of economics has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are conmen. He called Binance CEO Changpeng Zhao (CZ) “a walking time bomb.”
Recently, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that most crypto tokens will fail, urging investors not to FOMO into this asset class. Meanwhile, a former SEC enforcement official, John Reed Stark, cautioned that an SEC regulatory onslaught is just beginning.
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.
A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.
“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:
As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.
The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.
Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.
The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.
Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.
Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.
A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.
“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:
As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.
The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.
Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.
The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.
Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.
Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.
Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens
Equity markets began the day in the red following the latest corporate earnings reports from some of the world’s largest firms, including Microsoft. The tech giant’s recent conference call was considered disappointing, and earnings from firms such as Boeing, Texas Instruments, and 3M were also lackluster. Gold and silver prices were down between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours.
After a couple of bullish weeks, stocks, precious metals, and cryptocurrencies were down on Jan. 25, 2023. As investors awaited the next U.S. Federal Reserve meeting, the state of the U.S. economy showed a great deal of weakness. Earnings reports from Microsoft, Union Pacific, Texas Instruments, and others on Wednesday indicated that the economy was not improving and added to lingering concerns about a potential U.S. recession.
On Wednesday morning into the afternoon, the four benchmark stock indexes the U.S. — the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC), and the Russell 2000 (RUT) — were all down between 1% and 2.05%. In addition to lackluster earnings reports from some of the country’s largest firms, industrial production in the U.S. slipped roughly 0.7% in December 2022.
Industrial production also dropped in November 2022, falling 0.6% year-over-year. Another shocker was the fact that retail sales during the holiday season were also low in November and December 2022. Data indicates that retail sales slipped 1.1% last month and, while the holidays were in full effect, it was the largest drop of the year.
Precious metals such as gold, silver, and platinum all saw losses against the U.S. dollar in the last 24 hours as well. The New York spot price on Jan. 25, 2023, indicates that gold is trading for $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and trading for $23.59 per unit on Wednesday at 11 a.m. Eastern Time. Kenneth Broux, a strategist at Société Générale, says that escalating tensions in Ukraine, low corporate earnings, and recession fears are plaguing investors.
“The market is definitely worried about slowing earnings growth, especially in tech, so there has been a sense the market wants to keep selling tech and the dollar,” Broux remarked on Wednesday. “But a huge tail risk now is what happens in Ukraine, if there is an escalation in the conflict and Europe gets drawn into the conflict,” the strategist added.
The cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded metrics. Crypto markets are down 2.79% as a whole, and bitcoin (BTC) has shed 1.49% on Wednesday. The second-leading cryptocurrency, ethereum (ETH), has lost even more, with 4.66% erased from its value since Tuesday.
Global cryptocurrency trade volumes were above the $100 billion region per day not too long ago, but today, global trade volume is around $55.98 billion across the entire cryptocurrency economy. Despite the pullback on Wednesday, precious metals, equities, and cryptocurrency assets are still doing much better than they were last month. By 11:30 a.m. (ET) on Wednesday, gold increased against the U.S. dollar but is still down 0.2% and silver rose as well and is currently up 0.13%.
Equity markets began the day in the red following the latest corporate earnings reports from some of the world’s largest firms, including Microsoft. The tech giant’s recent conference call was considered disappointing, and earnings from firms such as Boeing, Texas Instruments, and 3M were also lackluster. Gold and silver prices were down between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours.
After a couple of bullish weeks, stocks, precious metals, and cryptocurrencies were down on Jan. 25, 2023. As investors awaited the next U.S. Federal Reserve meeting, the state of the U.S. economy showed a great deal of weakness. Earnings reports from Microsoft, Union Pacific, Texas Instruments, and others on Wednesday indicated that the economy was not improving and added to lingering concerns about a potential U.S. recession.
On Wednesday morning into the afternoon, the four benchmark stock indexes the U.S. — the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC), and the Russell 2000 (RUT) — were all down between 1% and 2.05%. In addition to lackluster earnings reports from some of the country’s largest firms, industrial production in the U.S. slipped roughly 0.7% in December 2022.
Industrial production also dropped in November 2022, falling 0.6% year-over-year. Another shocker was the fact that retail sales during the holiday season were also low in November and December 2022. Data indicates that retail sales slipped 1.1% last month and, while the holidays were in full effect, it was the largest drop of the year.
Precious metals such as gold, silver, and platinum all saw losses against the U.S. dollar in the last 24 hours as well. The New York spot price on Jan. 25, 2023, indicates that gold is trading for $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and trading for $23.59 per unit on Wednesday at 11 a.m. Eastern Time. Kenneth Broux, a strategist at Société Générale, says that escalating tensions in Ukraine, low corporate earnings, and recession fears are plaguing investors.
“The market is definitely worried about slowing earnings growth, especially in tech, so there has been a sense the market wants to keep selling tech and the dollar,” Broux remarked on Wednesday. “But a huge tail risk now is what happens in Ukraine, if there is an escalation in the conflict and Europe gets drawn into the conflict,” the strategist added.
The cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded metrics. Crypto markets are down 2.79% as a whole, and bitcoin (BTC) has shed 1.49% on Wednesday. The second-leading cryptocurrency, ethereum (ETH), has lost even more, with 4.66% erased from its value since Tuesday.
Global cryptocurrency trade volumes were above the $100 billion region per day not too long ago, but today, global trade volume is around $55.98 billion across the entire cryptocurrency economy. Despite the pullback on Wednesday, precious metals, equities, and cryptocurrency assets are still doing much better than they were last month. By 11:30 a.m. (ET) on Wednesday, gold increased against the U.S. dollar but is still down 0.2% and silver rose as well and is currently up 0.13%.