Crypto Guides, Knowledge & Insights

FTX.US Launches Stock Trading for Select Users

FTX.US opened its stock-trading service to select customers today, according to a press release from the company.　　FTX Stocks Now In Beta Access　　FTX.US has opened beta access to FTX Stocks, which will be offered through its trading app to a select waitlisted users. The offering will be expanded to the entire platform over the next month, according to FTX CEO Sam Bankman-Fried.　　The service offers eligible customers the opportunity to invest in hundreds of stocks, as well as ETFs and other securities. Users will also have access to fractional share trading in some cases.　　In order to ensure fair pricing, FTX.US will route orders through Nasdaq and will not receive payment for order flow. On Twitter, Bankman-Fried commented that the company earns “nothing” and that the “goal is just to give customers a great experience.”　　Elsewhere, FTX.US president Brett Harrison said that the service is part of the companys plans to increase its scope and “offer a holistic investing service for our customers across all asset classes” including cryptocurrency, NFTs, and traditional stocks.　　FTX.US is the eleventh-largest crypto exchange, with $250 million in trading volume over 24 hours. Its international counterpart is larger, with a $3 billion volume over the same period.　　FTX Will Compete With

2022-05-20Deep Dive

Economist H. Dent predicts Bitcoin crash to $3k before shooting to ‘$500k in next global boom’

Recent instability in the cryptocurrency market, hampered by increasing interest rates and growing inflation, has led to several industry analysts forecasting a market collapse in 2022.　　Speaking with Kitco News, the economist and founder of HS Dent Publishing, Harry Dent, discussed his market outlook for gold, Bitcoin, and the equity markets.　　According to Mr. Dent, and his current situation in the cryptocurrency market, he warned that Bitcoin could go down as low as $3,000 before shooting to $500,000 in a future market boom.　　“It‘s gonna crash and I think Bitcoin could go down to $3,000 or $7,000 and then go to half a million to a million in the next global boom [by 2037]. So that will be the buy of an of a lifetime, but I wouldn’t touch it with a 10-foot pole even down 50% here.”　　Dent was of the opinion that the current crisis, after the “biggest bubble in history,” would demonstrate that it is not possible to just print money, and it will also demonstrate that countries want a new standard—something genuine and something for the digital domain. 　　Interestingly, the economist acknowledged gold is not that despite believing grow to three to five thousand in the next boom.　　He stated:　　“The globe

2022-05-19Deep Dive

Elon Musk: US Economy Is Probably in Recession That Could Last 18 Months

Elon Musk on U.S. Recession and Inflation　　Elon Musk, the CEO of Tesla and Spacex, talked about the U.S. economy on the All-In podcast, published Monday.　　Commenting on whether the U.S. economy is in a recession, Musk said:　　We probably are in a recession and that recession will get worse but these things pass and then there will be boom times again … It‘ll probably be some tough going for, I don’t know, a year, maybe 12-18 months.　　He added that 12 to 18 months is roughly the amount of time for a correction to happen. Recession fears have escalated recently as the Federal Reserve tightens monetary policy to help cool down inflation.　　Musk explained that in his opinion, recessions are not necessarily a bad thing, emphasizing that hes been through a few of them in his time at public companies. “What tends to happen is, if you have a boom that goes on for too long, you get misallocation of capital — it starts raining money on fools, basically,” he described.　　Noting that the rising prices resulted from money printing, the Tesla boss said:　　The honest reason for inflation is that the government printed a zillion more money than it had … This is not like,

2022-05-19Deep Dive

SEC Chair Gensler Threatens Action Against Unregistered Crypto Exchanges

Testifying before a congressional subcommittee on Wednesday, Securities and Exchange Commission chair Gary Gensler fired yet another warning shot at crypto industry leaders.　　“The crypto exchanges should come in and register,” said Gensler, “or, frankly, were going to continue to bring, use what Congress has given us, in our enforcement and examination functions.”　　The statement came in response to questioning from Rep. Steve Womack (R-AR), who expressed his displeasure at what he perceived to be the SECs enduring failure to create an explicit set of regulations for cryptocurrencies.　　Making an analogy to football, Womack cautioned, “Before an official can throw a flag—do an enforcement action—you gotta know the rules.”　　The SEC has, to date, brought more than 80 enforcement actions against crypto asset offerings and platforms. Gensler argued on Wednesday that such actions were well within his agency‘s purview, saying, “I think the rules are actually quite clear that if you’re raising money from the public, and the public anticipates a profit based on the efforts of that sponsor, thats a security.”　　But the situation may not be so simple.　　Historically, the SEC has not clarified which crypto assets it classifies as securities, versus some that it‘s said could be considered commodities (and thus outside its

2022-05-19Deep Dive

Meta files five trademark applications for 'Meta Pay' teasing crypto and digital payment platform

Meta, formerly Facebook, has submitted five trademark applications in the United States for what appears to be new digital platform dubbed Meta Pay.　　The trademark applications, filed on May 13, described Meta Pay as an “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digital tokens, [and] crypto tokens.”　　Apart from payment and trading, Meta Pay could also include digital asset lending and investment services, per other details in the trademark filing.　　The social media giant previously acquired the MetaPay.com domain name from the South Dakota-based MetaBank in a $60 million deal in December 2021.　　The trademark filing is Metas latest crypto-related play having announced plans to begin testing NFTs on Instagram earlier this month.　　Meta previously filed eight trademark applications for its logo with the company describing the move as part of its pivot towards the digital economy.　　These efforts have not gotten to a great start with the company announcing that its metaverse-focused unit Reality Labs lost almost $3 billion in the first quarter of the year.　　The companys Diem stablecoin project also failed to get off the ground amid significant opposition from regulators across the globe. The assets from that initiative were

2022-05-19Deep Dive

Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.　　Russian Digital Financial Assets Likely to Appear by Years End　　Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russias financial sector, Anatoly Aksakov.　　Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.　　The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russias largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:　　“We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on

2022-05-19Deep Dive

Binance Is Actively Applying for Licenses in Germany

Binance, the worlds largest crypto exchange by trading volume, is not abandoning its efforts to spread its tentacles to new jurisdictions and expand its global footprint despite the recent crypto market bloodbath.　　CEO Changpeng Zhao revealed Wednesday that the leading exchange is applying for official licenses to operate its regulated trading platform in Germany.　　Binance Seeks Go-Ahead To Run Crypto Exchange In Germany　　Speaking at the Online Marketing Rockstars Festival in Hamburg, Zhao revealed that Binance is currently in talks with German regulators. The exchange is also expanding its compliance team and applying for licenses in Germany.　　Binance‘s plans to operate in Germany come as it is ranked the most crypto-friendly in the world. The European nation now accepts crypto investments as part of its domestic savings industry. Furthermore, Germany’s federal finance ministry recently issued the first-ever nationwide tax guide for cryptocurrencies.　　If approved, Germany will be the second major European nation and G-7 member to explicitly allow Binance to conduct operations within its jurisdiction. Earlier this month, the firm secured regulatory approval in France. Just before that, Binance had gained provisional approval in Abu Dhabi to operate as a broker-dealer in virtual assets.　　Binance Deepens Europe Push　　At this time last year, Binance was facing severe

2022-05-19Deep Dive

Russia Legalizing Bitcoin And Crypto Is A Matter Of Time, Says Minister Of Industry And Trade

Denis Manturov, Minister of Industry and Trade of the Russian Federation, recently expressed his opinion that bitcoin and other cryptocurrencies being legalized in Russia is just a matter of time, according to a report from Russian state news agency TASS.　　At an educational event called New Horizon, when asked whether or not Russia would be legalizing bitcoin or any other cryptocurrency, Manturov stated:　　“The question is when it will happen, how it will happen and how it will be regulated. Now both the Central Bank and the government are actively engaged in this.”　　Currently, Russian authorities are discussing the future of cryptocurrencies and mining. The Bank of Russia pushed for a complete ban on cryptocurrency, citing systemic threats to the current financial system.　　The Ministry of Finance, however, has held the position that cryptocurrencies should be legal and well-regulated and President Vladimir Putin also pleaded with regulatory agencies to come to an agreement on the matter due to Russias natural resource advantages.　　“But everyone tends to understand that this is a trend of time, and sooner or later, in one format or another it will be carried out,” said Manturov at the New Horizon event. “But, once again, it should be legal, correct, in accordance

2022-05-19Deep Dive

Goldman Sachs CEO Is Bullish on Blockchain

During his recent interview with CNBC, Goldman Sachs CEO David Solomon stressed that he is bullish on “the digital disruption of financial infrastructure.”　　He is convinced that blockchain and other cutting-edge technologies, some of which have not been developed yet, give financial institutions great latitude to make that infrastructure more efficient. Goldman is looking for new and interesting ways to use blockchain technology.　　Solomon is less enthusiastic about cryptocurrencies, the main application of blockchain technology.　　The banker says that the lack of regulation limits Goldmans involvement in the fast-growing sector.　　“The regulatory construct does not let us do a lot,” Solomon said.　　Goldman has stressed that he does not have a strong view on any particular coin, including Bitcoin. He also added that he did not care in which direction the price of the worlds largest cryptocurrency would move.　　“At the end of the day, I dont have a strong view,” Solomon stressed. Please download WikiBit for more blockchain news.　　Last week, Bitcoin plunged to $25,000, the lowest level since December 2020, before bouncing back to $30,000. It is currently trading at $29,300 on major spot exchanges.　　Goldmans crypto expansion　　Despite its reservations about digital assets, Goldman continues to extend its crypto tentacles.　　As reported, one of Wall Streets biggest

2022-05-19Deep Dive

Why Ethereum price at $600 seems more plausible than $3,000

Ethereum price has flipped bearish from a macro perspective after creating a second lower low at $1,700.　　Investors should be prepared for a worst-case scenario that puts ETH at $600.　　A three-day candlestick close above $3,396 will invalidate the bearish thesis. 　　Ethereum price is in a tough spot despite the recent crash and indicates that a further downtrend is on the cards. The case for a bullish trend will only be revived after ETH produces a higher high from a macro perspective. From a fundamental point of view, increasing competition has recently capped Ethereum blockchain upside, but user share dominance and further cycle improvements allow for high upside.Mixed views on Ethereum on “State of Crypto” report　　With this regard, in a recent report on the “2022 State of Crypto,” popular tech VC firm a16z outlined its views on Ethereum and its leadership. The report by the Sillicon Valley company states that “users are willing to pay an average of $15 million in gas fees per day despite the massive number of competitor blockchains.” Additionally, this a16z report mentioned how this popularity is a “double-edged sword” as the Ethereum blockchain has always preferred decentralization over “security,” allowing other layer-2 scaling solutions to siphon its

2022-05-18Deep Dive

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