Wednesday, July 28

Cryptocurrencies

Bitcoin, crypto, Cryptocurrencies, digital assets, Ether, Ethereum, Markets, MI Exclusive, Regulation, Singapore

In Singapore, 93% of people have heard of cryptocurrency, 66% of the young own some, and more plan on buying, thanks to the nation’s pro-crypto stance, a survey finds

Singapore flag Emmanuel Dunnand/ Getty Images Most Singaporeans are positive on cryptocurrencies, regardless of age, but it is the country's younger population that is adopting digital coins en masse, thanks to pro-crypto regulation, according to a survey by Australia's Toluna, a consumer insights provider. The survey, which polled around 1,000 people, was conducted in May. It showed 93% of all Singaporeans had heard of crypto and 43% owned it, with adoption highest among 26-45 year-olds. 66% of respondents in that group said they owned some crypto. In the US, only 6% of adults said they invested in bitcoin, according to a recent Gallup poll.The Singapore survey showed 59% believed crypto would reach mass adoption, and 50% believed that bitcoin will be worth more than $367,000 by...
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Bitcoin surges 15% to top $38,000, boosted by comments from influential investors and chatter about Amazon getting into crypto

OZAN ​​KOSE/AFP via Getty Images Bitcoin leapt 15% on Monday to rise above $38,000 for the first time in about six weeks, after remarks from influential commentators and a report that Amazon is considering accepting payments in the cryptocurrency helped restore bullish investor sentiment.The coin was trading at around $38,750 as of 3:15 am ET, representing a 33% gain so far this year. It had earlier hit a 24-hour high of about $39,544, its highest level since mid-June.After being stuck in a descending slope for three months, bitcoin broke out at the top end of recent levels following positive comments from leading CEOs Elon Musk, Jack Dorsey, and Cathie Wood at "The B Word" event last week. Tesla CEO Musk said the electric-vehicle maker would be open to accepting bitcoin as payme...
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13 must-see charts, plus an $875 mini bitcoin-mining rig

Hello everyone! Welcome to this weekly roundup of Investing stories from deputy editor Joe Ciolli. Please subscribe here to get this newsletter in your inbox every week. Getty Images / Xinhua News Agency Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you thro...
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A bitcoin ETF may not be approved by the SEC until 2023 despite surging interest, according to a fund provider that’s already been through the process

Former Commodity Futures Trading Commission Chairman Gary Gensler testifying before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill on July 30, 2013. Photo by Chip Somodevilla/Getty Images The wait for an SEC approved bitcoin ETF might be longer than most think, according to one fund provider that's been through the approval process.William Cai of Wilshire Phoenix doesn't expect the SEC to approve a bitcoin ETF until 2022 or 2023. "A bitcoin ETF is not on his top priority list as far as we can see," Cai said, referring to SEC chief Gary Gensler.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Anticipation for a SEC-approved bitcoin ETF is high, but investors shouldn't hold their breath as it may still be years away from becoming re...
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RealVision’s Raoul Pal says social tokens are going to be’the next big thing’ for crypto and will grow into a trillion-dollar industry in 5-10 years

crypto coins circle Nurphoto Raoul Pal, former hedge fund manager at Goldman Sachs spoke to Insider about the outlook for the crypto industry. He said social, or community, tokens have the potential to "disrupt businesses' like Disney. He said his RealVision firm will launch a community token within the next year. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Social, or community, tokens are going to be the next big development in the crypto market and have the power to disrupt all kinds of traditional industries, according to RealVision CEO Raoul Pal. Pal, who used to run hedge fund sales at Goldman Sachs, before retiring at 36 and devoting himself to other investments, told Insider in an interview he's so sure social tokens will boom that his company...
Bitcoin, Blockchain, BlockFi, crypto, Cryptocurrencies, Markets, MI Exclusive

3 states have cracked down on crypto lender BlockFi as the company’s interest accounts draw scrutiny

Chukrut Budrul/SOPA Images/LightRocket via Getty Images Three US states have said the cryptocurrency platform BlockFi may have violated securities law by offering its interest-bearing accounts within their jurisdictions. All three states-New Jersey, Alabama, and Texas-said the cryptocurrency platform did not register its BlockFi Interest Accounts, or BIAs, with state regulators and securities that they may be unregistered offerings.BIA allows clients to deposit their cryptocurrencies and earn interest, depending on how much and which types of assets are deposited.On July 20, New Jersey issued a summary cease-and-desist order banning BlockFi from selling unregistered securities through its BIAs and accepting new BIAs in the state. The state said this product violated the state's s...
Bitcoin, bitcoin price, bitcoin price outlook, crypto, Crypto assets, Cryptocurrencies, Finance, Markets, MI Exclusive, Trading

Here is what it’ll take to pull bitcoin out of its bear market, according to JPMorgan

Nurphoto / Getty Images The bear market in bitcoin is ongoing as momentum traders unwind their positions, JPMorgan said in a note on Wednesday. The bank is looking for signs of new institutional adoption to help lift bitcoin from its rut."We believe that the share of bitcoin in the total crypto market would have to normalize further and perhaps rise above 50%" to end the current bear market, JPMorgan said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.The ongoing bear market in bitcoin is showing no signs of ending anytime soon, JPMorgan said in a note on Wednesday.The bank is looking for indications that the worse in bitcoin's price decline may be behind us, but in order to argue that the bear market is over, JPMorgan wants to see bitcoin's valuation sh...
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BlockFi investing review: Trading with no fees or account minimums

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.BlockFi is a global platform offering interest accounts, crypto-backed loans, and crypto trading. It doesn't have minimum requirements or trading fees, though small spread fees may apply. BlockFi's loans are available to both individual traders and institutional clients. Click here to set up an account with BlockFi. Bottom line: BlockFi is best for individuals and institutions in search of cr...
Bitcoin, crypto, Crypto assets, Crypto crash, Cryptocurrencies, Markets, MI Exclusive

Bitcoin slides below $30,000 as fears mount over surging COVID-19 cases-and now trades 55% below its record high

STR/NurPhoto via Getty Images Bitcoin slid below $30,000 on Tuesday for the first time in about a month as rising fears of the fast-spreading Delta variant hit global stocks sharply on Monday.The cryptocurrency was last trading at $29,770 as of 3:25 am ET, down about 55% from its record high of $64,870 on April 14.Ether fell 7% to $1,761, cardano fell 9% to $1.07, XRP fell 9% to 53 cents, and dogecoin fell 7% to 16 cents.The broad sell-off led to a drop of $98 billion in the value of the entire cryptocurrency market, according to data from CoinMarketCap. "Bitcoin has not been immune to market volatility and is another casualty of the sell-off across financial markets. Investors edged away from crypto wallets after stocks plunged," said Susannah Streeter, senior investment ...
Bitcoin, crypto, Crypto assets, Crypto crash, Cryptocurrencies, Markets, MI Exclusive

Bitcoin slides below $30,000 as fears mount over surging COVID-19 cases — and now trades 55% below its record high

LoadingSomething is loading. Bitcoin slid below $30,000 on Tuesday for the first time in about a month as rising fears of the fast-spreading Delta variant hit global stocks sharply on Monday.The cryptocurrency was last trading at $29,770 as of 3:25 am ET, down about 55% from its record high of $64,870 on April 14.Ether fell 7% to $1,761, cardano fell 9% to $...