Inflows into Crypto Investment Products Hit Highest since FTX Collapse

Feb 1, 2023

The average weekly inflows into digital asset-based investment products reached $36.8 million in January, which is the highest since the collapse of the once-leading crypto exchange, FTX, in November last year. The new height comes months after FTX’s bankruptcy led to a crypto withdrawal frenzy.CryptoCompare, a UK-based crypto market data provider, disclosed these numbers on Wednesday in its Digital Asset Management Review for January 2023. According to the data provider, the total assets unde ...read more

Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results

Feb 1, 2023

Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal Open Market Committee (FOMC) meeting results. Many are expecting that the U.S. Federal Reserve will increase rates by 25 basis points, taking current rates to 4.75%. Bitcoin was in the green on Wednesday, as prices rose above $23,000. Bitcoin Bitcoin (BTC) was back above $23,000 in today’s session, as traders turned their attention to this afternoon’s FOMC meeting. After recording a low of $22,874.43 ...read more

Crypto Narratives and the Bitcoin Anti-Narrative

Feb 1, 2023

The word narrative is overused in crypto, and it might elicit a roll of the eyes if uttered in dialogue with a committed Bitcoin maxi. It refers to a story, in this case about a coin, protocol or product, that will drive attention and attract buyers. You could argue that rather than narratives, crypto needs concrete real-world utility, but still, when sentiment picks up and bullishness stirs for certain, the reality, whether we like it or not, is that narratives have a gravitational effect on in ...read more

Binance and Mastercard Launch Crypto Prepaid Card in Brazil as Part of Latam Expansion

Feb 1, 2023

Leading crypto exchange Binance and credit card giant Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam. The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants. Brazil Receives Binance Prepaid Card Binance, a leading cryptocurrency exchange by volume traded, announced on Jan. 30 the launch of its Binance card in brazil, ...read more

Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million

Feb 1, 2023

Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin. Tesla’s Digital Assets and Its Bitcoin’s Fair Value Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended ...read more

82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows

Feb 1, 2023

Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. “Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” the firm’s chief executive said. Millionaires to Capitalize in Forthcoming Crypto Bull Run, Devere Says Devere Group, a global financial advisory and asset m ...read more

Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

Feb 1, 2023

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says Currency Swapping Exercise Has Been a Success The Central Bank of Nigeria (CBN) recently said it had extended the deadline for retu ...read more

Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs

Feb 1, 2023

The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment. Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% ...read more

Ethereum to Reach Peak of $2,474 Per Token in 2023, Finder’s Survey of Crypto and Fintech Experts Reveals

Feb 1, 2023

Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech experts, predicting bitcoin’s year-end price for 2023. Following the bitcoin price prediction report, Finder released another survey focused on ethereum, the second-largest crypto asset in terms of market capitalization. Finder specialists believe ethereum will reach a peak of $2,474 per token this year and end the year at $2,184 per unit. 24% of Pane ...read more

Why It Could Be Disastrous For Crypto If The Fed Raises Interest Rates By 50 BPS

Feb 1, 2023

The crypto and legacy markets could see a spike in volatility in a few hours. Jeremy Siegel, the Wharton School of Business Professor, told CNBC’s ‘Closing Bell: Overtime’ that “it will be a disaster” if the United States Federal Reserve (FED) increases rates by 50 basis points on February 1, 2023. FED Have To Increase Interest Rates By 0.25% The Professor insisted that if the FED mentions any figure “that’s not 25 basis points” during today’ ...read more

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