Stocks edge up as Aussie hike provides rates reminder
Written by on July 18, 2023
“The dark clouds overshadowing crypto have lifted in recent days amid a burst of institutional interest,” said Kate Laurence, general partner of Bloccelerate VC, which invests in crypto projects.
The move comes amid renewed regulatory scrutiny at the world’s largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S.
Securities and Exchange Commission.
But on the tech surge, he said that “it might well be a bubble”, with the firms now effectively needing to bank a 40% jump in earnings to justify their lofty valuations.
In a speech on Wednesday, RBA Governor Philip Lowe stepped up a warning of more rate hikes ahead to temper rising price pressures, even as risk of a steep economic downturn heightens with data showing GDP expanded at its weakest pace in 1-1/2 years last quarter.
The world’s largest asset manager will be using Coinbase Custody – an offline storage solution for digital assets – for the ETF, and the crypto exchange’s spot market data for pricing, the report added.
Eyes will now be trained on the Bank of Canada’s latest policy decision on Wednesday, with many forecasting it will resume tightening interest rates after a four-month pause.
regulator has yet to approve any applications for spot bitcoin ETFs. BlackRock’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S.
Securities and Exchange Commission (SEC).
The ETF filing has helped reverse negative sentiment in the bitcoin and broader cryptocurrency markets, after a series of crypto company meltdowns, including the sudden collapse late last year of exchange FTX, which authorities allege was running a multi-billion dollar fraud.
In the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have filed new applications with the U.S.
Securities and Exchange Commission (SEC) for spot bitcoin ETFs, sending the price of bitcoin to a learn more than one-year high of over $31,000 on June 23.
The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the U.S.
securities regulator on alleged violations of securities laws.
The broader S&P 500 rose 0.62%.
Its gains put the benchmark index up 20% from its Oct. 12 closing low and heralded the start of a new bull market, at least by the definition of some market participants.
“Crypto will be regulated soon with the new Market in Crypto Assets Regulation but this legislation does not apply to the social media companies benefiting from the advertising of crypto at the expense of consumers,” BEUC Director General Monique Goyens said in a statement.
Binance.US, the purportedly independent partner of Binance, has seen its U.S.
market share slump to 0.9% on June 26 from over 22% in April after the exchange gave its customers a deadline of June 13 to withdraw their dollar funds as the SEC asked a court to freeze its assets.
The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022.
In all cases, the regulator said the filings did not meet standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest.
cryptocurrency platform of operating illegally because it failed to register as an exchange, a move which came just a day after the regulators sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao. The U.S.
Securities and Exchange Commission (SEC) on Tuesday sued Coinbase, accusing the largest U.S.
July 14 (Reuters) – Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.
laws, among other charges. The U.S.
Securities and Exchange Commission on Monday sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade U.S.
The decision comes weeks after Binance Australia told customers they would lose access to Australian dollar deposits and withdrawals because payments provider Cuscal cut access.
(Reporting by Lewis Jackson; Editing by Jamie Freed)
U.S.
regulators sued the world’s biggest cryptocurrency exchange this week, alleging Binance inflated trading volumes and diverted customer funds among other claims.
