State Street Launches New Digital Division; Considering “Adding Crypto to Their Balance Sheet”

State Street Launches New Digital Division; Considering “Adding Crypto to Their Balance Sheet”

The second-oldest bank in the US with $40.3tn under custody says, “We are at a tipping point,” and is having “intense” communication with the regulators while “a lot” of (its) clients looking to launch crypto ETFs.”

State Street, the second-oldest bank in the United States with $40.3 trillion under custody at the end of March, is setting up a new digital division to keep up with the growing demand for cryptocurrencies despite the lack of regulatory clarity.

“We are at a tipping point now where this is moving fast,” Nadine Chakar, who will head State Street Digital, told FT.

“We are getting calls from endowments and foundations that are getting donations in crypto and saying what do we do with this? We are seeing companies that are thinking of adding crypto to their balance sheets.”

The company executive further emphasized that the bank’s digital opportunity goes beyond cryptos and includes using blockchain technology to make the system more efficient. “We are turning the industry upside down,” she said.

This move came just weeks after the Boston-based bank was appointed by Iconic Funds to serve as the administrator of a bitcoin-backed exchange-traded note listed on the Frankfurt Stock Exchange.

State Street, whose own fund management arm has $3.6tn under custody, is partnering with academic institutions and regulators in preparation for the launch of the digital unit.

“We will support everything in crypto services that we are allowed to support from a regulatory perspective. The level of communications back and forth with our regulators is intense.”

The bank is also keeping an eye on the Securities and Exchange Commission (SEC)’s judgment on a proposed Bitcoin ETF. Several companies have filed for an ETF, but there are yet to be approved one in the US, while Canada has several Bitcoin and Ethereum ETF approved and trading on the exchanges.

While State Street had “a lot of clients looking to launch crypto ETFs,” Chakar said it may be some time before the SEC acts on pending applications.

“If they do need more time to get it right, and provide the industry with the clarity we need, we will continue to work with our clients,” she said. “In this case, patience is a virtue. We will continue to be patient.”

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Author: AnTy

Survey: UK Investors See Cryptos as Better Investment Attractions To Stocks

A poll carried out by Censuswide for UK firm Parliament Street shows British investors closely monitor the crypto space.

UK Investors Have Crypto FOMO

The survey carried out in Feb. 2021 aimed to know how responders intend to diversify their investment portfolio following the economic uncertainty occasioned by the pandemic.

According to the 2,000 participant poll result, one-third of those questioned said they failed to take advantage of owning cryptocurrencies earlier and won’t consider joining due to current prices.

Despite feeling left out, 31% of investors believe the crypto market is expected to continue its bullish run. According to them, Bitcoin will likely hit the £50,000 mark before the year runs out. A further 18% of responders said BTC would surpass the £100K mark sooner rather than later.

For investors who were late to the crypto party, 25% of participants say they would have become millionaires if they had bought crypto at the start of 2020. Also, 37% of those questioned said that traditional assets like stocks, bonds, and shares were less profitable given the economic impact of the covid-19 pandemic on the capital markets. To them, cryptocurrencies are better investment attractions.

Cryptocurrencies have grown tremendously since the start of the year. Institutional demand has risen as corporate bodies see digital currencies as a hedge against the fast-eroding fiat currencies. With some of them converting all their cash reserves to cryptocurrencies, the industry has surpassed the $1 trillion mark in less than five years.

Bitcoin currently trades above $56,000, and there are many reasons why the prices are expected to rise even further. Increasing adoption of BTC as a speculative asset and medium of exchange are two essential factors. The limited 21 million supply restriction is also gradually turning it into a scarce commodity, leading many investors to call it “digital gold.”

But, Bitcoin is not alone. Ethereum stands heads-over-shoulder over other digital assets suitably called “altcoins.” With many altcoins fulfilling different specific purposes, the digital economy has become a wonderland for many investors. As a result, the traditional asset class has seen money moving into the crypto space due to its lower ROI.

Cryptocurrencies are highly volatile, falling sometimes 30% in a day, but their higher ROI and the utopian ideal of no central authority intermediating in transactions has seen the nascent industry continue to grow. Its underlying technology, distributed ledger technology (DLT), has also been praised for its myriad applications.

Rise of Bitcoin’s Addition to Corporate Treasuries

Last year, the addition of cryptocurrencies like Bitcoin to corporate balance sheets became a thing. Business executive and CEO of MicroStrategy Michael J.Saylor made it popular. Saylor was instrumental in convincing other industry heavyweights to join the crypto train. One of these tech veterans is Tesla’s Elon Musk.

Both men have done for crypto what Steve Jobs did for the internet. Saylor broke into the crypto space much earlier with a $625 million investment in BTC. At press time, his intelligence company holds a staggering $4.45 billion stake in Bitcoin alone. Musk came a little later, but his impact cannot be disregarded. In early February, Tesla’s $1.5 billion stakes in BTC saw BTC leave the support level of $42,000 to a new ATH of $58,000 in less than a month, climbing 20%.

Key collaborations from large firms like MasterCard, Square, Paypal, and assets management firm Grayscale have also made cryptocurrencies an exciting project.

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Author: Jimmy Aki

Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now

Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now

WallStreetBets, whose members on Reddit are growing fast, now over 7.7 million, has moved from DOGE to other assets.

WallStreetBets have found their next target, and it is none other than XRP and Silver, both of which are pumping hard. XRP started pumping over the weekend, and today the prices climbed as high as $0.688. Last week, the digital asset was trading as low as $0.246.

In just two days, XRP prices surged over 142% and is now retracing the gains as it is currently trading around $0.630.

Last week, fintech startup Ripple also filed a response to the US Securities and Exchange Commission (SEC), which has sued the company and its top two executives for allegedly selling an unregistered security. Ripple’s 93-page long response says,

“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility.”

Ripple has also filed a Freedom of Information Act request for documents on how the SEC determined that BTC and ETH are not securities.

Silver Sent to Multi-Year Highs

Before pumping XRP, WallStreetBets sent DOGE above $0.80, and already the momentum has ebbed as the cryptocurrency now trades around $0.0389. DOGE -16.77% Dogecoin / USD DOGEUSD $ 0.04
-$0.01-16.77%
Volume 7.07 b Change -$0.01 Open $0.04 Circulating 128.19 b Market Cap 4.72 b
8 h Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now 8 h Elon Musk says He’s ‘Late’ to the ‘Bitcoin’ Party; Should Have Bought 8 Years Ago 2 d Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top

Besides XRP, retail traders seem to be onto silver as well, which today went past multi-year highs of $30, a level that was last seen in February 2013. During the post-pandemic pump, silver went to just under $30 level while its all-time high sits at about $50 hit in April 2011.

Unlike silver, gold is trading around $1,860 per ounce, still over 10% from its ATH of $2,075 recorded in August 2020. Greenback, meanwhile, is flat around 90.7.

Given that WallStreetBets’s subreddit has 7.7 million members, it makes sense that they can coordinate to push up an asset’s prices. Trader and economist Alex Kruger said,

“Going to be interesting if WSB ever gets large enough to command a squeeze against major currencies. Based on the silver price action, it seems they could already squeeze an EM currency if so desired.”

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Author: AnTy

CNBC’s Mad Money Host, Jim Cramer, Says ‘Not Too Late for Bitcoin’ Even at $19,000

Jim Cramer, the founder of The Street, took to Twitter to share with its 1.4 million followers that it is a good time to jump into Bitcoin. Cramer said,

“It is not too late for Bitcoin.. great alternative to gold… which I have always believed in.”

The host of CNBC’s Mad Money comments came when the largest digital asset is trading above $19,000, a level last seen during the peak of the December bull run. BTC is just inches, not even 5% away from its all-time high of $20,000.

While millennials are already into cryptocurrencies big time, boomers may make an entry into the market too.

Bitcoin is up 168% YDT, with the majority of these gains, nearly 80%, coming in these last two months.

Unlike BTC, which is strengthening its digital gold narrative, the precious metal itself is having a rough past few months. Ever since hitting a new high above $2,000 in August, the gold price has been on a decline. Up only 18.7% year-to-date, the bullion is down -3.74% this month, dropping to the $1,800 level today.

While gold is getting sold off, BTC continues to climb up, inching that much closer to its new ATH. As we reported recently, analysts at Deutsche Bank said that Bitcoin is seeing increasing demand to be used to hedge dollar risk, inflation, and other things for which previously gold has been used.

Bitcoin whales are the one that is busy accumulating bitcoin currently. In the short-term, a much-anticipated pullback could make an entrance, with the number of accumulation addresses falling.

However, going by the narrative that the rally is largely driven by professional asset managers, “this means that Bitcoin will play a more active part in portfolio construction, going forward,” said Denis Vinokourov of Bequant.

Talking about its implications for Bitcoin, he said it would make “its once cherished non-correlated asset appeal (…) unclear, but it makes sense that if more institutions hold it, the more likely it will become correlated to traditional assets.”

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Author: AnTy

Algorand Joins Wall Street Blockchain Association to Enhance Tech Value in Financial Markets

Algorand is now a corporate member of the Wall Street Blockchain Association (WSBA) following an announcement on April 23, 2020. The proof-of-stake blockchain solutions provider will join other finance and tech-oriented firms under this association as they look to leverage the ecosystem resources.

According to WSBA’s welcoming announcement, Algorand’s participation in the alliance will also add value to the non-profit trade association. This is because of its underlying blockchain value as FinTech stakeholders take a deep dive into solutions for borderless economies. Ron Quantara, the WSBA chairman, echoed that they are happy to have Algorand as a new member,

“We are privileged to have the Algorand team join our organization and work with us and our global members to further the shared mission of promoting comprehensive adoption of blockchain technology across global markets.”

Algorand, on the other hand, is set to enjoy the strong networks within the WSBA which might come in handy given the platform’s promising outlook. Founded by Silvio Micali, a Turing Award winner and well-known computer scientist, Algorand has achieved several milestones with the WSBA as its latest. The company’s COO, Sean Ford, further expressed confidence in their ability to contribute to the association’s growth,

“With recent accelerated adoption across open finance, traditional finance, and central bank digital currency initiatives, Algorand is well-positioned to bring a fresh perspective to alliance members. I look forward to our participation with this prominent group.”

Algorand’s Recent Milestones

This blockchain platform has been gradually gaining market share owing to its value proposition. Some of its prominent features include a scalable Layer-1 for businesses looking to use smart contracts. They also pioneered a co-chain architecture which essentially allows its users to enjoy both private and permissionless blockchain features.

Notably, the Algorand foundation is determined to incentivize growth within its blockchain network. As a result, they have launched a grant program close to $250 million in ALGO tokens for stakeholders such as developers and educators committed to its network growth.

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Author: Edwin Munyui

After The Stock Market, Now Oil ETF Volatility Eclipses That of Bitcoin

At the end of March, the stock market volatility surpassed that of Bitcoin as Wall Street saw more turbulence than the digital asset’s average volatility. The realized volatility of bitcoin took a big jump in March but it has already reverted.

Now, with the oil prices in free fall, the volatility of oil ETF has exceeded Bitcoin’s. Crypto data tracker, TradeBlock reported,

“USO Oil ETF volatility has surpassed that of bitcoin, as oil prices declined sharply in recent days. In the figure below we diagram price volatility over the past one year period between USO and TradeBlock’s XBX Bitcoin Index.”

Source: TradeBlock

US crude oil prices plunged this week that has renewed worries over the troubled shale oil industry. The price of Brent crude, the international oil benchmark, fell under $16 a barrel for the first time since 1999 as markets continue to struggle with oversupply while demand remains low due to coronavirus lockdown.

The market panic caused US oil prices to tumble into negative territory for the first time as with a lack of storage space, oil producers are paying customers to take their barrels from next month.

Restrictions on travel and the broader economy due to lockdown have caused demand to fall at its fastest rate in 25 years. Now, unless there was a “massive shock” such as oil well shutdowns, cutting millions of barrels from global production, the oil may even get cheaper.

“It’s not a panic. The move is completely rational,” said Howard Marks, co-founder of Oaktree Capital Management.

“The ultimate complication is that storing oil costs money, and storage facilities aren’t unlimited. Right now storage is scarce and thus expensive, so it’s not worth it to buy oil today and store it. The cost of storing exceeds the value today; thus the price is negative.”

These losses came despite the OPEC and its oil producing allies finalizing a historic agreement earlier this month to cut production.

US President Donald Trump said earlier this week that he would consider preventing incoming Saudi Arabian oil shipments and top up the country’s emergency fuel storage of petroleum.

Now that the storage tankers are full, May won’t be any different. “Yes, eventually demand will gradually pick up again. However, until that happens, watching producers continue to pump oil out of the ground is ludicrous,” said analyst Mati Greenspan in his daily newsletter Quantum Economics.

However, if oil producers start shutting down wells, it can physically damage reservoirs and threaten the future prospect of reviving the output.

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Author: AnTy

Blockchain Advocate Caitlin Long To Bring First Digital Asset Focused Bank To Wyoming

A Wyoming company that was founded by Wall Street and blockchain legislative champion Caitlin Long is applying for a banking state division special purpose depository institution (SPDI) approval.

Caitlin Long announced on Monday that the bank is going to be called Avanti. It will focus only on providing digital assets regulated services. Formed on January 6, Long’s company has raised $1 million in seed funding. As far as what the Avanti future institutional customers will get, this is custody, payment, securities and commodities services.

8 Products Already in the Pipeline

Avanti already has 8 products in the pipeline, products that aren’t yet available in the US market and out of which only the one of custody for security tokens has been mentioned. SPDIs are the only structures that can offer custody securities services legally in the US. The balance sheet of Avanti will hold more assets than deposits under administration, whereas its profits will be made from institutional clients, much like State Street, Northern Trust and Bank of New York Mellon make theirs.

Partnership with Blockstream

Avanti is going to close a partnership with Blockstream. The Bitcoin (BTC) startup will provide the custody digital assets hardware and software, as well as BTC applications. Here is what Long said about Blockstream’s role in the Avanti project:

“Blockstream brings software for the bitcoin protocol. … Avanti brings a regulated delivery vehicle to deliver it into the USD markets.”

Adam Back, Blockstream’s co-founder and CEO, said Blockstream’s Liquid is going to help Avanti develop a custody digital asset “one-stop shop” and build both conventional and blockchain-based APIs.

The Wyoming Division of Banking Developing SPDI Policies and Procedures

Since the Wyoming Division of Banking has finalized the applications requirements, it is now focusing on SPDI banks policies and procedures, also on defining how regulatory supervision and examination processes are going to take place. Here’s what Chris Land, the state’s banking division general counsel, said about the progress made by Wyoming until now:

“Wyoming is integrating digital assets into the U.S. banking system for the first time. The first applications that go through the process literally have to be perfect because many of the top financial industry officials in the country will be following the process. Perfection, like art, takes time.”

He also mentioned things should not be rushed and that they are going pretty well until now.

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Author: Oana Ularu

NYSE, Bakkt, & eBay Under One Roof? ICE Makes a Takeover Offer to eBay

The Wall Street Journal has just reported that a company that owns the NY Stock Exchange, just made an offer of $30 billion dollars for eBay, the company is the well known Intercontinental Exchange and located in Atlanta.

Intercontinental “may see an opening to apply its technological expertise connecting buyers and sellers to eBay’s core e-commerce site covering everything from electronics to collectibles,” reported WSJ.

ICE is owned by Jeffery Sprecher, husband of former Bakkt CEO Kelly Loeffler who had to quit her position after being appointed the new US Senator from Georgia.

This isn’t the first time ICE has approached eBay, Intercontinental has tried before to offer eBay a takeover bid, and there have been no meetings scheduled to discuss the bid between the two companies. eBay shares, however, jumped 10% on the news while ICE’s were down 3%.

Intercontinental (ICE) is also the company behind crypto exchange Bakkt that enables institutions to buy, sell, store, and spend the world’s largest digital asset by market cap Bitcoin.

eBay also sells virtual currency and mining contracts for Bitcoin. Users can buy items on the platform by using cryptocurrency as well but through third-party platforms.

Earlier last year, there were also rumors that the online auction site might start accepting Bitcoin and altcoins soon after photographs of marketing material from the Consensus conference in New York were revealed that said “Virtual Currency. It’s happening on eBay,”

However, eBay has been once again partnering with the payments platform that accepts cryptos on behalf of merchants and pays them in fiat.

Back in 2017 during the peak of Bitcoin price, senior vice president eBay Americas, Scott Cutler said in an interview that the company was “seriously considering” accepting the digital currency only to add that, “we’re not quite there yet.”

Now, this latest talk of ICE taking over eBay has the crypto community excited and hopeful yet again.

“WHOA. The owner of the New York Stock Exchange is thinking about taking over eBay at a valuation of more than $30 billion. This is the same company that realized the importance of Bitcoin enough to start Bakkt,” wrote Anthony Pompliano co-founder of Morgan Creek Capital. “Would be incredible to combine NYSE, Bakkt, & eBay under one roof.”

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Author: AnTy

Palm Beach Quant: Teeka Tiwari’s Quantitative Trading Investment System

Teeka Tiwari, former Wall Street trading veteran and current Chief Investment Analyst of the Palm Beach Research Group, is no stranger to the financial world. He’s hosted multiple webinars (5 Coins to $5 Million or Wall Street Underground) and events to help educate consumers on the way to invest their own funds to make progress in their finances. Recently, Tiwari posted about an ongoing question he asks himself – “How do I show my readers the chance to take serious money off the table faster?”

He explains that he’s been speaking with some of his contacts, finally discovering an effective solution. While not many details are revealed about the Palm Beach Quant trader yet, Teeka does share that it is an entirely different kind of trading system developed by a rocket scientist, a software engineer with aerospace giant Northrop Grumman, and a former member of the Chicago Board of Trade.

He adds that this option is so effective that he pulled some of his own cryptocurrency investments so he could get involved as well, saying that it has managed to call multiple major moves that have happened in the Dow through the last 20 years, like the financial crisis in 2008 and the dot-com crash. The details of the system won’t be available until November 13th, but he’s released a website that lets interested individuals register. As an example listed, Teeka says he is on record helping people see gains of over 11,000% and 14,000% on just two of his record-breaking trade recommendations – enough to turn $500 invested in each into $125,000.

The exclusivity of this system appears to be the biggest highly, as Tiwari comments that the everyday individuals have not had access to it before. In fact, he adds that it is likely that consumers won’t have this chance again, and that it “won’t be suitable for everyone.” However, if this system is compatible with the interested individual, they would end up reaching six figures in profits every year.

Tiwari takes a moment to review his career so far to give readers something to trust. He became the youngest vice president for Shearson Lehman Bros. at age 21, and he eventually managed his own hedge fund after 15 years of experience on Wall Street. His fund gave him the opportunity to make millions of dollars for his clients, using foreign markets, commodities, and individual trades. He’s been featured on many reputable programs for his progress, including Nightline on ABC, Fox Business News, and CNBC.

The individuals who have followed Tiwari so far have made upwards of 14,000% on their original investment, though the gains vary from person to person.

After Registration

Once the user is registered for the event, the user is given the chance to upgrade to a VIP status. If the user chooses to upgrade, they will receive a bonus – a special report called My Top 2 Ways for Making More Money with Less Risk.

The bonus report shows two main strategies that Tiwari picked up on Wall Street that eventually helped him to secure his wealth. The user only has to enter their phone number to upgrade, which will give them a recurring text message or call about the event. Calls will come from 561-570-6908, while text messages will come from 384-70. There aren’t any additional fees associated with this upgrade, and consumers can text “stop” at any time to opt out of the reminders.

When Is the Event?

Consumers have an opportunity to participate in the upcoming event that will go live on Wednesday, November 13th at 8PM EST, which Tiwari states is free to attend. To register, consumers need to input their email on the website, and do not need any trading experience whatsoever. Instead, it will teach consumers how to make “a 12-second move” that doesn’t require stocks, cryptocurrencies, or private placements, all while making $12,000 per month.

By registering for the November 13th event, consumers are provided with two free gifts –

“A projection” for what the industry can expect for the next six months involving stocks, the dollar, gold, and interest rates.

A recommendation from the system for free

In order to receive the second of the options, the user is required to attend the event on November 13th at 8pm. There will not be a second or delayed opportunity to get involved.

Before the Event

While consumers won’t be able to gain access to this exclusive system before November 13th at 8pm, there are two training sessions set up on November 8th and November 11th. Though consumers will find the links on the websites, the materials at these training sessions will not be made available before their respective dates.

Summary

This exclusive event, which seemingly has not actually been titled or advertised under any specific name other than Palm Beach Quant, will be available to attend in about two weeks, with multiple training sessions and the opportunity for VIP upgrades. How could you not sign up for a special event with a tagline of “If you can spare 12 seconds a month, I will show you how you could get a guaranteed shot to see $12,000 every 30 days – and to prove it to you, you’ll get your first trade recommendation FREE…

In the meantime, attendance to all of these events are free, and consumers still have plenty of time to sign up to learn how to gain six figures on top of their income. With limited information, this is the type of event that consumers have to attend to understand.

Click now to get signed up and reserve your spot to watch and witness Teeka Tiwari break down the Palm Beach Quant offer and trading investment system.

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Author: Andrew Tuts

Grayscale Bitcoin Trust Continues Upward Performance Against Main Indexes In 2019

Grayscale-Bitcoin-Trust-Outperformed-Main-Indexes-of-the-Industry-In-2019

2019 has been a pretty great year for cryptocurrencies so far. As revealed by the Wall Street Journal recently, this meant that the Grayscale Investments’ Bitcoin Trust (GBTC) has outperformed most of the other indexes this year.

So far, the trust has grown in price almost 300%. When we take into account that the Standard and Poor (S&P) 500 index has only risen about 18.7% and that Global Dow is only 12.9% up during this time. This means that these two traditional funds were not able to grow even a tenth of what Grayscale did during the same timeframe.

Grayscale buys Bitcoin directly from over the counter markets using the money bought by its shares, so, as the price of BTC grown up, the fund is seeing some massive returns so far.

The Wall Street Journal has also highlighted the fact that this is not even the first time that Grayscale is doing so well. Obviously, the last time was in 2017 when the crypto mania started to go mainstream for the first time. At the time of that bull run, the price of GBTC was up by 1,391.44%, a number so big that even the current 300% pales in comparison to it.

Grayscale has told the WSJ that it has over $2.56 billion USD in assets invested in BTC right now. The company, which owned by the Digital Currency Group, is seeking only institutional investors, though. Only wealthy investors willing to spend at least $50,000 USD are being accepted, so you are off from the list if you do not have this kind of cash.

Apart from this flagship investment asset, the company has other assets which are based in popular cryptocurrencies such as Ethereum Classic, Litecoin and Zcash. Another option for investors is the Digital Large Cap Fund, which offers a more diversified portfolio.

Each share from the GBTC fund represents 0.00097876 BTC. According to the company, 66% of the new investors are institutions, which is being understood by the managers as the return of the “BTC maximalists”.

If the current trend continues, the GBTC fund will probably be a great investment. BTC still has a lot of space in order to grow from now, so it is obvious that the prices of the fund will go up together.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel Machado