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“We continue to closely and actively follow developments around cryptocurrencies,” said Wells Fargo CEO Charles Scharf in a statement. CEOs from three major Wall Street banks plan to discuss cryptocurrencies before the U.S. Congress this week. CitiGroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America are set to appear before the Senate Banking committee today and...
As Cryptocurrency Gathers Steam, The IRS Moves To Tackle Virtual Currency Tax Evasion Earlier this week, Eth logged its first loss after trading at $3,779.81 for the first time. Investors of the second-largest cryptocurrency will be celebrating as they enjoy increasing gains - just like cryptocurrency investors across the globe. Recently, CNBC’s Jim Cramer shared that he had repaid his...
The exchange made the move on the heels of a series of crackdown notices from Bejing in recent weeks. Cryptocurrency exchange Huobi said it has scaled back or suspended some of its services and products in certain countries and has stopped its miner hosting services in mainland China in response to the recent crackdown on crypto in that country. News...
China’s reiterated crypto ban sharpens the focus on the financial sector. China’s crypto warning on Tuesday may look similar to previous notices. However, it conveys a pointed message to commercial banks and payment companies that have been friendly to crypto-related businesses. The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China...
Elon Musk and COVID-19 have something in common: They have both panicked investors — at least once — into dumping their Bitcoin (BTC) holdings. The similarities notched up higher in the previous six days as Musk doubled down on his chaos-inducing perspective toward Bitcoin. The billionaire entrepreneur engaged in a Twitter spat with top cryptocurrency advocates over the weekend, including...
Ether, the second biggest cryptocurrency by market capitalization, is positioned to log its first weekly loss since the end of March, as its price, along with that of larger sibling bitcoin, are in the red on Saturday. At press time ether’s changing hands at $3,779.81, down 8.48% in the past 24 hours, according to CoinDesk 20. Meanwhile bitcoin, the No....
DeFi is booming and institutions are edging towards it, trying to figure out how to get a slice of the alpha. U.S. hedge fund giants Millennium Management, Point72 Asset Management and Matrix Capital Management are all at varying stages of standing up cryptocurrency-focused trading funds, according to three people with knowledge of the plans. Not only are these traditional hedge...
Ether (ETH), the native cryptocurrency of the Ethereum network, passed the market cap milestone of $500 billion Wednesday morning. Ether's total value climbed as high as $505 billion before pulling back slightly, according to CoinMarketCap data, surpassing financial behemoths JPMorgan ($480 billion) and Visa ($496 billion). The milestone came as the cryptocurrency's price hit an all-time high of $4,371, per...
The second-largest digital asset doesn't look to be stopping its meteoric rise anytime soon. Ether (ETH) eclipsed $4,000 for the first time on May 10, passing the psychologically significant barrier on multiple exchanges including Coinbase. The new milestone comes just a week after breaking $3,000. Last week, ETH overtook Bank of America as the 28th largest asset in the world....
The opportunity could be substantial for an already fast-growing crypto industry with a current market capitalization currently around $2.3 trillion. All assets will eventually be tokenized, from stocks to bonds to commodities. At least that’s the perspective of many crypto-industry executives who predict that most, if not all, of modern finance will eventually run on digital rails. Just put it...
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