Insights, news and analysis for the professional investor By Marc Hochstein, Executive Editor September 26, 2021 Sponsored by Prices as of 09/26/21 @ 8:00 a.m. UTC If you were forwarded this newsletter and would like to receive it, sign up here.
A few weeks ago, I wrote about how crypto derivatives exchanges had lowered the maximum leverage they allow traders to take on. Here’s another sign of “risk-off” market sentiment.
That’s just a taste of the insight-rich, 70-slide report by CoinDesk Research analysts George Kaloudis and Teddy Oosterbaan, set to drop Oct. 5, which will also cover everything from bitcoin’s oddly consistent September price blues to Ethereum transaction fee volatility. Mark your calendars and bookmark the CoinDesk Research page.
– Marc Hochstein, executive editor
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The Briefing How Investors Warmed to Chinese Blockchain Builder Red Date
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Chain Links The People’s Bank of China declared all virtual currency-related transactions illegal, in a move that strengthened the country’s anti-crypto stance. TAKEAWAY: The cryptocurrency ban had adverse effects on the market, with bitcoin dropping $2,000 after the news. The announcement by China does not come as a surprise, however, considering its crack down on the mining industry and previous regulation against cryptocurrency.
Financial and trading services firm Amber Group is considering a public listing in the U.S. market. TAKEAWAY: U.S. regulatory agencies will be forced to move forward with crypto regulation as more companies eye public markets. The recent influx of capital into crypto and private markets has created a new generation of crypto unicorns, bringing the industry into the sight of regulators.
Robinhood announced the coming launch of crypto wallet and transfer services. TAKEAWAY: The Robinhood application will support incoming and outbound transfers of cryptocurrencies, which accounted for more than 50% of its second quarter transaction based revenues. The upgrade further connects crypto and equity markets and allows users to easily withdraw into decentralized finance (DeFi) and non-fungible token (NFT) markets. A JPMorgan analysis of CME crypto markets claims institutional investors have been favoring ether over bitcoin. TAKEAWAY: CME ether futures trading at a premium to spot prices could signal large investors are looking to gain exposure to the second-largest crypto asset. Ether was historically in the shadows of bitcoin, but an increase in price, volume and network usage has brought the asset to the forefront of crypto.
Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
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