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World’s Largest Asset Manager BlackRock Launches Spot Bitcoin Private Trust
coinmarketcap 11 August 2022
After announcing it would enable bitcoin trading services, $10 trillion BlackRock now offers spot bitcoin exposure to institutions in a priv...
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CryptoPunks Trading Volume Soars 25% Overnight

CryptoPunks is arguably one of the most iconic collections of NFTs – the one that ignited the niche’s bull market in 2021 and throughout the first few months of 2022.

It appears that users are showing renewed interest in the non-fungible tokens as data reveals a soaring trading volume over the past 24 hours.

Data from popular DApp resource DappRadar reveals that the interest in the CryptoPunks NFT collection is soaring over the past couple of days.

The total trading volume for the collection soared by about 25% over the past 24 hours, representing a solid $1.7 million of NFTs traded.

This culminated in a total of 10 trades. Even though the number might not sound significant, it’s worth noting that the floor price for CryptoPunks at the time of this writing is about 75 ETH.

The average price of each trade was about 100 ETH at the time of this writing.

The most expensive punk sold over the past 24 hours was worth $340,000 or about 200 ETH. It was punk #8576:

CryptoPunk #8576. Source: DappRadar

The post CryptoPunks Trading Volume Soars 25% Overnight appeared first on CryptoPotato.
coinmarketcap 11 August 2022
CryptoPunks is arguably one of the most iconic collections of NFTs – the one that ignited the niche’s bull market in 2021 and throughout the...
Read more
The SEC and CFTC Propose Amending Form PF, Cryptocurrency Exposure to Be Included <p>The US Commodity Futures Trading Commission (CFTC) and the <a href="" target="_blank">Securities and Exchange Commission</a> (SEC) voted in favour of amendments to Form Private Fund (Form PF), which is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).</p><p>Form PF was created following the 2008 financial crisis. It is a confidential filing of assets under management to the Financial Stability Oversight Council. Private fund advisors (such as hedge funds) that have at least $150 million in fund assets must file the form.</p><p>Under the new amendments, hedge funds that have at least $500 million in assets must report their cryptocurrency exposure via Form PF. The report must also include borrowing and counterparty exposure, turnover, portfolio <a href="" target="_blank" id="47c3bef3-27ee-4953-8504-159e1b829b33_1" class="terms__main-term">liquidity</a>, financial liquidity, withdrawal and redemption rights and inflows/outflows.</p><p><a href="" target="_blank" rel="nofollow">SEC proposed amendments</a></p><p>As opposed to requiring to file the form on a quarterly basis or annually, material events (should they occur) must be reported within 1 business day.</p><p>The SEC Chair, Gary Gensler said the amendments will better protect investors. “In the decade since the SEC and <a href="" target="_blank" id="b5ae3af7-f418-4c65-9082-0c34b44bd668_2" class="terms__secondary-term">CFTC</a> jointly adopted Form PF, regulators have gained vital insight with respect to private funds.</p><p>"Since then, though, the private fund industry has grown in gross asset value by nearly 150 percent and evolved in terms of its business practices, complexity and investment strategies.</p><p>“I am pleased to support the proposal because, if adopted, it would improve the quality of the information we receive from all Form PF filers, with a particular focus on large hedge fund advisers. That will help protect investors and maintain fair, orderly and efficient markets.”</p><p>Since 2008, the number of private funds has increased substantially. At the beginning of 2022, there were approximately 3,800 hedge funds in the United States.</p><p>Room for Concern?</p><p>Although the amendments may allow US regulators to swiftly identify private funds that are facing difficulties, as greater information is being reported, the number of investigations may increase.</p><p>When a regulator launches a probe, investors will not remain silent. Some are expecting private funds to retaliate against the proposed reporting.</p><p>Furthermore, the SEC proposed the number of treasury trading platforms under the Fair Access Rule should be increased.</p> This article was written by Matti Williamson at
coinmarketcap 11 August 2022
via CryptoCurrency – Finance Magnates | Financial and business news
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BTC and ETH Spiked to New 60-Day Highs on US Inflation News (Market Watch)

The declining CPI numbers brought some positivity back to the crypto markets, as bitcoin spiked to almost $25,000.

The altcoins followed suit, and many, such as ETH, marked multi-month highs of their own. The crypto market cap is up by $70 billion in a day.

Bitcoin Neared $25K

After the relatively calm weekend, which bitcoin spent primarily around the $23,000 mark, the asset went on the offensive on Monday and jumped to the north of $24,000.

However, the bears came back to town almost immediately and didn’t allow any further increases. Just the opposite, BTC started retracing and dropped down to $22,700.

As anticipation was building up about the upcoming US CPI numbers for July, expected to be lower than the previous month, bitcoin reclaimed some ground and returned to $23,000.

The US indeed announced a lower inflation percentage of 8.5%, which was even less than the predicted one of 8.7%. Being a riskier asset, bitcoin reacted with an immediate price surge to $24,000.

More volatility came a bit later, and BTC jumped to just under $25,000, which became its highest price tag in almost two months. As of now, though, the cryptocurrency trades over $1,000 lower, but its market cap is still well above $450 billion.

BTCUSD. Source: TradingView

ETH Leads the Alts’ Rally

As it typically happens in cases of enhanced volatility, the alternative coins follow suit and even mark even more impressive price fluctuations.

Ethereum, for example, stood around $1,700 but soared by over $200. As a result, it tapped a multi-month high of its own at $1,920 (on Bitstamp). Despite retracing slightly since then, the second-largest crypto is still over 10% up on the day.

Solana is another double-digit gainer, and SOL has touched $45. Impressive price increases also come from Cardano, Polkadot, Avalanche, and MATIC.

BNB, Ripple, Dogecoin, and Shiba Inu are also in the green, although with more modest gains.

Most lower- and mid-cap alternative coins have charted notable increases as well. This means that the cumulative market cap of all crypto assets has added over $70 billion in a day and stands above $1.150 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

The post BTC and ETH Spiked to New 60-Day Highs on US Inflation News (Market Watch) appeared first on CryptoPotato.
coinmarketcap 11 August 2022
The declining CPI numbers brought some positivity back to the crypto markets, as bitcoin spiked to almost $25,000. The altcoins followed su...
Read more
The War On Financial Privacy Is Escalating
coinmarketcap 11 August 2022
The stakes have never been higher. The state is losing its grasp of control over the people and it is doubling down on utter incompetence an...
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ASA Shows Red Card to Arsenal FC for Misleading Crypto Ads <p>The UK's advertising watchdog, the Advertising Standards Authority (ASA), has banned two advertisements by the Premier League football club, Arsenal for its crypto-based fan token scheme.</p><p>The adverts for $AFC fan tokens were deemed by the ASA to be misleading fans over the risks of cryptocurrency investing. The first advert published on August 6th, 2021 described the token, and how it could be used within the Socios app.Six days later, a second advert was uploaded on Facebook featuring Arsenal footballers Ben White, Calum Chambers and Kieran Tierney promoting the token, along with text that briefly detailed $AFC, the Chilliz ($CHZ) cryptocurrency and the Socios app.</p><p>"Took Advantage of Consumers’ Inexperience"</p><p>Despite an appeal lodged after the complaint last year, the ASA upheld its decision that the two adverts were “misleading because they failed to illustrate the risk of the investment,” and “irresponsible because they took advantage of consumers’ inexperience or credulity and trivialized engaging with and investing in crypto assets.”</p><p>Arsenal, who have finished behind their North London rivals Tottenham Hotspur for the last six seasons, initially appealed the decision, saying the warnings were enough and their audience was knowledgeable on crypto. The club also tried to argue the point that there was no regulatory basis to include information regarding capital gains taxes incurred from trading the tokens, despite them being crypto assets and, as such, subject to such rules.</p><p>However, the complaint was upheld and Arsenal's appeal was rejected. The ASA stated the Arsenal ad was misleading “because it did not make clear that the tokens were <a href="" target="_blank">crypto</a> assets, which could only be obtained by opening a crypto assets exchange account, and in the case of paid-for fan tokens, required the purchase of another cryptocurrency.”</p><p>The UK advertising watchdog ruled that the adverts “must not appear again in the form complained about.”The ASA also warned Arsenal:- to make it clear that investments with paid-for fan tokens are subject to volatile markets and are unregulated crypto assets.</p><p>- not to mislead consumers by omitting material like the need to open a crypto assets exchange account and purchase various <a href="" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__main-term">cryptocurrencies</a> in order to buy the tokens.</p><p> - to make sure future ads are not trivialized by omitting risk warnings and taking advantage of consumers’ lack of experience with crypto.</p> This article was written by Finance Magnates Staff at
coinmarketcap 11 August 2022
via CryptoCurrency – Finance Magnates | Financial and business news
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California’s DEPI Bans Celsius Securities Sales

California’s Department of Financial Protection and Innovation (DFPI) has now issued a desist and refrain order against Celsius. As such, the bankrupt crypto lender will not be to continue the sale and marketing of securities in the state of California.

The development comes a month after the DFPI slapped two cease and desist orders to other crypto lending platforms – BlockFi and Voyager – hammered by the contagion.

DEPI’s Allegation

The authorities have alleged that the “Earn Rewards” accounts offered and sold by Celsius are securities even as the department issued no such permit to authorize the activities. The DEPI also claimed that Celsius and its CEO Alexander Mashinsky failed to fully disclose material aspects of its business and Earn Rewards.

The order dated August 8th alleged that Mashinsky made “materially” misleading statements. It also pointed out that the exec continued to tout that the investors of Earn Rewards would be able to timely withdraw their investments and not suffer losses on their investments on multiple occasions leading up to the company’s suspension of customer wallets on June 12th.

The agency also found that Celsius offered accounts that allowed its users to earn interest on their deposited digital assets. It, however, did not qualify those accounts as securities in line with California law – Corporations Code Section 25110.

Celsius had paused customer withdrawals from the interest accounts on June 25th, following which, it went on to file for Chapter 11 bankruptcy a couple of weeks later.

Piling Legal Troubles

In addition to California’s DEPI, multiple state agencies are currently investigating the platform. Vermont’s Department of Financial Regulation (DFR), for one, also alleged that Celsius has been engaged in unregistered security offering to retail investors. The watchdogs also claimed that the firm is “deeply insolvent” with no assets and liquidity to honor its obligations to account holders and other creditors.

Former executives of Celsius had made bombshell claims that the company was mired in internal issues such as poor risk management, disorganization, and market manipulation.

Blockchain data also revealed that the wallet address associated with Mashinsky may have sold some of its CEL token holdings, which have added to Celsius’financial struggles.

The post California’s DEPI Bans Celsius Securities Sales appeared first on CryptoPotato.
coinmarketcap 11 August 2022
California’s Department of Financial Protection and Innovation (DFPI) has now issued a desist and refrain order against Celsius. As such, th...
Read more