Bitcoin
Winklevoss twins donate $2 million in bitcoin to support Trump
(Reuters) -The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, said on Thursday they have donated $1 million each in bitcoin to support Donald Trump, the latest cryptocurrency executive to support the Republican presidential candidate.
Tyler and Cameron Winklevoss, whose crypto firm in February entered into settlement agreements with U.S. and New York financial regulators following allegations of wrongdoing, announced the donations in posts on the social media site X.
They did not specify where the donations were sent.
Tyler Winklevoss posted that President Joe Biden’s Democratic administration had “openly declared war on crypto” and that Trump was “pro-Bitcoin, pro-crypto, and pro-business.”
Trump has portrayed himself as a supporter of cryptography, including at a fundraiser in San Francisco this month with technology executives, during which he criticized Democrats’ attempts to regulate the crypto sector.
The crypto industry is increasingly trying to influence US politicians as it faces increasing scrutiny from regulators, especially as the bankruptcies of major crypto companies in 2022 have scared investors, exposed fraud and misconduct, and left millions of investors out of pocket.
In February, the New York Department of Financial Services (NYDFS) said Gemini would return at least $1.1 billion to customers of its beleaguered loan program due to a third-party bankruptcy and pay a $37 million fine. for unsafe and harmful practices as part of an agreement with the regulator.
Gemini also settled a U.S. Securities and Exchange Commission lawsuit that it engaged in alleged unsafe and harmful practices for $21 million in February without admitting or denying wrongdoing in the deal.
The Winklevoss twins rose to fame after they sued Facebook and its CEO, Mark Zuckerberg, claiming he stole their idea for the social networking site. They agreed to a settlement in 2008 in which they received money and shares of Facebook.
The Biden administration did not immediately respond to a request for comment.
(Reporting by Pritam Biswas, Alexandra Ulmer and Hannah Lang; Editing by Alan Barona and Jamie Freed)
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Bitcoin
How systematic approaches reduce investor risk
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Bitcoin
Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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