While testifying before United States (U.S.) lawmakers, JPMorgan Chase CEO Jamie Dimon referred to himself as a “major skeptic” on “crypto tokens that you call currency like Bitcoin,” labeling them as “decentralized Ponzi schemes.” Dimon was asked what keeps him from being more active in the crypto space during an oversight hearing held by the House Financial Services Committee on Sept. 21. Dimon emphasized that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something," but then proceeded to lambast crypto tokens that identify as currencies. Asked for his thoughts about the draft U.S. …

The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC). FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts. The new feature enables customers to receive USDC on their accounts similar to traditional deposits like wire or the automated clearing house network. According to the announcement, received USDC funds are instantly and automatically converted into the U.S. dollar (USD) at the moment of deposit. This new solution allows FV Bank users holders …

Draft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins such as TerraClassicUSD (USTC) which de-pegged from the US dollar earlier this year causing widespread crypto market contagion. The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the legislation obtained by Bloomberg. However the legislation includes a grace period of two-years for existing algorithmic stablecoin providers to change their models and collateralize their offering differently. The definition would reportedly cover stablecoins which depend on the value of another virtual asset from the …

The cryptocurrency bear market has had an impact on how people pay with crypto, but Bitcoin (BTC) remains a major payment tool despite huge volatility, according to data from BitPay. The share of Bitcoin payments in the total BitPay transactions has been shrinking amid the ongoing cryptocurrency winter, but it’s still the most popular cryptocurrency for payments on the platform. The sales volumes of Bitcoin-based payments on BitPay accounted for as much as 87% last year and dropped to 52% in the first quarter of 2022 amid the bear market, BitPay’s vice president of marketing Merrick Theobald told Cointelegraph. In …

Major Indian cryptocurrency exchange WazirX has opted to delist the USD Coin (USDC) from its platform and convert the remaining balances into Binance-backed Binance USD (BUSD) stablecoin. WazirX officially announced on Monday that it has stopped deposits of USDC alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD). According to the announcement, the platform will instead offer the BUSD stablecoin to enhance liquidity and capital efficiency for users. WazirX will implement BUSD auto-conversion for users' existing balances of USDC, USDP and TUSD at a 1:1 ratio on Oct. 5, the firm said. “Users will be able to view their …

Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan. In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that the parliament drives law reform” on the matter. The new draft bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as disclosure requirements for facilitators of the …

The majority of new investors are in the middle of their first crypto winter, during which most digital assets have depreciated by more than 70% from their November 2021 highs. While a bear market is tough for everyone, it can be especially challenging for those who are new to the space and don’t have much experience dealing with market volatility. That said, there are still opportunities to earn passive income during a bear market — crypto traders just have to know where to look. In this article, we will look at how Wall Street traders persevere and what simple things …

Economies around the world are facing a motley of challenges caused by rising inflation. High inflation devalues national currencies, which, in turn, pushes up the cost of living, especially in scenarios where earnings remain unchanged. In the United States, the government has responded aggressively to inflation. The nation hit a 9.1% inflation rate in June, prompting the Federal Reserve to implement a series of fiscal countermeasures designed to prevent the economy from overheating. Hiking interest rates was one of them. Soaring Fed interest rates have consequently slowed down consumer spending and business growth in the country. The counter-inflation approach has …

The Ethereum Merge has finally happened. It’s over, and fortunately it went smoothly without any major hiccups. As predicted by many, the event turned out to be a “buy the rumor sell the news” style event, or perhaps, the hotter-than-expected consumer price index print on Sept. 12 was the real catalyst that pushed the market in its current direction. Regardless of the reasons for this week’s downturn, the Merge is over and in its wake, bulls are left holding a whole lot of nothing. It’s likely that a new bullish narrative will need to emerge, or analysts will need to …

Compound Treasury, a cash management solution for institutions powered by the Compound Protocol, announced on Sept.14 that accredited institutions can now borrow USD or USDC with fixed rates starting from 6% APR, using Bitcoin, Ethereum, and supported ERC-20 assets as collateral. Starting today, to meet the growing demand for liquidity, institutions can now borrow from Compound Treasury, using digital assets as collateral.https://t.co/xgDIep18Qa — Compound Labs (@compoundfinance) September 14, 2022 The Defi-backed company whose notable clients include crypto companies, fintech institutions, and banks, shared that the decision was made in response to recent market volatility, which has created a more robust …

In recent years, nonfungible tokens (NFTs), cryptocurrencies and other modern investment options have become trendy. However, physical commodities such as gold are still in high demand. In 2021, the global market capitalization for cryptocurrency surpassed $2 trillion. Now, investors must ask themselves: which option should I choose — crypto or gold? Gold is a commodity that dates back thousands of years as a store of value and as a means of exchange and is still successful today. Even with the invention of decentralized digital cryptocurrency, gold has remained just as prominent. Although, for most individual investors, owning gold can be …

Many traders frequently express some relatively large misconceptions about trading cryptocurrency futures, especially on derivatives exchanges outside the realm of traditional finance. The most common mistakes involve futures markets’ price decoupling, fees and the impact of liquidations on the derivatives instrument. Let’s explore three simple mistakes and misconceptions that traders should avoid when trading crypto futures. Derivatives contracts differ from spot trading in pricing and trading Currently, the aggregate futures open interest in the crypto market surpasses $25 billion and retail traders and experienced fund managers use these instruments to leverage their crypto positons. Futures contracts and other derivatives are …