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Two weeks ago he was standing Bitcoin Nearly $70,000 (1.62 million kroner). But on Monday, the price fell below $50,000 (1.16 million kroner), and you can buy Bitcoin at the price we last saw in February. What happened?
The sharp drop coincided with a global stock market slump on recession fears. It all started with Japan’s Nikkei, which fell more than 8% in its worst two-day drop since 1987.
Rising interest rates, disappointing earnings from technology companies and signs of economic weakness, such as Friday’s U.S. jobs report, have shaken investor confidence. Bitcoin, which typically behaves like tech stocks, has fallen in response.
While some analysts warn that the continued decline could signal the end of the bull run and lead to the start of a bear market, others say it is just a minor correction before new all-time highs.
Morgan Stanley to launch Bitcoin ETF
Morgan Stanley on Friday She announced In a first for a major Wall Street bank, the company told financial advisers it would soon allow them to offer a bitcoin ETF to select clients. The move by one of the world’s largest wealth managers is further evidence of bitcoin’s acceptance by the financial mainstream.
According to people familiar with the matter, the firm’s approximately 15,000 financial advisors may offer clients the opportunity to buy shares of two exchange-traded bitcoin funds starting Wednesday. Specifically, it should be BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. The same source added that Morgan Stanley is doing this in response to client demand and in an effort to monitor the evolving digital asset market.
Bitcoin has been criticized from time to time by big names in the financial world, such as Jamie Dimon’s JPMorgan Chase or Warren Buffett’s Berkshire Hathaway. Therefore, it is not surprising that the largest asset managers on Wall Street did not immediately adopt new ETFs, or even banned their financial advisors from actively offering these products. However, the latest report from Morgan Stanley shows that the ice is slowly loosening, and it will be interesting to see when other heavyweights such as Goldman Sachs, JPMorgan Chase, Bank of America or Wells Fargo lift similar restrictive regulations.
Ripple fined ‘only’ $125 million
On Wednesday, federal judge Analisa Torres She ordered Ordered Ripple to pay a $125 million (2.9 billion kroner) civil penalty and prohibited it from violating securities laws in the future.
It imposed the fine after finding 1,278 institutional sales transactions violated the Securities Act. However, the $125,035 fine is significantly lower than the nearly 2 billion (more than 46 billion crowns) Ripple is under threatThe SEC demanded a $1 billion settlement and $900 million in default interest.
Wednesday’s remedial order follows a July 2023 ruling by the judge in the same case, when she ruled that Ripple’s sales of XRP directly to institutional customers violated federal securities laws, though she also ruled that Ripple’s programmatic sales of XRP to retail customers through exchanges did not violate any securities laws.
The judge at the Center also enjoined Ripple from future violations of federal securities laws: “On balance, the court finds that there is a reasonable likelihood of future violations of the federal securities laws that warrant an injunction,” she said.
She indicated that this is a fairly positive verdict for Ripple Get XRP. The stock price surged 25% after the verdict.
Brazil Securities Commission approves Salt Flats ETF
Brazilian Securities Commission (CVM) She approved Exchange traded funds (ETFs) are based on brine. It is one of the first exchange-traded brine products in the world. The first of these was launched on the SIX Swiss Exchange in June 2021 by Swiss investment product provider 21Shares.
According to the CVM database, the Saltwater ETF is in the pre-launch stage and therefore still needs to be approved by Brazil’s B3 exchange. The report said the ETF will be offered by Brazilian asset management company QR Asset and managed by local capital market fintech company Vortx.
ETFs are booming in South America’s largest country. B3 is launching both Bitcoin and Ethereum ETFs in 2021 and 2022, with the launch in March this year. She began to offer and BlackRock’s U.S. ETF iShares Bitcoin Trust.
There is also interest in saltwater ETFs in the U.S. In July, the CBOE formally asked the SEC to allow asset management companies VanEck and 21Shares to launch the product.
Montenegro rejects Dao Quan’s extradition request
Montenegro Court of Appeal Release decisionIt upheld an earlier decision by a lower court, the High Court in Podgorica, to send Mr. Kwon to South Korea instead of the United States, which is also seeking his extradition.
Both countries want to try Kwon for crimes related to the $40 billion collapse of the Terra/LUNA ecosystem in May 2022. Terra was the first proverbial domino, setting off other collapses in the crypto industry, including the world’s second-largest cryptocurrency exchange, FTX.
Kwon went on the run shortly after Terra’s collapse. In September 2022, Interpol issued a red notice for Kwon, and six months later he was arrested for trying to use a false passport and subsequently imprisoned in Montenegro. Kwon was initially sentenced to four months in prison for using a forged document, but remained in custody until March of this year, when he was released on bail and not allowed to leave Montenegro. Thursday’s ruling is expected to end months of debate over whether Kwon should be extradited to South Korea, where the extradition request was first made, or to the United States.
Finally, a brief note: The International Monetary Fund on Tuesday Point outNegotiations with El Salvador have made progress, although contentious issues such as the use of Bitcoin remain. However, he acknowledged that some of the risks posed by adopting Bitcoin as legal tender have not been proven, according to the International Monetary Fund.
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