Futures exchange CME considers brokerage, taking cue from crypto rival FTX

CME Group Inc. criticized crypto exchange FTX’s plan to cut out the middlemen in the futures markets. Now, the Chicago exchange giant is taking a step in the same direction. In August, CME CME, -0.86% submitted paperwork to register a futures commission merchant, or FCM—essentially, a brokerage that would allow investors to buy and sell futures on … Read more

Turning point for Bitcoin? Where crypto goes from here

It’s been a strenuous year for the crypto business. After hitting a high of more than $68,000 in November 2021, bitcoin has plunged to hover around $20,000. But for long-term ETF investors, some experts advise to take crypto’s comedown in stride. “If you’re going to do this right, then what’s been happening in the past … Read more

How billionaire Bankman-Fried survived the slump and still expanded

FTX CEO Sam Bankman-Fried has been shopping for bargains amid the industry’s recent carnage and said he still has cash to spend if opportunity knocks. It may seem strange. Other multibillion-dollar crypto giants spiraled into bankruptcy this year. FTX’s main competitor, Coinbase, has seen its shares plunge 70% and has laid off a fifth of … Read more

Apple, Coinbase, SoFi, Tesla, Netflix, Target

Here are Wednesday’s biggest calls on Wall Street: BTIG raises Nikola to buy from neutral BTIG says electric vehicle trucking companies are well positioned to benefit from truck decarbonization. “We upgraded NKLA to Buy because we believe NKLA is well positioned to benefit from the growing demand to decarbonise the Class 8 truck market.” Loop … Read more

As Bitcoin Tumbles, Are These 2 Stocks Finally Undervalued?

The stock market has witnessed significant volatility since the beginning of the year due to the challenging macroeconomic and geopolitical environment. The crypto market fared even worse, with Bitcoin and Ethereum declining more than 55% year-to-date. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said, “Although at $21,800, Bitcoin is still some way … Read more

Crypto market stands like Nasdaq in the early 2000s. Here’s why

Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest in this bear market. Find me on Twitter at @FrancesYue_ to send feedback, or tell us what you think we should cover. You can also … Read more

The last remnant of Facebook’s crypto project shuts down September 1

The logo for Diem, formerly known as Libra, is seen is displayed on a smartphone screen with a Facebook logo in the background. Pavlo Gonchar | SOPA Images | LightRocket via Getty Images Meta plans to shutter its Novi digital wallet on Sept. 1, just eleven months after the company formerly known as Facebook debuted … Read more

Bitcoin just had its worst month on record

Bitcoin just finished its worst month on record, losing more than 38% of its value in June, as of Thursday afternoon. Ether, the world’s second-biggest cryptocurrency by market capitalization, ended the same period down by about 47%. Though weakness in the digital assets sector is part of a broader flight from risk, confidence in the crypto market, in … Read more

Crypto is not replacing the U.S. dollar, Bitfury CEO Brian Brooks says

Crypto prices should be viewed more like internet stocks than currency, said Brian Brooks, the former U.S. Acting Comptroller of the Currency during the Trump Administration. The biggest misunderstanding around cryptocurrencies is that if they’re “not doing a great job of replacing the U.S. dollar, then crypto is failing in its mission,” Brooks, now the … Read more

Bitcoin price dropped below $17,800 as sell-off accelerates

Bitcoin plunged to about $17,749 and ether fell to about $897 at around 4:15 E.T. on Saturday afternoon, as the sell-off in the crypto market accelerates. The world’s two most popular cryptocurrencies are down more than 35% in the past week, as both breach symbolic price barriers. Bitcoin bounced back to around $18,500 and ether … Read more