Category Archives: Cryptocurrency
NYC jury finds Sam Bankman-Fried guilty on all charges in cryptocurrency fraud trial – New York Daily News
A jury unanimously found the former golden boy of cryptocurrency, Sam Bankman-Fried, guilty on all counts on Thursday.
Culminating his stunning fall from grace, he was convicted of wire fraud, conspiracy and money laundering targeting the customers, investors and lenders of Bankman-Frieds companies, FTX and Alameda Research.
He faces over a century in prison after pleading not guilty to all seven charges earlier this year.
The verdict, delivered by a jury of three men and nine women, marks the end of a monthlong trial during which prosecutors presented a mountain of evidence that included detailed spreadsheets, pictures of Bankman-Fried with celebrities and ex-presidents, diary entries and screenshots of Signal group chats.
As the judge read the verdict, Bankman-Fried appeared emotional, standing still with his hands clasped his hands in front of him.
Exiting the courtroom and walking back into the bowels of the courthouse to be escorted to jail, he turned and locked eyes with his tearful parents. His mother put her hand on her heart as his father sniffled.
We respect the jurys decision, Bankman-Frieds attorney Mark Cohen said in a statement. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.
Bankman-Frieds sentencing is scheduled for March 28.
The 31-year-old former billionaire was accused of stealing billions of dollars from customers of his cryptocurrency trading platform, FTX, and defrauding customers and investors. Federal prosecutors alleged he siphoned money from FTX to his crypto hedge fund Alameda Research to fund risky business investments, political donations and a luxury Caribbean penthouse. This setup was helped along by a $65 billion line of credit that effectively gave the company unlimited money from FTX.
Bankman-Frieds lawyers have argued he was only acting in good faith and that his moves were reasonable business decisions emphasizing that federal prosecutors have portrayed the math nerd as a movie villain.
The prosecution described the ex-crypto king as a power-hungry wannabe future president who thought the rules didnt apply to him.
Assistant U.S. Attorney for the Southern District of New York Danielle Sassoon presented the prosecutions rebuttal of the defenses closing statement on Thursday morning, taking apart arguments Bankman-Frieds lawyers made Wednesday in their closing statements.
That is not a regular business decision, Sassoon said in court Thursday of Bankman-Frieds actions in 2022. That is fraud.
Judge Lewis Kaplan spent more than two hours going over the charges with the jury and giving them directions on how to navigate their decision, with the panel of nine jurors beginning deliberations around 3:15 p.m. Their decision was read to the court shortly before 8 p.m.
Bankman-Frieds spectacular fall from grace happened over the course of a year everything began falling apart for him and his businesses in November 2022, when Alamedas balance sheets were leaked. As nervous customers rushed ran to withdraw their investments from FTX, the company was plunged into bankruptcy and an $8 billion gap of money the company owed customers but could not pay back was exposed.
Three close business associates, friends and co-conspirators of Bankman-Fried testified against him after they pleaded guilty and signed cooperation agreements with the government.
This is not about complicated issues of cryptocurrency, Assistant U.S. Attorney Nicolas Roos said Wednesday. Its not about hedging, its not about technical jargon. Its about deception; its about lies; its about stealing; its about greed.
In remarks to reporters outside the courthouse Thursday night, U.S. Attorney for the Southern District of New York Damian Williams praised the prosecution team and warned other bad actors.
This is a warning, this case, to every single fraudster who thinks theyre untouchable or who thinks their crimes are too complex for us to catch, Williams said.
Bankman-Fried may have a second trial next year, where he would face related charges.
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NYC jury finds Sam Bankman-Fried guilty on all charges in cryptocurrency fraud trial - New York Daily News
Breakingviews – Breakingviews: SBF’s guilty verdict will help crypto break free – Reuters
Judge Lewis Kaplan watches as FTX founder Sam Bankman-Fried testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 27, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg Acquire Licensing Rights
NEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. Soon, he may be counting bars in prison instead. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. Bankman-Frieds shot at redemption is all but over, yet for the broader cryptocurrency business it could provide a long-awaited chance to move forward.
The trial of the former billionaire widely known as SBF lasted roughly four weeks, but it took the jury just over four hours of deliberation to unanimously determine his guilt. Several ex-colleagues testified against him in court, saying he siphoned customer funds away from the exchange to finance personal investments, political contributions and even charitable donations. He didnt garner much sympathy while on trial. Even the judge overseeing the case chided him for evasive answers on the witness stand.
The outlandish details of FTXs collapse fueled broader mistrust of the cryptocurrency sector. Crypto and blockchain startups raised less money in the last four quarters combined than in the first quarter of 2022, when FTX was still riding high, according to research by digital asset investment firm Galaxy Digital. The failed firms tentacles seemed to extend to every corner of the sector, from lenders like Genesis to hedge funds like Three Arrows Capital. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. But his prominent role in promoting U.S. legislation to govern such assets meant that his downfall in some ways halted progress entirely.
Yet despite widespread predictions of cryptocurrencys demise, there is still a market for virtual assets. The price of bitcoin has more than doubled this year as large financial institutions like BlackRock (BLK.N) seek to make the virtual currency more respectable. Even FTX may be set for its own rebirth. CEO John J. Ray III is working on a payout plan for customers who lost money. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.
Assistant U.S. attorney Nicolas Roos said in his closing statement before the jury, this is not about complicated crypto, its about deception. Even if Bankman-Fried appeals the verdict, his swift conviction should cause a collective sigh of relief from firms using blockchain technology to solve real problems like streamlining cross-border payments and remittances. Crypto enthusiasts argue that technology permits the creation of decentralized financial networks. It may take some old-fashioned U.S. justice to restore trust in the idea of a trustless system.
Follow @AnitaRamaswamy on X
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)
CONTEXT NEWS
A jury in Manhattan federal court on Nov. 2 convicted Sam Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, of seven counts related to wire fraud and money laundering in connection with his role in its collapse.
Editing by Peter Thal Larsen and Thomas Shum
Our Standards: The Thomson Reuters Trust Principles.
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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Breakingviews - Breakingviews: SBF's guilty verdict will help crypto break free - Reuters
Founders of SafeMoon cryptocurrency touted by Dave Portnoy accused of fraud – New York Post
Business
By Ariel Zilber
Published Nov. 2, 2023, 3:04 p.m. ET
The founders of a cryptocurrency once touted by Barstool Sports founder Dave Portnoy have been accused of defrauding investors and using their money to buy real estate and a stable of high-end cars including a custom-made Porsche.
The Justice Department and the Securities and Exchange Commission filed suit on Wednesday against three tech moguls behind SafeMoon, the crypto token that saw a 19,000% gain in its value during the digital currency boom of 2021.
The defendants in what the DOJ called a multimillion-dollar fraud were named as software developers Thomas Smith, Kyle Nagy, and Braden Karony.
Smith was arrested in New Hampshire on Wednesday while Karony was arrested in Utah the same day, according to federal prosecutors in Brooklyn. Nagy remains at large.
As alleged, the defendants deliberately misled investors and diverted millions of dollars to fuel their greedy scheme and enrich themselves by purchasing a custom Porsche sports car, other luxury vehicles and real estate, US Attorney Breon Peace said.
As fraudsters increasingly use digital assets to mislead investors and misappropriate funds, our Office will be at the forefront of pursuing them and their ill-gotten gains.
SafeMoon, whose market capitalization grew to some $8 billion in 2021, was touted by Portnoy, who told his fans that he invested $40,000 in the digital currency.
Turns out it was a Ponzi scheme after all, Portnoy wrote on his X social media account on Wednesday, admitting that he made a huge fk up.
Since Portnoys investment, the value of SafeMoon has tanked by more than 99%.
In August of last year, Portnoy took to social media and posted a screenshot of his digital wallet showing that his original $40,000 SafeMoon investment was worth around $2,400.
According to a lawsuit, SafeMoon enlisted Portnoy and other celebrities to promote the cryptocurrency.
The lawsuit cited a May 2021 video that Portnoy posted to his social media account.
If it is a Ponzi, get in on the ground floor, Portnoy told his social media followers in the May 2021 clip.
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Founders of SafeMoon cryptocurrency touted by Dave Portnoy accused of fraud - New York Post
RocketFuel CEO reveals surprising data on cryptocurrency usage: why stablecoins are the future – Yahoo Finance
Vancouver --News Direct-- RocketFuel Blockchain
RocketFuel Payment Solutions CEO Peter Jensen joined Steve Darling from Proactive to share intriguing insights into the use of cryptocurrencies in a third-quarter data analysis.
With a focus on enabling the seamless transfer of funds, RocketFuel observed 273,000 payment transactions, revealing a notable preference for certain coins. Notably, over 95% of their transaction volume was concentrated in just five cryptocurrencies. Stablecoins took the lead, making up 42% of the payments, followed by Bitcoin (35%), Ethereum (10%), and Litecoin (10%). The remaining 35 coins collectively accounted for the rest.
This trend highlights the demand for stability and predictability in the cryptocurrency space.
Jensen's prediction for the future of cryptocurrency transactions indicates a significant shift towards stablecoins. He foresees that in three years, more than 95% of crypto transactions will involve stablecoins, owing to their reliability and suitability for everyday payments. This shift mirrors the broader financial landscape, where people primarily use stable currencies like the US dollar and euro for day-to-day financial transactions.
RocketFuel is well-positioned to facilitate this transition, with the data revealing that the majority of cryptocurrency usage is concentrated in Western economies, including the United States and Europe. The company's infrastructure aligns perfectly with the growing adoption of stablecoins in these regions, promising an easier, faster, more secure, and cost-effective way to move money globally.
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RocketFuel CEO reveals surprising data on cryptocurrency usage: why stablecoins are the future - Yahoo Finance
Cryptocurrency market faces massive $137 million futures … – Investing.com
The cryptocurrency market experienced a significant "long squeeze" event, resulting in substantial futures liquidations over the past day, according to data from CoinGlass. The forced closures of futures contracts, which occurred when losses reached a certain percentage of traders' provided collateral, amounted to approximately $137 million. The majority of these liquidations, over 82% or about $113 million, were long positions.
This large-scale liquidation event was primarily triggered by a significant drop in Bitcoin's price from above $35,400 to around $34,000. Bitcoin contracts led this squeeze, contributing $40 million in futures liquidations. Ethereum followed with nearly half that amount at $21 million.
Among altcoins, Solana (SOL), which has been experiencing a recent surge in popularity and speculator interest, reported the highest liquidations. Despite this mass liquidation event, Bitcoin open interestan indicator of total contracts open on the futures marketremains high, suggesting potential for ongoing volatility and subsequent liquidation squeezes.
Earlier this week, the volatile cryptocurrency market saw a massive $110 million worth of long positions being liquidated within 24 hours. This was largely due to major players Bitcoin and Binance leading intense price fluctuations. Bitcoin's value skyrocketed to an 18-month high before experiencing a 4% plunge and landing back at the $34.5K range within a day.
On November 1, Bitcoin's price was at a mere $34.25K but rapidly rose to hit $36K on November 2. During the same period, around $22 million worth of shorts were liquidated, affecting 51,553 traders and resulting in total liquidations of $132.91 million. Bitcoin represented the largest share of these liquidations with over $38.85 million worth of longs liquidated.
Additionally, Ethereum saw a significant drop in price, leading to the liquidation of $21.78 million worth of longs, and Solana experienced liquidations amounting to $10.7 million. Despite the massive short liquidations, Cardano and MASK managed to record positive price actions.
The most significant single liquidation took place on the Bitmex exchange XBTUSD pair with $2 million being liquidated. Major crypto exchanges like Binance, OKX, Huobi, Bitmex, and Bybit were at the helm of this substantial wave of liquidations.
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Cryptocurrency market faces massive $137 million futures ... - Investing.com
Going nuclear: how the future of cryptocurrency mining is playing out … – The National
An unassuming former paper mill in the foothills of eastern Appalachia is buzzing with a new kind of activity these days: dozens of shipping containers full of computers now populate the facility, all of them mining cryptocurrency.
Standard Power, a utility company, opened the site located in Coshocton, Ohio, last year. The town is better known for being a prime deer hunting destination than for advanced data processing facilities but that may be about to change.
Cryptocurrency miners have long been criticised for their environmental impact, with mining's proof of work computational operations requiring vast amounts of energy.
A single Bitcoin transaction requires as much energy as a typical US household uses in 73 days, according to The New York Times. The largest cryptocurrency mine in the US, located in Texas, uses as much electricity as three million households.
But nuclear energy could be the solution to this problem.
This month, Standard Power announced a deal with NuScale, a nuclear power company, to run two data centres in Ohio and neighbouring Pennsylvania with two small modular reactors that would produce 2 gigawatts of clean energy.
I think nuclear energy is the next frontier for power in communities generally speaking. Its one of the cleanest and greenest energy sources we have, says Andrew Burchwell of the Ohio Blockchain Council.
Nuclear is going to be one of the safest energy sources we have, and we should be leaning into it.
In a ground-breaking move earlier this year, Americas first nuclear-powered Bitcoin-mining facility opened in Pennsylvania.
Cumulus Data launched a zero-carbon data centre facility in the north-eastern part of the state that, when fully operational, is expected to produce 475 megawatts of energy for Bitcoin miner TeraWulf.
A cryptocurrency mine opened in Coshocton, Ohio, last year. Stephen Starr / The National
The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, TeraWulf chief executive Paul Prager said in March.
Cryptocurrency mining is becoming more prevalent in parts of rural America.
From Hardin, Montana population 3,685 to Rockdale, Texas population 5,398 and many towns in between, cryptocurrency mining companies have been lured to small American towns by a potent mix of cheap electricity, lax zoning regulations and China's 2021 crackdown on cryptocurrency miners.
Cryptocurrency miners have vowed to get to net zero by 2030 and until now, some mining outfits have mitigated their carbon footprint by buying carbon offsets through forestry projects or methane capture efforts.
Many cryptocurrencies such as SolarCoin and Powerledger have gone down the sustainability route in a bid to attract environmentally conscious customers and investors.
Currently, the Coshocton mine is run on shale natural gas. Massive gas reserves unlocked by fracking in recent years mean electricity is cheap in Appalachian Ohio.
Whats more, Ohio is seen by some as a good place for Bitcoin mining in part because of its climate.
Computers dont like hot temperatures, so Ohio is a pretty pleasant place to host them, says Mr Burchwell.
Still, others, such as stock analysts, have sought to throw cold water over the Standard Power-NuScale Power deal, suggesting financing and other barriers could be an issue for both parties.
NuScale Power responded by stating such claims are riddled with speculative statements with no basis in fact.
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The cost of nuclear power is generally relatively high, which is not the best match for an industry that has to keep electricity costs as low as possible to merely ensure survival, says Alex de Vries, a researcher at the Vrije Universiteit Amsterdam in the Netherlands.
Even casting aside the potential of nuclear to turn cryptocurrency mining into a clean process, Mr De Vries believes the broader benefits of cryptocurrency mining for small American communities are questionable.
There are very little benefits to having these miners in your backyard, he says. Just like generic data centres, they return an insignificant amount of jobs for the electricity consumed and it also does not help to attract businesses.
That hasnt stopped a growing number of rural American communities from going down the mining road.
Some parts of the US have seen mining facilities add tens of millions of dollars to local tax coffers, some of which has been passed on to residents through tax cuts.
In total, about 20 public mining companies are thought to be in operation, many in small, rural pockets of the country, producing 4.25 gigawatts of mining and hosting capacity.
For Sam Bell, who lives directly across the street from the Coshocton cryptocurrency mine, the noticeable humming of the fans used to cool the computers is not a major issue.
Before it opened, there was another factory there, so the noise I hear today is probably the same as before, he says.
It is what it is.
Mr Bell says he doesn't know a lot about the facility but he hasn't seen his electricity bill increase since it opened, as has happened in other locations.
Proponents of Americas new cryptocurrency drive say the technology can serve as an entryway for more modern development in what many regard as forgotten parts of America.
About 13 kilometres south of Coshocton, a massive coal-fired power plant in Conesville that closed in 2020 is set to reopen as an industrial park that would include a large Standard Power facility, according to local media.
You have a lot of ageing infrastructure and rural areas that are looking for ways to spur economic activity. We believe that Bitcoin mining is a scrappy way to go into these communities and build up infrastructure, says Mr Burchwell.
Bringing an economy to that same site results in the same types of tax revenue. In that way, theres a local economic benefit that occurs.
The former Conesville Power Plant in eastern Ohio is being torn down with plans to develop an industrial park that includes cryptocurrency mining facilities in the off. Stephen Starr / The National
Updated: November 03, 2023, 6:00 PM
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Going nuclear: how the future of cryptocurrency mining is playing out ... - The National
Bukit Aman: Cops arrest 40, bust cryptocurrency scam involving over RM50m losses – Malay Mail
KUALA LUMPUR, Nov 3 Police have busted a cryptocurrency investment syndicate, involving losses amounting to over RM50 million, with the arrest of 40 individuals.
Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the 31 men and nine women, aged between 20 and 55, were arrested in a three-day nationwide operation from October 29.
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He said that of the 40 arrested, 38 were business owners, company directors and company secretaries while the rest included bank officers and agents scouting for mule account holders.
"This operation was conducted after police received 76 reports from victims of investment schemes, which involved losses totalling RM50,620,880.29.
"The victims, aged between 22 and 81, are mostly retirees and businessmen, he told a special media conference here today.
Ramli said the syndicates modus operandi was to offer cryptocurrency investments giving high returns in a short period.
"Investors are given access to monitor the cryptocurrency transaction activities in the accounts that are registered under the investors names, but the money cannot be taken out, he said.
He said that through the operation, police also detected a new trend by the syndicate, which used registered companies and businesses to be used as mule accounts.
"So far, we have traced 73 bank accounts used by the syndicate, involving 51 companies. We believe these companies and businesses were registered simply for carrying out the scam, he said.
Ramli added that the syndicate would approach individuals facing financial problems or homeless people to use their names for the setting up of companies and then open a company account.
"These individuals will be given a one-off payment or monthly payment. The case is being investigated under Section 420 of the Penal Code for cheating, he said. Bernama
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Bukit Aman: Cops arrest 40, bust cryptocurrency scam involving over RM50m losses - Malay Mail
QTUM, SUI, Render (RNDR) cryptocurrencies on the rise: here’s why – Invezz
Since the fake news about BlackRock sport Bitcoin ETF being approved, the crypto space has sprung to life with most of the coins turning green. Three notable cryptocurrencies are currently in the spotlightQTUM, SUI, and Render (RNDR).
Are you looking for fast-news, hot-tips and market analysis?Sign-up for the Invezz newsletter, today.
While these cryptocurrencies belong to different niches, each is experiencing a surge in its value and popularity. In this article, well explore the key factors driving the growth of these digital assets.
Qtum, often pronounced as quantum, is a smart contract blockchain platform and the value transfer protocol that combines the strengths of Bitcoin and Ethereum.
What sets Qtum apart is its unique ability to benefit from updates made to both of these major cryptocurrencies. Recently, the implementation of Taproot in Bitcoin has further boosted Qtums performance.
As the hype around the potential approval of a spot Bitcoin ETF by the US SEC grows, Qtums proximity to Bitcoin is pushing its price higher. QTUM token price has surged by 23% over the past 24 hours and 38.68% in the last seven days.
Additionally, Qtum had a scheduled mandatory update on November 27, 2023, which required users to upgrade to version 24.1 by a specific block height.
This upgrade aims to enhance the platforms performance and security, further solidifying Qtums position in the cryptocurrency market.
SUI, another cryptocurrency on the rise, has been facing scrutiny following reports of a substantial circulation volume discrepancy linked to its launch on Upbit. The Financial Supervisory Service (FSS) in South Korea launched an investigation into this matter.
Despite the ongoing investigation, SUIs price has continued to surge. The token price has surged by 8.03% in the last 24 hours and by 17.75% over the past seven days.
One of the driving factors behind SUIs price surge is its innovative approach. SUI is planning to launch a new mode for compressing mnemonic formats, reducing 12 words to just 8 words without losing entropy.
This novel approach has garnered significant attention and support from the crypto community, contributing to its upward momentum.
Render (RNDR) is making headlines as its community recently passed the RNP-005: Beam Compute Client proposal.
This development marks a significant step in RNDRs growth and utility. The RNDR token price has surged by 24.30% over the past seven days and by 10.29% in the last 24 hours.
The integration of the Beam Compute Client into the Render Network is set to expand its utility significantly. This technology allows for the accelerated development and deployment of artificial intelligence (AI) operations with GPUs, all without the hassle of managing infrastructure.
This development not only enhances RNDRs capabilities but also opens new possibilities for machine learning workloads, driving demand for the cryptocurrency.
The rise of QTUM, SUI, and RNDR reflects their unique strengths and the evolving landscape of the cryptocurrency market.
Qtums ability to harness Bitcoin and Ethereum updates, SUIs innovation in mnemonic compression, and RNDRs community-driven growth demonstrate that the cryptocurrency space is not only dynamic but also filled with potential for those who explore it.
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QTUM, SUI, Render (RNDR) cryptocurrencies on the rise: here's why - Invezz
Cryptocurrency’s popularity in the U.S. tied to conservative moral foundations – PsyPost
In a recent study published in the scientific journal Frontiers in Psychology, researchers provide evidence that cryptocurrency technology, specifically its current adopters in the United States, tends to align more closely with conservative moral values rather than liberal ones.
The world of cryptocurrency, often associated with decentralized financial systems, has surged in popularity in recent years. While many view it as a tool for financial freedom, its underlying motivations have remained relatively unexplored in academic circles. Prior research has examined the financial and technological aspects of cryptocurrencies but has largely ignored their sociopolitical implications.
Researchers at the University of Utah and Toronto Metropolitan University ventured into a study to understand the moral foundations of crypto advocates. Given the divisive nature of discussions surrounding cryptocurrency with enthusiasts often promoting it as a solution to many economic woes the study was rooted in understanding societal and political inclinations behind the topic.
In their research, the team analyzed a large set of tweets related to Bitcoin and conducted a controlled survey overall, unpacking information learned across two studies. In the first study, a total of 959,393 tweets regarding crypto were analyzed for their usage of moral-language (such as words like pure, impure, and theft).
In the second study, a total of 500 participants, all based in the United States, were recruited through a study recruiting website called Prolific. 487 passed all attention checks and were included in the analysis, with 297 women and 190 men, averaging 37 years old. All of them answered a series of questions probing interest and attitudes towards cryptocurrency.
Then, researchers compared the alignment of crypto enthusiasts with what are known as binding moral foundations (Authority, Purity, and Loyalty) typically associated with political conservatives to individualizing foundations (Fairness and Care) which are often linked to liberals.
The findings were revealing. Crypto enthusiasts, especially in the U.S., seem to resonate more with the conservative values of Authority, Purity, and Loyalty than the liberal ideals of Fairness and Care. In simpler terms, those with an interest in cryptocurrency, based on tweet analysis and survey results, showed a stronger alignment with the moral values often held by political conservatives. This suggests that the appeal of cryptocurrencies might be deeply rooted in these moral principles, potentially influencing adoption decisions.
The researchers concluded that our findings document convergent evidence indicating that crypto is best understood as right-wing tech more closely aligned with conservative moral foundations at the current stage of adoption. Our analyses of a large set of Bitcoin tweets and a controlled survey indicate that binding moral foundations (Authority, Purity, and Loyalty) that are more closely associated with political conservatives better reflect ones interest in cryptocurrency than individualizing foundations (Fairness and Care).
However, its essential to understand the scope of these findings. While the research provides a novel insight into the moral alignments of cryptocurrency users, its mainly correlational. This means while theres a noticeable link between conservative values and crypto interest, it doesnt necessarily imply a direct causation. Also, this study primarily focused on crypto advocates within the U.S., so extrapolating these findings to a global audience might not be entirely accurate.
Furthermore, the research centered more on understanding the majority those investing and showing interest in cryptocurrency. It didnt dive deeply into the actions of a minority, like fraudulent businesses trying to scam investors. And while cryptocurrencys decentralized and open-record nature might seem a deterrent for dishonest activities, it doesnt mean dishonesty is entirely absent.
Sachin Banker of University of Utah, alongside Joowon Park and Eugene Chan of Toronto Metropolitan University, authored this study titled The moral foundations of cryptocurrency: evidence from Twitter and survey research.
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Cryptocurrency's popularity in the U.S. tied to conservative moral foundations - PsyPost
Fund tracking inverse of bitcoin futures hits all-time low as cryptocurrency rallies – Reuters
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights
Oct 24 (Reuters) - The ProShares Short Bitcoin Strategy ETF , which allows traders to bet on a fall in bitcoin futures, hit a record low on Tuesday as the cryptocurrency surged on growing optimism that the launch of an exchange-traded fund tracking bitcoin is imminent.
Bitcoin, the world's largest cryptocurrency, hit an 18-month high on Tuesday, extending Monday's 10% surge, on speculation over the likely approval of a spot bitcoin ETF that was fueled by BlackRock's iShares ETF listing on the website of clearing house DTCC.
The ProShares fund had hit its peak of $45.61 a little over a year ago as crypto assets tumbled following the collapse of FTX, but struggled to hold on to gains this year amid the sharp recovery in bitcoin.
The fund fell nearly 10% to $16.18 in early trading, hitting a record low, and has shed 59.3% so far this year.
The ProShares Short Bitcoin ETF, which has $62.98 million in net assets, is still on track for its second month of inflows, according to Lipper data, as investors continue to pile into the fund even as prices fall.
"A lot of people think this rally is a short squeeze - we have no real news coming out and a lot of anticipation around the SEC's approval or disapproval of these spot ETFs and people are getting ahead of themselves," said Lucas Kiely, chief investment officer at digital wealth platform Yield App.
"Ultimately, the market is again buying the rumor and selling the fact and the BTC short ETF is the only way for investors to express the view BTC is going to sell off."
Kiely added that people could also be trying to hedge their bitcoin. "They've seen a price pump that they want to lock in so they buy the ETF to hedge their position."
Meanwhile, other bitcoin-linked ETFs, like the ProShares Bitcoin Strategy ETF that tracks bitcoin futures, and Valkyrie Bitcoin Miners ETF (WGMI.O), gained more than 9% each.
The Valkyrie Bitcoin and Ether Strategy ETF (BTF.O) was up 9.4%, leading gains among recently launched funds that track Ether futures.
Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by David Holmes
Our Standards: The Thomson Reuters Trust Principles.
Bansari reports on the global financial markets and writes Reuters' daily flagship market reports on equities, bonds and currencies. An economist by training and winner of the Arthur MacEwan Award for Excellence in Political Economy, she has written for renowned global papers and magazines including The Diplomat, Boston Globe, Conversation, Huffington Post and more.
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Fund tracking inverse of bitcoin futures hits all-time low as cryptocurrency rallies - Reuters