Schlagwort: blockchain markets

• 28% of young wealthy investors are focusing on crypto investments
• A cautious mindset is what’s dominating young investors portfolio choices
• 76% of young investors remain skeptical of traditional investments

Young investors are holding more crypto investments compared to traditional equities, according to a report from the Bank of America (BoA).

In its 2024 Study of Wealthy Americans, the bank received responses from over 1,000 respondents with at least $3 million in investable assets and were at least 21-years-old.

The survey found that among younger investors – mainly Gen Z and Millennials –  crypto and digital assets play a significant role in reshaping how America invests. BofA shows that these investors are focusing on real estate (31%), crypto and digital assets (28%), and private equity (26%).

Interestingly, 76% of young investors remain skeptical about traditional investments. They believe it’s no longer possible to achieve above-average investment returns by investing solely in traditional stocks and bonds.

On the flip side, those aged 44+ favor domestic equities (41%), real estate (32%), and emerging marketing equities (25%).

Katy Knox, president of Bank of America Private Bank, said that the investors are going through a “period of great social, economic and technological change alongside the greatest generational transfer of wealth in history.”

Cautious mindset

According to the survey, “the portfolio choices of younger people do suggest a perspective shift between the generations,” adding that while crypto is often compared to risk-averse investments such as gold, “it could be that a cautious mindset is what dominates some of these portfolio choices.”

And it’s the past that may be to blame for the cautious mindset of younger investors. For them, they’ve experienced two market crashes, which may have made them skeptical about investing in the stock market.

It’s because of this that they are looking beyond traditional stocks and bonds to build their wealth as they look to diversify their investments.

The post BofA survey: Young wealthy investors remain skeptical of stocks, crypto seen as better alternative appeared first on CoinJournal.

• Bitcoin’s September rally, where the crypto rose 21%, was driven largely by Chinese stimulus packages.
• Market players are underwhelmed as the Chinese government’s stimulus plans did not live up to their expectations.
• Bitcoin failed to stay above $64,000 as the market seeks a catalyst despite ‘Uptober’ expectations.

The most recent Bitcoin rally, which started in early September and is believed to have been driven largely by Chinese stimulus packages, has begun to fizzle out. The largest crypto by market capitalization briefly crossed the $66,000 mark on September 27th but could not sustain the rally. As of October 2nd, it fell to $60,000 and trades at $62,700.

Chinese stimulus

While September is historically a bearish month for cryptos, Bitcoin performed favourably last month driven largely by a stimulus program from the People’s Bank of China (PBOC) in response to slowing economic growth and Fed rate cuts.

The PBOC slashed rates on medium-term lending and the 7-day repo to boost economic activity, a measure known to improve sentiments around risky assets. Mortgage rates and minimum downpayment requirements for all types of homes were also slashed to support China’s housing market.

Expectations remained that the government would be willing to sustain its stimulus efforts through a multi-trillion-yuan spending plan; however, the government announced that it will frontload 100 billion Yuan from its 2025 budget in addition to another 100 billion to support the construction industry, a far cry from expectations.

Uptrend catalysts for the crypto market

The focus on Chinese stimulus comes at a point when the crypto market awaits a catalyst to spur a rally. The Fed’s 50bps interest rate slash in September is expected to herald a rally, but October has been underwhelming as Bitcoin struggles to break the $64,000 level and institutional inflows into US Bitcoin (and Ethereum) spot ETFs dwindle.

Bitcoin fell roughly 1% after the announcement of the government’s stimulus plans but recovered somewhat in the London trading session.

The post Bitcoin’s Price Slides as China Pares Stimulus Plans appeared first on CoinJournal.

• Bison announced its insured Ethereum staking product in partnership with Munich Re and Staking Facilities.
• Users can stake as low as 0.005 ETH and earn weekly rewards.

Bison, a crypto trading and exchange-traded funds platform by the Böerse Stuttgart Group, has unveiled a new staking service offering insured staking with Ethereum.

According to an update on Oct. 8, the product is part of a partnership between Bison and Germany-based companies Munich Re and Staking Facilities.  Munich Re is a global reinsurance company while Staking Facilities is a Web3 infrastructure provider that offers non-custodial staking.

Staking from 0.005 ETH

Bison offers 27 tradable assets on its platform, including Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA). The platform also provides access to more than 2,500 stocks and exchange-traded products.

With the new feature, Bison users will be able to stake Ether from as low as 0.005 ETH, allowing more holders to support the network and earn staking rewards.

More than this, Bison now supports insured ETH staking, with a gradual roll-out that includes slashing protection and weekly payouts. In terms of slashing, the insurance means stakers have protection against validator losses that arise from improper actions.

Exciting news 🚀 Staking made in Germany – our bare metal infrastructure now powers the @bisonapp $ETH staking functionality 🙌

Support the #Ethereum network & earn #staking rewards for doing so:

🔵 Stake as little as 0.005 ETH
🔵 Receive weekly rewards
🔵 Slashing risk insured… https://t.co/kvlmIMFxPC

— Staking Facilities (@StakingFac) October 8, 2024

Bison also benefits from compliant services, with all staked assets under custody by the Böerse Stuttgart Digital Custody. The regulated platform has a license from the Federal Financial Supervisory Authority, or BaFin.

Earlier this month, Boerse Stuttgart successfully completed a pilot on tokenized securities settlement involving major banks as part of the European Central Bank’s DLT tests.

In September, the company’s crypto subsidiary Börse Stuttgart Digital announced a partnership with DZ Bank to bring crypto trading and custody to its users.

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• Phantom Wallet adds beta support for Coinbase’s Base layer-2 network.
• Phantom users can now send, receive, and purchase Base-based assets via multiple methods.
• Base network faces security risks, but Phantom strengthens user protection features.

Phantom, the cryptocurrency wallet initially built for the Solana ecosystem, has expanded its capabilities by launching beta support for Coinbase’s Base network, an Ethereum-based layer-2 solution.

This new feature allows Phantom Wallet users to manage their digital assets across multiple blockchains seamlessly according to a blog post published by Phantom. With functionalities like sending, receiving, and purchasing stablecoins and cryptocurrencies using various payment methods, Phantom aims to enhance user experience and broaden its ecosystem.

Enhanced features for asset management on Phantom

With the introduction of Base support, Phantom users can now interact with a range of features tailored to facilitate efficient asset management.

The wallet will now allow users to send and receive Base-based stablecoins, such as USD Coin (USDC), and cryptocurrencies like Ethereum (ETH). Users can purchase these assets easily using debit and credit cards, Apple Pay, or directly through Coinbase, making it more accessible for newcomers and seasoned crypto enthusiasts alike.

However, it is important to note that this support is currently in beta and requires users to opt in via their wallet settings.

In addition to managing assets, Phantom has integrated functionalities that enable users to engage with decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base ecosystem.

The wallet emphasizes security with features such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activities, thereby addressing growing security concerns in the crypto space.

A growing ecosystem amid security challenges

Phantom’s expansion comes at a time when the crypto landscape is increasingly susceptible to security threats.

Recent data from Trugard Labs revealed that Coinbase’s Base network accounted for over 34,000 high-risk detections in its smart contracts during August. The network has experienced vulnerabilities, particularly concerning digital signature issues and malicious boolean checks on token transfers.

These challenges highlight the pressing need for robust security measures as malicious actors exploit vulnerabilities in smart contracts.

Nevertheless, despite these risks, the partnership between Phantom and Base signals a positive direction for both entities.

Jesse Pollak, creator of Base and recently appointed to lead the Coinbase Wallet as the engineering vice president at Coinbase, emphasizes the shared vision between Base and Coinbase to simplify the on-chain experience for users. He expressed enthusiasm for the new role and the mission to bring a billion people and a million builders onto the blockchain.

As the crypto space continues to evolve, Phantom’s integration with Base represents a significant step toward expanding its user base while also addressing the pressing need for security and accessibility in the decentralized ecosystem.

With the growing popularity of layer-2 solutions like Base, the future looks promising for Phantom and its users as they navigate the complex landscape of cryptocurrencies.

The post Phantom Wallet adds support for Coinbase’s Base network appeared first on CoinJournal.

• FTX to repay 98% of its users around 119% of their claim value
• Distributions will be made to creditors across more than 200 jurisdictions
• FTX collapsed in November 2022 amid allegations of fraud and customer fund mismanagement

A US judge has approved FTX’s bankruptcy plan to use billions of dollars in recovered assets to repay users nearly two years after the crypto exchange collapsed.

On Monday, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware approved FTX’s plan. By doing so, it enables the exchange’s debtors to repay 98% of users around 119% of their claim value as of November 2022 when the company filed for bankruptcy.

FTX projects the repayment to be between $14.7 billion and $16.5 billion after the total value of the property has been collected and converted to cash.

In a statement, John J. Ray III, CEO and Chief Restructuring Officer of FTX, said: “The Court’s confirmation of our Plan is a significant milestone on our pathway to distributing cash to customers and creditors,” adding:

“The estate is working to finalize arrangements to make distributions to creditors across more than 200 jurisdictions around the world.”

Before its collapse, FTX was a well-known and trusted platform in the crypto space. However, in November 2022, the exchange collapsed because of a lack of liquidity and mismanagement of funds, which eventually saw concerned investors withdrawing large volumes of money.

Sam Bankman-Fried, co-founder and CEO of FTX, was later arrested and sentenced to 25 years in prison for fraud and mismanaging the exchange. Caroline Ellison, former CEO of Alameda Research, was sentenced to 24 months in prison after pleading guilty to charges related to her role in the collapse of FTX.

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