JP Morgan calls Bitcoin the new inflation protection, the SEC approves what’s closest to a Bitcoin ETF, and a rehab clinic can help you out if you’re addicted to crypto. Those stories and more this week in crypto.
JPMorgan sent a notice to its clients stating that institutional investors appear to be returning to Bitcoin as they see it as better inflation protection than gold. The resurgence of inflation concerns among investors has renewed interest in using Bitcoin as a hedge. JP Morgan set a price target for Bitcoin of $ 140,000 earlier this year.
The SEC has approved Volt Equity’s ETF. The fund tracks companies that hold a majority of their net assets in Bitcoin or that generate their income from Bitcoin-related activities such as mining, lending, or manufacturing mining equipment. The SEC has yet to approve one of the 20+ proposed Bitcoin ETFs that are eagerly awaited by the market.
Billions in loans from the world’s leading stablecoin issuer Tether were uncovered. Tether loaned the Celsius crypto lending network $ 1 billion, as well as short-term loans to a number of large Chinese companies. Tether responded by describing the individuals involved in the article as “upset” and saying they had “no direct knowledge of the company’s business”.
A new report from blockchain analytics firm Chainalysis suggests that, despite the negative turns China has taken in recent months, Asia is still considered the top continent for crypto transactions. Crypto activity has increased more than 700 percent in the past year, with a huge boom in institutional investment and decentralized funding.
The US Bank – the fifth largest financial institution in America – has introduced a new crypto custody service for professional traders and fund managers. The bank’s customers can store their private keys, which give them access to assets like bitcoin, bitcoin cash, and litecoin. The US Bank currently manages more than $ 8 trillion in assets for its institutional clients.
MoneyGram has integrated support for crypto wallets over the Stellar network to access its services worldwide. MoneyGram says that by using the USDC stablecoin it will enable “almost instant backend settlement”. The result will enable 150 million MoneyGram customers worldwide to fund and withdraw their accounts with USDC in physical branches.
The online crypto market compound has accidentally transferred $ 90 million in crypto to various user accounts and is unable to get its lost funds back unless customers agree to the return. The founder initially begged users to hand over the funds, then threatened to report them to the IRS, but eventually opened up to offering compensation should they cooperate.
A castle in Scotland has been converted into a rehabilitation center for crypto addicts. Castle Craig has increased the number of crypto patients tenfold over the past year. Some have lost millions of bets on crypto while others have even taken extreme measures such as stealing employers and loved ones to buy crypto.
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That’s what happened in crypto this week until next week.
