Every week we highlight the most timely news in the crypto and blockchain industry, from developments in digital-asset companies, exchanges, funds and...
Happy Sunday! Welcome to the penultimate installment of Need to Know Crypto Edition, ahead of the launch of a new weekly crypto newsletter “Distributed Ledger,” which will kick off next month.
Ether ETHUSD, +2.18% on the Ethereum blockchain was up 2.6% at $3,876.92, with a record at $4,379.11, according to CoinDesk, and meme asset dogecoin DOGEUSD, +1.49% was down 0.1% at 23.4 cents, well off its record high at 74 cents. RIAs are asking as “a fiduciary are we going to recommend a complicated futures product that is a more complicated than…opening a Coinbase account in 5 minutes?”
The moversBitcoin $100,000 in 2023? We chatted briefly with Jurrien Timmer, director of global macro at Fidelity Investments in Boston, about the outlook for bitcoin and his recent tweets suggesting that, based on his fundamental analysis, bitcoin was heading for $100,000 by 2023. Timmer says that bitcoin might fit on the 40% side of the traditional 60:40 “model” portfolios, with 60% representing an allocation to equities and 40%, representing your typical allocation to bonds.
Morgan Stanley acknowledges that the list may be subjective, noting that it plans on altering the composition of the list over time. “Instead of holding all USDT token reserves in U.S. dollars as represented, Tether relied upon unregulated entities and certain third parties to hold funds comprising the reserves; commingled reserve funds with Bitfinex’s operational and customer funds; and held reserves in non-fiat financial products,” the CFTC said.
The move comes after China in the summer cracked down on mining and trading in crypto, sparking a mass exodus out of Beijing.
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