Cryptocurrencies
FTX Collapse Signals the End of Crypto’s Wild West
The ripples continue to spread from the collapse of what has now been revealed as an epochal fraud at FTX, formerly the world’s third-largest crypto exchange. The first blow came with revelations on the CoinDesk website, which had obtained a balance-sheet of FTX’s crypto hedge fund, Alameda Research, suggesting it Read more…
Brazil
Currencies: The Last Piece of the Puzzle
First we reviewed the great bull/bear debate; then we gave a rundown of global stocks; last week we described our view of the positioning of the high-level asset classes. Today we’ll round out the high-level tour with some analysis of global currencies. Cash is of course one of the main Read more…
Cryptocurrencies
Stablecoins May Not Excite, But They Matter — A Lot
The Biden administration has engaged substantively on digital asset regulation. It is preparing an executive order, after input from various agencies, including the Financial Stability Oversight Council, which will set the stage for the development of a comprehensive digital asset strategy document later this year. The executive order will likely Read more…
Cryptocurrencies
Crypto Comments: Defi Hacks and Central Bank Digital Currencies
An Instructive DeFi Hack Last week, Qubit Finance, a defi (decentralized finance) project operating on the Binance Smart Chain, was hacked to the tune of $80 million — haplessly offering the anonymous hacker a $2 million reward to “do the right thing” and return the funds. (He hasn’t done so Read more…
Commodities
Commodities: Crosscurrents and Undertow
Another month, another blistering inflation report; the consumer price index rose at a 7% annual rate in December. Of course, as our regular readers have heard us say often, the methodology used to calculate that rate has changed often over the decades — invariably in a way that understates the Read more…
Cryptocurrencies
Crypto Comments: Chainlink
While bitcoin launched crypto as an asset class, its primary function is simply that of a digital currency. Currently it seems to be displacing gold in the minds of a generation of investors newly concerned about irresponsible monetary policy and fiat debasement — though of course it is for the Read more…
Bitcoin
The Coming Crypto War
The post-pandemic bull market is now getting choppy as it encounters a number of real-world headwinds — the reduction of monetary stimulus, growing conflicts over further fiscal stimulus, slowing liquidity growth, official acknowledgment of persistent inflation, and the growing concern of market participants that a Fed “policy mistake” is unfolding. Read more…
Cryptocurrencies
Erosion of the Fed’s Cred
In recent weeks, a piece of news and a piece of commentary, which we show you below, crossed our desk — items which were interesting enough taken in isolation, but which became even more interesting when taken together. Source: Wall Street Journal, Barrons The first was a report about the Read more…
Bitcoin
Will the Feds Ban Bitcoin?
Last week we wrote about the advent of central bank digital currencies, outlining the motivations that governments and central banks have for upstaging the rise of decentralized crypto networks such as bitcoin and Ethereum. This week we’ll take a look at a trend in communication from fiscal and monetary authorities, Read more…
