ARAB NEWS: Cryptocurrencies could lead to a market crash warns Bank of England. Market Wrap
RIYADH – Sir Jon Cunliffe (Bank of England deputy governor for Financial Stability) called on Thursday for cryptocurrencies regulation to be done as a matter of urgent concern. Sir Jon warned that a major crypto market crash might be possible. Mikkel Morch (executive director of ARK 36,, crypto/digital assets hedge funds) reacted to his comments by saying: “Comments such as the one made Sir Jon Cunliffe show that digital assets are too large for traditional financial institutions to ignore.” “This should give investors greater confidence in the resilience of the digital asset markets – despite Cunliffe’s alarmist comments.” Martha Reyes is the head of research for digital asset prime brokerage and exchange BEQUANT. She stated that she was more skeptical than usual, saying, “We welcome more regulation in this space as it will attract capital and interest. And this is already happening.” It is not possible to say that the sector threatens financial security. Adoption Miami Mayor Francis Suarez spoke out about cryptocurrency and bitcoin, saying that it is a priority for him. He is working to make Miami the crypto capital in the world. The mayor is lobbying legislators to allow government employees to receive their salaries in Bitcoin, and allow tax payments in cryptocurrency for a portion of the funds to be invested in bitcoin. Suarez stated that “it’s a priority for me because it will allow us to distinguish ourselves as a crypto capital in the United States or the world.” Suarez spoke with Bloomberg. More adoption Cathie Wood, a star stock picker, has changed the name of ARK Invest into a bitcoin futures ETF. It will invest in futures contracts and trade at the CBOE BZX Exchange. A filing with the US Securities and Exchange Commission revealed. The proposed ETF, called ARK 21Shares Bitcoin Futures Strategy, with the ticker symbol ARKA, is an attempt by the fund managers to take advantage of the surge in cryptocurrency this year. The SEC has not yet approved a bitcoin ETF. Fidelity, CBOE Global Markets, and Nasdaq also await approval to launch ETFs that track the digital currency. Wood, whose flagship Innovation ETF was the top-performing US equity fund last year, has said that bitcoin will rally to $500,000 and her investment firm holds about $1. 55 Billion worth of Coinbase shares are spread across three funds. Trading Bitcoin, the most popular cryptocurrency for trading international, traded higher Thursday, increasing by 5.02 percent to $57,479 at 5:16 pm Riyadh time. Ether, the second most-traded cryptocurrency, was traded at $3,788, and up 10.. According to Coindesk data 69 percent.
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