12,000 Cryptos Cease Trading, BNY Mellon to Hold Crypto
On this episode of The Wiser Crypto Investor Podcast, Casey Smith and Robert Swarthout talk about current events in crypto, how 12,000 cryptos ceased trading, and BNY Mellon is now set to hold Bitcoin.
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12,000 Cryptos Cease Trading
Currently we are experiencing a crypto winter. It’s called a crypto winter because it is typically more extreme than a bear market. 12,000 cryptos are ceasing to trade. However, most of these coins are irrelevant and don’t make much of a difference. Even though we are in a crypto winter, people aren’t talking about it very much. That might be because a lot of people are losing money. However, now is actually a really good time to buy crypto since the market is down.
Are Bitcoin and Nasdaq in Line with Each Other?
There was a Twitter article posted by Sam Bankman-Fried, the creator of FTX, that was comparing Bitcoin to Nasdaq. He’s trying to show that crypto isn’t as far off the investable path as people may think. While this may sound like a reach, it shows the opportunity in the crypto space. Opportunity aside, if you look at the math, it still says to be prepared to lose 90% of your investment.
FTX itself does a lot of sponsorships with sports and other industries, however they aren’t based in the US, but rather the Bahamas. It will be interesting to see how regulations will affect FTX.
BNY Mellon to Hold Bitcoin
BNY Mellon is the oldest bank in the United States and also the largest custodian of assets. They are also now set to hold Bitcoin. They have not released all of the details, but it was recently announced that they will be doing custodian work for digital assets. This almost seems like a stamp of approval for the crypto industry since BNY is willing to work with it.
Banks generally settle their books once a day. This could run a risk with crypto because Bitcoin transactions happen within an hour. This could potentially lead to problems for them and will require a lot of thought behind it.
XRP Outside the US
Currently XRP has a lawsuit with the SEC going on inside the US, but outside the US their business is booming in their product on demand liquidity. They are growing at a rapid rate even without touching the US dollar.
If the government loses the case against Ripple, XRP could be deemed not a security. It will be really interesting to see how the rest of this case plays out and how it will affect the future of crypto.
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