Canadian Pension Fund Writes Off $150M Celsius Loss, Believes They Entered Crypto “Too Soon”

News: Aug. 18, 2022, 12:53 a.m.

A major Canadian pension fund manager has written off a $150M investment in crypto lending platform Celsius Network as a total loss, expecting an impending shutter of the once high-flying CeFi platform. According to a report from the Financial Times, the fund is the second-largest in Canada and has signaled the write-off as being indicative of the funds’ expeditious decision to have exposure to crypto assets. Canadian Fund’s “Disappointment” Caisse de dépôt et placement du Québec, or CDPQ, is Canada’s second-largest pension fund in the country, according to the Times, managing over $300B in funds in Quebec. The fund’s stake in Celsius was written off “out of prudence,” according to the report, signaling that the fund has no expectation of Celsius Network achieving any semblance of a recovery. The move comes less than a year after the fund described it’s investment into Celsius as being indicative of it’s “conviction” in blockchain technology, and serves as another unfortunate domino in the Celsius downfall. Chief executive of the fund, Charles Emond, said that the fund “went in too soon into a sector that was in transition, with a business that had to manage extremely quick growth.” While the fund outperformed benchmarks, it still recorded a loss of nearly 8% in the six months ending in June. Emond added that “the first six months of the year w... read more

Rich Dad Poor Dad’s Robert Kiyosaki Changes His Mind About Treasury Bonds — Says ‘Time to Open My Closed Mind’

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says it’s time to open his closed mind after listening to economist Harry Dent. He is now buying 2-year U.S. Treasury bonds despite repeatedly saying he does not invest in anything printed by the Federal Reserve or Wall Street. Robert Kiyosaki Influenced read more

Genesis Lends $2.36 Billion to 3AC, Loses Money, CEO Michael Moro, and 20% of Staff

On Wednesday (August 17), full-service digital currency prime broker Genesis, a wholly-owned subsidiary of Digital Currency Group (DCG), announced that CEO Michael Moro is “stepping down and will continue to advise the company through the transition.” The firm’s press release wen ton to say that “Chief Operating Officer Derar Islim, Ph.D., who joined Genesis in […] read more

Avalanche’s new milestone and what it could mean for investors

Ava Labs has been extremely occupied as of now after a recent activity spike on Avalanche. Reportedly, Avalanche’s daily gas use reached an all-time high (ATH). The amount of gas used by the Avalanche network can be considered as a purport for high activity levels. Furthermore, the spike in gas fee usage also signifies a read more

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

Ether options have been trading for a much shorter time compared to Bitcoin options, but the former has done an impressive job catching up with its predecessor. Bitcoin had dominated as the leading crypto options asset in the space, with billions pouring into it. However, the tide had begun to turn in the 3rd quarter of 2022 when an important update about the Ethereum Merge triggered a surge in interest for Ether options. Ether Options Surpass Bitcoin Ether options debuted in the market back in January 2020, and it has enjoyed steady growth since then. However, no matter how much Ether options had grown, bitcoin options remained higher with open interest in crypto pouring into the pioneer cryptocurrency. Then in July 2022, Ethereum developers made an announcement regarding the network’s upgrade to a proof of stake mechanism, and this would change the game completely. Related Reading: Why This New NFT Integration May Be What Cardano Needs To Break $0.6 In July, interest in Ether options had ballooned, leading to a meteoric rise. It had packed at a new all-time high of $8.1 billion, which was more than 50% high than bitcoin at the time, with an open interest of $5.4 billion. From there until the present day, Ether options remain on an impressive uptrend, continuing to surpass bitcoin at each turn. Public miners sell more BTC than they produced | Source: Arcane Research The rise puts Ether options trailing at 100% recovery c... read more

By the Numbers: The Signs Bitcoin Miners Are Done Selling

Selling pressure had been mounting on public bitcoin miners over the last couple of months. This was a direct result of the decline in the price of the digital asset, which saw the cash flow for bitcoin miners plummet significantly. It came out to an over 60% decline in profitability, and given that miners continue read more

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

A pricing analysis of bitcoin reveals that buyers are at a disadvantage. Price increased after a weaker opening and tested the session high of $24,448.40. However, it swiftly reversed course and tested the pivotal 21-day exponential moving average, where it is currently resting. The market action right now suggests that the bulls are running out of steam close to the higher levels and that the bears are clearing the way for more correction. The largest cryptocurrency’s 24-hour trading volume is $30,603,898,759, up more than 7%. BTC/USD, however, is currently reading at $23,422.79, a 1.85% daily decline. BTC/USD trades at $23k. Source: TradingView The longer the price remains below this level, the more powerful the selling pressure will be as BTC slips below the crucial support level of $23,500. FOMC Meeting Crushes Bitcoin Price Data from TradingView showed that BTC/USD fell by more than 2% every day and reached $23,325. Hours before the Federal Open Markets Committee (FOMC) was scheduled to release minutes from its most recent meeting, the pair, which had already started to exhibit indications of weakness, fell further as trading in US stocks got underway. Despite not having a rate decision, the meeting was timed to reveal the Fed’s perspective on the upcoming rate adjustment scheduled in September. Michaël van de Poppe summarized in his latest Twitter update: “The important event tonight with the FOMC minutes, th... read more

Why Buying Ethereum At This Time Might Be A Bad Idea?

The Ethereum (ETH) Merge is a month away, and the entire crypto community awaits the revolutionary event. In anticipation, most investors have taken to stacking up ETH tokens, awaiting the positive price action The Merge will influence. However, an analyst has highlighted why purchasing ETH at this point in time is a bad idea. Ran The post Why Buying Ethereum At This Time Might Be A Bad Idea? appeared first on CoinGape. read more

Cardano [ADA] holders would find themselves happiest as…

ADA’s price has soared in the past few weeks. Cardano’s coin has seen a 27.20% rise in its prices since 26 July. With the Vasil hard fork just around the corner, there is a possibility that the price will continue to rally till the completion of the hard fork is announced. Well, this is not read more

Kraken CEO Doubts Decision to Ban Tornado Cash Will Survive in Court: Report

Banning an open source code that aims to protect privacy is similar to banning emails just because they can be used by criminals, he argued. read more

Fed Governor Touts FedNow as Alternative to CBDC

The U.S. Federal Reserve is considering a payment system that could reduce the need for a central bank digital currency (CDBC). Federal Reserve Touts FedNow Benefits A service called FedNow... read more