Shifting preference: Pinoys going crypto crazy, buying fewer stocks

Trading in Philippine blue-chip stocks has plummeted over the past four years due to a marked shift in investor preference for cryptocurrencies, according to Abacus Securities. “There are clear anecdotal evidence that crypto are siphoning liquidity away from local equities. This is not hard to fathom. Crypto are volatile, there is a lot of liquidity […]

Cryptocurrency Omicron in frenzy over Covid-19 variant

Trading in the cryptocurrency Omicron exploded Monday and its value gyrated after the World Health Organization decided to use that name for the latest variant of Covid-19. Obscure and relatively stable in recent weeks, the virtual unit jumped to nearly $700 early Monday, about 10 times its previous value, according to the crypto news website […]

IMF urges El Salvador against using bitcoin as official currency

The International Monetary Fund on Monday warned El Salvador against using bitcoin as official tender given the risks associated with the cryptocurrency, a day after the country announced plans for the world’s first “Bitcoin City”. El Salvador, which has used the US dollar for two decades, became the first country in the world in September […]

Banker Mike Oyson is diving deep into crypto

Long-time investment banker Mike Oyson is ditching the traditional and “safe” instruments for the high stakes and exciting world of cryptocurrency. The former top brass of BPI Securities is now pivoting his Twitter account from plain vanilla finance into e-currencies and blockchain, which he views as the new big thing for tech and money. “I […]

Rare original copy of US constitution auctioned for $43M

An extremely rare original copy of the US Constitution sold Thursday for $43 million — a world record for a historical document at auction — with a cryptocurrency consortium that coveted the text outbid by another investor. Sotheby’s auction house, which staged the sale, said the item was one of only 13 known surviving copies […]

Bitcoin hits record above $66,000 on Wall Street debut

Bitcoin surged Wednesday to a record above $66,000 after taking another step towards mainstream status as the world’s most popular cryptocurrency forayed onto Wall Street. A bitcoin futures exchange-traded fund (ETF), a type of financial instrument, launched on the New York Stock Exchange on Tuesday. The news electrified demand for the cryptocurrency, which scaled an […]

First fund linked to bitcoin futures debuts on NYSE

Bitcoin took another step closer to mainstream investing Tuesday with the launch of a new security on Wall Street tied to futures of the cryptocurrency. To mark the occasion, ProShares, leader in exchange-traded funds, a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday. The […]

Bitcoin tops $60K on US fund approval hopes

Bitcoin breached the $60,000 mark for the first time since April on growing optimism that American regulators will greenlight the first US futures exchange-traded fund for the cryptocurrency. The digital currency was up more than 40 percent from a month ago, reaching $62,253 at 2050 GMT, according to Bloomberg News data, which reported that the […]

US biggest bitcoin miner after China crackdown: study

The United States has overtaken China as the biggest miner of bitcoin following Beijing’s crackdown on the method used to unearth the world’s major cryptocurrency, a study showed on Wednesday. Figures released by the University of Cambridge showed that activity in the US more than doubled in the four months to the end of August, […]

Cryptocurrency litecoin spikes briefly on bogus announcement

The price of litecoin briefly surged on Monday following a fake press release saying Walmart had agreed to a partnership with the cryptocurrency. The digital currency jumped around 30 percent following the publication on GlobalNewswire of the bogus news release, which resembled official press releases on the financial newswire. Litecoin shot up to $230 from […]