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[ Morgan Stanley will allow financial advisors to offer Bitcoin ETFs to some clients and is paying attention to the development of the Ethereum ETF market]
Morgan Stanley told its financial advisers on Friday that it would soon allow them to offer a bitcoin ETF to some clients, a first among Wall Street banks, CNBC reported.
The firm’s roughly 15,000 financial advisers can solicit eligible clients to buy shares in two exchange-traded bitcoin funds, BlackRock ’s IShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, starting Aug. 7, according to people familiar with the matter.
However, the bank still issued a warning when launching this product: People familiar with the matter said that only clients with a net worth of at least $1.5 million, a positive risk tolerance and a willingness to invest speculatively are suitable for participating in the Bitcoin ETF. They added that these investments are for taxable brokerage accounts, not retirement accounts. According to sources, the bank will monitor customers' cryptocurrency holdings to ensure that they are not overly exposed to volatility risks.
Morgan Stanley is monitoring the market developments for newly approved spot Ethereum ETFs, but has not yet committed to providing access to them to its clients, according to people familiar with the matter.
[ Goldman Sachs increases its forecast for a 25 basis point rate cut by the Federal Reserve this year to three times]
Goldman Sachs analysts said in a report that the slowdown in US non-farm payrolls was greater than expected and the unemployment rate rose to 4.3%. Now they will change their forecast for the Fed to three consecutive 25 basis point rate cuts starting in September. If the August non-farm payrolls report also records a weak performance and confirms the slowdown in employment growth, then the possibility of a 50 basis point rate cut in September cannot be ruled out.
[ Genesis completes restructuring and begins returning digital assets and cash worth approximately $4 billion to creditors]
Cryptocurrency lender Genesis Global and its related companies completed their bankruptcy reorganization and began distributing about $4 billion in digital assets and cash to creditors.
The entity said in a statement on Friday that bitcoin creditors will receive 51.28% of their physical value back, while ether creditors will receive 65.87%. Solana creditors will receive 29.58% of their physical value back. Genesis filed for bankruptcy in early 2023, joining a string of cryptocurrency lending companies to close amid the Crypto Winter. Earlier this year, Genesis agreed to pay a $21 million fine to settle SEC charges that it had conducted unregistered offerings and sales of securities.
[Trump suggests using cryptocurrency to solve the US debt problem, calling encryption "a very interesting thing"]
Former U.S. President Donald Trump suggested using cryptocurrency to solve the U.S. debt problem in an interview with Fox Business Channel on Friday, calling cryptocurrency "a very interesting thing" and suggesting that the United States' acceptance of Bitcoin could help solve the $35 trillion U.S. national debt.
“Crypto is a very interesting thing. Very advanced in some ways… But if we don’t do it, China will… So we better get ahead of the curve,” he said. “There are a lot of very smart people in crypto who love our country and they think this is great. Who knows? Maybe we’ll pay off our $3.5 trillion debt and give them a little crypto check, right?”
Trump also slammed the Biden administration's approach to encryption: "Biden is trying to stop it - but doesn't have the wisdom to stop it. Can you imagine this guy telling you to stop something like this? He has no idea what the hell this is. But if we don't accept it, it will be accepted by others."
[Informed sources: David Plouffe, who holds an important position in the encryption field, will join Harris’ campaign team]
David Plouffe, who holds positions in the cryptocurrency field, will join U.S. Vice President Kamala Harris' campaign team as a senior adviser to Harris, Reuters and Politico reported on Friday, citing people familiar with the matter.
David Plouffe served as manager of Obama's 2008 presidential campaign and as a senior aide to Obama during his 2012 victory.
Plouffe has made many statements about cryptocurrency in the past and has joined Binance’s Global Advisory Board over the past few years, while also serving as a global strategic advisor to Alchemy Pay . Plouffe briefly mentioned the collapse of cryptocurrency exchange FTX in the 2023 interview, saying it “brought attention to the industry.”
[ Coinbase report: Crypto markets usually face seasonal downward trends in August]
Coinbase analysts David Duong and David Han said in a weekly report on Friday that August is usually a month that is not conducive to seasonal factors in the cryptocurrency market. Historically, market activity in August is sluggish.
For example, Bitcoin spot trading volume fell 19% in August 2023 compared to June 2023. Bitcoin futures trading volume on global centralized exchanges also fell 30% during the same period.
They added: “Over the past five years, Bitcoin has fallen an average of 2.8% in August, and reduced liquidity and trading volume may lead to increased volatility in August.” Coinbase analysts said we may see similarly sluggish market performance this year.
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