US Financial Advisers Up Crypto Recommendations as Interest Rises
US-based financial advisers are increasingly recommending investments in cryptocurrencies to their clients, and less exposure to legacy finance investment products such as exchange-traded funds (ETFs) and individual stocks, according to a recent survey.
This approach is in line with the rising interest demonstrated by their customer base, the report by the US-based Financial Planning Association (FPA) and the Journal of Financial Planning said.
The report comprises a survey that was fielded in March 2021 (or before the strong market correction in April and May), and prepared based on the 529 online responses collected from financial advisers who offer clients investment advice and/or implement investment recommendations.
The survey indicated that, while US financial advisers remain cautious on digital assets, "it seems they may be shifting to embracing them due to a rising client demand."
Cryptocurrencies were first added to the survey in 2018, said the report, when 1.4% of the then surveyed 223 advisers said they were currently using or recommending crypto with clients,” according to the association.
While in 2019 and 2020 that percentage dropped to below 1%, it then increased to 14% of the 529 surveyed advisers indicating that they are using or recommending cryptocurrencies in 2021.
And the number may increase.
“More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months," said the report. This is up from 0% indicated in 2020.
It further found that 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies. This is up from 17% in 2020.
In contrast with cryptocurrencies, legacy finance investment products, such as ETFs, saw a lower rate of recommendations this year. Some 64% of financial advisors said they suggest investing in ETFs to their clients this year, down from 85% in 2020.
Cash and equivalents, as well as individual stocks, are also less popular in 2021, down from 75% to 57%, and 51% to 44%, respectively.
Among the vehicles currently used/recommended to clients, only three saw a rise in the percentages since last year: cryptocurrencies are leading by far, followed by precious metals (5% to 9%) and private equity funds (9% to 12%).
US-based financial advisers are increasingly recommending investments in cryptocurrencies to their clients, and less exposure to legacy finance investment products such as exchange-traded funds (ETFs) and individual stocks, according to a recent survey.
This approach is in line with the rising interest demonstrated by their customer base, the report by the US-based Financial Planning Association (FPA) and the Journal of Financial Planning said.
The report comprises a survey that was fielded in March 2021 (or before the strong market correction in April and May), and prepared based on the 529 online responses collected from financial advisers who offer clients investment advice and/or implement investment recommendations.
The survey indicated that, while US financial advisers remain cautious on digital assets, "it seems they may be shifting to embracing them due to a rising client demand."
Cryptocurrencies were first added to the survey in 2018, said the report, when 1.4% of the then surveyed 223 advisers said they were currently using or recommending crypto with clients,” according to the association.
While in 2019 and 2020 that percentage dropped to below 1%, it then increased to 14% of the 529 surveyed advisers indicating that they are using or recommending cryptocurrencies in 2021.
And the number may increase.
“More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months," said the report. This is up from 0% indicated in 2020.
It further found that 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies. This is up from 17% in 2020.
In contrast with cryptocurrencies, legacy finance investment products, such as ETFs, saw a lower rate of recommendations this year. Some 64% of financial advisors said they suggest investing in ETFs to their clients this year, down from 85% in 2020.
Cash and equivalents, as well as individual stocks, are also less popular in 2021, down from 75% to 57%, and 51% to 44%, respectively.
Among the vehicles currently used/recommended to clients, only three saw a rise in the percentages since last year: cryptocurrencies are leading by far, followed by precious metals (5% to 9%) and private equity funds (9% to 12%).
New Crypto FUD Round Incoming as US Gunning for Ransomware Crackdown
United States politicians appear to have a new stick to beat the crypto sector with – as they prepare an onslaught on ransomware and crypto payments to criminal groups.
Per Reuters, a senior official at the Department of Justice (DOJ) confirmed that the department is set to elevate the status of ransomware attack probes to the same kind of level as terrorism incidents.
Reuters reported that the DOJ has sent regional US attorneys updated guidance that includes updated protocols on when to involve central bodies – with some pertaining to crypto exchanges.
John Carlin, the Principal Associate Deputy Attorney General at the DOJ, was quoted as stating:
“We really want to make sure prosecutors and criminal investigators report and are tracking ... cryptocurrency exchanges, illicit online forums or marketplaces where people are selling hacking tools, network access credentials.”
The comments come just days after White House Principal Deputy Press Secretary Karine Jean-Pierre told members of the press in a briefing session that “combating ransomware is a priority for the President Joe Biden administration.”
She added that Biden had ordered “a rapid strategic review to address the increased threat of ransomware.” This review will include “expanding cryptocurrency analysis to find and pursue criminal transactions.”
America-based companies have been forced to pay staggeringly high crypto ransoms of late, with three recent incidents in particular striking terror into the United States business community. The first was a strike in March on the insurer CNA – which paid USD 40m in crypto to a hacker group to resolve the issue.
Next came an attack from the DarkSide hacking group, which used ransomware on Colonial Pipeline in May, disrupting the oil and gas supply to a number of East Coast locations.
The most recent, believed to have been the work of the REvil ransomware-as-a-service (RaaS) organization, saw production scream to a halt at JBS meat processing plants.
United States politicians appear to have a new stick to beat the crypto sector with – as they prepare an onslaught on ransomware and crypto payments to criminal groups.
Per Reuters, a senior official at the Department of Justice (DOJ) confirmed that the department is set to elevate the status of ransomware attack probes to the same kind of level as terrorism incidents.
Reuters reported that the DOJ has sent regional US attorneys updated guidance that includes updated protocols on when to involve central bodies – with some pertaining to crypto exchanges.
John Carlin, the Principal Associate Deputy Attorney General at the DOJ, was quoted as stating:
“We really want to make sure prosecutors and criminal investigators report and are tracking ... cryptocurrency exchanges, illicit online forums or marketplaces where people are selling hacking tools, network access credentials.”
The comments come just days after White House Principal Deputy Press Secretary Karine Jean-Pierre told members of the press in a briefing session that “combating ransomware is a priority for the President Joe Biden administration.”
She added that Biden had ordered “a rapid strategic review to address the increased threat of ransomware.” This review will include “expanding cryptocurrency analysis to find and pursue criminal transactions.”
America-based companies have been forced to pay staggeringly high crypto ransoms of late, with three recent incidents in particular striking terror into the United States business community. The first was a strike in March on the insurer CNA – which paid USD 40m in crypto to a hacker group to resolve the issue.
Next came an attack from the DarkSide hacking group, which used ransomware on Colonial Pipeline in May, disrupting the oil and gas supply to a number of East Coast locations.
The most recent, believed to have been the work of the REvil ransomware-as-a-service (RaaS) organization, saw production scream to a halt at JBS meat processing plants.
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Dynasty Global Investments AG is a worldwide platform, an ecosystem centered in and around blockchain, at the heart of Switzerland. Founded in 2016 by two successful entrepreneurs in the Crypto Valley in Zug, Switzerland, Dynasty Global Investments AG is revolutionizing finance by combining two powers: Real Estate and Crypto.
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Inflation Might Keep Rising in 2021 - But What Happens Next?
Brigitte Granville, Professor of international economics and economic policy, Queen Mary University of London.
The US Federal Reserve has just reassured the markets that it doesn’t expect inflation to get out of hand in the coming months. It comes as concerns about serious inflation damaging the global economy have reached fever pitch, particularly since recent Labor Department data showed that American inflation rose 4.2% over the 12 months ended April – the highest since the global financial crisis of 2007-09. In the euro area, inflation seems certain during the rest of this year to break out above the European Central Bank target of “close to but below 2%”.
Central bankers on both sides of the Atlantic say that these price rises are a temporary consequence of the whiplash effect of the COVID-19 pandemic on demand. Supply chains in everything from commodities to semiconductors have been disturbed by demand first collapsing and then surging back, making prices very volatile. On this rationale, inflation will settle down once the pandemic recedes.
Critics point to the risks of price pressures setting off a chain reaction where everyone expects future price rises, causing a true inflationary episode where prices persistently increase across the board.
This debate about the near-term outlook is matched by an equally lively debate about long-term inflation, relating to drivers such as the effect of baby boomers retiring, China’s changing labour force, automation and so on. So who is right in all this? Are the inflation numbers a blip or are we seeing a gathering storm?
Brigitte Granville, Professor of international economics and economic policy, Queen Mary University of London.
The US Federal Reserve has just reassured the markets that it doesn’t expect inflation to get out of hand in the coming months. It comes as concerns about serious inflation damaging the global economy have reached fever pitch, particularly since recent Labor Department data showed that American inflation rose 4.2% over the 12 months ended April – the highest since the global financial crisis of 2007-09. In the euro area, inflation seems certain during the rest of this year to break out above the European Central Bank target of “close to but below 2%”.
Central bankers on both sides of the Atlantic say that these price rises are a temporary consequence of the whiplash effect of the COVID-19 pandemic on demand. Supply chains in everything from commodities to semiconductors have been disturbed by demand first collapsing and then surging back, making prices very volatile. On this rationale, inflation will settle down once the pandemic recedes.
Critics point to the risks of price pressures setting off a chain reaction where everyone expects future price rises, causing a true inflationary episode where prices persistently increase across the board.
This debate about the near-term outlook is matched by an equally lively debate about long-term inflation, relating to drivers such as the effect of baby boomers retiring, China’s changing labour force, automation and so on. So who is right in all this? Are the inflation numbers a blip or are we seeing a gathering storm?
Bitcoin Flat, Ethereum, Altcoins Struggle to Hold Important Support
☄️Bitcoin price traded below USD 32,000 and it remains at a risk of more losses.
☄️Ethereum is trading below USD 2,500, XRP is struggling to recover above USD 0.88 and USD 0.90.
☄️BTG rallied over 35%, TFUEL extended its rise above 0.60.
Bitcoin price extended its decline below the USD 33,500 and USD 32,000 support levels. BTC tested the USD 31,000 zone and it is currently (05:05 UTC) trading just below USD 33,000 and is unchanged in a day. To start a decent increase, the price must move above the USD 33,500 and USD 34,000 resistance levels.
Similarly, most major altcoins are struggling to recover losses. ETH tested the USD 2,300 zone and it is back above USD 2,400. XRP/USD spiked below the USD 0.820 and USD 0.80 support levels before recovering higher.
Bitcoin price
After a close below USD 35,000, bitcoin price extended its decline. BTC broke the USD 33,500 support zone and it even spiked below USD 32,000. It tested the USD 31,000 zone and recently started an upside correction. The price is back above USD 32,500, but it is facing a few hurdles near USD 33,200 and USD 33,500.
The main resistance is now forming near the USD 34,000 level. On the downside, the price might remain stable above the USD 32,000. If the price closes below USD 32,000, it could slide towards USD 31,000.
Ethereum price
Ethereum price declined sharply below the USD 2,550 support level. ETH broke the USD 2,420 support and it even tested USD 2,300. The price is now recovering and trading above USD 2,400. To move into a positive zone, the price must break the USD 2,500 and USD 2,550 resistance levels.
If not, there are chances of more losses below the USD 2,400 and USD 2,350 support levels. The next key support is near the USD 2,300 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) spiked and tested the USD 320 support zone. BNB is attempting an upside correction and trading above USD 335. The first major resistance is near the USD 350 level, above which it could test the USD 365 resistance.
Litecoin (LTC) is still consolidating near the USD 150 level. If LTC starts a steady increase, the price could test the USD 165 resistance zone. On the downside, the price might remain well bid above USD 142 and USD 140. The next key support is near the USD 125 level.
Dogecoin (DOGE) is holding the USD 0.300 and USD 0.305 support levels. If there is a clear downside break below USD 0.300, the price could decline heavily. Conversely, the price could recover above USD 0.335. The next major resistance for the bulls is near the USD 0.350 level.
XRP price declined sharply and it even spiked below the USD 0.80 level. The price is now consolidating and it might attempt a recovery above USD 0.850. The first key resistance is near the USD 0.880 level, above which it could test USD 0.90.
Other altcoins market today
A few altcoins gained over 5%, including TFUEL, BTG, KSM, TEL, HNT, SOL, ZRX, CELO, CRV, and MIOTA. Out of these, BTG rallied over 35% and it cleared the USD 67 level.
Overall, bitcoin price is struggling to stay above the USD 32,000 support zone. A close below USD 32,000 could set the pace for a test or even a break of USD 30,000.
Total market capitalization:
☄️Bitcoin price traded below USD 32,000 and it remains at a risk of more losses.
☄️Ethereum is trading below USD 2,500, XRP is struggling to recover above USD 0.88 and USD 0.90.
☄️BTG rallied over 35%, TFUEL extended its rise above 0.60.
Bitcoin price extended its decline below the USD 33,500 and USD 32,000 support levels. BTC tested the USD 31,000 zone and it is currently (05:05 UTC) trading just below USD 33,000 and is unchanged in a day. To start a decent increase, the price must move above the USD 33,500 and USD 34,000 resistance levels.
Similarly, most major altcoins are struggling to recover losses. ETH tested the USD 2,300 zone and it is back above USD 2,400. XRP/USD spiked below the USD 0.820 and USD 0.80 support levels before recovering higher.
Bitcoin price
After a close below USD 35,000, bitcoin price extended its decline. BTC broke the USD 33,500 support zone and it even spiked below USD 32,000. It tested the USD 31,000 zone and recently started an upside correction. The price is back above USD 32,500, but it is facing a few hurdles near USD 33,200 and USD 33,500.
The main resistance is now forming near the USD 34,000 level. On the downside, the price might remain stable above the USD 32,000. If the price closes below USD 32,000, it could slide towards USD 31,000.
Ethereum price
Ethereum price declined sharply below the USD 2,550 support level. ETH broke the USD 2,420 support and it even tested USD 2,300. The price is now recovering and trading above USD 2,400. To move into a positive zone, the price must break the USD 2,500 and USD 2,550 resistance levels.
If not, there are chances of more losses below the USD 2,400 and USD 2,350 support levels. The next key support is near the USD 2,300 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) spiked and tested the USD 320 support zone. BNB is attempting an upside correction and trading above USD 335. The first major resistance is near the USD 350 level, above which it could test the USD 365 resistance.
Litecoin (LTC) is still consolidating near the USD 150 level. If LTC starts a steady increase, the price could test the USD 165 resistance zone. On the downside, the price might remain well bid above USD 142 and USD 140. The next key support is near the USD 125 level.
Dogecoin (DOGE) is holding the USD 0.300 and USD 0.305 support levels. If there is a clear downside break below USD 0.300, the price could decline heavily. Conversely, the price could recover above USD 0.335. The next major resistance for the bulls is near the USD 0.350 level.
XRP price declined sharply and it even spiked below the USD 0.80 level. The price is now consolidating and it might attempt a recovery above USD 0.850. The first key resistance is near the USD 0.880 level, above which it could test USD 0.90.
Other altcoins market today
A few altcoins gained over 5%, including TFUEL, BTG, KSM, TEL, HNT, SOL, ZRX, CELO, CRV, and MIOTA. Out of these, BTG rallied over 35% and it cleared the USD 67 level.
Overall, bitcoin price is struggling to stay above the USD 32,000 support zone. A close below USD 32,000 could set the pace for a test or even a break of USD 30,000.
Total market capitalization:
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IMF Not Happy About El Salvador Bitcoin Move
Adoption of bitcoin (BTC) as legal tender raises "a number of macroeconomic, financial and legal issues that require very careful analysis," Reuters reported, citing a spokesman for the International Monetary Fund (IMF).
The fund is following "developments closely" and will continue "consultations with the authorities."
As reported, Nayib Bukele, the President of El Salvador, will discuss the Bitcoin law with the IMF today, as the country is in talks with the Fund over a USD 1bn program.
At 15:01 UTC, BTC trades at USD 37,171 and is down by 2.5% in an hour, trimming its daily gains to almost 6%.
"The plans for Bitcoin under an increasingly autocratic regime will likely only compound concerns about corruption, money laundering and the independence of regulatory agencies," Siobhan Morden, head of Latin America Fixed Income Strategy at Amherst Pierpont, wrote in a note, per Bloomberg.
Meanwhile, in 2018, the small and remote Pacific island country, the Republic of the Marshall Islands (RMI) was also warned by the IMF over their coin project.
“The potential benefits from revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT Anti-Money Laundering and Countering Financing of Terrorism, and governance risks,” the Fund said back then.
The country ignored the warning and, in 2020, partnered with Algorand to build a blockchain for its first national digital currency, the Marshallese sovereign (SOV). However, there were no updates on the project this year.
Adoption of bitcoin (BTC) as legal tender raises "a number of macroeconomic, financial and legal issues that require very careful analysis," Reuters reported, citing a spokesman for the International Monetary Fund (IMF).
The fund is following "developments closely" and will continue "consultations with the authorities."
As reported, Nayib Bukele, the President of El Salvador, will discuss the Bitcoin law with the IMF today, as the country is in talks with the Fund over a USD 1bn program.
At 15:01 UTC, BTC trades at USD 37,171 and is down by 2.5% in an hour, trimming its daily gains to almost 6%.
"The plans for Bitcoin under an increasingly autocratic regime will likely only compound concerns about corruption, money laundering and the independence of regulatory agencies," Siobhan Morden, head of Latin America Fixed Income Strategy at Amherst Pierpont, wrote in a note, per Bloomberg.
Meanwhile, in 2018, the small and remote Pacific island country, the Republic of the Marshall Islands (RMI) was also warned by the IMF over their coin project.
“The potential benefits from revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT Anti-Money Laundering and Countering Financing of Terrorism, and governance risks,” the Fund said back then.
The country ignored the warning and, in 2020, partnered with Algorand to build a blockchain for its first national digital currency, the Marshallese sovereign (SOV). However, there were no updates on the project this year.
El Bitcoin, Supportive Lawmakers, FUDy Seizures and 20 Crypto Jokes
What a week! The El Salvador President unveiled plans to give bitcoin the status of legal tender, and quickly the news shook the Cryptoverse that that will indeed officially happen in just 90 days, with lawmakers across Latin America expressing their support for bitcoin adoption, including the Ecuadorian Vice Minister of Economic Inclusion - with all this raising some existential BTC questions. Meanwhile, the Cryptoverse went fighting some major FUD after millions is BTC was seized, and after a US Senator made some BTC-related statements. Though Solana rallied on the news that the team had raised USD 314m, many crypto market indicators turned bearish, and while newcomers were selling, hodlers were accumulating. Kraken said bitcoin could consolidate or go lower while the bull’s resting, as ethereum remained in a "bullish uptrend," MicroStrategy is testing the markets as they are raising more money for some BTC shopping, receiving some USD 1.6bn in orders, and US crypto investors raked in USD 4bn in realized BTC gains in 2020, more than 3x that of Chinese investors.
In Russia, a political insider wants the Parliament to discuss how Moscow could use cryptos to bypass Western sanctions, and senior lawmakers want a new law that would allow citizens to inherit crypto. South Korea is set to launch a fines system for insider trading and block exchange staff from using their own platforms for crypto trades, while the country's police recovered ETH 1,360 stolen from an exchange in 2018. Meanwhile, the rainy season will test just how watertight China’s bitcoin mining ban really is, and Hester Peirce opposed her fellow regulators’ efforts to enforce strict regulation on crypto instead of promoting self-regulation, as Fed may have indirectly invested in MicroStrategy's BTC drive. Meanwhile, six Coinbase users sued the exchange, seeking more than USD 5m in compensation, Bithumb is still up for sale but the recent market crash slashed its value by over 50%, and Ledger said it has "ambitious plans" in DeFi as it raised USD 380m, valuing the company at USD 1.5bn. And as this was all happening, the Seoul Arts Center employee was secretly mining ETH in the basement - until he was caught, that is.
And now is that special time of the week: jokes of the crypto variety.
What a week! The El Salvador President unveiled plans to give bitcoin the status of legal tender, and quickly the news shook the Cryptoverse that that will indeed officially happen in just 90 days, with lawmakers across Latin America expressing their support for bitcoin adoption, including the Ecuadorian Vice Minister of Economic Inclusion - with all this raising some existential BTC questions. Meanwhile, the Cryptoverse went fighting some major FUD after millions is BTC was seized, and after a US Senator made some BTC-related statements. Though Solana rallied on the news that the team had raised USD 314m, many crypto market indicators turned bearish, and while newcomers were selling, hodlers were accumulating. Kraken said bitcoin could consolidate or go lower while the bull’s resting, as ethereum remained in a "bullish uptrend," MicroStrategy is testing the markets as they are raising more money for some BTC shopping, receiving some USD 1.6bn in orders, and US crypto investors raked in USD 4bn in realized BTC gains in 2020, more than 3x that of Chinese investors.
In Russia, a political insider wants the Parliament to discuss how Moscow could use cryptos to bypass Western sanctions, and senior lawmakers want a new law that would allow citizens to inherit crypto. South Korea is set to launch a fines system for insider trading and block exchange staff from using their own platforms for crypto trades, while the country's police recovered ETH 1,360 stolen from an exchange in 2018. Meanwhile, the rainy season will test just how watertight China’s bitcoin mining ban really is, and Hester Peirce opposed her fellow regulators’ efforts to enforce strict regulation on crypto instead of promoting self-regulation, as Fed may have indirectly invested in MicroStrategy's BTC drive. Meanwhile, six Coinbase users sued the exchange, seeking more than USD 5m in compensation, Bithumb is still up for sale but the recent market crash slashed its value by over 50%, and Ledger said it has "ambitious plans" in DeFi as it raised USD 380m, valuing the company at USD 1.5bn. And as this was all happening, the Seoul Arts Center employee was secretly mining ETH in the basement - until he was caught, that is.
And now is that special time of the week: jokes of the crypto variety.
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The Step 1 ends on the 16/06/2021 or until the marketcap reaches $100K.
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Hedge Fund CFOs and Insurers Show a Growing Appetite for Crypto
There seems to be a rapidly growing appetite for cryptoassets among institutional investors, as nearly a 100% of surveyed hedge fund chief financial officers (CFOs) see their funds investing in crypto by 2026, and more insurers are seen buying shares of Grayscale Bitcoin Trust or Grayscale Ethereum Trust.
As much as 98% of hedge fund CFOs expect their funds to invest in crypto within five years, said a recent survey by trust and corporate management company Intertrust.
Furthermore, it found that about one in six CFOs expect to invest at least 10% of their investment holdings in crypto, and on average, respondents expect to invest 7.2% in this asset class.
“From an investor perspective, CFOs are going to have to really ensure they have those controls in place for investors to be comfortable. If one in six expect to invest more than 10% in crypto, then one in six will need to be prepared for that investment,” commented Jonathan White, Global Head of Fund Sales at Intertrust Group.
The survey presents the views of 100 senior-level respondents, split between Continental Europe, the UK, North America and Asia who all have some form of CFO-related responsibility, overseeing average assets under management of USD 7.3bn.
Among the world’s regions, CFOs in North America are the most eager to increase their hedge funds’ exposure to cryptoassets, with an average estimate of almost 11% of assets, as indicated by figures from the report.
“In North America, Europe and the UK, all respondents said they expect to invest at least 1% of their portfolio in cryptoassets,” Intertrust said.
Globally, only 2% of hedge fund CFOs replied they did not expect to invest their funds’ assets in crypto.
Intertrust admits that the observed spike in interest in crypto comes “after a stellar performance" from cryptoassets such as bitcoin (BTC) and ethereum (ETH) over the past year, and growing interest from institutional and retail investors in digital assets.
“Hedge funds will need to prepare for this change in their allocation. They will need to think about where the assets are custodied, how they strengthen their operational controls around crypto investments and how they verify the assets,” according to the report.
Hedge funds “are well aware not only of the risks but also the long-term potential” of cryptos, David Miller, Executive Director at Quilter Cheviot Investment Management, told the Financial Times.
Meanwhile, in another sign of increasing interest in crypto by established institutional players, six insurers picked up shares of crypto investment vehicles offered by Grayscale Investments in the first quarter, buying shares of Grayscale Bitcoin Trust or Grayscale Ethereum Trust, per S&P Global data.
There seems to be a rapidly growing appetite for cryptoassets among institutional investors, as nearly a 100% of surveyed hedge fund chief financial officers (CFOs) see their funds investing in crypto by 2026, and more insurers are seen buying shares of Grayscale Bitcoin Trust or Grayscale Ethereum Trust.
As much as 98% of hedge fund CFOs expect their funds to invest in crypto within five years, said a recent survey by trust and corporate management company Intertrust.
Furthermore, it found that about one in six CFOs expect to invest at least 10% of their investment holdings in crypto, and on average, respondents expect to invest 7.2% in this asset class.
“From an investor perspective, CFOs are going to have to really ensure they have those controls in place for investors to be comfortable. If one in six expect to invest more than 10% in crypto, then one in six will need to be prepared for that investment,” commented Jonathan White, Global Head of Fund Sales at Intertrust Group.
The survey presents the views of 100 senior-level respondents, split between Continental Europe, the UK, North America and Asia who all have some form of CFO-related responsibility, overseeing average assets under management of USD 7.3bn.
Among the world’s regions, CFOs in North America are the most eager to increase their hedge funds’ exposure to cryptoassets, with an average estimate of almost 11% of assets, as indicated by figures from the report.
“In North America, Europe and the UK, all respondents said they expect to invest at least 1% of their portfolio in cryptoassets,” Intertrust said.
Globally, only 2% of hedge fund CFOs replied they did not expect to invest their funds’ assets in crypto.
Intertrust admits that the observed spike in interest in crypto comes “after a stellar performance" from cryptoassets such as bitcoin (BTC) and ethereum (ETH) over the past year, and growing interest from institutional and retail investors in digital assets.
“Hedge funds will need to prepare for this change in their allocation. They will need to think about where the assets are custodied, how they strengthen their operational controls around crypto investments and how they verify the assets,” according to the report.
Hedge funds “are well aware not only of the risks but also the long-term potential” of cryptos, David Miller, Executive Director at Quilter Cheviot Investment Management, told the Financial Times.
Meanwhile, in another sign of increasing interest in crypto by established institutional players, six insurers picked up shares of crypto investment vehicles offered by Grayscale Investments in the first quarter, buying shares of Grayscale Bitcoin Trust or Grayscale Ethereum Trust, per S&P Global data.
Fed Keeps Rates, Says Inflation 'Largely Reflects Transitory Factors'
The US Federal Reserve (Fed) said it decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2 percent for some time.
Meanwhile, their quarterly projections showed that 13 of 18 officials favored at least one rate increase by the end of 2023, versus seven in March. 11 officials saw at least two hikes by the end of 2023, while seven saw a move as early as 2022, up from four.
Bitcoin (BTC) moved higher following the announcement, climbing from around USD 39,037 to over USD 39,500, before correcting lower. At 06:18 UTC, BTC trades at USD 39,176 and is down by 6% in a day.
The Fed increased their GDP growth projections to 7% this year, compared with 6.5% in March, while the core PCE (personal consumption expenditures) inflation is now estimated to hit 3% this year, compared with 2.2% estimated in March. The unemployment rate is estimated to reach 4.5%, or the same as in March.
"Inflation has risen, largely reflecting transitory factors," the Fed said.
As reported, the US economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago. The core-price index, which excludes the often-volatile categories of food and energy, jumped 3.8% in May from the year before—the largest increase for that reading since June 1992.
"Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened," the central bank said today, adding that the sectors most adversely affected by the pandemic remain weak but have shown improvement.
According to them, the path of the economy will depend significantly on the course of the virus.
"Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain," the Fed said.
Chairman Jerome Powell is now holding a press briefing, where he might provide more clues about the next steps of one of the most powerful central banks in the world.
The US Federal Reserve (Fed) said it decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2 percent for some time.
Meanwhile, their quarterly projections showed that 13 of 18 officials favored at least one rate increase by the end of 2023, versus seven in March. 11 officials saw at least two hikes by the end of 2023, while seven saw a move as early as 2022, up from four.
Bitcoin (BTC) moved higher following the announcement, climbing from around USD 39,037 to over USD 39,500, before correcting lower. At 06:18 UTC, BTC trades at USD 39,176 and is down by 6% in a day.
The Fed increased their GDP growth projections to 7% this year, compared with 6.5% in March, while the core PCE (personal consumption expenditures) inflation is now estimated to hit 3% this year, compared with 2.2% estimated in March. The unemployment rate is estimated to reach 4.5%, or the same as in March.
"Inflation has risen, largely reflecting transitory factors," the Fed said.
As reported, the US economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago. The core-price index, which excludes the often-volatile categories of food and energy, jumped 3.8% in May from the year before—the largest increase for that reading since June 1992.
"Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened," the central bank said today, adding that the sectors most adversely affected by the pandemic remain weak but have shown improvement.
According to them, the path of the economy will depend significantly on the course of the virus.
"Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain," the Fed said.
Chairman Jerome Powell is now holding a press briefing, where he might provide more clues about the next steps of one of the most powerful central banks in the world.
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Traditional Investors Sending an ESG Sign Important to Bitcoin Miners Too
As debt investors seem to be looking into how much an energy company is polluting, the bond market may be seeing higher funding costs for those companies polluting more - showing the rising importance of Environmental, Social, and Corporate Governance (ESG)-compliant investments at the time when regulators, skeptics, and Bitcoin (BTC) competitors are targeting energy-intensive BTC mining.
It seems that the ESG concerns are being included in the funding costs for oil and gas companies. According to a recent S&P Global Ratings report, awareness of ESG risk facing oil and gas companies has grown in the past few years, particularly in the past weeks, and companies are facing pressure to account for and minimize their carbon footprints.
Citing S&P data, Bloomberg reported that bond investors are starting to differentiate between energy firms that are polluting more and those polluting less.
They’re also differentiating between European energy firms, which have committed to larger climate change goals than American firms. “We’ve recently observed contracting bond tenors and widening spreads for North American oil and gas debt issuers, relative to those of European peers and the broader corporate fixed income universe, suggesting that investors' growing focus on ESG and credit risk may be affecting demand for new issuance from oil and gas companies," an S&P credit analyst was quoted as saying.
Therefore, this suggests that greener oil and gas companies are able to sell new debt at a lower cost than the more polluting firms.
Also, S&P found that more than half of ESG-linked funds outperformed the S&P 500 during the first half of 2021. Furthermore, out of the analyzed 27 ESG exchange-traded funds and mutual funds with more than USD 250m in assets under management, 16 performed better than the benchmark equities index from Dec. 31, 2020 to May 17, 2021 — rising between 11% and 29%, while the S&P 500 grew almost 11%.
Additionally, they noted a number of ESG-related developments worldwide and across industries: the sustainability-linked bonds are taking off, passive investors are carbon-optimizing their portfolios, various companies are engaging with voluntary carbon credits, governments are considering divesting from fossil-fuel stocks, and structured finance sectors are looking to minimize their exposure to ESG risks.
Per S&P Global's post on June 16, Geneva-based trading house Mercuria CEO Marco Dunand said that they are "working with some Bitcoin producers in order to supply them with renewable power," predicting the emergence of "green" cryptocurrencies.
"There's a lot of... ideas coming across and I have very little doubt that we're going to see a green-type Bitcoin, but I don't know how soon," he added.
The "urgency level" around the energy transition had increased with growing scientific knowledge, availability of data and political support, according to Dunand.
Meanwhile, in a Bitcoin Mining Council "inaugural" online meeting this week, Riot Blockchain CEO Jason Les argued that in a way, the oil industry and Bitcoin mining are complementary to one another: oil extraction process produces a large amount of methane, which is highly damaging for the environment and which would go entirely unused were it not for miners rising to utilize it as a cheap energy source.
That also means that the miners are solving the problem for oil fields which deal with environmental concerns, regulations, and criticism, he said.
As debt investors seem to be looking into how much an energy company is polluting, the bond market may be seeing higher funding costs for those companies polluting more - showing the rising importance of Environmental, Social, and Corporate Governance (ESG)-compliant investments at the time when regulators, skeptics, and Bitcoin (BTC) competitors are targeting energy-intensive BTC mining.
It seems that the ESG concerns are being included in the funding costs for oil and gas companies. According to a recent S&P Global Ratings report, awareness of ESG risk facing oil and gas companies has grown in the past few years, particularly in the past weeks, and companies are facing pressure to account for and minimize their carbon footprints.
Citing S&P data, Bloomberg reported that bond investors are starting to differentiate between energy firms that are polluting more and those polluting less.
They’re also differentiating between European energy firms, which have committed to larger climate change goals than American firms. “We’ve recently observed contracting bond tenors and widening spreads for North American oil and gas debt issuers, relative to those of European peers and the broader corporate fixed income universe, suggesting that investors' growing focus on ESG and credit risk may be affecting demand for new issuance from oil and gas companies," an S&P credit analyst was quoted as saying.
Therefore, this suggests that greener oil and gas companies are able to sell new debt at a lower cost than the more polluting firms.
Also, S&P found that more than half of ESG-linked funds outperformed the S&P 500 during the first half of 2021. Furthermore, out of the analyzed 27 ESG exchange-traded funds and mutual funds with more than USD 250m in assets under management, 16 performed better than the benchmark equities index from Dec. 31, 2020 to May 17, 2021 — rising between 11% and 29%, while the S&P 500 grew almost 11%.
Additionally, they noted a number of ESG-related developments worldwide and across industries: the sustainability-linked bonds are taking off, passive investors are carbon-optimizing their portfolios, various companies are engaging with voluntary carbon credits, governments are considering divesting from fossil-fuel stocks, and structured finance sectors are looking to minimize their exposure to ESG risks.
Per S&P Global's post on June 16, Geneva-based trading house Mercuria CEO Marco Dunand said that they are "working with some Bitcoin producers in order to supply them with renewable power," predicting the emergence of "green" cryptocurrencies.
"There's a lot of... ideas coming across and I have very little doubt that we're going to see a green-type Bitcoin, but I don't know how soon," he added.
The "urgency level" around the energy transition had increased with growing scientific knowledge, availability of data and political support, according to Dunand.
Meanwhile, in a Bitcoin Mining Council "inaugural" online meeting this week, Riot Blockchain CEO Jason Les argued that in a way, the oil industry and Bitcoin mining are complementary to one another: oil extraction process produces a large amount of methane, which is highly damaging for the environment and which would go entirely unused were it not for miners rising to utilize it as a cheap energy source.
That also means that the miners are solving the problem for oil fields which deal with environmental concerns, regulations, and criticism, he said.
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China Doubles Down On Crypto FUD By Recycling Old Warnings
The central People’s Bank of China (PBoC) has issued a statement announcing that it has reached an agreement with all the nation’s biggest commercial banks and one of its biggest e-payments providers to help it enact a stronger crackdown on the crypto industry and its users. (Updated at 10:33 UTC: updates throughout the entire text. Updated at 10:30 UTC with a statement by the Postal Bank of China.)
In the statement, the PBoC asserted that it had spoken to major players, such as the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and the Postal Savings Bank of China, as well as the Alibaba-run e-pay provider Alipay – and urged them to crack down on crypto trading and refrain from providing all forms of crypto-related financial services.
The central bank added that it had also spoken to “other banks and payments providers.” The only heavyweight banks and e-payment platforms missing from the list are WeChat Pay (operated by Tencent) and the Bank of China.
Crypto ownership has remained legal in China despite a massive crackdown in September 2017, which banished crypto exchanges and outlawed initial coin offerings (ICOs). Also, it's not the first time Chinese banks are cracking down on crypto users as similar statements were already released in 2014.
Meanwhile, the announcement appears to have been accidentally foreshadowed by the Agricultural Bank of China, which posted a statement about a ban, before apparently promptly deleting the post. Since the PBoC’s announcement has gone live, however, the Agricultural Bank of China has restored the post.
The latter confirms that the bank will move to “block” and “ban” accounts that it suspects of crypto-related transactions, with offenders to be “reported” to “the relevant authorities.”
And the bank concluded that it would “actively crack down on cryptocurrency-related business activities.”
It wrote:
“No institution or individual may use bank accounts, products or services to fund coin issuances or conduct cryptocurrency transactions.”
The Postal Bank of China has also posted a similarly worded warning on its own website, adding that it would “strengthen risk monitoring in payment transactions” and would “reserve the right” to take countermeasures in cases where it detected crypto-related activities, including the “suspension of accounts and account cancellations.” It also promised to “report relevant information to the supervisory authorities.”
The PBoC, meanwhile, added that its meeting had also involved the participation of financial regulators, and wrote that, going forward, banks would be obliged to “analyze the characteristics of transactions” in order to more effectively spot crypto-related activity.”
It ordered banks to spend more on “technological investment” to “improve monitoring and identification capabilities” – helping them spot crypto-related transactions.
The PBoC also claimed that the banks and platforms in question had promised to “refrain from conducting or participating in cryptocurrency-related business activities, further strengthen inspection” and “take strict measures to cut off payments linked to speculative operations.
At 10:32 UTC, BTC was trading at USD 32,857 and is down by 3% in a day. ETH dropped by almost 5%, to USD 1,989.
The central People’s Bank of China (PBoC) has issued a statement announcing that it has reached an agreement with all the nation’s biggest commercial banks and one of its biggest e-payments providers to help it enact a stronger crackdown on the crypto industry and its users. (Updated at 10:33 UTC: updates throughout the entire text. Updated at 10:30 UTC with a statement by the Postal Bank of China.)
In the statement, the PBoC asserted that it had spoken to major players, such as the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and the Postal Savings Bank of China, as well as the Alibaba-run e-pay provider Alipay – and urged them to crack down on crypto trading and refrain from providing all forms of crypto-related financial services.
The central bank added that it had also spoken to “other banks and payments providers.” The only heavyweight banks and e-payment platforms missing from the list are WeChat Pay (operated by Tencent) and the Bank of China.
Crypto ownership has remained legal in China despite a massive crackdown in September 2017, which banished crypto exchanges and outlawed initial coin offerings (ICOs). Also, it's not the first time Chinese banks are cracking down on crypto users as similar statements were already released in 2014.
Meanwhile, the announcement appears to have been accidentally foreshadowed by the Agricultural Bank of China, which posted a statement about a ban, before apparently promptly deleting the post. Since the PBoC’s announcement has gone live, however, the Agricultural Bank of China has restored the post.
The latter confirms that the bank will move to “block” and “ban” accounts that it suspects of crypto-related transactions, with offenders to be “reported” to “the relevant authorities.”
And the bank concluded that it would “actively crack down on cryptocurrency-related business activities.”
It wrote:
“No institution or individual may use bank accounts, products or services to fund coin issuances or conduct cryptocurrency transactions.”
The Postal Bank of China has also posted a similarly worded warning on its own website, adding that it would “strengthen risk monitoring in payment transactions” and would “reserve the right” to take countermeasures in cases where it detected crypto-related activities, including the “suspension of accounts and account cancellations.” It also promised to “report relevant information to the supervisory authorities.”
The PBoC, meanwhile, added that its meeting had also involved the participation of financial regulators, and wrote that, going forward, banks would be obliged to “analyze the characteristics of transactions” in order to more effectively spot crypto-related activity.”
It ordered banks to spend more on “technological investment” to “improve monitoring and identification capabilities” – helping them spot crypto-related transactions.
The PBoC also claimed that the banks and platforms in question had promised to “refrain from conducting or participating in cryptocurrency-related business activities, further strengthen inspection” and “take strict measures to cut off payments linked to speculative operations.
At 10:32 UTC, BTC was trading at USD 32,857 and is down by 3% in a day. ETH dropped by almost 5%, to USD 1,989.
MobilityGuru is the first platform and marketplace in the world for buying, selling, and advertising products and services used by disabled, elderly, and people under rehab. The platform will be available for users across the globe. We aim to connect all marketplaces to form a single one thereby making the art of buying and selling products for the disabled very transparent and easy. The MobilityGuru online platform will be the first of its kind to incorporate cryptocurrency and facilitate transactions in the form of Bitcoin, Ethereum, and even MobilityGuru Token.
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There will be no charges attached to the placing of ads on the MobilityGuru platform but in some cases there will be transaction fees for buyers and the funds generated from these transaction fees will be used to facilitate the development and maintenance of the platform thereby rewarding users and partners
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Bukele Teases Volcano-powered Bitcoin Mining Center as Exchange Arrives
Not everybody in El Salvador may be aboard the Bitcoin (BTC) boat – but the nation’s bullishly pro-BTC President Nayib Bukele appears set to press ahead with his crypto plans nonetheless, with an overseas exchange opening its doors for business and a “sneak peek” at the nation’s new “green” mining center.
According to La Prensa Gráfica, a Guatemalan crypto exchange named Coincaex will become the first overseas trading platform to launch in the nation. And the exchange says it hopes to be transacting USD 4m worth of fiat and coins on its platform per month within the next two years.
The exchange is slated to open its doors to traders in the nation before the end of this month, and will look to expand to “Central America and the Caribbean” from its new base.
Bukele’s equally bullish Technological and Economic International Affairs minister Mónica Taher wasted no time in congratulating Coincaex on the move, stating that the nation’s Secretary of Commerce Miguel Kattán would personally oversee the “onboarding” process. She added,
“We extend a warm welcome to our brothers.”
Meanwhile, Bukele posted images of the new mining center the nation aims to build in conjunction with its geothermal energy provider – using Salvadorian volcanos as a power source.
Bukele offered four “sneak-peak” rendered images in his post, which also featured the recycling and BTC icons, and teased:
“Clean, volcano-powered hashrate coming soon…”
But while Bukele may be the new darling of Crypto Twitter, one group he has yet to win over with his plans is the mainstream domestic media.
There were prophecies of impending financial peril again from columnists, interviews experts and former ministers, as well as editorials in major newspapers such as El Diario de Hoy, as well as La Prensa Gráfica and El Mundo, all bemoaning the BTC law.
Falling BTC prices dominated the front pages of most major newspapers, with bitcoin prices dropping below the USD 30,000 threshold yesterday before rebounding sharply.
One economist was quoted as calling Bukele’s BTC law “political theater,” while another claimed that the “poor will suffer most from the crypto law.”
And the MP who has launched a legal challenge to the BTC bill in the nation’s Constitutional Court was also active, explaining at great length as to why he thinks that the new law – now just weeks from promulgation – is unconstitutional.
His claims were backed up by a leading think-tank, the Salvadoran Foundation for Economic and Social Development (known locally as Fusades), which claimed that BTC adoption violated the constitution because the law was adopted “without proper consultation” and will “violate contractual freedoms” for merchants.
The body added that that the token is “not state-backed,” and is unconstitutional in its very nature.
Not everybody in El Salvador may be aboard the Bitcoin (BTC) boat – but the nation’s bullishly pro-BTC President Nayib Bukele appears set to press ahead with his crypto plans nonetheless, with an overseas exchange opening its doors for business and a “sneak peek” at the nation’s new “green” mining center.
According to La Prensa Gráfica, a Guatemalan crypto exchange named Coincaex will become the first overseas trading platform to launch in the nation. And the exchange says it hopes to be transacting USD 4m worth of fiat and coins on its platform per month within the next two years.
The exchange is slated to open its doors to traders in the nation before the end of this month, and will look to expand to “Central America and the Caribbean” from its new base.
Bukele’s equally bullish Technological and Economic International Affairs minister Mónica Taher wasted no time in congratulating Coincaex on the move, stating that the nation’s Secretary of Commerce Miguel Kattán would personally oversee the “onboarding” process. She added,
“We extend a warm welcome to our brothers.”
Meanwhile, Bukele posted images of the new mining center the nation aims to build in conjunction with its geothermal energy provider – using Salvadorian volcanos as a power source.
Bukele offered four “sneak-peak” rendered images in his post, which also featured the recycling and BTC icons, and teased:
“Clean, volcano-powered hashrate coming soon…”
But while Bukele may be the new darling of Crypto Twitter, one group he has yet to win over with his plans is the mainstream domestic media.
There were prophecies of impending financial peril again from columnists, interviews experts and former ministers, as well as editorials in major newspapers such as El Diario de Hoy, as well as La Prensa Gráfica and El Mundo, all bemoaning the BTC law.
Falling BTC prices dominated the front pages of most major newspapers, with bitcoin prices dropping below the USD 30,000 threshold yesterday before rebounding sharply.
One economist was quoted as calling Bukele’s BTC law “political theater,” while another claimed that the “poor will suffer most from the crypto law.”
And the MP who has launched a legal challenge to the BTC bill in the nation’s Constitutional Court was also active, explaining at great length as to why he thinks that the new law – now just weeks from promulgation – is unconstitutional.
His claims were backed up by a leading think-tank, the Salvadoran Foundation for Economic and Social Development (known locally as Fusades), which claimed that BTC adoption violated the constitution because the law was adopted “without proper consultation” and will “violate contractual freedoms” for merchants.
The body added that that the token is “not state-backed,” and is unconstitutional in its very nature.
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1 level - $50 (500 CIN tokens)
2 level - $25 (250 CIN tokens)
3 level - $15 (150 CIN tokens)
4 level - $10 (100 CIN tokens)
5 level - $5 (50 CIN tokens)
3️⃣Round - (10/07 - 31/07)
1 level - $25 (250 CIN tokens)
2 level - $15 (150 CIN tokens)
3 level - $10 (100 CIN tokens)
4 level - $5 (50 CIN tokens)
5 level - $3 (30 CIN tokens)
💵 Hefty rewards will be given to the most active users with the biggest referral base. There will be (5) prizes!
Distribution of prizes:
🥇 1st place - $5000
🥈 2nd place - $3000
🥉 3rd place - $1000
🏅 4th place - $500
🏅 5th place - $300
🥳 Don't miss out great opportunity to earn!
#Coinsbit #Airdrop #bitbybit
🔥 In honor of Launch of the New Exchange - COINSBIT INDIA!
🚀 Especially for the Airdrop, Coinsbit India has launched a new token - Coinsbit Indian Token (CIN)!
We would like to introduce 3️⃣ Airdrop rounds:
1️⃣Round - 200$ (09/04 - 19/06)
2️⃣Round - 100$ (20/06 - 9/07)
3️⃣Round - 50$ (10/07 - 31/07)
✅Round 2 of CIN Airdrop is live now!
📍Another great news, we have extended the Airdrop until the end of July!
Coinsbit India is implementing effective measures to maintain the stability of the CIN token. This will help to preserve the token value and prevent price drop.
✅Don't miss your chance to claim 100$ Airdrop
➖➖👇CLICK HERE👇➖➖
TO REGISTER AND RECEIVE 100$ IN CIN!
➖➖👆CLICK HERE👆➖➖
⏰ The Airdrop will last from 09/04/2021 to 31/07/2021
⚙️Total supply: 100 bln.
💰 Initial value of the CIN token is $0,10
✅ AIRDROP CONDITIONS:
1. Register on Coinsbit.in
2. Pass KYC
3. Subscribe to our social channels:
⁃ Telegram channel
⁃ Telegram chat
⁃ Medium
4. Invite as many friends as you can!
By inviting friends and acquaintances to register on the Coinsbit India exchange, you will earn CIN tokens according to the following 5️⃣-level reward system and 3️⃣ distribution rounds:
2️⃣Round - (20/06 - 9/07)
1 level - $50 (500 CIN tokens)
2 level - $25 (250 CIN tokens)
3 level - $15 (150 CIN tokens)
4 level - $10 (100 CIN tokens)
5 level - $5 (50 CIN tokens)
3️⃣Round - (10/07 - 31/07)
1 level - $25 (250 CIN tokens)
2 level - $15 (150 CIN tokens)
3 level - $10 (100 CIN tokens)
4 level - $5 (50 CIN tokens)
5 level - $3 (30 CIN tokens)
💵 Hefty rewards will be given to the most active users with the biggest referral base. There will be (5) prizes!
Distribution of prizes:
🥇 1st place - $5000
🥈 2nd place - $3000
🥉 3rd place - $1000
🏅 4th place - $500
🏅 5th place - $300
🥳 Don't miss out great opportunity to earn!
#Coinsbit #Airdrop #bitbybit