##US Tech Stocks Worth More Than European Stock Market

 

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Technology stocks in the US, which include some crypto and blockchain firms, are now valued higher than the entirety of the European equity market.

In brief

American tech stocks are now valued higher than the European stock market, including the UK.

Observers said investors rushed to tech investments as the sector was relatively sheltered from the financial impact of social distancing.

Prices of Bitcoin and other cryptocurrencies have grown in tandem as well.

US technology stocks now have a higher valuation than all of Europe’s equity markets, according to a report on markets outlet Business Insider. Cryptocurrencies and blockchain technology play a vital part in propping up the US tech stocks.  

Tech stocks' market cap totaled $9.1 trillion as of Thursday, Bank of America executives reportedly told clients. The figures meant the sector's stocks have, for the first time, eclipsed equity markets in all of Europe.

Investors largely shifted their capital into tech players at the start of the ongoing coronavirus pandemic in March 2020 based on the sector’s large cash piles and insulation from lockdowns, the report said.

Heading the list are the so-called FAANG tech darlings: Facebook, Amazon, Apple, Netflix, and Google (now restructured as Alphabet). They account for a collective $7.5 trillion of the tech sector’s total valuation; Apple alone is worth $2.1 trillion as of August 28, while Amazon is valued at over $1.7 trillion.

Many large companies in the US stock market also build on blockchain. Nvidia, which sells its graphics cards to crypto miners, has a market cap of $324 billion.  IBM, which builds blockchain products, among them a blockchain-based supply chain system used by Walmart, has a market cap of $111 billion. J.P. Morgan, which creates the Quorum blockchain network, has a market cap of $313.2 billion.

Companies exclusively devoted to crypto have, so far, remained a humble player in the broader US stock market.  As per equity data site Barcharts, these include mining companies like Riot Blockchain, and Hut 8 Mining, with market caps of $170 million and $104 million respectively, crypto advisory firms like Blockchain Inc, and the Grayscale Bitcoin Trust, which is currently worth $2.3 billion.

However, firms like Coinbase, a regulated crypto exchange based in San Francisco, aim to change that. The firm reportedly made plans for an initial public offering earlier this year. Insiders tout an $8 billion valuation for its business—based on the SEC’s approval, according to Reuters. 

However, while the blockchain, crypto mining, and tech firms are enjoying a moment in the US markets, the country’s financial giants have faced the ill-effects of an economic downturn. ForexSchoolOnline found that of all US banks, JP Morgan Chase decreased in value the most—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year.

The rise in the valuation of tech stocks coincides with Bitcoin’s price increase this year. The pioneer crypto asset has risen over 60% since March 2020. It trades at $11,500 as of August 29. 

##Simple Strategy Can Turn Crypto Traders Into Whales, Says One of the Wealthiest Known Bitcoin Investors

 

                

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A Bitcoin whale known for making his opinions very public is promoting an investment strategy that he says most crypto traders overlook.

The pseudonymous trader known as Joe007 says smart traders monitor Bitcoin’s long-term price movements, selling their position when BTC has increased 10x and buying when Bitcoin has decreased 5x from its top. The trader, who is known for placing large bets on the exchange Bitfinex, calls the method a “simple and effective investment strategy that allows anyone to become a whale within reasonable timeframe.”

Although diminishing returns will eventually kick in and eliminate the viability of the strategy, Joe believes the 10x/5x rule will hold up for at least the next couple of cycles. The trader believes Bitcoin is currently too volatile to take the “buy and never sell” approach.

Joe says the repeating waves of highs and lows match the buzz on the street about BTC.

“Buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into ‘the next bit coin'”.

Joe007 also says Bitcoin’s halvings will start to matter less cycle-to-cycle.

“Halvings may have served as major drivers of supply/demand imbalance in early cycles but over time changes in demand side will be playing a much bigger role, IMHO.”

In terms of his personal portfolio, the trader says that in addition to Bitcoin, he parks a “non-trivial” amount of his fiat in Tether (USDT) to hedge against “banking system failure”.

#Neo Joins Coinbase-led Blockchain Framework

 

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Rosetta is a framework to help blockchains speak to each other. Now, they can speak to Neo.

In brief

Neo has joined Rosetta.

Rosetta, a Coinbase-led project, is a framework that lets blockchains talk to each other.

Neo rose in price after the news.

Coinbase-led Rosetta, an open-source set of tools to help developers integrate other blockchains into their services, just got a new signup: Neo, a blockchain platform that is itself focused on interoperability.

Rosetta, which launched on June 17, is a standardization tool to make it easier for blockchains to speak to each other. Each blockchain is different, making it difficult and time-consuming for crypto project developers to integrate other blockchains.

“The process requires careful analysis of the unique aspects of each blockchain and extensive communication with its developers to understand the best strategies to deploy nodes, recognize deposits, and broadcast transactions,” wrote Neo in a blog post today. “Project developers spend countless hours answering similar support questions for each team integrating their blockchain, rather than spending time working on their blockchain.” 

It’s theoretically easier for crypto companies to integrate a blockchain that adheres to Rosetta’s framework, since they roughly know how such a blockchain works.

That’s good for everyone. It’s beneficial for the blockchain’s developers, who want to get their blockchain’s coin listed on exchanges and integrated with other services. And it’s also beneficial for those integrating another blockchain, since they can improve their own products with new services.

Today, then, things got a lot easier for Neo, a Chinese blockchain platform started by Da Hongfei and Erik Zhang in 2014. Neo focuses on crypto trading, digital identity and smart contracts—it’s a little like Ethereum. It’s also one of the founding members of PolyNetwork, a blockchain interoperability platform, and runs an interoperable DeFi platform, Flamingo. 

Despite the Rosetta integration, however, Coinbase has still not listed Neo’s coin as the exchange requires a coin to overcome several regulatory hurdles.

After today’s announcement, Neo’s price shot up 6%, though it likely wasn't related to the news; most top coins had similarly rosy days. Its current price is $18.23, according to data from metrics site CoinMarketCap.

##US dollar is getting weaker while crypto gets stronger, says Ripple CEO

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People are losing confidence in fiat currencies and are looking for alternatives such as crypto, says Brad Garlinghouse.




In brief

Global populations continue to lose confidence in fiat currencies, said Brad Garlinghouse.


While the US dollar will remain the world's reserve currency in the near future, it's getting increasingly weaker, he added.


At the same time, cryptocurrencies are significantly outpacing the US dollar in terms of increasing their value.



While the US dollar won’t give up its position as the world’s reserve currency any time soon, it’s definitely getting weaker compared to alternatives such as Bitcoin, wrote Brad Garlinghouse, the CEO of Ripple (XRP), on Twitter today.


“A year ago, many decried crypto as a scam, and now a majority of govts are looking seriously at blockchain. It addresses frictions (i.e. settlement, transparency, etc) that were assumed VERY hard to solve before. Crypto is up 80% while USD is down 3% YTD,” Garlinghouse noted.



As Decrypt reported, many financial experts are currently concerned that the US government’s unprecedented fiscal stimulus efforts in the wake of the coronavirus pandemic could lead to the devaluation of the US dollar—and potential subsequent strengthening of other stores of value, including cryptocurrencies. 


Garlinghouse added that traditional monetary systems are usually as strong as people’s trust in them—and fiat currencies are increasingly losing it today.


“As [Fundstrat managing partner Tom Lee] said, it comes down to trust in the financial system at the end of the day,” wrote Garlinghous, adding that “As global populations continue to lose confidence in fiat currencies (as we’re seeing with USD), they will choose to diversify. Our future global financial system will do the same.”



The very same sentiment was expressed by several financial experts in Bloomberg’s article that Garlinghous cited. Its authors noted that while cryptocurrencies are notoriously volatile and prone to manipulation, the blockchain technology that underpins them already gained some very influential proponents.


“At the end of the day, trust is really getting broken in the traditional financial system—that’s the theme. The less trust you have in the dollar, the more you want alternatives,” Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told Bloomberg. “More and more people are saying, ‘You know what? It’s not such a bad idea to be decentralized.’”

##Big Four Accounting Firm KPMG Launches Tools To Help Institutional Cryptocurrency Investors

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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.



Aiming At Institutional Clients

In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.




The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.




“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between.  If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.




How It Works



Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.



The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.


Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.



As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”



Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies. 





Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.



Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.

##US Supreme Court Restricts Power of SEC to Seek Penalties Against ICOs

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Initial coin offerings (ICOs) indicted by the U.S. Securities and Exchange Commission (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.


Apex Court Caps SEC Disgorgement Ability


According to Bloomberg, the U.S. Supreme Court issued a ruling on Monday (June 22, 2020), placing a cap on the disgorgement sought by the SEC in fraud cases. As part of the court’s decision which came by way of an 8-to-1 majority, the Commission can no longer seek disgorgement above the net profits of the indicted party.




Commission Unrelenting in ICO Enforcement Efforts


The botched Telegram token sale event is perhaps one of the biggest victories for the SEC in its ICO enforcement activities. Despite carrying out one of the highest-earning ICOs, Telegram has been unable to move forward with its planned TON blockchain launch.



As reported by CryptoPotato on several occasions, the SEC has brought charges against several 2017-era ICOs. Even celebrities and other public figures have not escaped the SEC ICO enforcement net with the likes of Grammy Award-winning music producer DJ Khaled and boxing champion Floyd Mayweather getting into trouble with the Commission.


The SEC’s characterization of ICO tokens as securities might change if Congress passes the Token Taxonomy Act. This piece of legislation seeks to protect cryptos from securities laws while establishing a ‘de minimis’ tax exemption for profits on cryptocurrency trading below a certain limit.



The Cryptocurrency Act of 2020, another crypto-related bill before Congress aims to provide a framework for classifying digital assets while delineating the responsibilities of Federal regulatory agencies regarding cryptocurrencies.







Apart from restricting disgorgement to the net profits, Justice Sonia Sotomayor writing for the apex court declared that the funds recouped by the Commission must be geared towards restitution of affected investors. For situations where such transfers to investors is not possible, the Supreme Court recommended that the funds be sent to the Treasury.




For the SEC, the Supreme Court’s decision is a win for the Commission despite the reduction in its disgorgement powers. Some pundits say the ruling is preferable to the total eradication of the SEC’s ability to seek such fines and penalties.