Fed Rejects Custodia Bank’s Attempt to Join Federal Reserve System

• The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become a member of the Federal Reserve System.
• The Federal Reserve Board argued that the business model proposed by Custodia Bank presented significant safety and soundness risks due to its focus on crypto activities.
• The Federal Reserve Board concluded that the bank’s application was inconsistent with the required factors under the law.

The U.S. Federal Reserve Board has denied Custodia Bank’s application to become a member of the Federal Reserve System. Custodia is a special purpose depository institution which does not have federal deposit insurance, and wishes to engage in „untested crypto activities,“ including issuing a crypto asset. The Board determined that such activities are highly likely to be inconsistent with safe and sound banking practices.

In a statement released Friday, the Federal Reserve Board explained that the Custodia Bank’s business model presents significant safety and soundness risks. The Board noted that the firm’s risk management framework was not sufficient to address relevant concerns, such as the ability to mitigate money laundering and terrorism financing risks. Furthermore, the Board argued that the application, as submitted by the company, is „inconsistent with the required factors under the law.“

The Federal Reserve Board further detailed that Custodia’s focus on crypto activities is untested, and that the novel business model presented safety and soundness risks. The Board concluded that, due to the risks presented, the application was inconsistent with the required factors under the law and that the order will be released following a review for confidential information.

Custodia Bank’s attempt to become part of the Federal Reserve System was ultimately unsuccessful. Membership in the Federal Reserve System would have given Custodia, a bank chartered by the state of Wyoming, a number of benefits. These include access to the Federal Reserve’s payments system, the ability to borrow from the central bank, and access to a variety of financial services. However, the Federal Reserve Board ultimately decided that the risks posed by Custodia’s business model were too great.

Institutional Investors Bullish on Bitcoin: $100K Price Target Expected

•A new survey shows that institutional investors expect „a strong year ahead for bitcoin“ and are confident about the cryptocurrency’s long-term valuation.
•The survey, commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil.
•In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000.

Institutional investors have given a strong indication that bitcoin will have a successful year in 2021. A survey conducted by Nickel Digital Asset Management and market research company Pureprofile has revealed that a majority of institutional investors are confident about the long-term prospects of the cryptocurrency.

The survey, which interviewed 200 institutional investors and wealth managers from across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil, collected responses from those who manage a collective $2.85 trillion in assets. The survey revealed that nearly nine out of 10 professional investors predict bitcoin price rise this year.

In addition, 65% of the investors surveyed agree that bitcoin could reach $100,000. Of this group, 58% believe this will happen within three to five years, while 25% believe it will take longer than five years. Furthermore, 23% forecasted that BTC will exceed $30,000 by the end of 2023.

The survey results demonstrate that institutional investors are taking bitcoin seriously, and are confident in its long-term prospects. This is reflected in the fact that many institutional investors are pouring money into bitcoin, leading to a surge in its price. According to data from the U.S. Commodity Futures Trading Commission (CFTC), investments in bitcoin futures have grown exponentially since mid-2020.

This growing demand for bitcoin from institutional investors is also reflected in the increased number of trading platforms offering services to them. For example, the Chicago Mercantile Exchange (CME) Group now offers bitcoin futures and options for institutional investors, and more platforms are expected to follow suit.

The increasing confidence in bitcoin from institutional investors is a sign of its growing maturity and mainstream acceptance. This trend is likely to continue, as more investors recognize the potential of the cryptocurrency and its ability to provide a hedge against inflation. As such, the survey results indicate that the coming year could be a strong one for bitcoin.

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Kundenbetreuung

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Bitcoin mining industry breaks away from China

China is the most important epicenter of Bitcoin mining industry in the world. However, their dominance in this area seems to be waning. At the same time, nations like the United States and Kazakhstan are rebounding.

However, China’s hash rate power could be affected by a number of factors. This is expressed in the fall in electricity consumption in the mining industry in recent weeks.

According to the recent analysis of TokenInsight analysis, the decrease in mining electricity consumption has been significant. It would be a 10% drop. This fact could be considered positive for the purposes of further decentralisation of bitcoin extraction.

The Bitcoin mining industry is not the same after Halving

Halving, for many, is the most important factor in the loss of China’s concentrated power in mining. The distribution of the most powerful equipment is easier outwards than within the Asian country.

This means that, while in China there are consolidated and stable farms, which use obsolete equipment. In countries like the United States, the industry is just beginning to take off and is establishing itself with the latest equipment. Additionally, the cost of electricity in China is very low, especially in winter, which does not make the renewal of ASICs urgent.

After Halving, on May 11, Bitcoin’s mining industry suffered a cutback in rewards. The impact, although widespread, has been particularly strong in China. This is because of the amount of old mining equipment that is still active. Many farms have proceeded to disconnect them, which has an impact on the loss of hash rate in the country.

Bitcoin Mining under attack in Yunnan

Cost of electricity and state pressure
Pressure from Beijing against the Bitcoin Storm mining industry has decreased since it was announced that there were no more short-term plans to outlaw it. However, the siege episodes have not completely disappeared, which keeps farm owners worried.

Recently, in Yunnan Province, local authorities ordered the dismantling of 57 mining projects. The reasons for this were an allegedly unregulated installation of the same. Similarly, the local government is trying to link the explosion at a hydroelectric plant to illegal mining actions.

Close to Yunnan is the province of Sichuan, another major focus of virtual mining. Between the two provinces lies much of the country’s mining power. There, the low costs of energy in the winter season are remarkable.

Despite this, some analysts believe that there is no point in having advantages in terms of electricity, if the profits must be used to cover debts. But it is not only about debts, but also about pressure from the authorities in some regions such as Yunnan.

China’s hash rate in the Bitcoin mining industry is declining, while interest in the U.S. is rising.

Bitcoin: The Great Decoupling of the Economy

In search of new horizons
This whole complex web of events in China has caused the Bitcoin mining industry to look for more comfortable places. This is expressed in the drop in electricity consumption from 75.63% in September 2019, to 65.08% last April, according to TokenInsight.

At the same time, in the United States, where the industry is becoming increasingly attractive to investors, the relationship is reversed. In the same period of time, the increase in consumption in the sector increased from 4.06% to 7.24%, which represents an increase of 78.33%.

According to the Cambirdge Center for Alternative Finance, China’s dominance in mining remains overwhelming. But, there is already a decentralizing trend. As shipments of the new generation equipment begin to massify, China’s loss of dominance will expand.