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Poll: More than half of U.S. banks consider blockchain and cryptocurrencies “secondary tasks”

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Most of the nation’s banks have relegated cryptocurrency and blockchain developments to “secondary objectives,” according to a survey conducted by the U.S. Federal Reserve.

Top finance executives from 80 major U.S. banks participated in the survey. Of those, 56% said that blockchain products and cryptocurrency services are now considered “non-priority” or even “of little importance” for business growth over the next two years. Only 27% of respondents said they see such services as “medium” or “high priority. However, within the five-year horizon, 40% of respondents identified blockchain products as medium- and high-priority.

Some top bank executives emphasized that they actively watch the situation in the cryptocurrency market and sentiment among customers. And they will always “adjust” to these sentiments – if a significant part of clients will need blockchain services or cryptocurrency trading, banks will try to provide appropriate services.

It is worth noting that the survey involved CFOs and heads of departments of banks, which hold about 75% of the total reserve of the U.S. banking system. Interestingly, of these institutions, 46 are purely U.S. and 34 are international.

Earlier, the U.S. Treasury Department published a paper noting that the Central Bank’s digital currencies would increase the stability of commercial banks.

Cryptocurrency

Mike McGlone: Ethereum and Bitcoin oversold

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Bitcoin oversold

A senior commodities strategist at Bloomberg Intelligence believes that according to technical analysis of the market, leading cryptocurrencies are selling below their real value.

Mike McGlone drew on a lot of observations, but focused on a specific indicator that showed Bitcoin oversold and Ethereum oversold. 

“The benchmark cryptocurrency hit its lowest level since the 100-week moving average in July. This situation represents an extreme discount on a sustained bullish trend in the market.”

The analyst stressed the importance of stocks, which have repeatedly shown a marked correlation with bitcoins. The Bloomberg expert notes that the role of the Federal Reserve (Fed) should not be underestimated.

“Not trying to go against the Fed. That’s my firm belief, especially when it comes to high-risk assets,” McGlone said.

Bitcoin and cryptocurrencies were a key part of the 2021 rush, and bitcoin and ether will still come out ahead in 2022, he said:

“Bitcoin is on its way to becoming a global digital security, and Ethereum has become a major driver of the digital revolution, as evidenced by the ability to use the most widely traded cryptocurrencies, dollar tokens.”

Anthony Scaramucci, founder of the crypto fund SkyBridge Capital, based on his experience investing in cryptocurrencies, believes that BTC and ETH are fundamentally undervalued and technically oversold.



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Cryptocurrency

Chainlink protocol developers refused to support next Ethereum fork

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next ethereum fork

Ethereum is preparing to switch to PoS, and the community expects forks of the second cryptocurrency to appear on the old PoW algorithm. However, Chainlink developers do not plan to support the next Ethereum fork.

The developers of the Chainlink decentralized oracles network emphasized that oracles will work both during the next Ethereum fork on the Proof-of-Stake (PoS) algorithm and after that. However, they warned that forks of the second cryptocurrency, including on Proof-of-Work (PoW), are not planned to be supported.

“This decision is consistent with Ethereum Foundation decisions and the general view of the Etherium community,” Chainlink said on its website.

Developers have also advised decentralized app creators to disable functionality during the merger to “avoid unforeseen incidents and protect end users.” Also, developers need to make sure that dependencies on external projects and applications will work after the transition of Etherium to PoS.

As a reminder, Chandler Guo, a major Chinese ether miner, previously announced a new ETHPoW minority network for miners who want to “escape” from Etherium 2.0.



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Cryptocurrency

PredictIt news: CFTC shuts down PredictIt prediction market in US

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predictit news

Important PredictIt news: The U.S. Commodity Futures Trading Commission (CFTC) has issued an order to shut down one of the most popular blockchain-based prediction markets, PredictIt.

The PredictIt marketplace, operated by Victoria University of New Zealand, had been operating in the U.S. since October 2014, when the company received a no-action letter from the CFTC. However, the regulator has now stated that the prediction marketplace does not follow the requirements listed in the letter, so the Commission has decided to ban the service in the U.S.

What is PredictIt 2022? 

The PredictIt prediction market is called a “stock market for politics.” Essentially, traders buy and sell stocks that rate the outcome of an event. If the community agrees with the trader, the stock price goes up and the trader makes a profit. Many call such prediction markets the most accurate measure of public opinion because users risk their money.

However, regulators believe that prediction markets are too similar to gambling or unregistered futures sales. Especially since it is illegal in the U.S. to bet on the outcome of presidential elections, and many prediction markets have markets on politics.

CFTC officials did not say exactly what regulatory requirements the site has violated, but it must cease operations in the U.S. by February 15, 2023. Until then, PredictIt can accept deposits and calculate bets on existing predictions, but adding new markets is prohibited.

Earlier this year, prediction marketplace Polymarket blocked US users from accessing the platform. The blocking was part of an agreement to settle claims against Polymarket by the CFTC.



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