Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies’ market value

Bitcoin hit a low of $3,878.66 Friday after starting November above the $6,300 mark. The market capitalization of all major cryptocurrencies took a $70 billion hit for the month, according to CoinMarketCap.com. That digital currency split into two versions: “Bitcoin ABC” or “Bitcoin SV,” short for “Satoshi’s Vision” in mid-November. “While the split occurred on a different blockchain, there were still spill-over effects on other cryptos, including bitcoin,” Moro said. Regulators stepped up enfor


Bitcoin hit a low of $3,878.66 Friday after starting November above the $6,300 mark. The market capitalization of all major cryptocurrencies took a $70 billion hit for the month, according to CoinMarketCap.com. That digital currency split into two versions: “Bitcoin ABC” or “Bitcoin SV,” short for “Satoshi’s Vision” in mid-November. “While the split occurred on a different blockchain, there were still spill-over effects on other cryptos, including bitcoin,” Moro said. Regulators stepped up enfor
Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies’ market value Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: kate rooney, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, digital, ceo, worlds, moro, billion, value, crashes, hit, wiping, bitcoin, exchange, 37, market, 70, coin, offerings, cryptocurrencies, cryptocurrency


Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies' market value

November will be a month to remember for bitcoin investors.

The world’s largest cryptocurrency ended November down 37 percent, its worst drop since April 2011 when the cryptocurrency fell about 39 percent, according to data from CoinDesk.

Bitcoin hit a low of $3,878.66 Friday after starting November above the $6,300 mark. The digital currency is now down more than 70 percent since the start of 2018 and 80 percent from its all-time high hit late last year.

The market capitalization of all major cryptocurrencies took a $70 billion hit for the month, according to CoinMarketCap.com. XRP, the world’s second largest cryptocurrency, dropped 18 percent in November while ether fell 43 percent in the same time period.

For bitcoin, this month’s price performance was a stark turnaround from its relatively stable October. The cryptocurrency traded near $6,400 without much volatility as global markets fell.

Michael Moro, CEO of Genesis Global Trading, said “it didn’t take much for the price to break down” after bitcoin failed to stay above the key support level of $5,850.

“It’s unclear if this is a ‘bottom’ or a brief period of consolidation before next move down, but buyers are still maintaining some cash on the sidelines in case it does go lower,” Moro said.

There was a spike in short interest in bitcoin as momentum traders piled on, he said. But still, Moro said Genesis is seeing a decent level of buy-side interest at the $4,000 level.

The CEO also pointed to a “messy” fork on the bitcoin cash network. That digital currency split into two versions: “Bitcoin ABC” or “Bitcoin SV,” short for “Satoshi’s Vision” in mid-November.

“While the split occurred on a different blockchain, there were still spill-over effects on other cryptos, including bitcoin,” Moro said.

Still, there were some bright spots for crypto bulls this month.

Digital currencies got the backing of a key figurehead on Wall Street — Jeff Sprecher, chairman of the New York Stock Exchange and CEO of its parent company ICE. Despite headlines of cryptocurrencies flopping, Sprecher said they have a future in regulated markets.

The Intercontinental Exchange is backing a version of bitcoin futures through a start-up called Bakkt that goes live in January. Nasdaq and VanEck also confirmed they are planning to launch multiple cryptocurrency products, which include bitcoin futures in the first quarter of next year.

Regulators stepped up enforcement of initial coin offerings in November.

The Securities Exchange Commission announced its first civil penalties against founders who did not register new coin offerings, adding to its crackdown aimed at abuses and outright fraud in the growing digital industry. This week, the agency settled with pro boxer Floyd Mayweather and music producer DJ Khaled, who the SEC said pumped up initial coin offerings without telling investors they were getting paid a promotional fee.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: kate rooney, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, digital, ceo, worlds, moro, billion, value, crashes, hit, wiping, bitcoin, exchange, 37, market, 70, coin, offerings, cryptocurrencies, cryptocurrency


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In bigger crackdown of crypto abuses, SEC goes after unregistered coin offerings

The Securities and Exchange Commission announced its first civil penalties on Friday against crypto founders who failed to register new coin offerings, part of a bigger regulatory and legal crackdown aimed at abuses and outright fraud in the growing digital currency industry. The SEC said it settled separate cases with start-ups companies Airfox and Paragon, which raised more than $10 million each in initial coin offerings that weren’t registered. The settlement comes a week after the agency not


The Securities and Exchange Commission announced its first civil penalties on Friday against crypto founders who failed to register new coin offerings, part of a bigger regulatory and legal crackdown aimed at abuses and outright fraud in the growing digital currency industry. The SEC said it settled separate cases with start-ups companies Airfox and Paragon, which raised more than $10 million each in initial coin offerings that weren’t registered. The settlement comes a week after the agency not
In bigger crackdown of crypto abuses, SEC goes after unregistered coin offerings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kate rooney, adam jeffery
Keywords: news, cnbc, companies, judge, goes, statement, fraud, zaslavskiy, abuses, crypto, digital, crackdown, securities, investors, coin, bigger, unregistered, offerings, sec


In bigger crackdown of crypto abuses, SEC goes after unregistered coin offerings

The Securities and Exchange Commission announced its first civil penalties on Friday against crypto founders who failed to register new coin offerings, part of a bigger regulatory and legal crackdown aimed at abuses and outright fraud in the growing digital currency industry.

The SEC said it settled separate cases with start-ups companies Airfox and Paragon, which raised more than $10 million each in initial coin offerings that weren’t registered. They have agreed to pay penalties, register their tokens as securities, file periodic reports with the agency and return funds to any harmed investors, according to the SEC.

The settlement comes a week after the agency notched another “first,” setting charges that a crypto firm called EtherDelta was operating as an unregistered exchange.

The cases underscore the SEC’s insistence that the relatively new digital financial products must follow traditional securities rules.

“We have made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities,” Stephanie Avakian, the SEC’s co-director of enforcement, said in a statement. “These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

On Thursday, federal prosecutors in New York announced a guilty plea by a man who defrauded investors with two cryptocurrencies he founded during the initial coin offering boom.

Maksim Zaslavkiy, pleaded guilty to conspiracy to commit securities fraud after raising money for two virtual currencies known as “REcoin” and “Diamond.” Zaslavskiy admitted to tricking investors into buying the digital tokens by claiming they were backed by real estate and diamonds.

In reality, the certificates he sent to investors were not backed by blockchain technology. Zaslavskiy also had none of the promised jewels or land to back those investments, according a statement from the Department of Justice.

Thirty nine-year-old Zaslavkiy tried earlier this year to dismiss the case against him by arguing that cryptocurrencies he created were not securities for the purpose of criminal law. That was shot down by a judge in Brooklyn in September.

A key part of Zaslavkiy’s argument at the time was that current laws around crypto are “unconstitutionally vague.” U.S. district judge Raymond Dearie disagreed. The judge stopped short of defining RECoin and Diamond as securities, but Dearie did say the jury should be able to assess them using existing laws.

“The calculated lies of Zaslavskiy and others led unsuspecting investors who thought they were purchasing cryptocurrency securities to buy worthless certificates,” United States Attorney for the Eastern District of New York, Richard P. Donoghue said in a statement. “This Office will continue to aggressively prosecute those who exploit and defraud investors, whether through traditional means of securities fraud, or new forms – such as the use of purported cryptocurrency offerings and blockchain technology.”


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: kate rooney, adam jeffery
Keywords: news, cnbc, companies, judge, goes, statement, fraud, zaslavskiy, abuses, crypto, digital, crackdown, securities, investors, coin, bigger, unregistered, offerings, sec


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Chipotle shares rise after RBC upgrades the stock and predicts 20% rally

“After a 19 percent retreat from recent highs, we believe Chipotle shares offer a compelling risk/reward heading into 2019 and 2020,” David Palmer wrote in a note. In addition to the stock upgrade, the analyst raised his 12-month price target on Chipotle shares to $510 from $450, representing 19 percent upside from Friday’s close. Shares of Chipotle rose 1.7 percent in premarket trading following the RBC upgrade. Niccol joined Chipotle following a successful track record at Taco Bell. “We’re not


“After a 19 percent retreat from recent highs, we believe Chipotle shares offer a compelling risk/reward heading into 2019 and 2020,” David Palmer wrote in a note. In addition to the stock upgrade, the analyst raised his 12-month price target on Chipotle shares to $510 from $450, representing 19 percent upside from Friday’s close. Shares of Chipotle rose 1.7 percent in premarket trading following the RBC upgrade. Niccol joined Chipotle following a successful track record at Taco Bell. “We’re not
Chipotle shares rise after RBC upgrades the stock and predicts 20% rally Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: thomas franck, getty images, source, chipotle mexican grill
Keywords: news, cnbc, companies, digital, shares, investors, 20, predicts, following, chipotle, food, stock, safety, upgrades, rbc, restaurant, offerings, rise, rally


Chipotle shares rise after RBC upgrades the stock and predicts 20% rally

New management at Chipotle Mexican Grill will grow sales at the burrito chain through an improved menu, digital and delivery offerings and other marketing successes, according to RBC Capital Markets, which upgraded shares to outperform.

But investors may need to wait until next year before they see the actual results in the chain, which has been trying to emerge from a series of health scares.

“After a 19 percent retreat from recent highs, we believe Chipotle shares offer a compelling risk/reward heading into 2019 and 2020,” David Palmer wrote in a note. “We believe there is a favorable stock set-up into 2019 given menu innovation, digital initiatives, and a focus on improving restaurant margins.”

Third-quarter results are expected to be just “lackluster,” the analyst said in a note to clients Monday, but sales should improve next year under CEO Brian Niccol’s push for food innovation and customers remain loyal despite prior food safety concerns.

In addition to the stock upgrade, the analyst raised his 12-month price target on Chipotle shares to $510 from $450, representing 19 percent upside from Friday’s close. Shares of Chipotle rose 1.7 percent in premarket trading following the RBC upgrade.

Much of Palmer’s newfound conviction on Chipotle shares came from a new RBC survey in which more than 1,000 respondents answered questions about their recent visits, or lack thereof, to a CMG restaurant.

Source: RBC Capital Markets

The analyst said the survey resulted in four key findings: Chipotle remains in the top three favorite chains of all quick-service restaurants, there’s a sizable opportunity to increase awareness of its digital capabilities, existing and lapsed customers are willing to try new offerings and food safety is only a small reason why customers do not eat at Chipotle.

“What has sometimes been lost upon investors over the last three years has been that Chipotle continues to have one of the most loyal followings across all consumer brands,” Palmer said. “Chipotle ranks behind only Chick-Fil-A and Panera Bread in restaurant popularity among all respondents of the survey.”

Any progress is likely welcome news to investors including Pershing Square activist Bill Ackman, who has leveraged his stake in the company to promote ideas like drive-thrus and breakfast offerings following a pullback in shares in the wake of the food safety incidents.

Ackman applauded the appointment of Niccol as chief executive officer earlier this year. Niccol joined Chipotle following a successful track record at Taco Bell.

“We’re not just betting on a recovery from the food safety issue,” Ackman told CNBC in November. “This is one of the least optimized of the quick-service restaurants.”

Shares of the casual Mexican restaurant are up 48 percent since January.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: thomas franck, getty images, source, chipotle mexican grill
Keywords: news, cnbc, companies, digital, shares, investors, 20, predicts, following, chipotle, food, stock, safety, upgrades, rbc, restaurant, offerings, rise, rally


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Square expands its bank-like offerings, letting sellers charge customers in installments

Payments start-up Square is encroaching on even more of traditional banks’ territory. The San Francisco-based tech company announced Thursday it will let businesses using Square’s payment network give customers the option to break big payments into smaller, fixed monthly ones. Payment installments, which Reses likened to a “super power” for small retailers, are otherwise offered through a larger bank or third party. This type of loan is typically reserved for retailers who bring in more than $1


Payments start-up Square is encroaching on even more of traditional banks’ territory. The San Francisco-based tech company announced Thursday it will let businesses using Square’s payment network give customers the option to break big payments into smaller, fixed monthly ones. Payment installments, which Reses likened to a “super power” for small retailers, are otherwise offered through a larger bank or third party. This type of loan is typically reserved for retailers who bring in more than $1
Square expands its bank-like offerings, letting sellers charge customers in installments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: kate rooney, source
Keywords: news, cnbc, companies, retailers, way, banklike, customers, sellers, offerings, larger, walk, expands, charge, million, able, square, installments, payments, letting, reses


Square expands its bank-like offerings, letting sellers charge customers in installments

Payments start-up Square is encroaching on even more of traditional banks’ territory.

The San Francisco-based tech company announced Thursday it will let businesses using Square’s payment network give customers the option to break big payments into smaller, fixed monthly ones.

“It’s a seamless and transparent way to offer installment payments to customers who might otherwise walk away, or might not be able to buy something in that particular moment,” Square Capital chief Jacqueline Reses told CNBC in a phone interview.

Payment installments, which Reses likened to a “super power” for small retailers, are otherwise offered through a larger bank or third party. This type of loan is typically reserved for retailers who bring in more than $1 million in revenue, and requires a lot of paperwork.

Square used proprietary data to see if there was demand. In an August survey, Square found that 84 percent of participants “appreciate the flexibility of being able to pay for large purchases over time” and 77 percent believe “financing options help them to effectively manage their budget.” Square has had more than 36 million high-ticket transactions larger than $250 in the past year.


Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: kate rooney, source
Keywords: news, cnbc, companies, retailers, way, banklike, customers, sellers, offerings, larger, walk, expands, charge, million, able, square, installments, payments, letting, reses


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State regulators expand ‘Operation Cryptosweep’ to 200 initial coin offerings

A group of state and provincial regulators could put a big dent in the cryptocurrency fundraising boom. The North American Securities Administrators Association said Tuesday it had expanded the number of investigations into initial coin offerings to 200 after starting “Operation Cryptosweep” in May with 70 active cases. Much of that total came from retail investors. Financial watchdogs and some cryptocurrency advocates are split on how initial coin offerings should be regulated, and the NASAA in


A group of state and provincial regulators could put a big dent in the cryptocurrency fundraising boom. The North American Securities Administrators Association said Tuesday it had expanded the number of investigations into initial coin offerings to 200 after starting “Operation Cryptosweep” in May with 70 active cases. Much of that total came from retail investors. Financial watchdogs and some cryptocurrency advocates are split on how initial coin offerings should be regulated, and the NASAA in
State regulators expand ‘Operation Cryptosweep’ to 200 initial coin offerings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-28  Authors: kate rooney, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, initial, icos, expand, 200, ico, regulators, investors, securities, coin, state, sec, products, cryptosweep, retail, provincial, offerings, operation


State regulators expand 'Operation Cryptosweep' to 200 initial coin offerings

A group of state and provincial regulators could put a big dent in the cryptocurrency fundraising boom.

The North American Securities Administrators Association said Tuesday it had expanded the number of investigations into initial coin offerings to 200 after starting “Operation Cryptosweep” in May with 70 active cases.

In an ICO, coins or tokens are put up for sale as a form of crowdfunding. But they’re often backed by an abstract idea or nothing at all. And some high-profile frauds have been unveiled.

The fundraising method has raised $12 billion this year alone, compared with $7.4 billion in all of 2017, according to research firm Autonomous Next. Much of that total came from retail investors.

Financial watchdogs and some cryptocurrency advocates are split on how initial coin offerings should be regulated, and the NASAA investigation was developed as an effort to protect retail investors.

“A strong culture of compliance should be in place before, not after, these products are marketed to investors,” NASAA President and Alabama Securities Commission Director Joseph P. Borg said in a statement. “While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; state and provincial laws or regulations may apply, especially securities laws.”

Backers of some ICOs argue that, unlike stocks, certain cryptocurrencies offer a “utility” or future access to a product or service and should therefore be exempt from Securities and Exchange Commission laws.

The SEC said in June that while bitcoin and ether are not securities, many ICOs are. SEC Chairman Jay Clayton has also made it clear that all ICOs constitute securities, and in a recent CNBC interview said, “If it’s a security, we’re regulating it.”

The SEC launched a fake ICO website called HoweyCoins.com to show investors how to avoid scams.

NASAA is the oldest international organization devoted to investor protection. It’s a voluntary association composed of 67 states, provinces and territories across the U.S., Mexico and Canada.

Since its inception, Operation Cryptosweep has resulted in 46 enforcement actions involving ICOs or cryptocurrency-related products with agencies “committing significant regulatory resources” to the crackdowns, the agency said.

NASAA’s president highlighted the need for ICOs to register with appropriate agencies, or at least contact regulators to see if they qualify for an exemption. He also warned investors against dealing with ICO promoters who claim their product is exempt from securities registration.

“Do your homework and contact your state or provincial securities regulator with any concerns before parting with your hard-earned money — afterwards may be too late,” Borg said.


Company: cnbc, Activity: cnbc, Date: 2018-08-28  Authors: kate rooney, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, initial, icos, expand, 200, ico, regulators, investors, securities, coin, state, sec, products, cryptosweep, retail, provincial, offerings, operation


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Steve Bannon says he owns bitcoin and is working on his own cryptocurrency

Former advisor to President Trump Steve Bannon says he owns bitcoin and reiterated that he is working on his own cryptocurrency. I own bitcoin,” Bannon said during a wide-ranging interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor. Bannon has said earlier that he believes in bitcoin and other digital currencies and that he is considering circulating what he called a “deplorables” coin. He did, however, warn about ICOs, or initial coin offerings


Former advisor to President Trump Steve Bannon says he owns bitcoin and reiterated that he is working on his own cryptocurrency. I own bitcoin,” Bannon said during a wide-ranging interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor. Bannon has said earlier that he believes in bitcoin and other digital currencies and that he is considering circulating what he called a “deplorables” coin. He did, however, warn about ICOs, or initial coin offerings
Steve Bannon says he owns bitcoin and is working on his own cryptocurrency Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-18  Authors: jeff cox, david a grogan, adam jeffery, heidi gutman
Keywords: news, cnbc, companies, conference, called, deplorables, trump, coin, steve, working, owns, bannon, offerings, bitcoin, york, cryptocurrency


Steve Bannon says he owns bitcoin and is working on his own cryptocurrency

Former advisor to President Trump Steve Bannon says he owns bitcoin and reiterated that he is working on his own cryptocurrency.

“I like bitcoin. I own bitcoin,” Bannon said during a wide-ranging interview at the Delivering Alpha conference in New York, presented by CNBC and Institutional Investor.

Bannon has said earlier that he believes in bitcoin and other digital currencies and that he is considering circulating what he called a “deplorables” coin. Hillary Clinton famously called Trump’s supporters a “basket of deplorables” during the 2016 presidential campaign during which Trump staged one of the biggest political upsets in history.

“They are the future,” Bannon said of cryptocurrencies.

He did, however, warn about ICOs, or initial coin offerings that take place when a creator brings new offerings to the market. Most, he said, have been disasters.

“Too many investors get blown out by things that aren’t thought through,” he said.

The conference itself featured mostly skepticism about cryptos despite their growing use. Bitcoin in particular has seen spectacular price volatility, once trading near $20,000 but more recently was priced around $7,300.


Company: cnbc, Activity: cnbc, Date: 2018-07-18  Authors: jeff cox, david a grogan, adam jeffery, heidi gutman
Keywords: news, cnbc, companies, conference, called, deplorables, trump, coin, steve, working, owns, bannon, offerings, bitcoin, york, cryptocurrency


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Initial coin offerings are flooding the market but they’re overvalued: Crypto investor Brian Kelly

Initial coin offerings (ICOs) continue to overflow the crypto universe, but bitcoin bull Brian Kelly told CNBC that the market is overvalued. I don’t need a seventh or eighth ICO,'” the cryptocurrency investor said on “Fast Money” Thursday. In fact, Kelly said the market for ICOs, or initial coin offerings, a crowdfunding way to raise funds for cryptocurrency ventures, is “very frothy.” Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, pointed out that the U.S


Initial coin offerings (ICOs) continue to overflow the crypto universe, but bitcoin bull Brian Kelly told CNBC that the market is overvalued. I don’t need a seventh or eighth ICO,'” the cryptocurrency investor said on “Fast Money” Thursday. In fact, Kelly said the market for ICOs, or initial coin offerings, a crowdfunding way to raise funds for cryptocurrency ventures, is “very frothy.” Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, pointed out that the U.S
Initial coin offerings are flooding the market but they’re overvalued: Crypto investor Brian Kelly Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-21  Authors: kellie ell
Keywords: news, cnbc, companies, kelly, buy, bitcoin, offerings, crypto, icos, cryptocurrency, initial, market, overvalued, ico, used, investor, coin, flooding, theyre


Initial coin offerings are flooding the market but they're overvalued: Crypto investor Brian Kelly

Initial coin offerings (ICOs) continue to overflow the crypto universe, but bitcoin bull Brian Kelly told CNBC that the market is overvalued.

He said investors are in a “wait-and-see mode.”

“People are starting to say, ‘I’m going to put the brakes on the ICOs right now. I’ve got my portfolio. I don’t need a seventh or eighth ICO,'” the cryptocurrency investor said on “Fast Money” Thursday. “To me, [ICOs are] not as hot as they used to be.”

In fact, Kelly said the market for ICOs, or initial coin offerings, a crowdfunding way to raise funds for cryptocurrency ventures, is “very frothy.”

There have been more than 300 ICOs launched in the first half of 2018 — nearly the same amount as all of 2017. And to date, in the first six months of this year, more money has been raised.

TaTaTu, a social entertainment platform, raised $575 million off the sale of its tokens. Rapper Akon is planning on launching his own cryptocurrency, aptly named “Akoin,” to be used in “Akon Crypto City,” which will be located in the West African city of Senegal.

Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, pointed out that the U.S. is not a big player in the ICO market. Asia, particularly countries where regulatory issues may be less of a concern, is.

Another shift: a lot of the ICOs have been funded with U.S. dollars and not cryptocurrencies. Kelly said he’s noticed a lot of investors, who were buying into the ICO craze, “are actually looking to buy ether, to buy bitcoin, to buy some of these big protocols, these platforms that everything is being built on.”

Meanwhile, bitcoin remains at a near-standstill. While the digital coin, the largest by market cap, once hovered near $20,000, the coin was priced at approximately $6,700 Thursday, 5:30 p.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-06-21  Authors: kellie ell
Keywords: news, cnbc, companies, kelly, buy, bitcoin, offerings, crypto, icos, cryptocurrency, initial, market, overvalued, ico, used, investor, coin, flooding, theyre


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Telstra is going to ‘radically simplify’ its offerings: CEO

Telstra is going to ‘radically simplify’ its offerings: CEO19 Hours AgoAndrew Penn of Telstra says short-term “tough economic decisions” need to be made for the future growth of the company.


Telstra is going to ‘radically simplify’ its offerings: CEO19 Hours AgoAndrew Penn of Telstra says short-term “tough economic decisions” need to be made for the future growth of the company.
Telstra is going to ‘radically simplify’ its offerings: CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-20
Keywords: news, cnbc, companies, growth, radically, telstra, need, offerings, hours, simplify, shortterm, tough, penn, going, ceo


Telstra is going to 'radically simplify' its offerings: CEO

Telstra is going to ‘radically simplify’ its offerings: CEO

19 Hours Ago

Andrew Penn of Telstra says short-term “tough economic decisions” need to be made for the future growth of the company.


Company: cnbc, Activity: cnbc, Date: 2018-06-20
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Hong Kong rising as hot IPO market

The Hong Kong Stock Exchange implemented new rules in April allowing biotech companies without revenue or profit to apply for public listings. Beijing is also launching a “China Depositary Receipt” program that will allow China’s tech giants, listed in Hong Kong or in the U.S., to have a dual share offering in the mainland. Ten of 80 U.S. public offerings this year through June 13 were Chinese companies, Smith said. But Hong Kong is shifting away from listings of state-owned enterprise to high-g


The Hong Kong Stock Exchange implemented new rules in April allowing biotech companies without revenue or profit to apply for public listings. Beijing is also launching a “China Depositary Receipt” program that will allow China’s tech giants, listed in Hong Kong or in the U.S., to have a dual share offering in the mainland. Ten of 80 U.S. public offerings this year through June 13 were Chinese companies, Smith said. But Hong Kong is shifting away from listings of state-owned enterprise to high-g
Hong Kong rising as hot IPO market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-20  Authors: evelyn cheng, vcg, getty images
Keywords: news, cnbc, companies, hot, ipo, hong, listings, capital, offerings, public, kong, global, market, companies, rising, smith, markets


Hong Kong rising as hot IPO market

Hong Kong’s capital markets development also comes as Western institutional investors are increasingly interested in international opportunities, and Beijing looks to open up its financial markets to foreign investors.

“In general there is a huge battle for capital,” said Sebastien Lieblich, managing director and global head of equity solutions at MSCI.

“There is clearly an incentive for the markets, the regulators, equity markets to build up their exchanges,” he said. “Markets [will] become more and more globalized. Emerging markets recognize they can attract that money.”

Indexing giant MSCI announced Wednesday that it would include Saudi Arabia in its benchmark emerging markets index, tracked by more than $1.9 trillion in global assets. It also reclassified Argentina to emerging market status. Last year, MSCI approved the inclusion of some of China’s mainland-traded A shares. Part of those shares were officially added about three weeks ago.

In greater China, new policies could also help increase capital inflows.

The Hong Kong Stock Exchange implemented new rules in April allowing biotech companies without revenue or profit to apply for public listings. Beijing is also launching a “China Depositary Receipt” program that will allow China’s tech giants, listed in Hong Kong or in the U.S., to have a dual share offering in the mainland.

That said, U.S. dominance in global IPOs isn’t going away. It is by far the first in terms of number of public offerings and U.S.-dollar proceeds year-to-date, according to Renaissance Capital data as of June 13.

More U.S. listings are coming. Online survey company SurveyMonkey said Monday it confidentially registered for an IPO through its parent SVMK. Other public offerings expected this year include speaker systems company Sonos, personal loans firm SoFi, home improvement services platform Houzz and office space start-up WeWork, according to Kathleen Smith, principal at Renaissance Capital and manager of IPO ETFs.

In addition, Chinese companies still often view a New York listing as a status symbol that helps them gain brand recognition among international investors. Ten of 80 U.S. public offerings this year through June 13 were Chinese companies, Smith said.

“We have been the beneficiary of the delayed growth of these [Chinese] exchanges,” she said. But Hong Kong is shifting away from listings of state-owned enterprise to high-growth tech companies, and mainland China’s markets are slowly maturing.

Down the road, Smith said, “Hong Kong and China together could end up being the largest issuing market for IPOs.”


Company: cnbc, Activity: cnbc, Date: 2018-06-20  Authors: evelyn cheng, vcg, getty images
Keywords: news, cnbc, companies, hot, ipo, hong, listings, capital, offerings, public, kong, global, market, companies, rising, smith, markets


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Bitcoin and ether are not securities, but some initial coin offerings may be, SEC official says

The SEC’s point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities but that many, but not all, ICOs are securities and will come under the regulatory control of the SEC and relevant securities laws. “Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers,” William Hinman, head of the Division of Corporate Finance for the SEC, said in a speech at the Yahoo All Markets Summi


The SEC’s point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities but that many, but not all, ICOs are securities and will come under the regulatory control of the SEC and relevant securities laws. “Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers,” William Hinman, head of the Division of Corporate Finance for the SEC, said in a speech at the Yahoo All Markets Summi
Bitcoin and ether are not securities, but some initial coin offerings may be, SEC official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-14  Authors: bob pisani, alessandro bianchi
Keywords: news, cnbc, companies, security, coin, bitcoin, offerings, ether, securities, party, initial, sold, sec, return, expectation, icos, official, purchasers, hinman


Bitcoin and ether are not securities, but some initial coin offerings may be, SEC official says

The SEC’s point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities but that many, but not all, ICOs are securities and will come under the regulatory control of the SEC and relevant securities laws.

“Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers,” William Hinman, head of the Division of Corporate Finance for the SEC, said in a speech at the Yahoo All Markets Summit: Crypto conference in San Francisco.

Hinman said the primary issue in determining whether cryptocurrencies and ICOs were securities was the expectation of a return by a third party, specifically whether there was a person or group that sponsored the creation and sale of the asset, and who played a significant role in its development and maintenance. For purchasers of the asset, the key is whether they are seeking a return on the investment.

If there is a centralized third party, along with purchasers with an expectation of a return, than it is likely a security, Hinman said.

But Hinman also gave examples where cryptoassets would not be considered securities and would not come under the purview of the SEC.


Company: cnbc, Activity: cnbc, Date: 2018-06-14  Authors: bob pisani, alessandro bianchi
Keywords: news, cnbc, companies, security, coin, bitcoin, offerings, ether, securities, party, initial, sold, sec, return, expectation, icos, official, purchasers, hinman


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