JPMorgan CEO says he regrets his China comments. Binance is in talks with sovereign wealth funds. NFT is the Collins Dictionary word of the year. Here’s what you need to know today.
Jamie Dimon is walking back his words, saying he regrets quipping at a Boston event on Tuesday that JPMorgan is likely to outlast the Chinese Communist Party. His comments detract from constructive dialogue, he said, and it’s “never right to joke about or denigrate” a country. Beijing has so far stayed silent in response, and as of midday Wednesday in China the bank hadn’t communicated with government officials on the issue. JPMorgan went into damage-control mode as soon as he said his words. With nearly $20 billion of exposure in China, JPMorgan has a lot riding on maintaining cordial relations.
Asian stocks looked set for a mixed open Thursday after the latest Federal Reserve minutes flagged the risk of a faster reduction in stimulus. The U.S. dollar jumped and the Treasury yield curve flattened. There are signs this week that showed this year’s love for risky assets has hit a rough patch. OPEC expects that oil stockpiles released by consuming nations could massively swell the surplus in global markets, ahead of the oil bloc’s meeting on whether to further increase output. And traders expecting Australia’s central bank to soon follow New Zealand and South Korea in hiking rates may have to wait.
Binance, the world’s largest cryptocurrency exchange, confirmed it’s in talks with sovereign wealth funds about them taking a stake, as the closely held firm faces increasing regulatory pressure worldwide. Meanwhile, India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender. And aficionados are turning to technical indicators for clues as to where Bitcoin and Ether may go next.
Olaf Scholz is set to succeed Angela Merkel as German chancellor after forging a coalition that aims to revamp the economy by tackling climate change and promoting digital technologies. After almost two months of talks, Scholz's center-left Social Democrats finalized an agreement with the Greens and the pro-business Free Democrats. Scholz set out to steer Germany through the resurgent pandemic and transform Europe’s largest economy into a climate leader.
The Collins Dictionary declared NFT its word of the year in recognition of the convergence of the worlds of money, tech and art in what became known as “non-fungible tokens.” Collins defines them as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.”
What We’ve Been Reading
What’s caught our eye over the past 24 hours:
And finally, here’s what Tracy’s interested in today
For a moment on Wednesday, crypto went on sale in India. News that parliament will consider a bill to regulate “private cryptocurrencies” sparked a massive selloff. Altcoins like Shiba and Doge slipped precipitously on trading platforms popular with Indian investors, yet the same coins were remarkably stable on exchanges like Binance and Kraken. At one point, Bitcoin was down almost 14% on WazirX but a mere 0.5% elsewhere in the world. Anyone who could figure out how to quickly and efficiently get money into and out of the country could have bought crypto on the cheap and simply sold it for a higher price elsewhere.
Of course, therein lies the rub and the precise reason why pricing arbitrages like this can exist in crypto. One of the great ironies of ostensibly decentralized money is that it is in fact highly centralized once traded on exchanges that are vulnerable to outages and must meet national rules around KYC or moving funds in and out of the country. That’s one of the reasons why the crypto market’s most famous pricing discrepancy has persisted for so long.
You can follow Tracy Alloway on Twitter at @tracyalloway.
— With assistance by Tracy Alloway
https://news.google.com/__i/rss/rd/articles/CBMibWh0dHBzOi8vd3d3LmJsb29tYmVyZy5jb20vbmV3cy9uZXdzbGV0dGVycy8yMDIxLTExLTI0L2ZpdmUtdGhpbmdzLXlvdS1uZWVkLXRvLWtub3ctdG8tc3RhcnQteW91ci1kYXkta3dlNmNkdGfSAQA?oc=5
2021-11-24 23:44:57Z
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