JPMorgan strategist advises investors to sell cryptocurrencies and buy stocks, and Vitalik Buterin will publish a book on blockchain and Ethereum creation – these and other important cryptocurrency market news in our review.
David Kelly, global strategist at JPMorgan (NYSE:JPM), one of the largest investment banks, believes that until the U.S. Federal Reserve develops a plan to solve the economic crisis, investors should hedge, writes Bits.media. The businessman suggests investing in stocks, long-term bonds and their alternatives, which will bring even a small income. At the same time, he recommended to sell digital currencies and avoid shares of large-cap technology companies and bitcoin.
Vitalik Buterin will publish a book about the foundation of Ethereum and the blockchain philosophy called “Proof-of-Stake”. The publication is a collection of essays from the developer of the second most capitalized cryptocurrency. The book will be released under a public Creative Commons licence (CC), which allows free distribution of the work worldwide.
South Korea’s second largest city, Busan, announced a partnership with cryptocurrency company FTX to launch a local cryptocurrency exchange and blockchain development. The city will use FTX technology and infrastructure, and the site itself will participate in promoting blockchain education at local universities and projects in the city’s dedicated blockchain free zone, which was created back in 2019.
Lending platform Compound Finance accidentally blocked loan and withdrawal transactions in Compound Ethereum tokens (cETH), The Block reported. The failure of the platform was caused by an error in the code of the Chainlink oracle price feeds, whose data Compound Finance uses. Because of an error in the code, the site’s customers cannot receive credits and withdraw funds in cETH tokens.
Stablecoin issuer USDT responded to criticism from Wall Street Journal experts by saying that the stable coin’s peg to the U.S. dollar is quite reliable, writes Bits.media. The Tether team announced that the American WSJ’s publication “is nothing more than a series of unfounded conclusions.” The issuer claims that the portion of the reserves securing the stablecoin’s peg to the dollar, which consists of U.S. Treasury bills, is perfectly safe.