25 February 2020

Alternative investments

  • Manny Pacquiao has launched his “Pac” tokens, which will allow fans to buy his merchandise and interact with him via social media. Photo: Reuters

    Boxing champ Pacquiao launches own crypto tokens

    Sep 2, 2019 7:27am
    Philippine boxing champion Manny Pacquiao launched his very own cryptocurrency on Sunday at a free concert in Manila, where he serenaded more than 2,000 fans to drum up interest in the product. The 40-year-old boxer, who...
  • If the Fed stands firm and does not cut rates, gold prices might suffer. Photo: Reuters

    Gold: Impact from US and Chinese policies

    - Jul 15, 2019 4:58pm
    Gold prices have been on a wild ride. Between 2000 and 2011, they rose from US$280 to around US$1,900 per ounce before falling back to US$1,050 in 2015. Currently, they are trading at around US$1,400 an...
  • Facebook’s announcement that it would offer its own cryptocurrency has revived interest in bitcoin and other digital currencies. Photo: Bloomberg

    Bitcoin pulls back after rally, falls below US$11,000

    Jun 28, 2019 8:17am
    A pullback in prices of bitcoin deepened on Thursday, falling over 16 percent to below US$11,000 after jumping to an 18-month high of nearly US$14,000 earlier this week amid optimism about the widening usage of digital...
  • Bitcoin has risen more than 260 percent so far this year, although it remains below its all-time high of nearly US$20,000 hit in December 2017. Photo: Bloomberg

    Bitcoin soars past US$13,000 as Facebook’s Libra fuels demand

    Jun 27, 2019 7:31am
    Bitcoin jumped to an 18-month high as investors cheered prospects that Facebook Inc.’s Libra token could push cryptocurrencies into the mainstream, Reuters reports. The world’s biggest cryptocurrency has surged in value since April and on Wednesday...
  • Wong Ching-kit, 25, was arrested on Thursday along with a core member of his firm on suspicion that they had duped some people through the sale of crypto mining equipment. Photo: RTHK News video/screenshot

    Man behind cash-throwing stunt arrested for crypto-related fraud

    Mar 1, 2019 3:32pm
    A purported crypto entrepreneur who found himself in the news last December for a money-throwing stunt on a Hong Kong street was arrested on Thursday for suspected fraud related to sale of virtual currency mining equipment. Wong...
  • Virtual currencies such as bitcoin have been on a steep downtrend since the beginning of the year amid increased regulatory scrutiny and cases of hacking and thefts. Photo: Bloomberg

    Cryptocurrencies to survive sell-off: Allianz’s El-Erian

    Nov 28, 2018 9:09am
    Allianz chief economic adviser Mohamed El-Erian said cryptocurrencies are here to stay despite a prolonged slump this year, and will gain wider acceptance after the recent entry of more institutional investors in the space. El-Erian said...
  • Bitcoin has lost 74 percent of its value so far this year, after hitting nearly US$20,000 in December last year. Photo: AFP

    Bitcoin sinks as cryptocurrency sell-off gathers pace

    Nov 27, 2018 8:22am
    Bitcoin plunged more than 12 percent, extending falls in recent weeks in a broad-based selloff in digital currencies as sentiment sours, Reuters reports. Several factors have accelerated the downturn, analysts said, including increased US regulatory scrutiny...
  • One bitcoin is now worth around US$6,200. That is a steep 70 percent fall from its all-time high of near US$20,000 in December last year. Photo: AFP

    Early bitcoin investors count winnings after volatile decade

    Nov 1, 2018 8:53am
    Seven years ago, Marshall Hayner gave his grandfather one bitcoin, worth about US$30. On the paper wallet he fashioned to commemorate the gift, the US entrepreneur and software developer wrote: “Do not open until US$100,000.” It...
  • The move gives the cryptocurrency industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. Photo: Bloomberg

    Japan grants cryptocurrency industry self-regulatory status

    Oct 25, 2018 9:17am
    Japan’s Financial Services Agency (FSA) has given the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations, Reuters reports. The government has been reviewing its approach...
  • With the cryptocurrency bubble having gone bust, boosters have resorted to a defense of “blockchain”, the distributed-ledger software underpinning all cryptocurrencies. Photo: Bloomberg

    The big blockchain lie

    - Oct 16, 2018 9:01am
    With the value of Bitcoin having fallen by around 70 percent since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value...
  • Bitcoin’s popularity and the emergence of hundreds of other digital coins or tokens have drawn more hackers into the cryptocurrency space. Photo: Bloomberg

    Cryptocurrency theft tops US$900 mln in Jan-Sept: report

    Oct 11, 2018 9:31am
    Cryptocurrency theft through hacking of exchanges and trading platforms totaled US$927 million in the first nine months of this year, an increase of nearly 250 percent from the level seen in 2017, according to a US-based...
  • Securities regulators have intensified their scrutiny of cryptocurrencies, noting that some tokens may be considered securities, which would make their issuance, sale and trading subject to federal laws. Photo: Bloomberg

    Wall Street regulators move against cryptocurrency firms

    Sep 12, 2018 9:06am
    Two Wall Street regulators announced a series of actions, including levying fines, against companies involved with cryptocurrencies, Reuters reports. Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments on...
  • Maria Vullo, superintendent of the New York Department of Finance, has announced the state’s first stablecoins approvals. Photo: Bloomberg

    New York state regulator approves dollar-linked digital tokens

    Sep 11, 2018 9:35am
    New York state has approved Gemini Trust Company’s and Paxos Trust Company’s dollar-linked digital currencies, the first stablecoins to get the nod from the region’s regulator, Reuters reports. “These approvals demonstrate that companies can create change...
  • The US SEC has halted trading in crypto-related investment products Bitcoin Tracker One and Ether Tracker One in the United States with immediate effect. Photo: Bloomberg

    US regulator halts trading in two cryptocurrency products

    Sep 10, 2018 9:10am
    The US Securities and Exchange Commission has suspended trading in two investment products that track cryptocurrencies, citing confusion in the markets over whether the products are exchange-traded funds (ETFs), Reuters reports. Trading has been halted in...
  • Bitcoin's plunge came after a sell-off in shares of technology and internet companies spilled over into other risky assets. Photo: Bloomberg

    Bitcoin slips below US$8,000 as investors step away from risk

    Jul 31, 2018 7:13am
    Bitcoin briefly fell below US$8,000 on Monday as investors scaled back their exposure to cryptocurrenices, after a sell-off in shares of technology and internet companies spilled over into other risky assets, Reuters reports. The technology index tumbled...
  • Ethereum has the become the foundation for many initial coin offerings. Photo: Reuters

    Ethereum is top public blockchain, bitcoin No 13 in China index

    May 18, 2018 9:32am
    Ethereum is the top public blockchain in the cryptocurrency space, while that of bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government’s first monthly Global Public Chain Assessment Index, Reuters reports. The...
  • Two of the world’s largest bitcoin plays plan to list on the Hong Kong Stock Exchange as soon as this year with each seeking to raise as much as US$1 billion. Photo: Bloomberg

    Bankers eager to meet Chinese bitcoin miners

    - May 17, 2018 5:14pm
    Investment bankers still have a vivid recollection of that time, about a decade ago, when mainland mining bosses descended on Hong Kong to list their companies on the local stock exchange. The executives looked ill at ease...
  • Jay Clayton, the chairman of the US Securities and Exchange Commission, regards all cryptocurrencies as securities, with the exception of the first mover, Bitcoin, which he considers a commodity. Photo: Reuters, Bloomberg

    Initial coin scams

    - May 11, 2018 3:58pm
    Initial coin offerings have become the most common way to finance cryptocurrency ventures, of which there are now nearly 1,600 and rising. In exchange for your dollars, pounds, euros, or other currency, an ICO issues digital...
  • Big market players are less likely to chase sudden swings in bitcoin’s value, being more interested in the potential of unproven but promising blockchain technology. Photo: AFP

    Bitcoin frenzy settles down as big players muscle into market

    Apr 30, 2018 8:57am
    After keeping investors on the edge of their seats, bitcoin may be maturing into a period of relatively boring stability, experts say. A worldwide wave of regulation has led to a collapse in trading volumes. Cryptocurrency...
  • Cryptocurrencies have been impacted this year by fears of a crackdown from regulators and concerns that they have been in a speculative bubble that is now deflating. Photo: Bloomberg

    Cryptocurrency funds down nearly 30 percent in March

    Apr 19, 2018 9:23am
    Cryptocurrency funds were down 29.2 percent in March amid an ongoing slump caused by increased scrutiny from global regulators of the virtual assets, Reuters reports, citing a new index launched by data provider BarclayHedge. The Barclay...