Crypto

JPMorgan’s advice on selling cryptocurrencies and buying stocks: crypto market news

JPMorgan strategist advised investors to sell cryptocurrencies and buy shares, and Vitalik Buterin will release a book on blockchain and the creation of Ethereum – these and other important news of the cryptocurrency market in our review.

Global strategist at one of the largest investment banks JPMorgan (NYSE:JPM) David Kelly believes that until the US Federal Reserve develops a plan to overcome the economic crisis, investors should play it safe, writes Bits.media. The businessman offers to invest in stocks, long-term bonds and their alternatives, which will bring, albeit small, but income. At the same time, he recommended selling digital currencies and avoiding large-cap tech stocks and bitcoin.

Vitalik Buterin will release a book about the founding of Ethereum and the philosophy of blockchain called “Proof-of-Stake”. The publication is a collection of essays from the developer of the second largest cryptocurrency by capitalization. The book will be released under a Creative Commons license (CC) which allows the work to be freely distributed throughout the world.

South Korea’s second largest city, Busan, has announced a partnership with crypto company FTX to launch a local crypto exchange and blockchain development. The city will use FTX technology and infrastructure, and the site itself will participate in the promotion of blockchain education at local universities and projects in the city’s special blockchain free zone, which was established back in 2019.

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Lending platform Compound Finance accidentally blocked lending and collateralization operations in Compound Ethereum (cETH) tokens, The Block reported. The site crashed due to an error in the code of the Chainlink oracle price channels, the data of which is used by Compound Finance. Due to a bug in the code, site clients cannot receive loans and withdraw funds in cETH tokens.

The issuer of the USDT stablecoin, in response to criticism from Wall Street Journal experts, said that pegging the stablecoin to the US dollar is quite reliable, writes Bits.media. The Tether team announced that the publication of the American WSJ is “nothing more than a series of unsubstantiated conclusions.” The issuer maintains that the portion of the reserves that peg the stablecoin to the dollar, consisting of US Treasury bills, is completely safe.