Nasdaq Bitcon Index Matters
Last February 11, 2019, the second largest stock exchange in the world, Nasdaq launched Bitcoin and Ethereum indices which aims to present accurate prices of the top two cryptocurrencies in the world by market capitalization.
While this was made without too much funfair, a cryptocurrency analyst pointed out that the introduction of these indices could lead to the approval of a wide range of investment vehicles in the long run.
According to Alex Ziupsnys, the introduction of the indices are big news that could lead to regulatory approval for crypto-based derivatives in the market which in turn could drive up interest from institutional traders.
The live feeds will go live on the 25th of the current month and is interesting to know how it will affect the current market condition.
A prime example of this is the Bitcoin ETF which has been very difficult to gain approval from the U.S. Securities and Exchange Commission.
One of the reasons for disapproval of many applications concerns the pricing sources for Bitcoin which cannot be based on the price of digital assets on exchanges that are at risk of manipulations.
Nasdaq’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index could provide a real-time spot or reference rate for the price of Bitcoin and Ethereum in USD.
This stems from the fact that the price indices are not concentrated in a small group of exchanges or Over-the-counter (OTC) exchanges.
The indices take into consideration all platforms processing cryptocurrency trades to find a reliable spot price.
Almost Half of Millennial Investors Trust Crypto Exchanges Compared To Stock Exchanges
In a study conducted by an online investment platform eToro that was published on February 19, 2019 reveals that almost half of Millennial traders have more trust in cryptocurrency exchanges than in the U.S. Stock market exchanges.
According to the study, exactly 43% of the surveyed millennial investors reveals distrust traditional stock market while at the same time have more faith in digital currency exchanges.
Interestingly enough, 93% of millennial cryptocurrency traders reportedly said that they would invest in cryptocurrency if traditional financial institutions would offer such options.
It also reveals that 71% of the young investors have not started trading crypto but would do so if conventional institutions allow it.
The Managing Director of eToro U.S., Guy Hirsch, reveals that there is a shift of trust from traditional stock exchanges to their digital counterparts.
The immutability characteristics of the blockchain and how users will be able to conduct real-time audits gives millennials and Gen X investors perceived trustworthiness towards digital exchanges.
Elon Musk Sees Value In Cryptocurrencies Compared To Banknotes
Considered by many as one of the most prominent futurist and entrepreneur of his generation, the Tesla Chief executive Elon Musk has recently revealed what he thinks of the world’s first and most valuable digital currency, Bitcoin.
Musk shared his views about bitcoin in an interview with Ark Invest, a fintech upstart on disruptive innovation.
According to the South African native, paper money is going away and cryptocurrency is far better way to transfer value than pieces of paper.
He later adds that the structure of bitcoin is quite brilliant.
However, he views cryptocurrencies computationally intensive and requiring copious amount of energy to make it secure.
While Musk reveals that Tesla will not adopt cryptocurrencies as it is no good use of Tesla’s resources, he admits that cryptocurrencies are great for bypassing currency controls, along with the restraint of paper fiat/banknotes.
The Tesla executive has been mum about his thoughts about the cryptocurrency ecosystem.
It has long been suspected that while he does not mention bitcoin publicly until recently, it has long been suspected that he is keeping tab on the burgeoning asset class.
New Countdown For SEC Decision On Two New Bitcoin ETF Applications
The countdown is on again when the Securities and Exchange Commission (SEC) may make an initial decision on not one, but two different Bitcoin exchange-traded fund (ETFs) proposal by April 5.
These applications include one submitted by VanEck, SolidX and Cboe BZX Exchange and the other from Bitwise Investment Management and NYSE Arca.
Once the applications are officially published the general public will have around three weeks to comment on the proposals.
This will be followed by another three weeks where SEC can decide on the applications whether to approve or disapprove the filing or go to another extension.
Like what it did previously on VanEcks Bitcoin ETF first application attempt (which was later on retracted).
VanEcks/SolidX proposal is widely seen as the application that will most likely gain the approval of SEC.
However, this application was withdrawn just weeks before its deadline due to the longest U.S. government shutdown in history and is re-filed at the end of January.
An approval of a Bitcoin ETF could potentially bring new liquidity into the Bitcoin market.
However the prospects of Having one approved before Q4 is slim as SEC could take its time to decide on the proposals opting to extend deadlines several times.
9th ERC20 TRON Token Burn Concludes
According to news reports, the ninth ERC20 TRX token burn was already carried out by the TRON Foundation.
This was shared by its CEO, Justin Sun, who took to tweeter to reveal that 339,707,697.730671 TRX ERC20 Tokens have been burned.
This brings the foundation closer to its goal of destroying all the ERC20 tokens issued during the token sale in 2017.
Taking into account the latest token burn there is still around 941.554 million ERC20 TRON tokens that is needed to be burnt.
Token burning is a common practice of cryptocurrency projects to remove a certain amount of tokens from circulations.
In this case TRON Foundation wants to remove ERC20 token versions of TRON out of circulation.
Holders of ERC20 TRON tokens needed to have their tokens migrated to the Mainnet of TRON network.
However earlier this month the TRON website has stopped running its token migration services.
Those who are interested in migrating their token needs to visit exchanges that support permanent token migration such as BInance, Gate.io and Max.
Headlines for the world of Cryptocurrencies - February 19, 2019New And More Efficient ASIC Machine Coming From Bitmain / Wealth Manager Advises Institutions To Invest In Crypto For Long Term / Japanese Firm Recruit Co. Ltd. Invest In Israel-Based Blockchain Startup Beam / Blockchain Research Center Launched In China / Google Adds Bitcoin Symbol |
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Headlines for the world of Cryptocurrencies - February 18, 2019Thousands Of French Shops Now Selling Cryptocurrencies / Ethereum Futures Will Be Healthy To The Crypto Ecosystem / Trading Cryptocurrency Futures Now Allowed In Indonesia / Netflix Releasing Documentary On Altcoins / Bitcoin Futures Easier To Approve Than Bitcoin ETF |
Headlines for the world of Cryptocurrencies - February 17, 2019Bitcoin To Reach $740K USD According To Crypto Mining Founder / Post Office In Liechtenstein Sells Cryptos / Bitcoin Will Be Integrated to Rakuten Pay In March / Credit Card Companies Plan On Increasing Transaction Fees / Brian Kelly Thinks Bitcoin is Still 50% Undervalued |
