The market meets new crypto products, the media is full of rumors, and Bitcoin is trying to gain a foothold at around 4,000, supported, probably, by algorithmic trading.
Media: The Launch Of Bakkt May Be Postponed Again
This week, Сoindesk, one of the most popular crypto news providers, said that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is likely to postpone the launch of the cryptocurrency platform Bakkt. The main argument is that in November, the company scheduled the launch of the platform on January 24, 2019. But, ICE has not yet received permission from the US Commodity Futures Trading Commission (CFTC) to do that. As we understand, a month is left before this date.
Thus, the exchange itself did not make such a statement, and what we see is an assumption of journalists. On the one hand, of course, it is clear that the license is desirable for obtaining as soon as possible so that regulatory issues are resolved before January 24th. On the other hand, it is not entirely clear whether this matters or not. Coindesk also claims that the “source familiar to the matter” is confident that Bakkt will be launched almost on time, but with some delay, for example, on January 30.
Western Union May Start Working With Crypto
Payment giant Western Union stated that interaction with cryptocurrencies may be possible:
There's a lot of hype around cryptocurrencies.
Western Union (@WesternUnion) December 17, 2018
Good thing we've been transferring money digitally for nearly two decades. Bring on the #blockchain: https://t.co/Z1fzoH2ujV #WUFintech pic.twitter.com/DFUVYq9vOi
In its expanded post, the company reports that WU will even succeed in surpassing competitors and provide better conditions for transferring funds in cryptocurrency. An additional advantage is that the company has been working with money in digital form for years. It is not yet possible to know exactly how to classify this statement, is it announcement of the new crypto-related product or not, but, as its stated: "it wouldn’t be a big reach for WU to add a cryptocurrency to its customer options".
Media: WhatsApp Could Receive Its Own Cryptocurrency
«According to people familiar with the matter», Facebook is developing USD-tied stablecoin for users of the popular messenger WhatsApp. Initially, the residents of the Indian region will be able to use this cryptocurrency, as the country ranks first in terms of currency transfers, and its audience in the messenger is also high. In addition, Facebook Inc. also creates a custodial solution concept for this stablebcoin.
It is likely that today the possibility of a quick exchange of dollars is in demand. The use of USD payments in messengers or with its help can significantly strengthen everyday economic relations. However, it is worth to say again that this information has not yet been officially confirmed.
Members Of The US House Of Representatives: Securities Regulation Can't Be Applied To Cryptocurrencies
Warren Davidson and Darren Soto, members of the US House of Representatives, proposed to exclude cryptocurrencies (tokens) from the SEC control area. So, it is argued that tokens are not related to securities, since is not an expression of financial interest in a company, including participation in capital, which is traditionally understood as a type of security.
Of course, at the legal level, various arguments can be made for and against, for example, that such an explanation seems to be very formal. So, it is unlikely that the amendments will take place, since the tokens exist in the United States and they will necessarily be regulated by them. Not for the first year, the commission has been working with cryptocurrency fraud cases, where investors want protection from the regulator.
Bitfinex Opens USDT/USD, BAB And BSV Margin Trading
Not so long time ago Bitfinex announced the launch of leverage trading in USDT/USD pair, that is, the possibility of using funds to increase the size of positions when exchanging a Tether for a «fiat» dollar.
Margin trading for USDT/USD pair on Bitfinex is now open. Read our announcement for more on what this means for our traders: https://t.co/kYZP6R1Yzq pic.twitter.com/wc5zsN4sh2
Bitfinex () December 21, 2018
The same feature is now available for 2 Bitcoin Cash forks BCH ABC (BAB) and BCH SV (BSV):
Further to our previous announcement, we have also now opened margin trading for BCH ABC (BAB) and BCH SV (BSV) pairs
Bitfinex (
According to the exchange, the opening of margin trading for Tether (the alternative proposal for which is growing, as new stablecoins appear) is an improvement in the supply of stablecoins in accordance with the market development and demand from hundreds of customers.
Tom Lee Won't Bitcoin Forecasts Anymore
Tom Lee (also known as crypto bull), who has pleased the market with his Bitcoin predictions for a long time, will probably refuse to comment on the BTC price in the future. The last time the analyst supported the discussion about the unfair market price of this cryptocurrency, that is, that the real value of the coin is much higher.
Officially, Tom Lee emailed his clients on December with this:
«We are tired of people asking us about target prices […] Because of the inherent volatility in crypto, we will cease to provide any timeframes for the realization of fair value»
The last time Lee lowered the forecast to $10,000 per 1 Bitcoin by the end of the year. As for the other predictor, an american investor and antivirus creator John McAfee, he bet half a million dollars for Bitcoin, and the fate of the details of this bet remains unknown.
Coinsquare Is Now Available In 25 EU Countries
The Canadian cryptocurrency platform Coinsquare has become available in 25 countries of the European Union, the company said on its twitter:
Today's the day we officially launch in 25 countries across #Europe, offering fiat deposits and withdrawals ($EUR and $CHF) and access to all the #cryptocurrencies on our platform! https://t.co/1GLAiTgyPB pic.twitter.com/WUCxgjuLDi
Coinsquare (@Coinsquare) December 19, 2018
For users from the region, the exchange provides the opportunity to trade in Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Bitcoin SV, Dogecoin and Ethereum Classic. Among the fiat currencies that will be available, the exchange notes the euro and the Swiss franc. Coinsquare had never left Canada before. As for the other exchanges, the American Coinbase now also provides its services for 6 new European countries.
Coinbase Now Works In 6 New European Countries
One of the largest US cryptocurrency exchanges Coinbase now works with investors of 6 new countries, namely Andorra, Gibraltar, Guernsey, Iceland, Isle of Man and Lithuania. Users in these countries now have access to the Coinbase.com platform and exchange applications for iOS and Android. However, the Coinbase Pro and Coinbase Prime services are not yet available to investors, but they will appear later.
Now the exchange is represented in 33 countries around the world. And, as was said, the company will explore new regions in the future. So far, however, Coinbase’s position in local markets is hard to estimate. For example, previously, some Lithuanian exchanges were able to obtain a license for issuing electronic money (EMI license) from the Bank of Lithuania, the regulator of one of the EU member states.
→ See also: Coinbase launches Coinbase Earn, a new way to earn crypto while learning about digital assets; during participating, users can be rewarded with 0x (ZRX).
→ Users can now convert one crypto to another on Coinbase (announce). Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH).
OKEx Launched Perpetual Bitcoin Swaps
This week, the popular cryptocurrency exchange OKEx launched Bitcoin-based cryptocurrency derivative, namely perpetual contract. The new instrument allows traders to open not only long but also short positions, and the number of cryptocurrencies available as a base for the derivative will be increased, as reported.
«The Perpetual Swap is OKEX’s latest derivative product characterized by no expiry and delivery. At the first phase, it supports BTC with a maximum of 100x leverage. The Perpetual Swap also features mark price, tiered maintenance margin ratio system, and partial liquidation mechanism for better risk management».
It is worth noting that this product is different from futures already traded on OKEx.
Changpeng Zhao (Binance): 2018 Is Correction Year for Crypto
Changpeng Zhao, chief executive officer of Binance, one of the biggest exchanges, during an interview with Bloomberg (published on December 19) expressed a generally optimistic vision of the cryptocurrency market's future, calling the 2018th year a correction for crypto.
He also noted that, despite the fall of Bitcoin and other currencies that may be interesting for speculators, in the future the development of the industry will be based on the real implementation of cryptocurrencies and applications associated with them.
The interviewer reviewed almost all major topics, for example, Binance’s plans and the attitude of CEOs to regulators. Zhao replied that the exchange's plans had not changed, and that perhaps 2 or 3 new platforms would be opened during the first months of 2019. At the time of writing, Binance has ~$3 669 263 000 as 7d adjusted volume and 1st rank by trading volume among other exchanges.
Vitalik Buterin Gave $300K In Crypto To 3 Ethereum Startups
The news that Buterin invested in some blockchain startups surprised the media a bit. This act is also called "unprecedented generosity." So, Prysmatic Labs, ChainSafe Systems and Sigma Prime teams received unexpected donations of 1,000 ETH each from the creator of Ethereum.
It is reported that these projects complained about the lack of funding due to the transition to a new ecosystem called Ethereum 2.0. The interest of users was also attracted by the fact that the discussion with the developers and the distribution were live on Twitter.
Brazilian Bank Aimed To Issue Cryptocurrency
State Brazilian National Social Development Bank intends to issue a token, the value of which is pegged to the state currency, the Brazilian real. The token was named BNDES, is being developed based on Ethereum and is expected to be released already during January of the next year.
It is noteworthy that the ConsenSys startup will become the consultant of this project. In general, the idea of the release of semi-regulated stablecoins is not new and is already actively distributed throughout the world.
Regulation & Taxes
- UK Tax Agency published guide for cryptocurrency holders.
- French government refused to ease taxation for cryptocurrency owners.
- Media: Hong Kong regulators are going to be cracking down on crypto soon.
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