Today we have a Daily Token Review and three really awesome cryptocurrency news segments to share with you. When it comes to today’s news, first up, we have Fidelity Investments, one of the largest investment managers in the world, has said it would launch its Bitcoin trading service in the coming weeks. Second up, insider sources have revealed that the CFTC is now set to approve Ethereum futures contracts. Thirdly, the latest report has revealed that carrying out international transactions with PayPal, is 30 times more expensive than with bitcoin.
Guys, apart from the great news, today we are announcing a series of giveaways. This week we are giving 10 dollars every day from Monday to Friday. You just need to comment below!! The winner will be picked at random. Starting today, we are giving $10 in XRP. Tomorrow will be Bitcoin! Stay tuned and don’t forget to leave your comment.
As seen on CoinMarketCap, we have a mixture of greens and reds on the market with a pretty lush market overall. The world’s flagship cryptocurrency, bitcoin (BTC) has increased by 1.73 percent. Ether (ETH) still maintains its “second in command” status, with a significant gain of 10.54, potentially due to the CFTC’s impending approval of ether futures contracts. Ripple’s XRP maintains the number three position, and it has increased by 1.41 percent. Now, if I scroll down to the top 20, we’re also having a very green market. It appears as though Tezos and Maker are making significant gains increasing by 7.14 and 7.15 percent respectively.
Now, onto the news! According to a report by Trustnodes, these are exciting times indeed for the entire cryptospace, as Fidelity Investments, a leading American multinational financial services firm with $2.7 trillion in assets under management, is now set to launch its Bitcoin trading service for institutional investors.
According to sources close to the exciting development, Fidelity will start buying and selling bitcoin on behalf of its institutional clients in a few weeks, as a recent survey it carried out, shows that nearly half of its institutional clients are interested in the flagship cryptocurrency. Specifically, Fidelity claims it found out through its survey that about 47 percent of investors see digital assets as innovative technology, 46 percent see it as an uncorrelated asset, 27 percent think bitcoin has high potential, while 25 percent see cryptos as a tool for decentralization.
Commenting on the matter, Fidelity spokeswoman, Arlene Roberts reiterated that Fidelity’s Bitcoin trading service is specifically targeted at some clients, adding “We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service is focused on Bitcoin.” You must agree with me that the good times are here again for bitcoin and other digital assets, as the entry of a big whale like Fidelity into the cryptospace, could potentially send prices to the moon once again!
Now, onto the second news item for today! Per a Coindesk report, an anonymous source has revealed that the United States Commodity Futures Trading Commission (CFTC) is seriously considering approving an ether futures contract shortly.
“I think we can get comfortable with an ether derivative being under our jurisdiction. We don’t do bold pronouncements, what we do is we look at applications before us,” said the unnamed CFTC official. While the approval of Ethereum futures may usher in more institutional investors into the cryptospace, it’s worth noting that the product may also act as a double-edged sword, as it would give pessimists a chance to bet against the digital asset and potentially crash the price just like the CME and CBOE Bitcoin futures contracts did to bitcoin last year.
Now, onto the third news item for today! According to a report by Zycrypto, citing a tweet by a Twitter user with the moniker, @CryptoMichNL, despite the nascent nature of bitcoin and blockchain technology, sending cross-border payments with cryptocurrency is still 30 percent more cost-efficient and faster than PayPal. “Transferring abroad $100,000 in $BTC through the Blockchain: fees of $5–50. Transferring abroad $100,000 of value through PayPal: fees of $1,500–4,000 + PayPal is able to lock the amount for some period,” he tweeted.
Of a truth, blockchain technology and digital assets are yet to gain mainstream adoption, the fact still remains that distributed ledger technology (DLT) has true potentials to change the face of global finance and thanks to fintech projects like Ripple, Stellar Lumens, and several others, forward-thinking financial institutions are now beginning to leverage blockchain technology in facilitating cost-efficient international payments. At this rate, it’s only a matter of time before some traditional financial platforms become completely obsolete due to lack of innovation.
So what are your thoughts on this situation? Do you think that the launch of a bitcoin trading service by Fidelity Investments will have a significant impact on the price of bitcoin (BTC)? Will the CFTC’s approval of an Ethereum futures contract attract more institutional investors to ether in a good way? And what are your thoughts about Blockchain-powered payments solutions, do they have all it takes to take over the market from PayPal and other traditional payment platforms?
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.