Posted on

Binance Adds Sub-Accounts Feature with Zero Downtime Experienced

Earlier November this year, we saw the cryptocurrency exchange of Binance open its doors to institutional investors. Part of the plan was to introduce a feature that allows individual institutional accounts to have up to 200 sub accounts. Less than a month later, the exchange has announced today that it has launched the anticipated feature which aims at bringing improved managerial control and asset audit tools to institutional account holders.

Each Sub Account Will Have Its Own APIs

The announcement by the exchange was made only minutes ago and described the new feature as follows.

This upgrade will serve entities looking to set up multiple trading accounts within one organization and control access on an account level.

The original/main account has sole control over the movement of assets within the accounts as well as the ability to set permissions and grant different access levels for up to 200 sub accounts.

API users will be pleased to know that each sub account will have its own set of API limits, enabling them to trade with more freedom and at a higher capacity.

Account Security

The new feature also offers adequate security for each sub account. Individual account login information has been properly subdivided.

Master Account and Sub Account Access

The master account will be able to do the following:

  • View all data and balances for all accounts
  • Transfer funds between accounts
  • Parental managerial control
  • Create, edit and delete all API keys
  • Place and cancel all orders

The sub-account will only have two abilities: to delete APIs linked to the sub account and to place/cancel orders linked to its account.

No Downtime Experienced 

One thing to note, is that the new feature was added onto the exchange without any scheduled downtime as is the case whenever any cryptocurrency exchange wants to upgrade its platform. The CEO of Binance – Changpeng Zhao – tweeted about this achievement as follows.

What are your thoughts on the new sub account feature geared towards attracting institutional investors? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Binance Adds Sub-Accounts Feature with Zero Downtime Experienced appeared first on Ethereum World News.

Posted on

Swedish Bank Inks Deal to Offer Crypto Fund Trading

Stockholm IT Ventures AB (SITV), a blockchain startup based in Sweden, has signed a software license agreement with a local bank to deliver a crypto fund trading service.

SITV announced Wednesday that its automation subsidiary, Blocktrade Technology, had signed the agreement with Valens Bank, according to a news release. The agreement, which is also the second between the two companies, stipulates that Valens Bank use “the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading.”

The BTT Crypto Trading Toolbox allows professional traders to “actively manager their clients digital assets” through its AI trading tools, according to Blocktrade Technology’s website.

Torben Pedersen, the director at Valens Bank, said “we are confident that this software will offer great value to clients and give pro-traders the market edge all are looking for,” according to the release.

Fredrik Waijnstad, managing director at Blocktrade Technology, said in the release that the agreement is in line with his company’s goal to reach out to “institutional investors and banks.”

The two companies are currently working to integrate “the back-end mechanics” of the service, and plan to launch trading for Valen Bank’s clients by September.

Neither the bank nor the startup announced which cryptocurrencies would go into the fund.

Stockholm image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Coinbase Index Fund Adds ETC, Minimizes Fee To Charm Investors

The market has tumbled by over 5%, but this has not stopped the development of cryptocurrency products from moving forward. As Ethereum World News reported previously, the Coinbase Index Fund was launched in mid-June, opening its doors for accredited investors willing to allocate a minimum of $250,000 to up to $20 million to this fund.

The fund works as follows — the assets supported by the fund are weighted by market capitalization and then added to the product as such. So an investor who invests $1 million in the fund today would get $720,000 of Bitcoin, $190,000 of Ethereum, $20,000 of Litecoin, $60,000 of Bitcoin Cash and $10,000 of Ethereum Classic.

However, upon the release of the institutional-focused products, some investors expressed worries about the fees and lack of support for a wide range of crypto assets. But as a Medium post from Coinbase Asset Management alludes to, these worries are being addressed with two new improvements that will be implemented into the firm’s in-house index fund.

Coinbase’s Bid To Attract Investors

Firstly, the premier cryptocurrency platform revealed that it would be reducing its management fee for the Coinbase Index Fund to 1% annually. This is a hefty 50% reduction in fees as Reuben Bramanathan, the Product Lead at Coinbase Asset Management, alluded to in the following comment:

“We’re pleased to announce that we are reducing the annual management fee for Coinbase Index Fund from 2% to 1% for all new and existing investors.”

The Coinbase executive went on to explain the reasoning behind this reduction, noting that this move was made to “attract investors who are familiar with lower-fee index funds in other asset classes.” Hopefully, this decrease to a bare minimum fee should entice institutional investors to invest into this flowering asset class, which may be needed in a today’s bearish market. This just might be a primary catalyst that may bring vast amounts of institutional interest into this market, driving adoption, innovation, and prices to new all-time highs.

Secondly, the Coinbase Index has been rebalanced to include Ethereum Classic (ETC) to account for last week’s listing of ETC on Coinbase’s array of products. This move was not unexpected, as a post from the cryptocurrency giant mentioned ETC support for the index fund. Along with announcing investor “exposure” to ETC, Bramanathan noted that the fund will continue to add assets moving forward, including the five cryptocurrencies (Cardano, Basic Attention Token, Stellar Lumens, ZCash, 0x) mentioned in a previous announcement.

This is just another move that brings validation to Ethereum Classic, which has been mentioned in headlines all across the industry as of late. Over the past weeks, ETC/USD support has been added to Coinbase as aforementioned, Robinhood and Bittrex, which will only increase the amount of fiat inflow this asset sees in the future.

Many are hopeful for the success of this product, as many believe that an influx of institutional interest can right the sinking ship that is the current cryptocurrency market.

Photo by Samson Duborg-Rankin on Unsplash

loading…

Posted on

We’ll Recover Just Like The Past, says veteran BTC Analyst Willy Woo

Willy Woo, a veteran digital currency analyst with a strong focus on Bitcoin (BTC), has correctly predicted BTC trends on two occasions as highlighted by Ethereum World News.

The first time he did so, was back in late May when he had doubts that BTC would hold its levels above $7,000. Mr. Woo would then predict a decline to levels of $5,500 – $5,700 before the end of June. Sure enough, we touched $5,800 on June 29th. His first prediction was as follows:

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long time-frames here, looking into June for rough timing of this to play out at a best guess.

The second time was when he predicted on the 1st of August that Bitcoin would flash dump then moon. His full prediction was as follows:

Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterwards, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterwards havens like Gold and BTC have a bull run.

‘Flash Dump and Moon’ was taken out of context

Willy Woo has since stated that his predictions of a ‘flash dump then moon’ were taken out of context, but the accuracy of his words were stunning. In a tweet explaining how it was never intended to be a prediction, Mr. Woo stated that:

I never predicted a flash dump. It was a discussion on price movements in the context of a hypothetical banking crisis similar to WFC 2008.

We’ll recover, just like the past

As part of his response to the ‘Flash Dump then moon’ discussion, Willy Woo also stated that the current bear market might not be as huge or historic as everybody thinks. He went on to elaborate it in the following way:

Nah. This bear market has strong fundamentals. We’ll recover just like the past. It’s never been stronger on the long view. The fact that the media and big institutional players are talking it down is amazing. BTC used to be laughed at.

It is 2014 all over again for BTC

Bitcoin (BTC) experienced a similar decline back in early 2014. The decline was due to the Mt.Gox saga that transpired from late December 2013, to around March 2014. Back then, BTC fell 82.3% in a period of 21 months up until August 2015. Returning to current events, BTC has fallen 71% since its peak in December 2017.

When the bottom of the decline was reached back in August 2015, BTC would then continue to gain in value, from $203, for 28 months till its recent peak of $20,000 witnessed in December last year. This was a magnificent run that was 9,800% in gains in that time period.

In conclusion, the current BTC and total crypto market decline is normal for it has been witnessed before in the past. What remains to be seen, if we have reached the bottom of the decline in preparation of an upward trend for the next several months.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

3 Reasons Why the Bitcoin (BTC) Rally is Here to Stay According to Brian Kelly of CNBC’s Fast Money

The total crypto market capitalization has surpassed the $300 Billion mark and is currently valued at $301.5 Billion. With the increase in volume of the crypto markets, Bitcoin (BTC) has broken past two recently stated resistance levels of $7,600 and $8,000 in quick succession and in a period of less than a week. The King of Crypto is currently trading at $8,310 and looks set to get to $10,000 by the time August rolls by.

With the increase in value of BTC comes the question of whether the current Bitcoin rally will continue into the rest of the year. Many crypto-traders have been treading cautiously as they too are not sure if this is an official bull run or the feared bull trap.

Brian Kelly, a regular contributor on CNBC’s Fast Money offered his insights as to why the Bitocin rally is here to stay. To begin with, Kelly stated that the current Bitcoin ETF frenzy is one of the driving forces of the current market excitement. Many traders believe that the SEC decision will be made around the 16th of August but Kelly believes that the chances of the Bitcoin ETFs being approved in 2018 are very slim. He stated that:

The chances of an ETF in 2018 are relatively low…but that does not stop the speculation on that. And that is one reason why we have seen this bottoming process to $5,800 all the way up here

A second reason the Bitcoin rally is here to stay according to Brian Kelly, is the interest of the crypto markets by institutional investors. He added that:

Institutions are starting to get serious. I can tell you from the calls I am getting. People who looked at [BTC] in December did not like the price. They are coming back now and saying, ‘Alright this thing is not going away. We need to understand what it is.’

The third reason why the current Bull run will continue, is that the said Institutions have acknowledged what is known as ‘Web 3.0’. Kelly described Web 3.0 as follows:

Web 3.0 is the new Internet, an improved Internet, with data that can be monetized. How do you send something of value across an open network like the Internet? With a cryptocurrency, and that is exactly why institutions are starting to get into this [bitcoin]. They’re seeing how this fits into a portfolio of Web 3.0 stocks.

In conclusion, even thought leaders such as Brain Kelly believe that the current Bitcoin rally is here to stay.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Institutional Investors are Swapping Bitcoin Futures for Physical BTC in Wall Street

It seems like the institutional investors at Wallstreet have also succumbed to FOMO that is related to the current Bitcoin (BTC) rally. The King of Crypto has been increasing steadily from Friday, July 13th, when it was valued at $6,200,. BTC has since gained by 34.4% to current levels of $8,335.

This impressive rally in almost 2 weeks, is the reason two Wallstreet institutional investors have completed the first-ever exchange of their positions in the CME’s Bitcoin futures market, for an equivalent amount of the ‘physical’ Bitcoin asset in an EFP transaction. According to CCN.com, the CME EFP Bitcoin transaction was facilitated by  E.D & F Man Capital Markets, which is a registered futures commission merchant, and itBit, an institutional-grade cryptocurrency exchange.

According to the CME Group website, EFPs are defined as follows:

An Exchange for Physical (EFP) is a particular type of Exchange for Related Position (EFRP) transaction and may be executed in any CME equity index future in accordance with Rule 538 and any associated advisories.

The EFPs are then used by traders as follows:

EFP transactions allow investors to convert between futures and either ETFs or baskets of the underlying index constituent stocks, without exposure to intraday market execution. This not only allows investors to optimize their holdings to meet their leverage, capital, tax and liquidity needs but to also differentiate between the tool they use for trading and how they want to hold their exposure.

In an EFP transaction, two parties exchange equivalent but offsetting positions in an equity index futures contract and an underlying physical equity (either a related ETF or basket of shares). One party is the buyer of futures and the seller of the physical shares, and the other party takes the opposite position. The EFP is a privately-negotiated transaction between the two parties to the trade, where the consummated transaction must be reported to the Exchange.

These transactions are common in traditional trading, but this is the first time an EFP has been used with a digital currency as the underlying asset. The current expiration date of the CME Bitcoin futures is this Friday, the 27th of July. The EFP transaction might have been as a result of the investors seeing that BTC is on a rally rather than on a decline as earlier expected.

Brooks Dudley, from E.D & F Man Capital Markets Inc., had this to say about the trade:

Every day we facilitate EFPs for our clients in physical assets such as soybeans, wheat and treasuries. EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.

As the cryptocurrency markets continue to evolve, EFP trades might become common. Owing to the fact that the U.S. Commodity Futures Trading Commission (CFTC) has only approved Bitcoin futures products that are settled using cash, the EFPs will provide more flexibility as to how Wallstreet interacts with digital assets.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Can the Price of Bitcoin (BTC) Withstand the Historical Low Weekend Volumes?

Any keen observer of the behavior of the crypto-markets can attest to the fact that weekends are usually the trickiest for crypto-traders. The volumes of Bitcoin (BTC) and the crypto-markets in general, have a high chance of declining by a considerable percentage during the weekends. An exact explanation of this phenomenon has not been put forward in the crypto-verse, but we can assume the day traders are enjoying their profits of the week during the weekends and away from their computer screens and mobile trading apps. The same day traders then make a reentry into the crypto-markets some time on Monday.

Jokes aside, will Bitcoin (BTC) survive the traditionally low trade volumes during the weekend and sustain its current levels above $7,200?

The mood and feel in the crypto-markets, is that $7,200 is the new support level for Bitcoin (BTC) and this price could withstand the weekend. If this value is maintained, the King of Crypto – BTC – might be able to break the current resistance levels of $7,500 to $7,600 and get the the $8,000 level during the coming week.

The other side of the coin, is that BTC fails to hold the $7,200 support levels and eases back to levels around $6,800.

But the most likely scenario is for BTC to keep pushing up towards the $10,000.

Ethereum World News has highlighted the following reasons to be bullish about Bitcoin:

  1. Coinbase Custody service attracting a hedge fund worth $20 Billion
  2. Several market leaders calling for Bitcoin to move higher, including longtime BTC bear at BK Asset Management, Boris Schlossberg
  3. BTC having hit the bottom of the year
  4. Thomas Lee assuring that the time to buy Bitcoin is now
  5. Continual technical analysis
  6. The Bitcoin ETF frenzy
  7. BlackRock investment firm declaring it is exploring blockchain and cryptocurrencies
  8. Other institutional investors
  9. The general mood and feel of crypto enthusiasts who believe the time for a bull run is now

In conclusion, the weekends are historically known for having low trade volumes in the crypto markets. The exact reason for this has not been explained but the maintenance of the current price of BTC hinges on this. All the King of Crypto has to do, is to maintain levels above $7,200 through the weekend and into the new week. If this is achieved, the coming week might be as good as, or better than, the last one we had in the crypto markets.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Coinbase Custody Service Secures Major Institutional Investor Worth $20 Billion

Earlier this month, the popular cryptocurrency exchange known as Coinbase, announced a new digital asset storage service for institutional investors and high net individuals. This new service by the exchange was given the name of Coinbase Custody and the announcement was made via the exchange’s twitter page as well as its official blog. The tweet announcing the service can be seen below:

It is with this background that news has surfaced of the Custody service attracting a major hedge fund that is valued at over $20 Billion. According to Business Insider and CCN.com, the name of the hedge fund has not been disclosed by the unnamed sources who provided the information. The team at Coinbase is also planning on securing more hedge funds to sing up for the Coinbase Custody storage service. Coinbase has also been reported of planning to offer margin finance as early as by the end of the year.

Greenwich Associates’ consultant Richard Johnson, had this to say about the future of Coinbase:

Coinbase is pursuing a lot of different initiatives that make sense and take it closer to or are more similar to traditional finance: custody, financing, lending, security tokens, and the institutional portal. They have the resources to fund them and will surely have some successes.

After the release of the Coinbase Custody service, Ethereum World News had done its own analysis on the possible outcomes of Institutional Investors and high net individuals getting into cryptocurrency investing due to the secure storage available at Coinbase.

Three possible scenarios on the future of the Crypto-markets were explored:

  1. The Coinbase Custody service becomes a gateway for the institutional investors and high net individuals to get into crypto. This means that the anticipated ‘big money’ from Wallstreet will finally make it into the crypto-markets
  2. All the digital assets that Coinbase currently supports (BTC, ETH, ETC, LTC and BCH) will probably skyrocket in value leading to a possible overall crypto bull run as the one witnessed last December into January this year
  3. Coinbase probably is gunning for a banking or brokerage license by aligning itself to the regulation of SEC by listing only what has been given the go ahead by the government authority

In conclusion, the news that Coinbase has managed to attract a $20 Billion worth hedge fund is good news for not only the crypto-exchange, but for the entire crypto markets for this is a sign of more institutional investors and high net individuals getting into crypto investing.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Here Is How New Money from Wallstreet Could Fund the ongoing Bitcoin (BTC) Bull Run

In an exclusive commentary to Ethereum World News, Matthew Newton, a market analyst at eToro shared his thoughts with regards to the current Bitcoin (BTC) surge in the crypto markets that has left many traders excited as well as skeptical as to whether it is the real deal.

We’ve seen a flurry of positive announcements this week, including a nod from the FSB and a big-pocket investor like BlackRock. After a few weeks in the doldrums, news like this goes a long way in lending legitimacy to crypto as an asset class, which is powerful over the long-term.

However, good news is not as influential as bad in a bear market. The market was quietening down over the last week, which is typical around market bottoms when investors lose interest and focus on other things. A great technical setup yesterday may also have helped spur prices forward.

Mr. Newton further cautioned traders that there is a slight possibility that the current Bitcoin (BTC) rally might be temporary:

Investors would be wise to remain cautious, as we saw a similar situation in April where some big short positions were squeezed causing the price to surge. That said, if bitcoin pushes past $8k, it’ll indicate that the bull is back and prices could continue to climb further.

It might take a few more weeks to confirm if the current Bitcoin trend is a bullish one, but one other Wallstreet firm has decided that the time is nigh for it to get into crypto investing. Goldman Sachs, through its new CEO, David Solomon, has indicated that it is already providing investment options to its clients that are derived from Bitcoin. In an interview with Bloomberg, David Solomon stated that:

We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.

This then confirms the general crypto-market sentiment that the new money is slowly but surely trickling in from Wallstreet and other institutional investors. One needs to look at the current total crypto market capitalization that stands at $297 Billion at the moment of writing this. This figure has risen by over $40 Billion since Sunday, July 15th, and only 3 days ago.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Is This The Beginning of Another Bitcoin (BTC) Bull Run?

$6,900 per Bitcoin (BTC) is the current magic number when you ask any seasoned Crypto-trader in the crypto-verse. This is because they believe that once this resistance level is broken by the King of Crypto, we could be seeing BTC values get to a new zone of between $7,600 and $8,000. BTC is currently trading at $6,717 and up 3.34% in the last 24 hours. If its current momentum continues, we could be breaking the $6,900 ceiling very soon.

Several technical analysis experts have done a good job of analyzing the general direction of the price of Bitcoin in the coming months. But technical analysis goes hand in hand with current events that affect the crypto-markets.

Bitcoin ETF Factor

The general mood and feel from crypto-enthusiasts, is that the SEC will approve the Bitcoin ETFs filing by the CBOE. This is due to the fact that previous ETFs were filed during a period when the rest of the world had not shown signs of regulating the industry. At the moment we have the following countries that have passed laws and/or expressing their will to do so: Malta, South Korea, Japan, Canada, Germany, Thailand, Philippines, just to name a few.

This means that the SEC has seen the global progress of crypto adoption as an investment option and will approve the Bitcoin ETFs. The exact date of an SEC decision is not known, but many believe it will be in August.

BlackRock effect

Just yesterday, the news of the BlackRock investment firm exploring blockchain and cryptocurrencies, caused a spike in the price of Bitcoin (BTC). The value of BTC rose from the levels of $6,200 to those of $6,600 in less than 24 hours. The momentum is still there for BTC is now valued at $6,717.

Other institutional investors

The institutional investors are slowly trickling in to invest in the crypto markets. Coinbase has even introduced its Custody service to securely store the digital assets of high net individuals and the said institutional investors.

One good example of the entry of institutional investors, is the declaration of the Swiss based stock exchange of SIX that they will be creating a crypto-trading platform.

Coinbase effect

The Coinbase cryptocurrency exchange has just received the go-ahead to become a government-licensed broker-dealer platform in the United States. This means the exchange can now list digital assets that are classified as ICO tokens. More investors in the United States will now be able to invest in the numerous ICO tokens available, further boosting the volume of the entire crypto markets. Perhaps this is a new avenue for XRP to be listed on the exchange?

In conclusion, the technical analysis of Bitcoin (BTC) had indicated the King of Crypto had been over-sold last week and a rise in value was imminent. The additional news of BlackRock, Coinbase and Bitcoin ETFs might be the news needed to confirm a new Bitcoin Bull Run in the second half of 2018.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…