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Bitcoin (BTC) Under $6k, Total Crypto Market Cap under $200 Billion. What Next?

It has come to the conclusion of many crypto-traders that sometimes technical analysis does not work when dealing with the crypto markets. All the technical stuff gets thrown out the window because the market sometimes operates on news and FUD. It is with the latter situation that we are still suffering from the gut wrenching blow that was the delay of the Bitcoin (BTC) ETF.

Before the announcement was made, the total crypto market capitalization stood at $255 Billion. We are now at $191 Billion at the moment of writing this: a drop of 25% in a week. BTC was also at $7,100 before the SEC announcement. It has since touched $5,990 a few minutes ago: a drop of 15.6%. Ethereum (ETH) has been hit the hardest by falling from $410 to a new low of $259 in just the same time frame: a drop of 37%.

With all the turmoil, one is left to wonder what is next?

Technical analysis aside and tackling the situation head on, a market recovery is hinged on three possible events.

Firstly, the SEC rules in favor of a Bitcoin (BTC) ETF on the 30th of September. This will reignite faith in the crypto-markets as well as setting us up for another bull run into the holiday season that starts in November. However, the SEC might take the current volatility of the crypto-markets to further extend on making a ruling on the ETF. Remember the SEC is tasked with protecting the welfare of investors in America. They might get skeptical about a volatile crypto market.

Secondly, the crypto traders might just find it within themselves to immediately continue trading without the idea of the SEC at the back of their minds. The inventor of Bitcoin, Satoshi Nakamoto, never intended for the fate of Bitcoin to lie in the hands of the financial institutions it was created to avoid. Therefore, we, the people, have a majority say as to what the future of the crypto markets will be. We can decide to let Wallstreet determine that for us with ETFs and companies like Bakkt, or we can go on with business as usual like we did before all the hype of Institutional investors.

Thirdly, and the option many might not want to hear, is that we let the current market decline to phase out in a natural manner and with time. One can compare the current turmoil to a storm in the high seas. Only the strongest of sailors have been there before and know how to battle the waves with a smile on their faces as the rest of the crew hide below deck or abandon ship completely. It takes a more or less brave sailor to tackle storms with a smile. But that is indeed what many of us need to do heading forward. We love this crypto-verse too much to let it wither under our feet. Five years down the line, we will be laughing at how back in 2018, we almost gave up on our Bitcoin and Alt-coin positions.

[Photo, sinking of the Black Pearl from the Pirates of the Caribbean. Source, flickr.com]

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.

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Here Is How Starbucks Will Lead the Way Towards Bitcoin’s (BTC) Global Adoption

The news that the owners of the New York Stock Exchange – the Intercontinental Exchange – has teamed up with Microsoft, BCG, Starbucks and other firms to launch the Bakkt company that will push Bitcoin and other digital assets towards becoming mainstream financial asset, has come at an opportune time in the crypto-verse. The news came during a time period when the crypto-markets lacked the momentum to get out of the current bear trend. Although the news came late on Friday, there is indeed hope in the crypto-marekts.

With Bakkt, there is hope that the CBOE sponsored Bitcoin ETF pending at the SEC might be approved by the end of the year. This is due to the fact that Bakkt will be fully operational by November giving validity to Bitcoin ETF as explained by CNBC’s Brian Kelly below:

This is huge news. I think the market is completely underappreciated. So let us talk about why this is the biggest news of the year for Bitcoin.

It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why?

Because there was not a US regulated exchange and there wasn’t US regulated custody.

The Bakkt company provides a regulated exchange and a US regulated licensed warehouse where commodities will be stored. During the CNBC commentary, Brian Kelly would go on to explain how Starbucks will be thrust into the limelight of Bitcoin adoption on a global scale since it is part and parcel of the new Bakkt venture.

Starbucks are going to allow you to take your crypto and effectively load up a US Dollar card with it. We do not have a problem with that payment system here in the US.

This is more about a move forward and if you look at Starbuck’s history, they are really at the forefront of digital payments particularly in the retail space. To have them involved is more of a signal that this is becoming more of a mainstream.

If you go globally, they are talking about Bitcoin as a global currency…which I believe it could be…People are going to start using Bitcoin to buy their coffee if their currency does not work well.

In conclusion, and as commented by CNBC’s Brian Kelly, it is only a matter of time before we start paying for our coffee at Starbucks using Bitcoin. This will in turn mean that BTC is soon going to be a mainstream medium of exchange for goods and services on a global level.

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.

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Breaking: Owner of NYSE Partners with Microsoft, BCG and Starbucks to launch a Global Bitcoin Market

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), is partnering with Microsoft, Starbucks, BCG and others, to launch a market and ecosystem to list physically settled Bitcoin futures contracts and for a new company to push Bitcoin and other digital assets towards becoming mainstream financial asset.

The new company will be known as Bakkt and intends on leveraging Microsoft’s could solutions to create an open and regulated, global ecosystem for digital assets. The integrated platform will enable consumers and institutions to buy, sell, store and spend digital assets on the seamless global network.

Kelly Loeffler, CEO of Bakkt, is quoted as saying the following with regards to the new company:

Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.

Bakkt will initially integrate with ICE’s U.S futures market and clearinghouse to list a physically settled one-day Bitcoin futures product. This will include physical warehousing managed in-house by ICE. This new product is slated for launch in November and is awaiting regulatory approval. In addition to the Bitcoin futures product, Bakkt will be a full-fledged platform to promote the adoption of digital assets as mainstream financial assets as earlier mentioned.

Jeffrey C. Sprecher, Founder, Chairman, and CEO of Intercontinental Exchange, is quoted as follows with regards to the launch of Bakkt:

In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.

Maria Smith, Vice President, Partnerships and Payments for Starbucks, explained how the company will play a role in the partnership:

As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.

As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.

Similar sentiments were echoed by Sean Collins, Senior Partner, BCG:

Blockchain technology holds tremendous potential to enable new business models and trusted ecosystems. By leveraging and developing fundamental market infrastructure, the Bakkt platform will enable firms across industries to accelerate a range of innovation.

Other investors in Bakkt are expected to include – but not limited to – an affiliate of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.

More information with regards to the launch of Bakkt will be announced in the coming weeks.

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NYSE Parent ICE's New Futures Contract Will Deliver Real Bitcoin

Intercontinental Exchange (ICE), the Atlanta-based firm that owns the New York Stock Exchange, announced Friday that it plans to launch a digital assets platform and a bitcoin futures product.

Called Bakkt, the platform will leverage Microsoft’s cloud to build “an open and regulated, global ecosystem for digital assets,” according to a press release. Effectively, it will allow consumers and institutions to trade, store and spend digital assets over a worldwide network.

The company said that it believes that the regulated venues will create new protocols for managing “the specific security and settlement requirements” of cryptocurrencies.

Notably, ICE also plans to offer a one-day “physical” bitcoin futures contract – meaning bitcoin is actually delivered on a specified date, unlike other offerings that are settled with cash. The product is expected to launch in November, pending U.S. Commodity Futures Trading Commission (CFTC) approval, ICE states.

The firm adds that major companies including BCG, Microsoft and Starbucks are providing expertise on risk management and consumer experience for the project.

Jeffrey Sprecher, founder and chairman of ICE, said in the release:

“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”

“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility,” said Kelly Loeffler, CEO of Bakkt.

The release also indicates that M12, Microsoft’s VC arm, Galaxy Digital, Horizons Ventures, Alan Howard and Pantera Capital are among the firms who have either invested in, or are expected invest in, the project.

NYSE 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.

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Report: NYSE Owner ICE Weighs Bitcoin Trading Platform Launch

Intercontinental Exchange, the firm that owns the New York Stock Exchange, is the latest Wall Street giant to be mulling a move into the cryptocurrency space, according to a report.

An article from The New York Times published Tuesday suggests that Intercontinental Exchange (or ICE) has been developing an online bitcoin trading platform for major investors who want access to bitcoin.

The newspaper cited emails and documents it obtained as well as conversations with four people with knowledge of the still-confidential project.

While details of the trading platform have not been set in stone and it may not still go see launch due to concerns over bitcoin’s negative reputation in traditional finance, the report indicates that the move by the established financial firm would be notable if it does go ahead.

The Times said an ICE spokesman would not comment when asked about the trading platform.

The report also suggests that the company has had discussions with other financial institutions about a different effort that could make ICE-backed bitcoin swap contracts available to banks, though the exchange has made no announcements on either project.

Notably, the news comes shortly after recent reports that other Wall Street giants are becoming more open to offering services around the cryptocurrency.

For example, investment bank Goldman Sachs, according to reports in early May, has a plan to use its own money to trade bitcoin futures on behalf of its clients. And Nasdaq’s CEO of Nasdaq suggested last month that the company could open a cryptocurrency exchange in the future.

NYSE 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.

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ICE CEO Won't 'Rule Out' Crypto Futures Launch

The Intercontinental Exchange (ICE) won’t “rule out” cryptocurrency-based futures contracts.

ICE chief executive Jeffrey Sprecher discussed the issue in an interview with Bloomberg TV Monday, saying it is “early days” for the asset class, but that he could not ignore the idea of cryptocurrency futures contracts. He kept his comments vague, not discussing any particular cryptocurrencies or whether ICE has any definite plans to offer futures contacts based on them.

He added:

“I wouldn’t rule anything out … There is a trend here we can’t ignore in my mind, so I don’t discount it. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed.”

One of ICE’s subsidiaries – the New York Stock Exchange – has already entered the cryptocurrency space with an investment in crypto exchange Coinbase in 2015. The NYSE has further invested in a number of clearing houses, exchanges and marketplaces specializing in futures, options, swaps and other instruments. ICE recently announced that it would acquire the Chicago Stock Exchange.

The NYSE also filed to list bitcoin futures late last year, though no products have been approved for launch yet.

The firm’s rivals CME Group and Cboe Global Markets introduced futures contracts based on bitcoin prices in December, and Nasdaq is considering following suit. It is possible that contracts based on other cryptocurrencies are in the making as well. Reports in November indicated that an unknown firm going by the name “Virtuoso” was developing ether futures, and Cboe’s boss in December floated the idea of ether and bitcoin cash futures.

Sprecher likened the growing embrace of crytpocurrencies to other developments in tech – how, for example, New Yorkers are willing to hop into a car operating on a ride-sharing platform like Uber of Lyft, even though it hasn’t undergone the type of inspections and vetting as a city-certified yellow cab.

When asked again if futures were coming, Sprecher demurred, saying “I wouldn’t rule out anything around currency.”

Cryptocurrency 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.

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NYSE Parent Company Launches Cryptocurrency Data Feed

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is partnering with blockchain startup Blockstream to launch a new cryptocurrency-based data feed.

ICE Data Services’ feed will display real-time data from at least 15 different cryptocurrency exchanges worldwide, including prices and order book data for bitcoin and other cryptocurrencies, according to a press release published today.

The Cryptocurrency Data Feed will provide price information against the dollar and other major currencies, and Blockstream will collect and format the data to help investors more easily track how different markets are performing.

ICE Data Services President and chief operating officer Lynn Martin said in a statement:

“With the broad array of cryptocurrencies and exchanges, and given the price variances between exchanges, it’s critical that investors have a comprehensive source of pricing information. We’re excited to work with Blockstream, which is focused on bringing institutional-quality data to the market, and we look forward to expanding the feed and our strategic relationship with Blockstream over time.”

Blockstream will be responsible for actually collecting the data from different exchanges, and will present it in a similar fashion to current data streams present in stock exchanges. The information presented will include real-time price data, as well as historical pricing.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Blockstream. 

New York Stock Exchange image via photo.ua / Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.