trading

NYSE Isn’t Planning a Bitcoin Futures Market, But a Proper Crypto Exchange

On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted at investors in the traditional finance sector and stock market. At the time, Goldman Sachs executive Rana Yared stated that despite the personal skepticisms of the bank’s executives, Goldman Sachs decided to operate a bitcoin trading desk to facilitate growing demand from its clients and investors.

On May 8, less than a week after the plans of Goldman Sachs to operate a bitcoin futures market were revealed to the public, NYTimes reported that several emails and documents reviewed by the NYTimes team showed the parent company of NYSE has been developing an online bitcoin trading platform.

“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.



Cryptocurrencies are heading for a 90 percent correction in ‘mass market wipe out,’ investment bank warns

A cryptocurrencies could lead to a “mass market wipe out,” technology investment bank GP Bullhound predicted in a report.

Cryptocurrencies will experience a “heavy correction” of 90 percent leading to a “mass market wipe out,” a technology investment bank predicted in a report seen by CNBC on Wednesday.

GP Bullhound’s “Token Frenzy: The Fuel of the Blockchain” report laid out the current state of cryptocurrencies, blockchain technology, initial coin offerings (ICO) and what they think the future will look like.

One prediction is that cryptocurrencies will experience a 90 percent correction within the next 12 months with “very few companies” surviving.

Sebastian Markowsky, a director at GP Bullhound, and main author of the report, explained that institutional investors are likely to come into the market and drive the price higher. More retail investors will get in to the market too, buying cryptocurrencies at elevated prices. As the market begins to see sharp falls later this year, it will exacerbate the selling causing “panic” and the eventual correction.


Goldman Sachs to begin bitcoin trading

It might have been unthinkable a few years ago, but now Goldman Sachs, one of the biggest names on Wall Street, has said that it will start using its own funds to trade with clients in a range of contracts linked to bitcoin price, the New York Times reports.

Initially it won’t be buying or selling actual bitcoin, but a team at the bank is examining regulatory and security hurdles that need to be overcome before they can start actually buying, selling and holding cryptocurrencies.

This is the latest development in Goldman Sachs’ hot and cold relationship with bitcoin and cryptocurrencies. At the end of last year Goldman Sachs CEO Lloyd Blankfein called bitcoin a vehicle for fraud, and predicted it would collapse, deriding the idea of Goldman Sachs needing a “bitcoin strategy.”

Just a few months later the company declared that cryptocurrency was here to stay, and it dove into market predictions, both fairly accurate and less so.


Bitcoin Buy Demand Highest Since March 2017, Exchange Data Shows

Linking to data from TurtleBC, p2p exchange HodlHodl described the trend as “indicating there is more demand for Bitcoin than supply.”

“This is also an indicator of market sentiment among those who are buying and selling Bitcoin,” it added.

A 90-10 ratio effectively means that 90% of the interested investors are vying for the Bitcoin of the remaining 10%.

Despite prices nose-diving since the cryptocurrency’s all-time highs of near $20,000 in December 2017, not even those heights produced such investor demand.


Grads of LifeVoice: Kim Holloway Will Not Be Counted Out

Last week the trustee for Mt. Gox released a statement (scroll down to get to an English translation) that it had sold about $400 million worth of Bitcoin and Bitcoin cash between December 18 last year and February 5. This was done to generate proceeds to pay back Bitcoin owners and creditors due to Mt. Gox being hacked in February 2014, when 850,000 Bitcoins were stolen.


Bitcoin tanks more than 10% to below $11,000; South Korea announces details on crypto tax

Bitcoin and other major digital currencies dropped sharply Monday morning.

Bitcoin briefly tumbled to a low near $10,050 on Coinbase Monday afternoon ET, marking a loss of about 11 percent over the last 24 hours. Bitcoin traded near $10,192 as of 4:28 p.m. on Coinbase, the leading U.S. marketplace for buying and selling major digital currencies.

Ethereum fell below the psychologically key $1,000 level again and traded about 10 percent lower near $943, according to CoinMarketCap.


Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks

South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year.



Bitcoin Is Back Above $11,500, But Bulls Not Out of the Woods Yet

Despite a sharp price recovery to over $11,500 today, bitcoin’s bulls are not out of the woods yet, the price charts suggest.

Coindesk’s Bitcoin Price Index (BPI) has climbed 25.9 percent from the eight-week low of $9,199.59 hit yesterday at 15:44 UTC. As of writing, bitcoin (BTC) is trading at $11,590 levels.

The world’s largest cryptocurrency by market capitalization has appreciated by 8 percent in the last 24 hours, according to data source OnChainFX.

However, the investor community isn’t convinced by the move, and comments on social media show that some believe the overnight recovery is nothing more than a “dead cat bounce.”