Week ending November 19th, 2017
Your weekly roundup of all things crypto brought to you by Coin Street
Neil’s Market Wrap
It’s been a big news week for crypto and the take away has to be this: Bitcoin is unstoppable.
As I write this tonight, Bitcoin is sailing through the $8000 mark to reach another new all time high. Every week Bitcoin fights off the rumours, the challenges, the outright attacks and just keeps on rolling.
This week we have conformation of the CME futures product, talk of mass integration on a major payment platform and more big players either entering the market for the first time or doubling down on their positions.
Hot on the heels of local exchanges in Venezuela witnessing massive price premiums, Bitcoin once again shows it’s the ultimate way to avoid capital controls and escape hyper inflation. As of right now, one Bitcoin is trading at over $14,000 on local Zimbabwe exchanges. Thinking about making a quick buck cashing out your BTC at a Zimbabwe local exchange for $14k? Not so fast, you’ll need a local Zimbabwe bank account for your pay-out. That’ll be a hard pass for me. (Source)
This Week’s Highlights
CME lines up Bitcoin futures before the end of the year.
Bitcoin vs. Bitcoin Cash: A Story Of Prioritization & Healthy Competition In Money
Excellent round up of the recent drama in the two Bitcoin Camps from Forbes. (Source)
Mike Novogratz goes deeper in Bitcoin
Former Fortress macro hedge fund manager Mike Novogratz told Reuters Global 2018 Investment Outlook Summit in New York that he bought $15 to $20 million worth of Bitcoin over the last weekend in that recent pullback. (Source)
One of the world’s largest hedge funds is ready to add bitcoin to ‘investment universe’
Man Group, a UK-based investment management firm, said it would include bitcoin in its “investment universe” if bitcoin futures successfully launch and as we have already confirmed the CME are launching their product soon. (Source)
Square’s Cash App: A New Place To Buy And Sell Bitcoin?
Some customers of Square’s Cash app have gotten a surprise in the past week.
The app, which is used for payments between friends and is a competitor to Venmo, has also given them the option to buy or sell Bitcoin given the Apps huge user base this is a major step for mass accessibility. (Source)
U.K. Financial Regulator Warns Cryptocurrency CFDs Are “Being Marketed to Consumers”
CFDs or contracts for difference is a bit like betting. You don’t own the underlying asset, you just effectively bet on its price movement. It’s sort of the same as the futures markets derivatives products however only regulated investors can access those. CFDs are available to anyone. It’s basically a roulette table and the UKs FCA doesn’t like it. (Source)
American Express Opens First Blockchain Corridor With Ripple Tech
Massive news for ripple with American Express’s foreign exchange international payments (FXIP) business, the corridor that connects Amex customers in the U.S. using U.S. dollars to Santander bank accounts in the UK using British pounds – are now to be powered via Ripple’s blockchain, RippleNet.. Huge. (Source)
Coinbase Custody: A Digital Currency Custodian For Institutions
Coinbase continue to cement their position as the market leading exchange for safety, security and peace of mind. Now they are launching an institutional grade safe haven, fully insured, regulated and overseen with a minimum 10 mil level, it is sure to atract interest from Wall street. (Source)
Major ATM Manufacturer Integrates Bitcoin, Exposure to Millions of Users
South Korea’s Hyosung, one of the largest ATM manufacturers in Asia, which also has its headquarters in Texas, has officially integrated Bitcoin into its international ATM models. Hyosung have an enormous exposure to not only the Asian markets but also the US (Source)
That’s a Wrap
That’s all for this week. It’s a fast moving space. They say one week in crypto is a year in the real world.
Can we ask one favor please?
See you next week.