Bakkt to introduce cashsettled BTC futures

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Your daily newsletter for 13 November, 2019

Efficient

“Nothing is a waste of time if you use the experience wisely.”

– Auguste Rodin

And we have concluded our first ever conference, 'The Capital'! If you missed the live stream, do check out the replay here! Or, check out this recap of what went down here! #TheCapital 😄

 

 

Today in history (1841), James Braid saw a demonstration of animal magnetism for the first time, and it progressed to his study of the subject he eventually termed hypnotism.

 

 

In today's newsletter, we will be covering Evercoin taking aim at Trezor and Ledger with new cryptocurrency hardware wallet, Bakkt in discussions to have cash-settled Bitcoin futures in Singapore and BitGo now processing 20% of all Bitcoin transactions.

 

 

Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚

Boring 😴

 

 

Over the last 24 hours, total market capitalization pretty much stayed at the same level as it was yesterday, at ~$241 billion, with most coins either seeing gains or losses in the ~1-5% range. 24-hour volume registered ~$62 billion. 

 

 

BTC is currently trading at ~$8,800, pretty much trading at the same levels as yesterday. On the daily chart, BTC broke below its 100-day EMA support line, and RSI is at ~47. On the weekly chart, BTC broke below its 21-EMA support lineBTC continues to be trading within its lower highs and lower lows trading pattern it has been trading within since late June this year. 👀

Total Market Capitalizations

Poll of the Day

How much do you agree with this statement: "CoinMarketCap should continue hosting crypto conferences."

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Why or why not? Share with me in the polls! 😆 

Recap of the top 5 things in Day 1 of 'The Capital' 🤔

 

  1. CoinMarketCap released a new liquidity metric to combat inflated volume reporting by crypto exchanges.

  2. Secretive CMC founder Brandon Chez and proof-of-stake inventor Sunny King discussed the consensus algorithm wearing masks and capes (plus with distorted voices).

  3. A delicious Italian-themed lunch was served with the overwhelming smell of truffles wafting from the risotto — the industry must be doing pretty well!

  4. TechCrunch and XRP Capital founder Mike Arrington called the crypto industry “sick” (not in the good sense).

  5. Finance app Circle’s founder and CEO, Jeremy Allaire, said that what many call the 2017 ICO “bubble” was actually “really interesting” because “we got a glimpse of what internet-based capital markets could look like.” He also said other important things in an exclusive interview with The Capital backstage.

Safe 🔒

 

 

Evercoin announced the launch of Evercoin 2 on 13 Nov at the New York Consensus Summit, and claims that the new hardware wallet is the market's safest known that offers users with an "end-to-end encrypted ownership solution for cryptocurrency storage".

 

 

It is powered by security key YubiKey 5ci, the same tech that offers robust hardware-backed validation for iPhones and other devices, and has a hardware wallet smaller than a house key that is also the first to use YubiKey 5ci for iPhone and USB-C on Android devices. 📱

 

 

It sets itself apart from other hardware wallets like Trezor due to the YubiKey's 360-degree internet protection, with security hardware that is completely controlled by users. This means that users can access all financial services from a service like Coinbase, and still get to choose to store their private keys safely in a hardware device.

More offerings 😜

 
 

Bakkt's COO Adam White recently revealed the International Exchange (ICE) subsidiary's plans to grow its existing physically-settled offerings to include cash-settled futures before end-2019. 

 

 

The new cash-settled monthly futures are expected to be offered via the company's Singapore-based clearinghouse, ICE Clear Singapore, and enable trading on ICE Futures Singapore. 🇸🇬

 

 

The product will be based on data provided by Bakkt's physically-settled BTC futures product, and futures traders who sign up for the company globally can access it, just like how global traders can currently trade the current futures offered by ICE Clear U.S.. 

 

 

The company's new product allows it to join the likes of CME Group, which is the only company that currently offers cash-settled BTC futures in the U.S..

Thoughts 🤔

 

 

Cryptocurrency custodian and offerer of hot and cold storage wallets BitGo announced that it currently processes over 20% of Bitcoin (BTC)'s transactions on 12 Nov.

 

 

A significant portion of BTC's on-chain transactions pass through its services, which has raised concerns as to whether those assets would be at risk should BitGo fall. 🤔

 

 

However, BitGo CEO Mike Beishe assured that there was "nothing to fear" because the company "removes single points of failure" in its multi-signature key system and ensures customers that "they are always in control of their own assets no matter the circumstances".

Blockchain term of the day 🤓 - Digital Signature

 

 

A digital code generated by key encryption that is attached to an electronically transmitted document to verify its contents and the sender’s identity.

Other news 📰

 

 

  • On 12 Nov, China’s Digital Currency Research Institute mentioned that the country's proposed new stablecoin project should achieve a balance between safeguarding privacy and regulatory enforcement. 🔏

  • The Chicago Mercantile Exchange (CME) Group has declared the launch date of options on Bitcoin (BTC) futures to be 13 January, 2020. 🗓️

  • Exchange Huobi Group's regulator-facing public blockchain, Huobi Chain, has gone open source and is now publicly available to all GitHub developers. 🔗

Crypto calendar  📅

 

 

TBA         - Justin Sun's lunch with Warren Buffett

What's up in the markets

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What you said

 

 

 

"How much do you agree with this statement: "I'm really digging the CoinMarketCap 'The Capital' conference.""

 

The average vote was 7. 40.9% of y'all voted a '10'.

"Why do you say so?"

 

 

That's my love - ♡
 
 
It's great !!! – Aww, thank you! 😄
 
 
I feel included – Can’t leave y’all non-attendees hanging (:
Thank you all for reading! Catch you back here again next tomorrow for your daily dose of crypto news! 💙

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