The Word’s First Electronic Traded Product Starts Trading Next Week In Switzerland
The fourth largest exchange in Europe, SIX Swiss Exchange will be the venue for the world’s first crypto Exchange Traded Product (ETP).
The financial product offering was initiated by crypto startup Amun AG and was given the go signal by Swiss authorities to list an index fund on a traditional stock exchange
According to its co-founder and CEO, Hany Rashwan the index fund will enable both institutional and retail investors.
It will enable the former to have cryptocurrency exposure even if they are restricted to investing only in securities.
On the other hand it will allow the latter to invest in crypto due to regulatory concerns in their jurisdiction.
The Index funds tracts the biggest cryptos with the biggest market capitalization.
It includes Bitcoin which accounts to nearly half of the fund, Ripple which accounts to about 30% and Ethereum which is around 17.6%.
The rest of the proportion belongs to Bitcoin Cash (ABC) and Litecoin.
Tom Lee Lowers His Year End Target to $15,000
Tom Lee, the co-founder of Wall Street advisory firm Fundstrat Global Advisors, has lowered his year-end Bitcoin (BTC) price target in half from $25,000 to $15,000.
He states that the break-even point or level at which to cost of mining Bitcoin matches its trading price at around $7,000.
Currently Bitcoin is trading well below this level at around $5,500 at press time.
He notes that BTC has never sustained a move below breakeven but also acknowledged that $6,000 leads to renewed wave of pessimism.
He states that he believe that negative swing in sentiment is much worse than the fundamental implication.
He attributes the Bitcoin Cash Hard Fork that has divided the community and has contributed to uncertainty in the market.
Mr. Lee in early November was pleasantly surprised by Bitcoin’s stability at the time he believe that bitcoin has reached the bottom at $6,000.
Stellar The Only Real Competition To Ripple
Two of the most promising cryptocurrency right now is Ripple and Stellar.
Compared to other cryptocurrencies both coins have demonstrated resilience price wise and adaptation.
This was demonstrated when both digital assets became among a few that have broken above the weekly declining trend which may lead to their price recovery.
Ripple seeks to become the prime choice among banking institution for cross-border settlements.
It has denied reports that it is partnering with SWIFT, but instead its CEO boldly claims that it plans to overtake the Banking Network with superior technology that will enable banking institutions more efficient and cost effective way of moving around money.
Stellar on the other hand has been partnering with several banks through its partnership with IBM which supplies most of the legacy computer infrastructure in the banking industry.
Recently it has announced it will be launching a new Stablecoin that is pegged to the Australian Dollar (AUD).
Like many stablecoins it will be backed by 1:1 with fiat in this case AUD.
Increasing Number Of Exchanges In Thailand
The growing number of exchanges sprouting in Thailand has prompted regulators in Thailand to issue warnings about operating unapproved exchanges.
Currently there are around six crypto exchanges that is approved to operate in the country Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Con. Ltd, and Southeast Asia Digital Exchange Co. Ltd. (Seadex).
There is also one dealer that was given temporary permit to operate, Coins Th.
In this regard the Thai SEC has issued several warnings to those who are operating crypto-related business without proper approval from the agency.
It has warned investors about DB holdings Plc. and nine other crypto related projects such as Q Exchange who has been advertisement and soliciting customers to buy and sell cryptocurrencies.
The Secretary-general of the Thai Sec, Rapee Sucharitakul, reveals that the finance ministry is expected to approve the applications of some ICO portals, exchanges and dealers in December this year.
New BitLicense Issuance in New York
NYDIG Execution LLC, a subsidiary of New York Digital Investment Group (NYDIG LLC) is the latest recipient of Bitlicense that granted it virtual currency license and a money transmission license.
NYDIG Trust Company another subsidiary of the aforementioned company was given also permission to operate as limited purpose trust company.
With the new Bitlicense NYDIG to offer crypto custody and trade execution services.
It can now provide a variety of custodial services such as self-custody, third-party custodial contracting, or custodial contracting.
Cryptos that is supported by the services are BTC, BCH, ETH, XRP, and LTC.
Despite the relatively negative reaction from the blockchain and cryptocurrency community, it seems that New York’s BitLicense program is slowing building momentum as more and more blockchain/crypto related companies are considering to get the license.
According to NYDIG CEO Robert Gutmann, he is very satisfied the regulatory process stating that it was clear and comprehensive.
He also reveals that his company is excited to provide secure and transparent liquidity, custodial and asset management services to the institutional market.
Headlines for the world of Cryptocurrencies - November 18, 2018MInitial Release of Azure’s Blockchain Development Kit / Accelerator Program for TRON DApp Developers / Ripple Now Supported In Coinbase Custody / Blocrice: Blockchain Platform That Empowers Farmers / Billions Of People Will Use Bitcoin According To Pantera Capital CEO |
|---|
Headlines for the world of Cryptocurrencies - November 17, 2018Best Chance Of A Bitcoin Exchange Traded Fund / Social Trading Platform eToro To Launch Own Stable Coin / Largest Mortar-and-Brick Department Store In Venezuela Now Accepting Bitcoins / USDC Stablecoin Listed In Binance / Three Global Central Banks Proposes Digital Currencies |
Headlines for the world of Cryptocurrencies - November 16, 2018Ripple Will Usurp Swift As The Preferred Banking Network / U.K. Based Exchange Gets Offer From Canadian Holding Firm / Congressman Wants to Remove ICOs Oversight From U.S. SEC / New Crypto Fund Sees A Bright Future For Crypto / No More CryptoKitties Gen 0 Soon |
