Cryptocurrencies trade higher after a Morgan Stanley report classifies cryptocurrencies as an institutional asset class
Nov 01, 2018
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- A new report by Morgan Stanley classifies cryptocurrencies as an institutional asset class, citing an increasing number of institutional investors getting involved with Bitcoin (BTC) and other cryptocurrencies. The report, titled, “Bitcoin Decrypted: A Brief Teach-In and Implications,” dives into the last six months of events in the cryptocurrency market and acknowledges that retail investor growth has become stagnant. The report emphasizes Morgan Stanley’s, “Rapidly Morphing Thesis,” of what cryptocurrencies are, which began as defining cryptocurrencies like BTC as “digital cash”, then as a solution to problems in our financial systems, and now to a new institutional investment class -- according to the report, Morgan Stanley has maintained the thesis that cryptocurrencies are an institutional asset class for the last year.
- Arthur Hayes, CEO of Bitcoin Mercantile Exchange’s (BitMEX), the world’s largest trading platform for Bitcoin (BTC) derivatives, believes the current cryptocurrency bear market could last another 18 months. While speaking to Yahoo Finance, Hayes said, “My view is the volatility environment that exists right now could persist for another 12 to 18 months.” Hayes started trading cryptocurrencies full-time in 2013 after he lost his job as an equities trader at Citibank -- the CEO discussed in the interview with Yahoo Finance that today’s trading patterns resemble that of the, “nuclear bear market,” he witnessed in 2014. Hayes elaborated, saying, “I started in BTC in 2013, when the price went from USD$250 to USD$1,300,” and continued, “And then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed -- very very difficult to make money.”
- Bithumb, a major South Korean cryptocurrency exchange, is reportedly signing a deal with SeriesOne, a US fintech firm, in order to launch a securities token exchange in the US. Specifically, SeriesOne is a crowdfunding platform. While discussing the deal with South Korean Yonhap News, a Bithumb official said, “SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.” In reporting the deal, Yonhap News discussed that the US exchange should launch in the first half of 2019. Early in October, Bithumb announced intentions to launch a global decentralized cryptocurrency exchange.
- Circle, a cryptocurrency firm that has received backing from notables like Goldman Sachs, will join the Global Digital Finance (GDF) industry body as a founding member to develop a global code of conduct for cryptocurrencies. According to a press release and the company’s Twitter, the global code of conduct for cryptocurrencies will be structured to facilitate acceleration and adoption of digital assets. Other notable cryptocurrency industry members joining the GDF include Coinbase, ConsenSys, DLA Piper, and Diginex. The GDF released the, “Code of Conduct and Taxonomy for Cryptographic Assets,” today after receiving approval from the GDF community in a series of mini-summits held in Asia, Europe, and the US -- the ‘Code’ was also reviewed through a 60-day consultation with over 200 firms contributing to the consultation.
- ConsenSys, a notable Ethereum-focused venture studio, has acquired Planetary Resources, a company that hopes to one day mine asteroids in space. Although the terms of the deal were not disclosed, the asset-purchase transaction will see ConsenSys absorb Planetary Resources while its President and CEO, Chris Lewicki, along with General Counsel Brian Israel will joining ConsenSys. Since it formed in 2012, Planetary Resources has successfully launched two satellites into orbit. Planetary Resources began to deal with financial difficulties after it failed to secure a new round of funding in June. ConsenSys founder Joe Lubin admitted Wednesday that he admires Planetary Resources and that the acquisition will help ConsenSys pursue its space initiatives, adding, “Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution. And it reflects our belief in democratizing and decentralizing space endeavors to unite our species and unlock untapped human potential.”
- Hong Kong’s securities regulator, the Securities and Futures Commission (SFC) has issued a statement setting guidelines for funds that deal with cryptocurrencies. Chief of the SFC, Ashley Alder, discussed that this set of guidelines is the first move in a series of steps that will culminate to form a formal regulatory environment. The guidelines specifically apply to investment fund who invest more than 10% of their holdings in digital assets. The statement issued on Thursday mornings reads, “In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”
- The Caribbean Examinations Council (CXC) announced in a statement that it will issue blockchain-based academic certificates starting on October 31st, 2018. Blockchain-based academic certificates will be distributed, alongside physical certificates, to 24,000 candidates who sat for exams in May and June of 2018. Candidates will receive their e-certificates through a free and open-source Blockcerts Wallet, which can used for both storing the certificate and for verifying a candidates performance in examinations administered by the CXC.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio