ICE delays launch of Bakkt, cryptocurrencies off lows of the day
Nov 20, 2018
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- An article by Bloomberg reports that the US Department of Justice (DoJ) is investigating cryptocurrency market manipulation with a focus on the potential involvement of stablecoin Tether (USDT) and its affiliated cryptocurrency exchange Bitfinex. The development reported on by Bloomberg is part of a criminal probe opened into cryptocurrencies months ago. Specifically, the DoJ is allegedly investigating into how Tether issues new tokens, why the majority of USDT enter the market via Bitfinex, and whether or not “market tricks” aided in inflating the price of cryptocurrencies.
- Bitpay, a notable cryptocurrency payments processor, is partnering with cryptocurrency startup Paxos to offer stablecoin Paxos Standard (PAX) payments processing for settling transactions. According to today’s press release, the addition of PAX to Bitpay will allow clients to conduct transactions using cryptocurrencies while maintaining, “the trust and stability of the US dollar.”
- Intercontinental Exchange (ICE), the owner and operator of the New York Stock Exchange (NYSE), announced in a Medium post today that they are delaying the launch of Bakkt, a digital assets platform that will feature Bitcoin (BTC) futures trading. ICE is targeting a launch date of January 24th, 2019 for Bakkt, citing that, “given the volume of interest in Bakkt and work required to get all of the prices in place,” the company needed to delay the launch. According to the Medium post, which was written by CEO Kelly Loeffler, Bakkt is working closely with the US Commodity Futures Trading Commission (CFTC) to review Bitcoin futures trading and warehousing.
- MVIS, a German-based company, launched the world’s first cryptocurrency over-the-counter (OTC) index in partnership with, “three of the leading providers in OTC liquidity,” including Circle Trade, Cumberland, and Genesis Trading. Dubbed the MVIS Bitcoin US OTC Spot Index (MVBTCO), the OTC index will enable clients who trade OTC to use the index as a reliable benchmark and potential investment opportunity.
- Ping An Bank, a subsidiary of Chinese giant Ping An Insurance Group, is set to launch a boutique bank that will leverage blockchain, cloud services, and the Internet of Things (IoT), according to Chinese state-run news outlet People’s Daily. Boutique banks, compared to larger banks, are non-full services investment banks that provide more individualized services. Ping An Bank will use blockchain technology, artificial intelligence (AI), big data, and cloud computing in order to improve management, strengthen risk controls, cut costs, and increase transparency.
- The Spanish Ministry of Finance (Hacienda), will investigate the filings of 15,000 Spanish taxpayers to see who made cryptocurrency transactions over the last year in an effort to prevent tax fraud, as per a report by El Pais, Spain’s largest newspaper. After Spain’s National Fraud Investigation Office (ONIF) investigated dozens of Spanish financial institutions, companies, and intermediaries, a final group of 15,000 taxpayers were selected to undergo further inspection. Spain’s tax agency, the Agencia Estatal de Administración Tributaria, will assess whether taxpayers truthfully declared capital gains while investigating potential money laundering activities.
- Tom Lee, the co-founder of Fundstrat and prominent cryptocurrency advocate, is standing by his already-reduced price target of USD$15,000 for Bitcoin (BTC) by the year’s end. “Global markets have seen liquidity try up, and bitcoin is not necessarily a value asset -- so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin,” said Less in a CNBC interview, adding, “The downturn in FAANG is hurting those owning bitcoin.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio