Cryptocurrencies find support, Binance invests in US OTC trading desk
Nov 21, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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- Cryptocurrency prices are beginning to find support with Bitcoin (BTC) up 2.78% in the last 24 hours, holding around the USD$4,600 price level and total cryptocurrency market capitalization leveling out around USD$150bn. As the dust settles, Bitcoin Cash (BCH) was the hardest hit among top coins, having lost 33.2% of its value to trade around USD$240. Through the last two days, Ripple (XRP) fell the least among top coins, losing only 10.2% of its value to trade at roughly USD$0.446272.
- Binance, the world’s largest cryptocurrency exchange, announced plans on Tuesday to invest USD$3 million into Koi Trading, an OTC trading desk, to launch their own cryptocurrency trading desk in the US. Koi Trading, which aims to offer a compliant global option for private cryptocurrency liquidity, also offers services for data science, quantitative research, and compliance consulting. Ella Zhang, Binance Labs’ CEO, said about the investment, “Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.”
- Bitfury, a blockchain technology firm, has made two significant additions to its advisees, adding a former investment banker to its board of directors and a former US Securities and Exchange Commission (SEC) member to its advisory board. In a blog post today, Bitfury announced the appointment of Antoine Dresch, the co-founder of private equity fund Koreyla Capital who possess 20 years of investment banking experience with Morgan Stanley, Goldman Sachs, and UBS, to its board of directors. Also in the blog post, Bitfury announced the appointment of Annete Nazareth, a former SEC Commissioner, to its advisory board to provide guidance on regulatory matters relating to financial markets.
- Bart Smith, the head of digital assets at global trading and technology firm Susquehanna, said on CNBC’s “Fast Money” that he still believes in Bitcoin (BTC) long-term despite the recent market crash. During the interview, Smith emphasized that cryptocurrencies are a, “long game,” adding that, “every great idea is volatile.” Smith also commented that BTC and cryptocurrencies alike are being treated as an asset class, and this is not what they were originally intended for. Smith added that he believes the cryptocurrency sell-off, which began last week, was partially sparked by the contentious and “juvenile” Bitcoin Cash (BCH) hard fork on November 15th, 2018.
- North Korea is reportedly set to showcase its technological advancements while exemplifying its support for blockchain technology after the country announced plans to hold a blockchain and cryptocurrency conference. This announcement comes after North Korea hosted a similar type of conference in August 2018. The conference will last a four week and feature some of the foremost experts in the cryptocurrency and blockchain industry, according to a report by Independent UK. While the conference will be open to Americans, North Korea reportedly will not allow delegates from South Korea, Israel, and Japan to attend.
- The recent cryptocurrency market crash is allowing UK regulators more time to introduce new rules and regulation concerning the cryptocurrency sector, according to a Reuters report Tuesday. Of late, the UK’s Financial Conduct Authority has faced mounting pressure to introduce regulatory framework concerning the cryptocurrency industry. With the recent cryptocurrency market downturn, however, the Financial Conduct Authority has indicated that they will take a slower and more detailed approach to introducing cryptocurrency regulation. While speaking at a conference in London dedicated to cryptocurrency regulation yesterday, Deputy Director for Financial Services at Britain’s Finance Ministry Gillan Dorner detailed, “We want to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”
- The Singapore Exchange has published its list of rules and expectations for listed companies that plan to raise capital through an Initial Coin Offering (ICO), as per a post on its official website last week. In the post, the Singapore Exchange detailed that companies interested in raising funds via ICO will be required to cooperate with Singapore Exchange Regulation (SGX RegCo) prior to the ICO. Additionally, firms seeking to raise funds through an ICO must provide legal and auditor opinions pertaining to the digital assets in question and their accounting treatment.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio