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Cryptocurrency Midday Report

Jun 14, 2018

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  • itBit, a cryptocurrency exchange built for institutions and trading professionals, will now be offering regulated trading and custody services for BCH, ETH, LTC, and XLM. The company will provide custody, escrow and OTC trading services on their platform. itBit is the first qualified custodian and licensed exchange to receive approval from New York State to offer trading of Stellar Lumens (XLM)
  • Steve Bannon has reportedly held meetings with investors and hedge funds about initial coin offerings (ICOs). Steve Bannon heads an investment firm named Bannon & Company. Bannon also mentioned that he owns Bitcoin (BTC) and believes that cryptocurrency is a form of disruptive populism. Last year Bannon mentioned that cryptocurrency and blockchain technology will bring “true freedom”
  • Russia is classifying cryptocurrencies as “digital rights” when regulating the digital token space. The Head of State Duma Financial Market Committee, Anatoly Aksakov, mentioned that in Russia’s regulations - digital money and digital currency will disappear from the language. He further mentioned how a change to the tax code will be necessary and that digital assets will not be considered property.
  • Grayscale investments, has released a paper discussing how digital assets are reshaping asset allocation. The firm is arguing that cryptocurrencies are a brand-new asset class that can enhance strategic asset allocation and enable investors to build portfolios that have higher risk-adjusted returns. Grayscale investments is the firm that manages Bitcoin Investment Trust (GBTC) which allows accredited investors to publicly trade shares measured in the price of Bitcoin (BTC)
  • Major cryptocurrencies are higher with the crypto market experiencing a rebound. Quantamize AI Machine Learning 3-Day Crypto Signals are on their first day and two out of thirty cryptocurrencies are rated as Buy

Sources:

https://www.cryptoninjas.net/2018/06/14/itbit-now-supports-ethereum-bitcoin-cash-litecoin-and-stellar-lumens/

https://www.coindesk.com/steve-bannon-may-be-eyeing-a-move-into-the-ico-space/

http://bitcoinist.com/russia-classify-cryptocurrencies-digital-rights/

https://news.bitcoin.com/add-crypto-to-investment-portfolio-enhance-return-reduce-risk-volatility/