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Cryptocurrency Morning Brief

Jun 18, 2018

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  • Fundstrat’s co-founder Tom Lee recently has said that bitcoin futures contracts could be influencing the cryptocurrency’s recent decline. Lee noted that there has been significant volatility around the expiration date of CME Group and CBOE futures contracts. Also, he theorizes that the trading could be manipulated due to the low level of liquidity during auctions.
  • The EOS mainnet experienced an unexpected bug yesterday which halted its blockchain. After about five hours of work, the EOS blockchain resumed and transactions started again. The EOS mainnet officially launched June 14 and many users that are a part of the EOS community state that the launch was not smooth. Just days before the launch, one developer found bugs within the pre-released code repository.
  • A former BlackRock employee, Adam Grimsley, recently spoke at a London Tech conference and stated that institutional investors are on the sidelines of the cryptocurrency markets because of regulatory uncertainty, volatility and lack of education. Grimsley noted that banks and institutional investors have been left at the starting line as size, infrastructure, connections and reputation have been obstacles to move quickly into the cryptocurrency space.
  • Most major banks in South Korea have been hiring compliance officers to help aid with anti-money laundering due to the rise of cryptocurrency exchanges in the country. However, the New York Department of Financial Services (NYDFS) has notified the Financial Services Agency (FSC) of South Korea that it will investigate Korean banks with operations in New York that are suspected not of meeting compliance guidelines. The US regulators have already fined Nonghyup Bank USD$11mm. It is reported that the NYDFS will begin probes into six other Korean banks.
  • Two of Russia’s largest banks are piloting cryptocurrency portfolios for their clients. The Bank of Russia, the Sberbank and Alfa Bank will be offering clients shares in a special fund that will trade six cryptocurrencies on major exchanges. In the cryptocurrency portfolio, four out of the six tokens have been reported to be: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The weightings of the portfolio will be revised four times a year and balanced by an algorithm.
  • Etoro, a trading platform which mainly caters to retail investors, is now expanding to institutional investors with a new cryptocurrency offering. The firm will be setting up an over-the-counter (OTC) desk in London for institutions. The platform will be connected to fifteen cryptocurrency exchanges. Additionally, Etoro has announced it will be launching its own cryptocurrency exchange to serve more institutional clients.
  • Quantamize’s AI Machine Learning 3-Day trading signals were updated Sunday 6/17/18 and will be updated on Wednesday 6/20/2018. Quantamize's AI Machine Learning CryptoFolios were updated Sunday 6/17/18 and will be updated on Sunday 6/25/2018