Day: March 22, 2019

Bitwise Tells US SEC That 95% of Volume on Unregulated Crypto Exchanges is Suspect

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95 percent of volume on unregulated exchanges appears to be fake or non-economic in nature, an analysis from cryptocurrency index fund provider Bitwise Asset Management has argued in a report dated March 20. Bitwise reported its data and claims to the United States Securities and Exchange Commission (SEC) as part of a proposed rule change for its application to launch a Bitcoin (BTC) Exchange Traded Fund (ETF). The analysis opens with the argument that while an ostensible ~$6 billion in daily traded volume for Bitcoin is reported across the spot…

Bitcoin ETF Application Based on 5% of Reported Trading

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Bitwise Asset Management, a San Francisco crypto investment firm, has applied to the SEC for a Bitcoin ETF. In preparation for their application, they conducted a study of 80 exchanges, mostly unregulated. Their findings are worse than most: they found that almost 95% of all unregulated exchanges report fake volume. As such, their ETF will be based only on the 5% that is legitimate. Bitwise’s findings are worse than most reports to date. Earlier this week, we reported on findings by the TIE, which found that around 75% of all…

Swiss Federal Council Initiates Blockchain Law Consultation Period

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The Swiss Federal Council has started its consultation period on the adaptation of federal law for blockchain development, according to an official press release published on March 22. By initiating the consultation, the Federal Council intends to improve legal certainty over blockchain applications in order to build a basis for regulatory framework for the industry in Switzerland, particularly in the financial sector. According to the document, the Federal Council’s consultation will last until the end of June 2019. In mid-December 2018, the Swiss Federal Council adopted a report on the…

Bakkt Delay Due to CFTC Concerns Over Its Planned Custody of Clients’ Bitcoin: WSJ

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Much-anticipated crypto platform Bakkt’s plans to store customers’ Bitcoin (BTC) from its Bitcoin futures could cause further delay on obtaining approval from United States regulator the Commodity Futures Trading Commission (CFTC). The news was reported by the Wall Street Journal (WSJ) on March 21, citing anonymous sources. When Bakkt was first announced back in August, the platform had revealed that its first product would be Bitcoin futures that are physically delivered daily, subject to CFTC approval. Bakkt also said that it planned to hold Bitcoin on behalf of its clients…

Cardano (ADA) Spikes 13.7% in 24 Hours with Mainnet Upgrade Boost

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ADA, the native token of Cardano’s open-source blockchain project, has jumped 13.7-percent since Thursday’s mid-session. At 1330 UTC, the ADA-to-dollar rate was trading at 0.058, up 7.33-percent on a 24-hour adjusted timeframe. Before that, the pair went through a frictionless upside move from an intraday low point near 0.052. After the bull flag formation, it walked horizontally for a brief during the early Asia session but picked up bullish momentum ahead of the European market open. Have a look: CARDANO’S ADA TOKEN RISES 13.7% IN A DAY | SOURCE: COINMARKETCAP.COM…

Bain-Backed Crypto Exchange Seed CX Is Expanding to Asia

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Chicago-based cryptocurrency exchange Seed CX, which Bain Capital backed last year, is expanding to Asia. The institution-focused exchange announced Thursday that it has teamed up with Singapore-based trading infrastructure technology provider Hydra X for the effort. The partnership will allow Seed CX to integrate its platform with Hydra X’s trading platform Sigma, which is currently in beta. Once the integration is complete, Seed CX users will be able to view prices, trade and monitor their portfolios on the Sigma platform, as well as have access to a fiat-cryptocurrency gateway, according…

How Bitcoin Higher High Formation Could Push It to $2,000

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The next upside push in the bitcoin market could prompt the cryptocurrency a form new bottom below $3,100. Josh Rager, a hugely followed cryptocurrency market analyst, pitted the current bitcoin price action against another one from the year 2015. He found striking similarities between them, mainly related to a higher high and a higher low formation and their relationship with declining volume. Bitcoin Price Performance Comparison | Source: Josh Rager In the 2015 chart, BTC could be seen pursuing a long-downtrend action towards $200-250 range. Following a so-called bottom formation,…

Western Union Partners With Stellar Collaborator Thunes for Mobile Wallet Transfers

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Payments giant Western Union (WU) is partnering with Stellar (XLM) collaborator Thunes to enable WU clients to transfer funds directly to mobile wallets globally. The development was announced in an official press release published on March 21. Thunes is the latterly rebranded trading name of TransferTo — a cross-border payments network focused on emerging markets. TransferTo had previously partnered with open source blockchain project Stellar to trial the integration of blockchain-powered settlements into its services. According to Western Union’s press release, the partnership with Thunes will focus on enabling the…

Mt Gox Creditors Warn Mass Sale Could Put Bitcoin Fork Prices At Risk

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Mt. Gox Legal, a group of around 1,000 creditors of collapsed crypto exchange Mt. Gox, has prepared a draft proposal representing its consensus on how the exchange’s remaining assets should be paid out, according to a document obtained by CoinDesk. Mt. Gox trustee, Nobuaki Kobayashi, released new details this week on the amounts of secured cryptocurrency (in bitcoin and bitcoin cash) and fiat currency it has approved for payouts to the estate’s many creditors as part of the civil rehabilitation process. In total, Kobayashi said, the balance of the exchange is 69,553,086,521 Japanese yen…

Bear Market Will Stop Crypto Exchanges Faking Volume, Says Researcher

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A report by the Blockchain Transparency Institute (BTI) claims that many exchanges are using bots to fake trading volume. Their research shows that wash trading affects over 80% of the top 25 bitcoin pairings. Furthermore, allegations of this being a deliberate business practice present significant concerns for the industry. Which is already struggling to gain mainstream acceptance. Wash Trading Wash trading is where a trader sells and then immediately buys a financial instrument. This practice manipulates legitimate makers and takers into believing a trading pair is more active than it…