The Daily Coins

Cryptocurrency updates with expert analyses of the market.

News

Bakkt Launching Bitcoin Futures Today After 13 Long Months Of Uncertainty

By

The Intercontinental Exchange backed bitcoin warehouse and futures contract facilitator, Bakkt is finally launching on Monday after two postponements and 13 long months of questions. It is inviting institutional investors to claim their position on the cryptocurrency in a federally regulated platform.

 

Trading is scheduled to open at midnight UTC and be closed down at 22:00. Curious observers will finally be able to witness the full demand for a service like this among big-money traders. The crypto venue’s data feed will be available for free until June of next year, after which the company FAQ lists that a subscription will be required to access the same.

 

Bakkt’s futures will be physically settled. Buyers will receive BTC at expiration, and the futures available from 2017 at the Chicago Exchange CME Group will be paid with cash, especially the side-bets on the crypto’s price.

 

ICE’s BTC futures contracts will expire in a day. This means that the BTC will be delivered the second day after the agreement, as explained in the daily contract’s specifications.

 

In the case of the majority of commodities, the underlying asset is not delivered for a minimum of 30 days. Bakkt is offering users this 30-day option too. The one day contract, however, attempts to convenience institutions who are not familiar with the roundabout manner in which crypto exchanges work.

 

CEO of LevelTradingField, a crypto derivatives exchange operator trusts that the one-day contract will have a massive influence on the cash market. While the cash market should ideally dictate the price of futures, that isn’t always the case. So, overall, it would be interesting to observe how the one-day futures contract and the cash market interact with each other.

 

However, ICE’s new futures contracts should not have too much say over the crypto market, in general. It’s because the company isn’t looking to do business with retail customers, who continue to make up the bulk of crypto traders.

All The Retail Outlets In The World Where You Can Pay With Cryptocurrency

By

When Bitcoin launched, crypto enthusiasts had very few places to spend the cryptocurrency. Now, however, the scene has changed drastically, and several businesses widely accept crypto payments. Today, Microsoft, Wikipedia, and other reputable organizations accept BTC as payment. Naturally, the conversation about the scope of cryptocurrencies has gained more traction.

 

You will find many fast-food chains and coffee shops accepting Bitcoin as payment in the current times. With them making cryptocurrency transactions commonplace in daily purchases, retailers and marketplaces can contemplate its mass adoption.

 

Even now, there are many jurisdictions that do not consider cryptocurrencies like Bitcoin to be legal tender. Despite this, tech giants such as Facebook are coming out with payment systems that mimic cryptocurrencies.

 

You can even purchase your coffee and pizza with cryptocurrency in today’s market. Here’s where –

 

  • In Germany, you can pay for your burgers from Burger King online with cryptocurrency. Burker King is a retail giant, no doubt. If it were to adopt cryptocurrency as an acceptable mode of payment in all its outlets around the world, cryptocurrency would most definitely spread.
  • Starbucks has partnered with US-based payment startup, Flexa, which is helping the coffee chain accept cryptocurrency payments. Flexa devised an app which facilitates transactions between crypto-holders and retail chains like Starbucks. Flexa’s CEO believes that by enabling crypto payments and mainstreaming it, the world will awaken to all the possibilities blockchain technology holds for commerce.
  • Coupa café, a Palo Alto-based café, has been accepting cryptocurrency as payment for purchases since 2013. The eatery noticed a favorable stream of Bitcoin revenue as soon as they started accepting crypto, indicating a ready customer base who were also crypto users.
  • Food delivery services such as OrderTakeaways in the US, Lieferando in Germany and Korea’s Shuttledelivery – all accept cryptocurrency as a payment method for orders placed on their service portals.

 

Cryptocurrency Updates For September

By

Cryptocurrency price went up by 10% over the last seven days, exhibiting bullish action at last. It might be true that BTC is trading at 4% right now, but analysts believe that the market might be rising again. This is especially a possibility after the correction in July and August seems to have ended.

However, the definite blockchain and crypto developments over the week indicate that the bullish market is back for good, at least for now. What are these developments? Let’s learn below.

Istanbul Testnet Integration Delayed for Ethereum – The testnet iteration, which was expected to transform and improve the blockchain, has been postponed by the core development team. Hudson James, community manager at the Ethereum Foundation, informed developers that the activation date had been pushed all the way back to October 2nd from its initial September launch date. New incoming Ethereum Improvement Protocols, which have been submitted for review for the upgrade, might be the reason behind this pushback.

Bakkt Launches Bitcoin Custody Product Before its Futures Launch – Bakkt has started its Bitcoin custody service, enabling institutions a method for storing their BTC safely on the new platform. It is preparing to launch its Bitcoin Daily and Monthly Futures on September 23rd. The platform tweeted recently how physical delivery will bring more flexibility in maintaining bitcoin exposure.

China Confirms Speculations about Centralized Crypto – Mu Changchun, an official from the People’s Bank of China, has come out with a statement that the new centralized crypto will be supported by most e-payment platforms, such as WeChat Pay and Alipay. He also said that these token would function effectively as digital yans.

Telegram Continues Blockchain Rollout – The social media giant is continuing with its plans to launch its own blockchain. The Telegram Open Network (TON) code was recently released by the firm to facilitate running code on the blockchain.

Binance’s Charity Wing Begins Donation Campaign In Support Of Hurricane Dorian Victims

By

Binance Charity is the crypto exchange giant, Binance’s philanthropic subset. On September 1, it began welcoming donations which would be used to supply aid and food to victims of the hurricane via grassroots organizations in the affected areas.

The campaign website has stated that it will be accepting donations in Bitcoin, XRP and Binance Coin. The Hurricane Relief Project will then receive the collection. The campaign has so far gathered at least a minimum of 0.558 BTC or $5,852.90.

Binance Charity hasn’t begun distributing these funds yet and plans to record all distributions made over blockchain for greater transparency. On top of this, the organization has been seeking advice on how to disburse aid faster.

Hurricane Dorian is currently on the path to crossing over to Canada from the United States. The International Federation of Red Cross and Red Crescent Societies have estimated that approximately 400,000 individuals are in need of immediate aid. Some 13,000 homes in the Bahamas have either been destroyed or subject to significant damage.

Predictions have put the number of deaths in the Bahamas at 40. Once the recovery effort begins, the number is expected to rise further. Duane Sands, Minister of Health, agrees with this estimate and believes the final figure will be “staggering.” He bewails having lived through such an incident and hopes never to relive anything similar again.

It isn’t Binance’s first foray into charitable purposes. Previously, it supported initiatives that forwarded women’s health and education.

The rise of the cryptocurrency sector naturally means that its presence in philanthropic efforts will increase too. The Rainforest Foundation approached the industry recently for financial support in battling the deforestation in the Amazon.

Independent public charity, Fidelity Charitable reported receiving $100 million in cryptocurrency donations from the time it became open to receiving them in 2015.

Twitch To Support Crypto-Based Payments While Goldman Can Launch New Digital Currency

By

The popularity of cryptocurrencies has not diminished, and there is news about another big company embracing digital currency nearly every day. Check out some of the significant developments in this field.

Twitch will enable crypto-based payments again

The company has started accepting Bitcoin once again as a mode of payment. The platform that streams video games had earlier enabled its users to use the popular digital currency to pay for their subscription. However, the feature was removed in early 2019, and it appears that Twitch has once again enabled its feature of accepting payments through Bitcoin in some of its markets.

According to Blockonomi, a payments processor called BitPay that converts digital currency into fiat currency will be processing these Bitcoin payments. Although the platform may not receive actual Bitcoin, it is one of the world’s most preferred gaming platforms that have enabled Bitcoin-based payments. It is undoubtedly another big step for mainstream adoption of cryptocurrencies.

It is also imperative to note that Amazon.com owns this gaming platform. Supporters of cryptocurrencies have been looking forward to the likelihood of this e-commerce giant accepting Bitcoin, thus acting as a strong catalyst to trigger the adoption of the digital currency as a powerful legitimate currency. As other companies like Facebook have a strong presence in the crypto arena, several industry watchers feel that Amazon will make a digital currency move very soon.

Possibility of Goldman entering into the crypto space

David Solomon, the Chief Executive Officer of Goldman Sachs, is of the opinion that the high-profile investment bank might come up with its own digital currency similar to JPMCoin – a cryptocurrency that has been launched by JPMorgan. He also added in an interview that the investment bank might play a part in the disruption of conventional financial systems through cryptocurrency initiatives.

Mastercard, PayPal, and Visa may Higher Regulatory Risk for Advocating Facebook Crypto Plan

By

There is a high possibility that companies like PayPal, Mastercard, and Visa face the risk of more stringent regulations since they have been supporting the new digital currency of Facebook, called Libra.

James Faucette, an analyst from Morgan Stanley, has stated that all these three businesses might face a “heavy burden” with the increasing regulatory scrutiny in the crypto field.

According to Faucette, Visa and Mastercard might have to face greater political as well as regulatory risk as compared to technology-related risks. With the plunge in transaction cost, it will not be an easy task to disturb their positions as industry leaders. However, regulatory or political opposition can dislodge their jobs according to Faucette.

What the Senate and the House decide on the new digital coin venture of Facebook is definitely important for the social media giant. The hearings for Facebook as well as its backers like Stripe, PayPal, Mastercard, and Visa are supposed to take place in mid-July this year. Cowen’s Jaret Seiberg mentioned that these hearings are highly crucial for Facebook.

Seiberg also feels that it will not be an easy task as the hearings may not be done amicably with a majority of lawmakers skeptical of this move. Also, any lawmakers who usually support digital currencies can hesitate in backing the entry of Facebook in the crypto space.

Facebook gets support for its crypto initiatives

The social media giant has received support from over more than 12 organizations, including prominent players like Paypal, Mastercard, Uber Technologies, and Visa, that have backed its new digital currency. The Wall Street Journal shared the news in June this year.

All these businesses will invest about 10 million USD in a consortium, which will govern this digital currency. The aim is to fund the formation of the new digital coin, the same report mentioned.

Chicago-based Exchange ErisX Gets License for Cryptocurrency Futures

By

ErisX, an America-based crypto exchange, received a license for DCO or derivatives clearing organization from the CFTC or Commodity Futures Trading Commission.

The permit has been given to the cryptocurrency exchange under the CEA or Commodity Exchange Act. It will enable this exchange to offer future contracts pertaining to digital assets to its clients. The exchange already has a license for DCM (designated contract market), and the fresh one will supplement to that.

It was on June 2 that the announcement was made official. However, the exact timeline to launch the futures instruments was not specified. It was simply mentioned that the products for the cryptocurrency derivatives would be initiated “later this year.”

Contrary to the majority of the other derivative products in the market, the products of ErisX will be settled physically. It signifies that traders will get Bitcoin when the contract is delivered rather than the fiat currency.

Trading of futures and spot on a single platform

It was in April this year when this Chicago-based cryptocurrency exchange came up with their spot trading platform meant for crypto assents. The platform offers fiat-crypto trading for leading cryptocurrencies such as Bitcoin Cash, Litecoin, Bitcoin, and Ether.

Although the offerings of the platform are limited in comparison to its rivals, the crypto exchange is now adding futures trading on its existing platform. It has also succeeded in grabbing the attention of several investors last year.

Thus, ErisX was successful in launching a single platform for digital assets to enable futures and spot trading. So, Erix does not only hold a license for DCO now but also has a license for DCM, or Designated Contract Market, since 2011.

Thomas Chippas, the Chief Executive Officer for ErisX, stated that the crypto exchange is different from others as they use a 2-stream system of DCM and DCO for separating trading from settlement.

Top Crypto Trading Influencers

By

More and more crypto traders are taking to social media to share their crypto market predictions and investment advice. Some have managed to gain themselves millions of followers, turning them into influencers in the cryptosphere. If you are interested in making investments into cryptocurrency or blockchain, following what these influencers have to say is a good idea. Here’s a list of the top social media influencers in the cryptocurrency sector to watch out for –

  • Nicholas Merten – Nicholas Merten is a data analyst and successful crypto trader who runs his own YouTube channel by the name of DataDash. He posts a video everyday and is a reliable source for new policy updates and chart analysis of trends in the cryptospace.
  • Chris Larsen – Richest person currently in the crypto industry as per Forbes, Larsen is the chairman and co-founder of Ripple. He has a modest follower base of 20k users on Twitter. However, this modest number in no way impacts the influence Larsen commands over the industry. XRP – Ripple’s very own digital currency has consistently found pride of place in every Top 10 list of cryptocurrencies in the last two years.
  • Eric Choe – Choe has a Twitter followership of around 116k people. An Economics graduate, he is a well renowned crypto expert who is sought out for his knowledge and experience. He started trading in crypto during the crypto boom and found success based on his skills. Eric also runs a website at cryptochoe.com which you may refer to for more of his thoughts and insights.

CryptoDaily and CryptoYoda are some other interesting and easy-to-understand crypto influencers you can find online. Any information that you may need for your crypto investments, you will find on their pages. Crypto market knowledge sourcing has gotten so much easier now – all you need to do is follow these influencers and you’re good to go!

Tug-Of-War Between Bears And Bulls

By

The battle is on between the bulls and the bears, and it was evident on Monday, July 1, 2019. While the bears still exhibit an upper hand in this tug-of-war, the bulls are trying to give a tough fight too. Check out how the top cryptocurrencies performed and know the top winner, as well as, losers of July 1, among the top twenty digital currencies.

Performance Of The Top 3 Cryptocurrencies

1. BTC or Bitcoin:  After the bullish comeback on the last weekend, it was time for the bears to take over the Bitcoin/USD during the weekend and on Monday. The price of Bitcoin/USD plunged by 15.15 percent over the weekend and dropped to 10,500 USD from 12,375 USD.

2. ETH or Ethereum: Ethereum/USD had a value of 290.50 USD when the bears and the bulls managed to cancel one another. Initially, the bulls took the value to about 298.65 USD, but they faced resistance after that. It was then time for the bears to take over and the price of the coin plunged to 281.50 USD.

  1. XRP or Ripple: Ripple/USD managed to touch 0.40 USD post the bearish movement on last Sunday. The price of this cryptocurrency went up to 0.40 USD from 0.393 USD.Top Winners And Losers1. LTC or Litecoin’s price fell by 7.59 percent. It is trading at 119.68 USD.
    2. LINK or Chainlink plunged by 8.84 percent while its value is 3.44 USD.
    3. The value of EOS has increased by 3.36 percent and is currently estimated at 5.95 USD.

    There are about 1,894 digital currencies at present with a combined market cap of around 275 billion pounds. It should also be noted that new entries in the top list of digital currency do not necessarily mean that these are new cryptocurrencies always.

Bis Chief’s U-Turn On Cryptocurrencies

By

The Bank of International Settlements (BIS) chief, Augstin Carstens, is in the news for the surprising U-turn he has taken on the issue of digital currencies. In an interview with the Financial Times newspaper on June 30th, Carstens came out in support of the digital versions of paper currencies that was planned by many countries.

Carstens said that many central banks were working on this proposal, and the (BIS) were also working on it and actively supporting the central banks. This statement is a U-turn compared to his well-known stance opposing digital currencies.

Hardly a few months back in March, Carsten has made a statement opposing the plan of creating digital versions of paper currencies. In a speech made in Dublin, Carstens had publicly advised against the idea of central bank digital currencies. He had remarked that innovation should not come so fast.

Carstens has in the past referred to bitcoins as a combination of bubbles, a Ponzi scheme and termed it an environmental disaster. He has even called upon central banks to regulate cryptocurrencies to prevent them from becoming a part of the banking system. Commenting on Facebook’s proposed Libra cryptocurrency, the BIS had called it a risk for the banking sector.

With BIS and Carstens having opposed cryptocurrencies and the plan for digital versions of currencies, it is surprising to note the sudden change in stance. Having opposed central bank digital currencies in March, for him to be now openly supporting it is a major U-turn. Perhaps this is a harbinger of things to come.

In fact, in his interview to the Financial Times, Carstens even went on to say that there would be a market for central bank digital currencies very soon and that there is a need to provide such currencies. This reversal of stance has proved to be an interesting development.