Chief Executive of the New York Stock Exchange - Bitcoin Could be ‘First Worldwide Currency’
The chief executive of the company that owns and operates the world’s largest stock exchange believes that bitcoin has the potential to be the world’s “first worldwide currency,” and he’s throwing his firm’s weight behind an ambitious plan to make that a reality.
As CCN reported, Intercontinental Exchange (ICE) — owner of the New York Stock Exchange (NYSE) — is forming a new company, dubbed Bakkt, that seeks to bridge the divide between Wall Street, Main Street, and the flagship cryptocurrency.
Speaking with Fortune, ICE founder, Chairman, and CEO Jeffrey Sprecher explained that he believes that — bolstered by Bakkt’s infrastructure — bitcoin could become the currency of choice for global payments.
”Bitcoin would greatly simplify the movement of global money,” said Sprecher. “It has the potential to become the first worldwide currency.”
The move will see ICE not only launch a physically-settled bitcoin futures product but also custody cryptoassets directly and help merchants such as Starbucks — which has already signed onto the platform as a partner — accept digital assets such as bitcoin for everyday payments.
It represents a remarkable about-face for ICE, which said last December that it didn’t want to rush into launching bitcoin products.
All the while though, Sprecher and other ICE executives were scheming to launch the most ambitious crypto play that any Wall Street firm had yet attempted.
And while, if successful, it promises to plant bitcoin firmly in the mainstream, Sprecher says that it could also help conventional asset managers attract younger investors, who are sometimes as skeptical of traditional financial products as asset managers are of bitcoin.
“Millennials don’t trust traditional financial institutions. To gain their trust, banks, brokerages, and asset managers can use a currency that millennials believe in, like Bitcoin. Using digital currencies brings a lot of sizzle,” he told Fortune.
Notably, that comment hearkens back to another statement Sprecher made, months before revealing that ICE intends to take a central role in facilitating that “sizzle.”
“There is a trend here we can’t ignore in my mind, so I don’t discount it,” he said in April. “People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the US Fed.”
https://www.ccn.com/bitcoin-could-be...cy-nyse-owner/
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alts need btc to surge so first btc then alts. still not alt season though.Originally posted by boricuarage79 View Post
anyway, here is another article from a bigger news organization talking about bakkt.
https://www.bloomberg.com/news/artic...yptocurriencesLeave a comment:
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ICE to Launch Physically-Settled Bitcoin Futures
ICE made the groundbreaking announcement on Friday, revealing that the new platform — Bakkt — has been developed in partnership with a variety of blockbuster names, including Microsoft, Starbucks, and BCG.
.so will this bring all the altcoins up as well?
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Its the same what i postedOriginally posted by Bouncer View Post
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more big news. we may see a huge pump right now.
https://www.reddit.com/r/Bitcoin/com...o_use_the_new/Leave a comment:
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Some good news! Expect increased volume starting tomorrow.
South Korea’s Biggest Crypto Exchange Bithumb to resume Trading
Finally, Bithumb users have been served with good news. South Korea’s biggest crypto exchange as of May,has announced that it is officially resuming deposits and withdrawals on August 4 at 11 am Korea Time, a month after of freezing the platform due to the hack.
Bithumb to resume deposits and Withdrawals for 10 coins
The official blog post, which the company used to make this announcement, said that Bithumb will resume the deposits and withdrawals for only 10 cryptos in this round. These would be Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Ethereum Classic (ETC), Qtum (QTUM), Litecoin(LTC), Bitcoin Cash (BCH), Monero (XMR), Zcash (ZEC), and Mithrill (MITH). The exchange will resume these services for Tron (TRON) and EOS (EOS) after their mainnet implementation is completed.
https://coingape.com/south-koreas-bi...egins-trading/Leave a comment:
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Another massive failure in the market. This shit is insane.
Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag
https://www.bloomberg.com/news/artic...estors-buzzing
A massive wrong-way bet on Bitcoin left an unidentified futures trader unable to cover losses, burning counterparties and threatening to dent confidence in one of the world’s largest cryptocurrency venues.
The long position in Bitcoin futures listed on OKEx, a Hong Kong-based exchange, had a notional value of about $416 million, according to an OKEx statement on Friday and data compiled by Bloomberg. OKEx moved to liquidate the position on Tuesday, but the exchange was unable to cover the trader’s shortfall as Bitcoin’s price slumped. Because OKEx has a “socialized clawback” policy for such instances, it will force futures traders with unrealized gains this week to give up about 18 percent of their profits.
While clawbacks are not unprecedented at OKEx, the size of this week’s debacle has attracted lots of attention in crypto circles. The episode underscores the risks of trading on lightly regulated virtual currency venues, which often allow high levels of leverage and lack the protections investors have come to expect from traditional stock and bond markets. Crypto platforms have been dogged by everything from outages to hacks to market manipulation over the past few years, a period when spectacular swings in Bitcoin and its ilk attracted hordes of new traders from all over the world.
“Everyone is talking about it,” said Jake Smith, a Tokyo-based adviser to Bitcoin.com, in reference to the OKEx trade.
The exchange, which only identified the problem trader by the ID number 2051247, said the position was initiated at 2 a.m. Hong Kong time on July 31.
“Our risk management team immediately contacted the client, requesting the client several times to partially close the positions to reduce the overall market risks,” OKEx said. “However, the client refused to cooperate, which lead to our decision of freezing the client’s account to prevent further positions increasing. Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.”
The exchange said it injected 2,500 Bitcoins -- worth about $18 million at current prices -- into an insurance fund to help minimize the impact on clients.
OKEx, which requires traders to pass a quiz on its rules before they can begin investing in futures, also outlined planned changes to its margin system and liquidation procedures that it said would “vastly minimize the size of forced liquidation positions” and make clawbacks less frequent. The exchange, ranked No. 2 by traded value among fee-charging venues tracked by Coinmarketcap.com, allows clients to leverage their positions by as much as 20 times.
Clawbacks are unique to crypto markets and expose the exchanges who use them to reputational risks when clients are forced to absorb losses, said Tiantian Kullander, a former Morgan Stanley trader who co-founded crypto trading firm Amber AI Group. “It’s a weird mechanism,” Kullander said.
Bitcoin, the biggest cryptocurrency by market value, dropped 2.2 percent to $7,383.44 at 4:56 p.m. Hong Kong time on Friday, extending its decline this week to 10 percent. It has slumped 48 percent this year.Leave a comment:
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Get ready for a blast in a week or so!!
https://www.ccn.com/breaking-worlds-...mpression=true
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this is a big issue effecting the market right now and it's not being talked about as much as it should be. hopefully this changes quickly.
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Bithumb Sees 40% Trading Volume Drop After User Registration Suspension
Trading volume at one of the world's largest cryptocurrency exchanges has plummeted by 40 percent in three days after it temporarily stopped opening new user accounts.
South Korea's Bithumb exchange – which suffered a $31 million hack in June – said in a blog post on July 31 that it will suspend the opening of new customer accounts from Aug. 1 as it is undergoing a "service improvement process" regarding so-called virtual customer accounts.
While the exchange did not give further details as to the reason for the suspension, a report from Business Korea on Tuesday cited banking industry sources as saying that the exchange was forced to into the suspension because its banking partner, NH Nonghyup Bank, has yet to renew Bithumb's contract following the hack.
Twenty-four-hour trading volume on Bithumb was around $350 million on Tuesday, according to archived CoinMarketCap data. Yet, over the past three days, volume has declined to around $200 million (as of press time on Friday), reflecting an over 40-percent drop.
The exchange has not responded to CoinDesk's request for comment on the trading volume drop and the banking issue.
While new accounts are suspended for now, Bithumb said that customers who already have identity-linked virtual accounts – effectively, sub-accounts that link individual users back to the exchange's bank account – can still use them for deposit and withdrawal services, the report adds.
Bithumb reportedly said it has a "consensus" with Nonghyup Bank on the renewal of the contract and is "planning to iron out our different views on some legal expressions and start issuing virtual accounts soon."
Should a final agreement not be reached, Business Korea states that Bithumb can still collect service customer deposits and withdrawals through what's called a "hive account," though the option would be far less convenient for users.
Alongside the more negative news for the exchange, it also announced Thursday that deposits and withdrawals in 10 cryptocurrencies will be reinstated this coming Saturday, including bitcoin (BTC), ether (ETH) and XRP. The platform said the move comes after it had completed security checks and improvements after the June breach.
It further noted that, after observing a 10 percent disparity between prices on Bithumb and those on external exchanges, it will delay reinstating services for another batch of cryptocurrencies until prices stabilize.
South Korean regulators mandated the use of so-called real-name virtual accounts from the end of January over fears that the anonymous accounts permitted previously provided greater risk of money laundering.
Following recent hacks and other issues, the country is also moving to further regulate crypto exchanges, with a number of new bills being prepared by lawmakers across the political spectrum.
On July 26, an executive at the Financial Services Commission called on politicians to pass a bill regulating cryptocurrency exchanges "as soon as possible."
https://www.coindesk.com/bithumb-see...on-suspension/Leave a comment:
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7500 BTC support broken. move BTC into tether (stable coin matched to USD) or BNB which goes up when BTC goes down (usually).Leave a comment:
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The longer the 7500 line holds the better chance we have to surge upwards. The bears are looking like they've run out of steam to push us lower. A climb up to 9000 is very possible. Only if we hold the 7500 line though. A significant dip under that and it's down to the 6k's again.
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