Although the crypto industry has been closely watching to see when the highly anticipated physically settled Bitcoin (BTC) futures platform Bakkt officially launches, they have now been beaten by their competitor – LedgerX – who officially launched today.
The platform is open to all US-based investors with a government issued ID and is not limited to institutional clients or high-net-worth clients. Despite this, most analysts believe that the benefits that physically settled futures contracts will bring to the crypto markets come primarily from the institutions that will trade them.
The United Kingdom’s Financial Conduct Authority (FCA) has warned the public that is should beware of investing in crypto assets. The regulator states that digital currencies like Bitcoin and Ethereum have no intrinsic value and therefore offer a high level of risk.
The comments come as part of the FCA’s newly-published guidelines for companies operating in the space. The document aims to provide information to firms to assess their own compliance with the UK’s existing financial regulations.
Bitcoin price is at a critical junction, with either a major bull run ahead or a deeper correction that could mean the bear market hasn’t yet ended. A powerful indicator called the NVT ratio – designed by one of the crypto community’s best and brightest – has been used to time the tops and bottoms of Bitcoin bubbles, and is currently showing that Bitcoin has fallen from the highest levels it’s ever reached.
This morning, July 31, 2019 Bitcoin price soared from lows around $9,500 to a local high of $10K before the leading crypto asset by market cap took a short pause.
Bears have been in control ever since Bitcoin price was rejected from $13,800, and has struggled to maintain the bullish momentum it has had behind it since the early April rally first began.
Well then. Bitcoin (BTC) has just reclaimed $10,000 in a sudden surge to the upside. As of the time of writing, the cryptocurrency sits just shy of $10,000, finding itself up 4% in the past 24 hours.
Interestingly, altcoins have underperformed the market leader, accentuating the trend of BTC outperforming its ilk during sudden moves higher.
Stablecoins launched atop the Ethereum blockchain are growing better than Venmo, according to blockchain research firm TradeBlock.
The New York company measured and combined the volumes of five Ethereum-based stablecoins –Dai, Gemini Dollar, Paxos, USD Coin, and Tether – between Q1/2018 and Q1/2019. The first fiscal quarters showed slight growths in their net transactions. But in Q4/2018 and Q1/2019, the volume surged exponentially compared to previous recordings.
The crypto industry in India is still in limbo this week while politicians acknowledge the proposed ban bill but remain evasive. The shift from regulation to blanket ban has sent shock waves through the nascent industry in the world’s second most populous country.
Finance Minister Responds to Crypto Bill
According to a new report examining the time line of the proposed blanket ban, it was a last minute decision.
Diversity among crypto holders is increasing according to a new survey of European cryptocurrency investors and traders. The number of women in crypto is increasing as the industry shakes off is male dominated past.
The survey was carried out across three waves of research in 2018, sampling almost 120,000 unique internet users aged 16 to 64 in 17 countries across Europe.
Crypto Girls at 20 Percent
The bitcoin price was higher on Wednesday morning as investors prepared themselves for the outcome of the Federal Reserve’s meeting later in the afternoon.
At around 07:00 UTC, the BTC/USD instrument established a local high of $9,814.61, up close to 3 percent in the previous 24 hours. Futures on CME were also up by 2.31 percent. Bitcoin’s upside also influenced other cryptocurrencies to follow suit, with Ethereum, XRP, Litecoin, and Binance Coin surging in the range of 2-3 percent.
Bitcoin and crypto are finally entering the mainstream political discourse. The launch of Facebook’s Libra lit somewhat a fire under the rear of politicians the world over, mandating them, along with other economic and social commentators, to address the issues that the Silicon Valley-backed cryptocurrency could bring.