Bitcoin is the Worst Security; Here’s Why

US-based cryptocurrency exchanges, including Coinbase, Kraken, Circle Internet Financial (CRC), and Bittrex, have united to develop a rating system for cryptocurrencies. It determines whether or not an asset is a security after matching its features with the standards establlished by the Securities and Exchange Commission.

The newly formed Crypto Ratings Council would allow exchange operators to comply with the SEC’s standards while listing cryptocurrencies. It will judge an asset’s security status on a scale of 1 to 5 – the highest score means that an asset has all characteristics of a security.

CRC has released its first scorecard already, wherein it mentions many cryptocurrencies that are considered utility tokens but, according to the SEC’s definitions, are securities.

Both Polimath (Poli) and Maker (MKR), for instance, received the highest 4.5 scores.

CRC explained that Poilimath backers sold Poli before the existence of its utility. The asset continues to have a limited use-case as a utility token, coupled with limited decentralized development, and usage of the platform. 

The council added that the Maker team also sold MKR while using a “securities-like language” during its marketing campaign. They suggested investors the opportunity to earn profits.

Bitcoin is Not Security

Bitcoin (BTC) scored a 1, proving that it has a very low probability of being considered a security. 

The CRC official website highlights:

• Absence of a marketed token sale and corresponding marketing efforts
• Decentralized development and usage
• The anonymity of the Project Team

On the other hand, a company that creates securities should register it in the Securities and Exchange Commission (SEC); otherwise, it may be subject to criminal liability. Bitcoin issuance is governed by not a company but a decentralized network of miners. 

Unlike fiat currencies, which are controlled by the government, bitcoin has no such behavior. Recently, popular bitcoin evangelist Anthony Pompliano spoke about it hosted by CNBC saying:

“Bitcoin is not manipulatable, not seizable, not centralized…Over time more and more people would choose a currency that a government does not control”.

Telling about future co-existence of Bitcoin and fiat money, Pompliano said that Bitcoin and the USD, as well as currencies, are going to co-exist.

“I don’t think that Bitcoin is going to disrupt every currency in the world…Bitcoin will be just another currency that some portion of the population chooses to use.”

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Catalysts Line Up to Boost Asia’s Bitcoin Market

More and more investors in Asia are exploring opportunities in the cryptocurrency market against the degrading condition of global markets.

For example, the ongoing economic war between China and the US, as well as the China-Hong Kong conflicts, have had a significant impact on the financial system. The disputes have sent investors searching for alternative solutions, which include non-sovereign cryptocurrencies.

It is noteworthy that Asian institutional investors and family offices are allocating a small portion of their portfolios to crypto hedge funds. Even those without much technical finesse on the subject are investing in bitcoin and similar digital assets. 

Bitcoin Hedge Funds on Rise

Part of investors’ interest in cryptocurrencies come because of Libra, a stablecoin launched by Facebook. It has brought the term cryptocurrencies on the coffee table of every household in Asia, leading to more people taking interests in the prospects of other tokens, including Bitcoin.

Rumors surrounding the release of Libra have also contributed to institutional investing in cryptocurrencies.

BBShares, a Hong Kong-based crypto hedge fund, aims to raise $10 million from high-net-worth individuals and family offices by the end of the year. The hedge fund recorded the most capital in the last four months owing to the Libra trend and bitcoin price‘s surplus bull-run this year.

“The pace of [institutional] investor allocation to crypto this year has been much faster…Demand for secure and efficient institutional asset allocation into crypto is quite strong,” 

said Jett Li, the chief investment officer at BBShares.

Meanwhile, Tiantian Kullander, a co-founder of Asian crypto trading firm Amber Group, said there are not more hedge funds located in Asia.

“The interests are definitely there. The frequency [of institutional investors inquiring about crypto investments] is increasing noticeably in recent months.”

According to a 2019 research report by consulting firm PwC, almost five percent of global crypto hedge funds are located in Singapore, but in the US it is about 64 percent.

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Upbit is Ending its Partnership with Bittrex

Cryptocurrency exchange Upbit is going to end its long-standing partnership with Bittrex on October 25.

Since 2017, Upbit has shared its order books with Bittrex, which explains how the exchange was able to offer its users with more cryptocurrency pairs that other local bitcoin exchanges. 

Coincidentally, October 25 is also the day when Upbit will introduce new features on its trading platform, which includes pre-orders, market price orders, and simple orders that are currently supported by the Won market, as well as various futures trading services.

Although it is not stated in the announcement, it is expected that Upbit will present its users with Klaytn, the cryptocurrency of a very-hyped South Korean blockchain project Kakao, along with Google’s Ground X project.

Bittrex’s withdrawal would also see Upbit delisting a string of cryptocurrencies. 

Delisting Privacy Coins

The decision comes a week after Upbit delisted a string of anonymity-focused coins from its platform. Altcoins, including Monero (XMR), Dash (DASH), ZCASH (ZEC), Haven (XHV), BitTube (TUBE), and PIVX (PIVX), are set to see the door effectively from September 30 following a global regulator’s intervention in the cryptocurrency matters. 

The Financial Action Task Force, or FATF, earlier this year ordered all the cryptocurrency exchanges to report suspicious transactions, which include personal details of the entities involved. Since privacy coins offer an additional shield of anonymity, it would have become difficult for Upbit to comply by FATF guidelines. The exchange, therefore, announced:

“There are crypto-assets that can selectively utilize anonymity features among projects that are subject to the end of transaction support. For these crypto-assets, Upbit has only supported transparent withdrawal/deposit support.”

Upbit hinted that anonymity-focused coins could become instrumental in laundering money. Therefore, removing them from its platform was the only feasible solution left.

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Venezuela’s Central Bank Looks for Solutions to Support Bitcoin Use

According to Bloomberg, the Central Bank of Venezuela is developing internal policies to find out whether it’s possible to hold cryptocurrencies in their reserves. 

A state-owned oil company, Petroleos de Venezuela SA seeks to change the strategy while dealing with the central bank. By sending Bitcoin and Ethereum and getting tokens out of it for oil company’s suppliers, they need to have a monetary authority in the central bank. They are also looking for solutions that would allow Venezuela to use cryptocurrencies against their dwindling international reserves, now near a three-decade low at $7.9 billion.

Mimicking Bitcoin

Last year, the Venezuelan government had taken a similar decision. They released a bitcoin-like cryptocurrency ‘Petro’ to circumvent the US sanctions. Petro was backed by the country’s oil and mineral reserves and to be an auxiliary currency for Venezuelan Bolivar Fuerte.

It was expected that the initiative would receive international financial support, but the US sanctions on Venezuela have pushed the state into a severe crisis isolating the country from the global economy. Despite attempts by Venezuelan President Nicolas Maduro to make first of its kind Petro cryptocurrency an international legal tender, they failed. 

The country is a significant producer and exporter of minerals, notably bauxite, coal, gold, iron ore, and oil, and the state controls most of the country’s vast mineral reserves. Now, significant banks are hesitant to deal with Venezuela’s state-owned companies because of sanctions. This issue left no choice but to look for perspectives for the central bank to deal with cryptocurrencies.

In this occasion, Anthony “Pomp” Pompliano of Morgan Creek Digital Assets, tweeted welcoming the Venezuelan initiative, confidently pointing out that it is still beginning and other countries will also be following suit.

Reports are surfacing that Venezuela is considering holding Bitcoin and Ethereum in their central bank reserves, while also using it to pay organizations.

Every country will eventually do this.

Just a matter of time before the game theory kicks in https://t.co/oq29xQBtsd

— Pomp (@APompliano) September 26, 2019

In response, it is noteworthy to point out that among non-crypto-friendly countries, such as Russia now also looks for solutions to create favorable conditions for cryptocurrencies via legal regulations.

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Bitcoin Slips Below $8,000; Could It Extend Downtrend?

Bitcoin briefly slipped below the $8,000 level on Thursday for the first time in three months.

The bitcoin-to-dollar exchange rate established an intraday low of $7,712.45, according to data provided by CoinStats’ cryptocurrency portfolio management app. The pair later recovered to the upside but with mild moves. As of 0806 GMT, it was trading at $8,044.17.

Bitcoin price slipped below the $8,000 level for the first time in three months | Source: CoinStats’ Cryptocurrency Portfolio Management App

The latest crash brought bitcoin’s maximum downside correction from its year-to-date high to as low as 45 percent. A general consensus as recorded on CoinStats app shows that about 59 percent of traders want to exit their Long positions while the rest are still hopeful of a wild rebound to the upside.

Sentiments appeared similar on Crypto Twitter, with popular analysts predicting an interim bearish scenario for bitcoin. Nevertheless, they believe the cryptocurrency is undergoing a natural downside correction after surging more than 170 percent this year. It means that, in the long run, bitcoin would jump back to its YTD tops – or even beyond.

“A cacophony of people who were bullish at $10k now bleating that price action looks bad. Price action always looks bad near the bottom. Everyone is afraid. That’s why the opportunity exists,” said Twitterati Light Crypto.

Technical Analysis

Bitcoin is looking to attempt an upside breakout, according to a crucial technical indicator.

Bitcoin price trending inside a Falling Wedge | Source: TradingView.com

The price has broken to the downside from its previous symmetric triangle pattern. The shape has not transformed into a Falling Wedge, a technical area that typically sees price forming lower highs and lower lows up to an apex. Then, the asset breaks to the upside.

It appears bitcoin would continue to trend inside the Wedge, as shown in green in the chart above. Therefore, a Long entry towards the upper trendline on a bounce from the lower one could bring decent interim profits. Similarly, a pullback from the upper trendline could open attractive Short opportunities towards the lower one.

Nevertheless, one should make sure that they place stop losses against the direction of their trades.

In the event of a breakout, the next ideal target bitcoin could target is $10,000. A breakdown, on the other hand, could bring it towards the $7,000 level.

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Russian Banks Propose a Model for Legal Use of Cryptocurrencies

The Association of Russian Banks (ARB) has put forward a proposal to regulate the use of cryptocurrencies, especially by taxing them.

On September 12, during the first session of the International Banking Forum in Sochi, Anatoly Kozlachkov, Vice President of the Association of Russian Banks, presented their report-proposal.

“The problem is that the number is swift, and the right is prolonged. We do not have digital administrative, criminal, judicial procedural procedures for the protection of individuals and legal entities,” explained Kozlachkov.

The report emphasizes that cryptocurrency mining should be subjected to property seizure or treasure detection. 

“It could be argued that the first owner of the crypto assets “found” them, since receiving from an anonymous system can be conditionally considered a find,” the document says.

The ARB considers that cryptocurrencies should be classified as newly created property by citizens. 

“There will be reasons to consider cryptocurrency a thing – adjusted for its digital nature. Then it can be used in barter transactions, taxed, as provided for in the relevant section of the Tax Code,” said the author of the report, Anatoly Kozlachkov.

Background

Earlier in the report, ARB had delivered a concept for the circulation of cryptocurrencies. It represents deanonymization and concealment of digital asset owners as criminal liability, compulsory enforcement of which will lead to proceedings, bankruptcy, or taxation. 

Thus, as a request of the lender, “specialized market agents” will identify digital asset owners who will share their electronic wallets at the request of the judiciary. 

The document contains two other types of taxation — first, the imposition of goods and services on exchange-based cryptocurrency transactions. And second, income tax on capital gains made via cryptocurrency trades. 

According to a survey, last year, more than 12% of Russians consider cryptocurrencies to be their primary source of income. 90% of responders expressed a wish to use digital coins as a means of payment.

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Bitcoin News Bulletin 09/25/19: Of a New Bitcoin ETF, IRS Warnings, and More

Presenting CoinStats followers with the most trending bitcoin stories of the last 24 hours.

SEC to Take Call on Wilshire Phoenix’s Bitcoin ETF Proposal

The US Securities and Exchange Commission (SEC) is now reviewing the application of yet another bitcoin exchange-traded fund.

According to the securities regulator’s recent filing, it has initiated proceedings to determine whether or not to accept NYSE Arca’s initiative to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust.

In August, the SEC made a decision to delay or pursue Wilshire Phoenix ETF bid until September 29. So far, the commission has not approved even a single Bitcoin ETF proposal, citing concerns related to price manipulation and liquidity.

Read more about the SEC proceedings here.

bitFlyer Offering New Crypto Trading Pairs to European and US Customers

Cryptocurrency trading platform bitFlyer is introducing new altcoins on its European and US platforms.

The Japanese exchange said in a press release that its European subsidiary has listed Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). Meanwhile, on the US platform, bitFlyer has added Bitcoin Cash (BCH), Ethereum Classic (ETC), and Litecoin (LTC) only.

Andy Bryant, Co-head and COO, bitFlyer Europe, said:

“By adding new altcoins, we are expanding bitFlyer’s Buy/Sell offer significantly, giving our customers instant access to some of the largest and most exciting altcoins in the world. Those currencies were previously only available to our Japanese customers, so we’re also consolidating our offer across regions, building a global platform for traders all over the world. By leveraging our experience in Japan, we can offer our European and US customers the same level of speed, simplicity and transparency as we already do for those trading Bitcoin and Ethereum”.

Read more about bitFlyer here.

IRS Issues Letters to 10,000 Bitcoin Trading Taxpayers

The US Internal Revenue Service (IRS) has sent letters to 10,000 crypto investors for various purposes, such as requiring them to file their taxes and pay back their dues, including interests and penalties. IRS Commissioner Chuck Rettig warned:

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

Read more the IRS statement here.

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Bitcoin News Bulletin 09/24/19: Of Germany, Satoshi’s Identity, Binance, And More

Presenting CoinStats followers with the most trending bitcoin stories of the last 24 hours.

Bitcoin Trading Now Available on Germany’s Second Largest Stock Exchange

Boerse Stuggart, Germany’s second-largest stock exchange, is now offering bitcoin spot trading services via its new subsidiary.

Boerse Stuttgart Digital Exchange (BSDEX), as the division is called, started with the listing of BTC/EUR instrument, giving access to its thousands of investors to settle bitcoin trades in a dwindling Euro. BSDEX said that it would introduce more cryptocurrency, including Ethereum and Litecoin, in the future. Its services spread across the European Union nations for both retail and institutional investors.

Peter Großkopf, CEO of BSDEX, said:

“The market in cryptocurrencies is worth billions, and more digital assets will emerge on the basis of blockchain. Our goal is to build up the leading European trading venue for those assets…BSDEX will give retail and institutional investors direct access to digital assets and provide flexible and relatively low-cost trading.”

Read more about bitcoin spot trading in Germany here. 

Bitcoin Creator Satoshi Nakamoto is Dead: BitMEX CEO

Arthur Hayes, the CEO & co-founder of controversial bitcoin derivatives exchange BitMEX, believes the Bitcoin creator Satoshi Nakamoto is dead.

Hayes doubted whether the real identity of Satoshi would ever come to light, adding that he or they might already be dead.

The statements followed years of failed guesses and ploys to reveal who is Satoshi Nakamoto. But none of the so-called impostors have been able to prove that they created bitcoin. Analysts say that the real Satoshi would need to sign the wallet he owns, which contains around 980,000 BTC, a circa equivalent of $9.8 billion.

Read the entire commentary here.

Binance Opens Crypto Trading in US

Binance, the world’s biggest cryptocurrency exchange by volume, has entered the US market after listing new crypto pairs on its regional platform.

Binance US, announced the parent arm, will start trading Bitcoin, Binance Coin, Ethereum, XRP, Litecoin, and Tether from September 24. The exchange added that it would open deposits for five other cryptocurrencies, which include Cardano, Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar, and 0x.

Read more about Binance US here.

UK to Auction Bitcoin Seized from a Criminal

The United Kingdom authorities will auction $662,000 worth of bitcoin this week. They seized the funds in question from an online criminal convicted for data privacy violations.

According to Wilsons Auctions, the auction will be held on behalf of the Eastern Region Special Operations Unit (ERSOU) and will start on September 25 until September 26.

Read more here.

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Bitcoin News Bulletin 09/20/19: Of “Shitcoin Donations,” a CEO’s Bitcoin Hedging, and More

Bitcoin News Bulletin 09/19/19: Of Turkey’s National Blockchain, Altcoin Season, and Iranian License

Presenting you the most trending bitcoin stories of the last 24 hours.

Turkish Government Plans National Blockchain for Public Administration

The Turkish government is planning to launch a so-called national blockchain infrastructure to handle administrative tasks.

The country’s Ministry of Industry and Technology presented its plans in its “Strategy 2023” presentation. It discussed the possibilities of integrating blockchain solutions in land registration and academic certifications followed by further research on the technology’s applicability across Turkey’s public-oriented services. 

The Turkish government also stated that it is working with regulators to develop a regulatory sandbox for local blockchain startups. The decision is likely to put Turkey on the map of the digital ledger and cryptocurrency innovation.

Read more about this here. 

Ethereum, Stellar, XRP Top Gainers as Altcoin Season Hints Return 

The uneasiness in the bitcoin market lately led traders to hedge their capital into nearest altcoins, mainly Ethereum, XRP, and Stellar.

Ahead of the US market close yesterday, both XRP and Stellar had jumped by more than 20 percent against the US dollar and bitcoin.

Data on CoinStats’ crypto portfolio management app showed similar upsides across the rest of the altcoin market. Ethereum, the second-largest cryptocurrency by market cap, for instance, jumped as much as 19.38 percent on a week-to-date basis. Litecoin too climbed by as much as 15.57 percent.

Bitcoin, on the other hand, has registered five consecutive daily sessions in negative territory. The move downhill has prompted investors to think that the cryptocurrency’s uptrend is losing its sheen – as of late. The bitcoin-to-dollar exchange rate has fallen by up to 7.65 percent this week. 

Iranian Government Go Easy on Local Bitcoin Miners

Sanction-hit Iran is going softer on its local bitcoin mining community after keeping their future uncertain for months.

According to documents seen by cryptocurrency media outlet Coindesk, the Iranian government had prepared a draft proposal to license bitcoin miners. The material allegedly requires miners to submit information such as their list of business activities, the expected value of their investments, current employment status, the cost of mining equipment, rental agreement of the operational space, as well as the duration of the mining project.

“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government,” an anonymous source told Coindesk. “They need to figure out how to balance mining [operations] so that they wouldn’t harm the power grid. If there’s constant, continuous consumption of electricity you can also make new power plants or assign power plants to this.” 

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Bitcoin News Bulletin 09/17/19: Of Linux Malware, Bitcoin Cash, and More

Presenting you the most trending bitcoin stories of the last 24 hours.

Imperceptible Linux Malware Is a New Way for Cryptojacking 

Yesterday, prominent industry analysts Augusto Remiliano II and Jacob Urbanec posted a note on Trend ‘Micro’s security and intelligence blog. They discussed a new Linux Malware, which deploys malicious kernel modules to mine cryptocurrencies secretely.

The malware works via ‘Skidmap’s hidden rootkit program, which installs and executes the code that makes cryptojacking accessible. It operates on a Linux system without the consent or knowledge of the user. 

Analysts stated:

“Skidmap also sets up a way to gain backdoor access to the machine and also replaces the system’s “pam_unix(dot)so” file with its malicious version. This corrupt file accepts a specific password for any users, thus allowing the attackers to log in as any user in the machine.”

Read more about cryptojacking here. 

David Marcus Implies Libra is Safe for Global Finance

The Libra co-creator David Marcus said that the Facebook cryptocurrency does not pose any threat to the stability of the global economy. 

The senior executive wrote a long thread on Twitter in an attempt to debunk some so-called false notions about Libra. He explained the Facebook cyptocurrency is not going to replace the existing fiat money. On the contrary, it would become a viable payment system backed by a pool of sovereign currencies, aimed at serving real value to users around the world. 

Read more about this here. 

HTC to Support Bitcoin Cash (BCH)

HTC has announced that it would partner with Bitcoin Cash (BCH) for its flagship smartphones. 

The South Korean mobile giant said that their new Exodus 1 smartphones would feature an in-built Bitcoin Cash wallet. That would be the first time an international firm would project BCH as a partner in the mainstream. 

The announcement follows HTC’s growing interest in blockchain and cryptocurrencies. The company in May introduced ERC20-enabled token swaps on its Exodus 1 smartphone. It also said that that the Exodus 1S smartphones would contain Bitcoin (BTC) full node capabilities. 

HTC’s chief decentralization officer Phil Chen stated:

“The Zion Vault is happy to support BCH natively in hardware, so security goes hand-in-hand in the BCH blockchain as an alternative to dominant payment rails and platforms.”

Read more about HTC’s BTH support here.

Dash Joins Coinbase’s “Crypto-family”

San Francisco-based Coinbase exchange announced that it is going to offer Dash trading services on its platform. The firm decided to include Dash after reviewing it for weeks. Users can now start depositing their DASH tokens to their Coinbase wallets. 

Dash is an altcoin that was forked from Bitcoin protocol. It is now the 16th largest cryptocurrency by market cap, per data provided by CoinStats crypto portfolio management app.

In an interview with CoinDesk, Dash Core Group CEO Ryan Taylor said:

“Dash implements a privacy technique called CoinJoin. It has been implemented several times on the bitcoin blockchain. Dash is one of the first, which is why it probably has been labeled as a privacy coin…this is what Coinbase understands and what ‘we’ve been educating exchanges and regulators about.”

Read more about Dash here. 

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Bitcoin News Bulletin 09/16/19: Of Unsafe Browser Extensions, A DIY BTC Wallet, and Square

Bitcoin News Bulletin 09/14/19: Of Lightning Network, Crypto Exchanges, Russian Bank And More

Presenting you the most trending bitcoin stories of the last 24 hours.

BITCOIN LIGHTNING NETWORK IS RECOVERING 

Bitcoin lightning network is improving. Several major stimulating factors evidence this. Within the last 30 days, it is expanding again due to the increasing number of nodes and payment channels. 

The lightning network has been in use since 2018. The purpose of the decentralized network is to eliminate the restrictions of the Blockchain system by promoting its free use. For efficient use of the Blockchain network, the Lightning Network carries the burden of instant and high-volume Bitcoin micropayments while offering fair and low transaction fees for cryptocurrency users. 

Using 1ml data site coverage, the number of light nodes increased by 3,5% to reach an all-time of 9,863. This is the number of computers connected to the network, which keeps the system running smoothly. 

Payment channels have also seen a significant increase, thanks to which the total number of channels has reached over 16%, and 605 of network nodes already have active payment channels. 

Read more about the LN recovery here.

TOP 5 SUPPORTIVE COUNTRIES FOR CRYPTO EXCHANGES

UK: Currently, there are 43 market operations taking place in the United Kingdom, ranking number 1 on the world scale. In spite of this, the issues surrounding Brexit pose a significant threat to the sector’s development, leaving an unintended impact on the rules for the link between crypto coins and traditional finance. 

US: The second is United states with 27 crypto exchanges. Despite some state restrictions, Exchanges continue to operate actively in countries where they are acceptable. And recently, Binance opened a new branch per local regulations for US traders.

Hong Kong: This country is an offshore destination for crypto markets hosting giants like Huobi exchange. With the deployment of 22 crypto exchanges, it has a significant impact on the cryptocurrency development in Asia, stimulating the demand for them. Ongoing protests in the country have only contributed to the more active circulation of cryptocurrencies.

Singapore: Next in line with the relatively liberal crypto regulations is Singapore with 19 exchanges. 

Australia: And the top 5 finishes Australia with nine crypto exchanges. The country is well-known for its hospitality of multiple Bitcoin enthusiasts and grass-roots crypto movements. This fact naturally contributes to the spread of cryptocurrencies in the country. 

Read more about this here. 

RUSSIAN BANK USES BLOCKCHAIN 

Russia is pursuing a strict policy on Bitcoin and other cryptocurrencies but finds blockchain useful. 

Russian Alfa bank BaaS platform will implement Waves Blockchain system in collaboration with C5 Retail Group. 

According to a director of the Alfa-Bank Center for Innovations Research and Development:  

“Practically every case is unique in big business, every client is special, and customization is a must. Clients are constantly evolving and optimizing in-house processes. The key difference between DTCM and other offers available on the market is that we give our client not just a channel to send orders to the bank. But, we give ways to shape up business logic of the product — and actually ‘create a bank’ for the client’s convenience.”

The X5 Retail Group worked with Alfa-Bank before to implement similar liquidity management services for blockchain. 

Read more about this here. 

CME IS TRYING TO DOUBLE MONTHLY BITCOIN FEATURES POSITION LIMIT

On Thursday, the Chicago Mercantile Exchange (CME Group) announced in its letter to the US Commodity Futures Trading Commission that it intends to increase the so-called month position limit for its bitcoin futures contracts.

According to the plan, each investor will be able to sign between 1,000 and 2,000 contracts for each month. For each settlement is opened for five bitcoins, the seller’s maximum impact will be doubled from 5,000 bitcoins to 10,000, respectively $50 million to $100 million. 

In July, the company achieved its highest level of all time – 6,100 with its open interest contracts. 

The decision is expected to take effect on September 30 if the CFTC does not object to the company’s intent. 

Read more about CME here.

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The post Bitcoin News Bulletin 09/14/19: Of Lightning Network, Crypto Exchanges, Russian Bank And More appeared first on CoinStats Blog.

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