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With less than twenty days left before the next Bitcoin halving, an inflow of new data shows that the Bitcoin chain remains as active as ever. It also shows that the crypto community is looking forward to the halving event and is withdrawing their BTC from centralized exchanges to put it in a more reliable place for storage.
Total amount of Bitcoin fees paid soars
As reported by the Glassnode agency, over the past twenty-four hours, the total amount of Bitcoin fees paid has substantially increased by 50.7 percent, reaching $9,568 from the previous value of $6,349.
The existence of fees allows all operations on the Bitcoin network to occur since transactions require confirmation from miners. Usually, miners receive a baseline reward (which is currently 12.5 BTC but is about to drop to 6.25 in about eighteen days) along with some amount of money to compensate them for confirming transactions – electricity, mining gear maintenance, etc.
Transactions often rise in volume as they approach a full block. For this reason, some transactions require higher fees than others.
The main Bitcoin fee has also increased over the past twenty-four hours, rising to 58.8 percent. The increase in this metric has led to a rise in total Bitcoin fees paid
BTC balance on exchanges hits a major low
Glassnode has also shared data that says that over the past half a year, investors have been removing their Bitcoins from centralized exchanges as they've become less willing to use exchanges for storing their BTC.
The index of the Bitcoin balance on crypto exchanges has hit a six-month low.
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Investment bank Goldman Sachs (aka "Goldman") has released a super bullish note on the seemingly pandemic-proof Amazon stock (NASDAQ: AMZN), and raised its 12-month price target from $2,600 to $2,900.
Zacks Equity Research says that Wall Street analysts' consensus outlook for Amazon, which is expected to report its Q1 2020 earnings on April 30, is "a year-over-year decline in earnings on higher revenues."
This is Zacks' consensus estimate:
"This online retailer is expected to post quarterly earnings of $6.31 per share in its upcoming report, which represents a year-over-year change of -11%.
"Revenues are expected to be $73.30 billion, up 22.8% from the year-ago quarter."
Here are average, low, and high earnings and revenue estimates for Q1 2020 from the 40+ analysts covering Amazon stock, according to data from Yahoo Finance:
According to TheStreet, Goldman's analysts had this to say about Amazon:
"We expect Amazon to report results well above consensus expectations on revenue and profitability while guiding 2Q above consensus on both metrics.
"The increase in demand the company’s retail, AWS, and ads businesses is seeing and Amazon’s ability to meet the challenges of this demand, will, we believe, serve to steepen the curve of its long term growth rate, drive incremental profitability, and further deepen the competitive moat around all of its businesses.
"While the stock has outperformed significantly, we believe the market continues to underestimate the long term value of the Amazon platform as the leader in both the movement of retail online and compute into the cloud, the realization of which is being accelerated by the current crisis along with consumer and enterprise adoption.
"Therefore, we continue to believe Amazon represents the best risk/reward in the Internet sector and remain Buy-rated."
Last month, Jim Cramer, a former stockbrocker at Goldman Sachs, as well as the host of CNBC show "Mad Money", said on CNBC show "Squawk on the Street":
"I think Amazon could go to $3,000 in this market."
On April 16, Amazon Founder and CEO Jeff Bezos sent a letter to the shareholders, which talked about the steps that his company has taken to deal with the COVID-19 crisis.
One of these was hiring many thousands of new employees to handle the extra demand from customers in the midst of the lockdowns around the world:
"In March, we opened 100,000 new positions across our fulfillment and delivery network. Earlier this week, after successfully filling those roles, we announced we were creating another 75,000 jobs to respond to customer demand."
Per data from Google Finance, Amazon stock closed yesterday at $2,399.45 (up 1.52 on the day):
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Birmingham City University has begun a trial for a blockchain-powered certificate to protect supply chains from coronavirus infection.
Birmingham City University and Centre for Citizenship, Enterprise and Governance are trialing a blockchain-powered coronavirus certificate.
The project aims to protect supply chains from infection by the coronavirus.
The system is built on the Seratio (SER) blockchain platform.
[The certificate] confirms that a supplier adheres to the highest standards of public health, sustainability, anti-bribery and even modern slavery. And in this case, we can verify the level of supply risk due to the coronavirus,” Olinga Taeed, visiting professor of blockchain at BCU, told Decrypt.
How does the Coronavirus Clearance Certificate work?
The Coronavirus Clearance Certificate is based around a QR code that tracks both financial and non-financial elements of the supply chain. Each movement of a product is logged on a blockchain, enabling buyers to monitor potential exposures to COVID-19 across the supply chain—including products, organizations, processes, projects and even people involved.
The immutability of the blockchain will enable it to register breaks in any given product’s life cycle, immediately highlighting areas that need investigating.
The solution has been in development for nearly a decade by CCEG, a think tank on the movement of value with around 165,000 members.“The immediate reaction from 300 of their 7000 C-Suite executives from multi-national organisations was to first focus on COVID-19... hence the Coronavirus Clearance Certificate,” Taeed said.
The UK’s Midlands region was chosen to run CCC’s trial, as it is one of the areas most heavily affected by the coronavirus
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Bitcoin won’t replace gold. Instead, Bitcoin will transcend beyond gold 2.0, becoming a new kind of money the world has never seen before.
Bitcoin performed well during geopolitical turmoil, leading to the narrative that BTC moves in the opposite direction of stocks.
In the last month, the correlation between Bitcoin and stocks hit record highs, causing many to question Bitcoin’s claim as “gold
2.0.”
Bitcoin is an impossible-to-confiscate asset that opposes authoritarianism, giving it qualities as an effective political hedge.
Gold has a 2,700 year history as a form of money, making it the most reliable monetary hedge, for now.
Bitcoin’s market dynamics suggest that it is both a risk-on and risk-off asset, depending on the circumstances. These qualities make BTC tricky to use as a hedge against the stock market, and run contrary to many popular narratives.
Bitcoin and stocks fell and rallied together over the last two months. These moves were met by confusion, given that the historical correlation between the two assets has been low.
Historic data has shown that Bitcoin is bipolar. Sometimes it acts as an uncorrelated asset. Other times, it performs contrary to the stock market. Occasionally, it moves closely with the stock market. These moves provide valuable insight into the true nature of Bitcoin.
Geopolitics and Bitcoin
The global trade war was bad news for consumers and businesses, but good news for Bitcoin. Governments of various countries clashed with the United States over trade tariffs, creating a hostile international environment. This paved the way for the cryptocurrency to thrive.
In early 2020, Bitcoin’s anti-fragility was again put to test when tensions between Iran and the United States flared after a drone strike killed a high-ranking Iranian military official.
At that time, the cryptocurrency recorded a 53% gain between January and February 2020, in line with the theory that Bitcoin performs well when risk-assets, like stocks, take a beating.
Come March, however, the cryptocurrency crashed along with other risky assets. That month BTC had a record correlation with the S&P 500. This shocked many in the space, since the asset was believed to be both uncorrelated and resilient against economic turmoil.
The last month has provided more perspective on Bitcoin, gold, and the concept of hedging major macroeconomic risks. Bitcoin is often deemed to be “digital gold.”
But, it’s price is down 30% since Feb. 20, the day the stock market peaked, while gold is up 7% over the same period.
Bitcoin and Gold’s History as a Hedge
Gold’s history as a medium of exchange is even older than the concept of democracy, dating back to 700 BC. Even in modern history, the gold standard was around until 1971 in the United States. This track record has led much of the world to believe that the precious metal is a reliable form of money to fall back on.
Bitcoin’s roots are grounded in the 2008 financial crisis, where society paid the price for dreadful risk management by the big banks. However, at its core, Bitcoin is not a hedge against monetary manipulation, but a hedge against authoritarianism.
As an unconfiscatable asset, it provides the strongest resistance to the power of the state, unlike gold which is easy to confiscate.
With this in mind, it’s not surprising that Bitcoin fares well when geopolitical pressures mount. Like gun sales, BTC seems to do well when governments gain new and intrusive powers.
The Coronavirus pandemic has led to a situation where demand has collapsed and certain industries face prolonged slumps in sales. Retail consumers, moreover, are looking to avoid risky assets like Bitcoin.
Meanwhile, since this is an economic situation, it makes sense that gold, a monetary hedge, is faring better. Especially in the face of unprecedented government stimulus.
Though, in recent times, even the usually tame mainstream media has argued that governments are gaining too much power during this emergency—something they are unlikely to give up once the COVID-19 crisis is resolved.
So, the real question isn’t whether Bitcoin is a risk-on or risk-off asset. Instead, the question investors should ask is whether the current macroeconomic situation is one where BTC can thrive.
Demand shortages and reduced household incomes are not bullish for Bitcoin. People realizing that Bitcoin is the hardest form of money to confiscate, meanwhile, is bullish.
BTC lacks credence among the general population as a form of money, but its ability to act as a political hedge is definitive and corroborated by the market.
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According to a large survey from Paxful, almost 50% of respondents believe that the current precarious situation can lead people to Bitcoins and consider it a safe haven.
The survey also brought other interesting results. When asked who will be the market leader in the cryptocurrency movement in 2020, the following results were found:
The Americans are convinced of their sovereignty and gained (64%) followed by the United Kingdom with (39.80%) and the third place was taken by Southeast Asia with (32.20%).
Regarding the use of bitcoin in the future, (69.20%) of the surveyed thinks, they will be used for mainstream and real life payments, the second majority rather see it as a tool against corruption and inflation (50.40%) with (30.60%) they replied impartially.
The results confirm the importance of Blockchain technology and most of the respondents think that it could potentially affect all spheres of life.
Blockchain is clearly the favorite, (56.60%) of participants voted for the answer “Blockchain could potentially affect any agreement, task, process, or payment, touching the worlds of digital identity, data management, audit trails, contracts, automated governance and more “. The second answer that clearly favors this technology “I think Blockchain is going to transform the world” was in close proximity with (56.40%), in third place ended the answer that thinks that is hype around Blockchain and gained (39.80%).
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Power Ledger has signed a deal with property developer Nicheliving to create a microgrid in Western Australia.
Microgrids enable residents to store and trade renewable energy.
The partnership will see over 100 properties using a blockchain-based microgrid platform.
Blockchain start-up Power Ledger has teamed up with property developer Nicheliving to roll out a microgrid energy trading platform across 100 properties in Western Australia.
The deal, announced Wednesday, will initially see Power Ledger's blockchain platform used across 62 apartments in Nicheliving’s Inglewood development, and 40 apartments in East Cannington, before being rolled out across further Nicheliving projects over the next three years.
What is a microgrid?
Microgrids are small local energy grids that typically draw power from sustainable energy sources such as wind or solar. The power generated is stored locally; Power Ledger enables residents to sell their excess energy to neighbors, tracking energy consumption and transactions on its blockchain platform. According to the press release, the firm aims to deliver 100% renewable energy via an "embedded electricity network and solar PV and storage microgrid."
"We're seeing an emerging trend of project developers considering more low cost and low carbon energy supplies during the design phase of their projects," explained Power Ledger co-founder and chairman Dr Jemma Green. "Power Ledger's platform incentivises homeowners to invest in solar energy infrastructure."
Microgrids bring power to the people
Power Ledger’s microgrid follows in the footsteps of other blockchain-based microgrids around the world, including the pioneering Brooklyn Microgrid in New York.
Large energy firms are also getting involved; in London, EDF Energy launched a trial microgrid, Project CommUNITY, which outfitted an apartment complex with solar panels. Residents used a blockchain-powered app to access and trade their energy allowance with peers, removing the need for an intermediary.
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Since the outbreak of the global epidemic Coronavirus (COVID-19), It has become unclear the medium and long term impact it will have on crypto markets. To some end, we have seen a massive resurgence in crypto markets, where prices of ethereum, stablecoins, and bitcoin have shot up well over 30% in the past couple of weeks. The rise comes right off the heels of one of the worst crashes in the digital currency’s history where cryptocurrency value was being sold at half the price in a series of panicked sell-offs.
As we keep a close watch on cryptocurrency news and bearing in mind that the global epidemic is slowly reaching its peak, it is crucial to consider what impacts Coronavirus has had on crypto markets so far.
The Rise and Fall in Cryptocurrency Prices
A glance at the cryptocurrency trading over the past 4 months shows that the market has been highly volatile. Crypto markets have seen a boost as a result of the tensions between the U.S. and Iran and then gained arising from the fear of the coronavirus outbreak.
Notwithstanding its latest bull run at about $9, 620, it is yet to match its $20, 000 all-time high in late 2017. While it may be true, if we consider the dismal BTC trader deals early December 2019 up until late January this year, bitcoin’s recovery witnessed a 50% jump in price from $4, 000 to $6,000.
Similarly, other major cryptocurrencies, such as XRP, Ethereum, and bitcoin cash, made significant price gains as investors returned capital into digital assets. Still yet, analysts are cautious about attributing the benefits to the global outbreak. These fears are justified given that in late February, the price of bitcoin soared to about $8,000, and within a matter of hours, it had fallen more than 25% to $6,000.
Thus it remains questionable if cryptocurrency’s pandemic status eventually will appeal as a “safe haven” asset.
Cryptocurrency Conferences Cancelled
With the rapid spread of the virus, it became clear that COVID-19 had grown beyond being an internal problem in China. To this end, the first few blockchain conferences were immediately canceled against the backdrop of the Ethereum conference, where several prominent representatives in the cryptocurrency circle were “infected.”
Fast forward to early March of 2020, almost all blockchain conferences have been canceled or postponed until late summer/fall 2020 and some until further notice. Fortunately, with the aid of modern technology, some of these events can be held within the virtual space. In short, this is precisely the mood of communication agreed on by a majority of industry leaders even after the COVID-19 pandemic.
Raising Funds Becomes Difficult
With the declining prices in the IOC market, blockchain start-ups are now switching their focus to attract venture capital. Conversely, given the spread of the Coronavirus and the blanket of uncertainty over the global economic space, this method of attracting investors has suffered challenges. This is because private meetings have been curtailed, and investors are more careful in the investments they make now more than ever.
Gustav Christopher Wagner, founder, and CEO of market data provider Blockfacts emphasizes it aptly when he spoke on the difficulties blockchain start-ups are currently facing in raising investment funds. He states that as the Coronavirus becomes a global epidemic, interaction with potential investors has been reduced to virtual calls. Although venture capitalists are pleased to hold virtual meetings and provide close-range financing, there has been a decrease in money circulating the niche markets.
Remote Work Becomes Commonplace
Most start-ups, cryptocurrency projects, and their clients have interacted remotely from the beginning. In other words, the global need for working remotely has not caused any significant changes to the blockchain industry. Interactions have continued seamlessly without compromising the quality of communication between the parties.
Also, irrespective of variation in time zones, productivity input/output, and management of remote command crypto markets maintains effective communication. Even if the virus has hard-hit your workforce, the beauty of working remotely is that you can get a ton of useful services online.
For example, if you are in France (one of the hardest-hit countries) and run a cryptocurrency blog, the spread of the virus might have impacted on your work. You can get the best writing services from sites such as Pick The Writer or Writing Judge to keep your crypto blogs up and running.
Effect on Crypto Mining Hardware Supply Chain
Another impact the Coronavirus has had on the crypto market is the supply of crypto mining. More customers have experienced delays in shipment from crypto mining hardware manufacturers due to the coronavirus lockdown in China.
These crypto mining operations primarily require hardware and energy to operate, so they require spars management or human activity. However, mining manufacturers are limited by the need to either self-isolate or quarantine to curb the spread of Coronavirus. What this means is that since crypto mining is not considered as an essential service, the supply chain in getting equipment to consumers has been struck due to the factory and border closures.
The Stablecoins Benefit
One class of crypto that has greatly benefited from the spread of Coronavirus is Stablecoins. This class of cryptocurrency has witnessed an increased interest after the outbreak of the virus. The reason behind this is not far fetched from the fact that stablecoins have less price volatility in comparison to digital coins.
Also, people have more confidence in the future value of Stablecoins than in bitcoin or other digital currencies. Amid the growing pandemic, consumers across the globe are patronizing stablecoins. These stablecoins are used for trading in the crypto market activities, in addition to accomplishing a variety of tasks.
Conclusion
As events unfold, most analysts warn that the full impact of the coronavirus outbreak is yet to be felt. By both the traditional financial markets and cryptocurrencies markets. Despite these projections, there is the certainty of recovery.
While the possibility of an immediate recovery may disappoint many looking for quick riches, cryptocurrency digital asset class is here to stay. However, whether you are out to make some quick buck or wait till the market stabilizes, don’t forget to #StaySafe.
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The COVID-19 emergency has led to unprecedented changes in a short time period. The government has passed several pieces of legislation to help businesses and the American public get through this difficult time.
Several other major pieces of legislation are in the works, including an expansion of the Paycheck Protection Program, which provides forgivable loans to small businesses, and several different bills that would provide a second stimulus payment.
One of these proposals is the Automatic BOOST to Communities (ABC) Act, which was introduced by Congresswwomen Rashida Tlaib (D-MI) and Pramila Jayapal (D-WA).
The ABC Act would provide a $2,000 one-time payment to every person in America, including dependents, and would follow that up with an additional $1,000 per month for up to a year after the COVID-19 emergency ends. You can read more about the specifics of the proposal in this overview.
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Sony Corporation, a Japanese multinational conglomerate that specializes in developing consumer and professional electronics, has announced the launch of its Blockchain Common Database (BCDB) platform. The firm says BCDB is a next-generation Mobility as a Service (MaaS) solution designed to support a vast array of transportation systems and provide users with accurate information on the best routes to their desired destinations and more, according to a press release on April 23, 2020.
Sony Transforming Transportation with DLT
In a bid to revolutionize the transportation system and promote open data, as well as decentralized transportation data management, Sony has rolled out an innovative blockchain-based Mobility as a Service (MaaS) solution.
Dubbed Blockchain Common Database (BCDB), the MaaS solution which is powered by IT and cloud technology supports numerous transportation systems including trains, buses, taxis, car sharing, and on-demand mobility services.
BCDB makes it possible for users to get highly accurate information about the best route they need to follow to get to their desired destinations on time, including the total costs, as well as the entire process from booking to the clearing.
Reportedly, the Sony BCDB was developed from the ground up and it comes with high-speed data processing and it’s highly scalable, allowing over seven million users to record and share anonymized travel history and revenue allocation on a daily basis.
A Game Changer?
Sony says its BCDB solution is tested and trusted, as it participated in the Netherlands Ministry of Infrastructure and Management Blockchain Challenge Program organized in 2019 and it was the only BCDB to meet the ministry’s specifications.
With Sony’s BCDB solution, players in the transportation industry, transport firms, and transaction processors can now record and share information in a decentralized, transparent and reliable manner, while also being able to deploy it as a service.
Notably, Sony has made it clear that several government parastatals and organizations are now working hard to promote MaaS solutions that support multiple transportation operators. Sony says its BCDB solution has all it takes to make travel more efficient and improve smart city plans.
Interestingly, apart from its BCDB solution, Sony has been creating innovative distributed ledger technology (DLT) based systems in recent times.
In October 2018, Sony Computer Science Laboratories, an arm of Sony Corporation developed a contactless crypto hardware wallet.
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Crypto whale Joe007 is shorting bitcoin and expects a bearish downturn in the short-term.
The traders says a 50 percent move up combined with increased trading volume would invalidate his position.
Top cryptocurrency whale and popular Twitter user Joe007 says it is shorting bitcoin, unless a massive market shift occurs.
Joe007, who made a reported $20 million in profits during February and March’s market volatility, expects the price for bitcoin to enter bearish territory in the short-term. According to tweets published April 19 and data pulled from the Bitfinex leaderboards, Joe007 is shorting bitcoin with an average short entry around $6,800.
When asked what would invalidate his short position, the trader responded that a 50% move up in bitcoin’s price combined with “decent volume” would overturn his bearish outlook.
The trader warned against a “leverage-driven” and “razor-thin volume” run on bitcoin’s price as being a false indicator for the bulls.
Joe007 previously said that a return to the dominant narrative of “bitcoin is dead” would provide the next best buying opportunity for BTC investors.
The whale trader also called the impact of the coronavirus the “biggest economic shock of our generation” and predicted it would have massive implications for the price of cryptoassets.
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Bitcoin Casinos are the new breed of gambling entertainment. The best websites of this industry are well aware of the characteristics that players are most fond of. Top Casinos are almost always equipped with the best possible echelon of various games. Bitcoin Gamblers are attracted to high quantity, quality and favorable odds of the games, and that’s where the famous gaming developers come into play to instantly elevates the status of a Bitcoin Casino. Through game providers and also in many cases – own games, BTC casinos offer gamblers all around the world a wide selection of Slots, Table games, Live Casino and many more
Bitcoin Casino Slots, Table and Live Games.
What people learned from the past is the fact that casinos are always synonymous with Slot Games and Table Games. These selections can be observed in any physical, real world casinos. On websites, these games are present in virtual form. Bitcoin Casinos are famous for the huge selection of these entries. There are well established classics like Dead or Alive 2 that take the gambling world by storm every once in a while. Also, slot games are constantly being produced and upgraded to meet the high expectations of the gambling community.
Classic table games and their live iterations are another immensely popular choice when it comes to BTC Casino enthusiasts. Once you enter one of these top websites, you’ll see the high quantity and quality that they offer. There are industry standards like Blackjack, poker, baccarat and roulette available in various different forms and versions. The same games and increasingly more are provided in the Live Casino sections, with real life hosts taking the helm and providing never-ending entertainment to their “visitors”.
Provably Fair Games
Provably Fair is a revolutionary concept that has derived from the blockchain technology and is currently massively disrupting the Bitcoin Casino and gambling industry. These games are able to provide the undisputed factual evidence of fairness of any game based around said technology. The evidence is mathematical, deriving from the advanced hash algorithm technology, which provides the information about hash seeds before and after the play. With these games, gamblers can be absolutely sure about the integrity of BTC Casino, and those websites who endorse Provably Fair, can be absolutely trusted.
SportsBook for Live Sports and Virtual Sports.
Some of the best Bitcoin Casinos offer their players amazing possibilities when it comes to sports betting. Top dogs of the industry provide the gamblers with the ability to bet on their favorite live sports. Top Football (soccer) Leagues such as: Premier League, La Liga, Serie A and others are available to bet on. Also, Basketball, NFL, NHL, Tennis and virtually all the sports in the world are provided on the Best BTC Casinos. If that’s not enough, there are also amazing Virtual Sports that players can wager on in case of the season being finished or temporarily stopped.
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Cardano has been touted as one of the most ambitious blockchains and crypto projects in the industry, and many characters have come forward to pout out that fact. The latest event involved one twitter user by the handle name “red pin” who applauded Cardano (ADA) for its steadfast energy in fostering the development of the crypto industry through its innovative solutions like the Shelley upgrade.
Just recently, the developer team at Cardano managed to migrate Shelley from the testnet stage to the final mainnet. The team has also been receiving lots of commits for the source code, totally up to around 2,600 commits every week.
At that rate, it adds up to 11,000 commits monthly and around 134,000 commits in a year. That’s a pretty impressive volume that signals the growing attention commanded by Cardano within the crypto and blockchain community. The user made his opinions known in a tweet.
Charles Hoskinson Gets Sarcastic
Responding to red pin’s tweet, Cardano’s founder Charles Hoskinson dropped a sarcastic statement presumably to make fun of the many people who had lost faith in the project.
Cardano’s Code Is Top-Notch
However, there seems to be still some people who haven’t fully come around to see the light in regard to the work in progress under the command of Cardano. One twitter user sought to cast doubt on whether Cardano can actually handle the many commits (2,600) being sent in every week.
According to this user, the commits are just too many to be handled by the developer team that is also tasked with keeping track of all the changes.
In response, Charles Hoskinson was quick to point out that Cardano’s code quality was top-notch, the best in the industry, and that his developer team was keeping track of everything by employing quick checks and other effective means. He went on to argue that the Quality Assurance (QA) team has a pretty high testing standards
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Libra is setting the stage for a new financial system in which anyone can create their own digital currency, according to Raoul Pal, a well-known macro investor and the CEO of finance media platform Real Vision.
In the latest episode of The Scoop, Pal argued that Libra is important if only because it will inspire other companies and industry groups to create new private currencies.
“Google could have their own, the oil market could have their own, the private sector could have their own,” he said. “They could be independent currencies like Bitcoin. There could be corporate currencies that are blended. It could be anything."
“What [Libra]'s telling you is not it's going to be a reserve currency, but they just set the stage and let the genie out of the bottle that anybody can create a currency,” Pal said. “Bitcoin was obviously the start of that. But now these guys are saying, we can create currency baskets for trades using basic asset management to do it, and therefore anybody can.”
Earlier this month, Libra confirmed a shift to multi-currency model. The move –along with other changes noted by Facebook's Marcus – constitutes a nod to the regulatory pressure the project has faced since its official inception last summer Libra is backed by an international organization of companies that includes social media giant Facebook.
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Bitnomial is the latest cryptocurrency exchange to receive the green light from the US Commodity Futures Trading Commission (CFTC) for offering US Bitcoin futures and options as designated contract markets (DCM).
Announced on April 20, the derivatives contracts are to be margined and physically delivered, which means that traders will get Bitcoins after the final settlement of the contract.
User Acceptance Testing Scheduled For This Month
Even though the launch date of derivatives trading is still not formally announced, the exchange will begin with the user acceptance testing (UAT) for trading and delivery later this month.
“We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options. Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry.” Luke Hoersten, founder and CEO of the exchange, said.
Institutional Demand in Crypto Is on The Rise
Institutional interest in Bitcoin continues to increase. As CryptoPotato recently reported, CME saw one of its best trading days, recording a trading volume upwards of $1 billion.
The paper also highlights that the increasing interest is also attributed to stablecoins and their growing popularity. Yet, the document reads that there are plenty of regulatory hurdles, especially for privately-owned stablecoins such as Facebook’s Libra.
It’s also worth noting that the infrastructure for institutional investors to get involved in the field is also improving. Just yesterday, the well-known institutional custodian BitGo acquired a financial platform to facilitate portfolio management. With Bitcoin’s halving just around the corner, it’s likely that this is a trend to continue.
