The World News
📺 09 May 📺
Bitcoin Sees Wall Street Warm to Trading Virtual Currency
"SAN FRANCISCO — Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.
The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential.
The news of the virtual exchange, which has not been reported before, came after Goldman Sachs went public with its intention to open a Bitcoin trading unit — most likely the first of its kind at a Wall Street bank.
The moves by Goldman and Intercontinental Exchange, or ICE, the parent company of the New York Stock Exchange, mark a dramatic shift toward the mainstream for a digital token that has been known primarily for its underworld associations and status as a high-risk, speculative investment.
The new interest among Wall Street power brokers also represents a surprising new chapter in the renegade history of Bitcoin."
Read more:
https://www.nytimes.com
Bitcoin almost broke through the $10,000 mark—then Warren Buffett and Bill Gates came along
"Bitcoin prices slumped below $9,200 after nearing $10,000 over the weekend following criticism from some notable billionaires. Berkshire Hathaway CEO Warren Buffett called bitcoin "probably rat poison squared," Berkshire Chairman Charlie Munger said trading in cryptocurrencies is "just dementia," and Microsoft co-founder Bill Gates told CNBC that he would bet against bitcoin if he could. Speculation that the SEC and CFTC are meeting Monday could also be having a negative pull on prices."
Read more: https://www.cnbc.com
Federal Reserve: Bitcoin Futures Launch Led To December 2017 Price Decline
"Тhe Federal Reserve Bank of San Francisco released an Economic Letter May 7, suggesting that Bitcoin’s (BTC) decline following its $20,000 peak was the result of the launch of Bitcoin futures trading.
The Federal Reserve’s letter says that “the rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence” and “it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset."
The highest Bitcoin price coincided with the introduction of Bitcoin futures by the Chicago Mercantile Exchange (CME) in mid-December last year. A week earlier, the Chicago Board Options Exchange (CBOE) also launched Bitcoin futures, although trading was thin, the study says.
According to the letter, optimistic investors who bet that the price was going to rise were the only driver of the Bitcoin surge. Constant price growth attracted more optimists who, in turn, increased the demand even more.
Pessimists had no available instrument to short Bitcoin and to profit from betting on a price decline until Bitcoin futures were introduced. The new investment opportunity caused a fall in demand in the day-ahead Bitcoin market and subsequently sent the price down."
Read more:
https://cointelegraph.com
World’s Second Largest Software Company Oracle To Offer Blockchain Products
"Oracle Corp., the world’s second largest software company, is launching blockchain products over the next two months, Bloomberg reports May 7.
President of software development Thomas Kurian announced today at Oracle headquarters that the company will unveil a platform-as-a-service product this month, and decentralized ledger-based applications next month.
The California-based company is working with Banco de Chile to log inter-bank transactions on a hyperledger. Oracle has also been working with the government of Nigeria, which is reportedly seeking to use blockchain technology for documenting customs and import duties. According to Bloomberg, Oracle’s products will also be pitched to pharmaceutical companies for the management of medicine supply chains.
Blockchain technology has seen successful adoption in major industries recently. In late April, Spanish BBVA bank became the first global bank to issue a loan on a blockchain. According to the bank, the use of blockchain technology cut the time needed to complete the €75 mln loan process from “days to hours.”
In mid-April, South Korean electronics giant Samsung revealed that it will use blockchain for managing its global supply chain. Vice President and Blockchain Chief Song Kwang-woo said that the company’s IT subsidiary, Samsung SDS, is looking to implement the technology in an effort to cut costs by up to 20 percent."
Read more:
https://cointelegraph.com
BMW Test Drives Blockchain for Car Mileage Tracking
"What we're doing is we're essentially trying to build out this circular economy on the DOVU platform. [Drivers] can earn tokens, but down the line they'll also be able to spend tokens on services - for example, they might be able to get replacement tires or something like that using the Dovu ecosystem. The partner, in this case BMW, defined the categorization of the reward and that's defined in a smart contract. As long as the parameters are met for the smart contract, they'll receive tokens."
Read more: https://www.coindesk.com
Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 09
"The question whether the American regulators classify Ethereum as a security or not is taking center stage because it might have serious ramifications on the crypto world. Though it is not a decision that will be made in a hurry, still, the news will be keenly watched because of its possible widespread impact.
At the same time, the increased regulations in Japan and Hong Kong are forcing the cryptocurrency exchanges to shift to more regulatory friendly nations.
Korea is another nation where the daily transactions of digital currencies have plunged due to various regulations. The new governor at the helm of South Korea’s Financial Supervisory Service (FSS) sees “some positive aspects” to digital currencies. However, what he does to support the crypto world will be interesting to see.
Nick Colas, the Wall Street brokerage analyst who started covering Bitcoin (BTC) in 2013, believes that investors should not buy Bitcoin at the current prices.
We, on the other hand, believe that most of the top cryptocurrencies are forming bottoms. Though it may not be a vertical road to recovery, they will offer enough opportunities to trade. Let’s see the ones we like today."
Read more:
https://cointelegraph.com
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