Bitcoin Bullish News
Technically, BTCUSD is ranging and down 0.1% in the last day. But this has been the case over the last couple of weeks. At spot price, BTC is down 75% from the 2017 peaks and combined with an expectant market, chances are Bitcoin prices could recover. The neutral stand is because despite the attempts of higher highs in the last 3 months, prices are still confined within a tight $1500 trade range with clear resistance and support. We retain a bullish outlook, thanks to the strong support trend line of the last four months.
Cryptocurrency startup Bakkt, heralded by many as the gatekeeper to wider cryptocurrency adoption, has announced that it will bring its BTC futures trading into operation from December 12, 2018, subject to regulatory approval. The Bakkt platform has investors in a feverish state because of the tangible impact it could have in opening up the market. This supports market integrity and differentiates effort from existing futures and crypto exchanges which allows margin, leverage and cash settlement. The company is being backed up by Intercontinental exchange’s proving that the Bakkt’s secure global platform will connect investors, merchants and consumers, making it easier and use digital assets.
Fidelity investments has announced the launch of a new company dedicated to providing cryptocurrency services including custody and trade execution, The services will be available to institutional investors such as hedge funds, family offices and market intermediaries. The services offered are in the 3 areas, institutional grade custody, trade execution and dedicated client service. Fidelity stated that its solution consists of vaulted cold storage and an access to control system which was described as multi-level physical and cyber. $7.2 trillion in client assets, and they have announced a new and separate company called Fidelity Digital Asset Services.
CoinBase Custody’s mission is to make a digital currency investment accessible to all financial institution and hedge fund in the world. It has pioneered leading crypto storage techniques and is responsible for the custody of more than $20 billion in crypto assets. The unique features include on-chain segregation of crypto assets, split, offline private keys that require a quorum of geographically distributed agents using cryptographic hardware to sign transactions. Also supports multiple layers of security.
ETF’s are exchange traded funds whose shares track the price of an underlying asset. One of the main advantage of commodity backed ETF’s is allow investors to not worry about custody of the underlying assets, as the ETF take care of the custody. A BTC ETF would create a new investable asset class for many institutional market participants.
A new crypto platform aiming to compete with Bakkt by offering regulated crypto custody solutions to retail and institutional investors. The platform is backed by TD Ameritrade, Digital Currency Group, CBOE and others. ErisX aims to capitalize on a similar niche as that of Bakkt and allows users to trade BTC, ETH, BCH and LTC. Future contracts traded on this platform will be physically delivered.