The markets are on a steady rise to the much anticipated $500 Billion total market capitalization. Bitcoin (BTC) is a few dollars shy of the $10,000 mark and is currently trading at $9,948 and up 2.6% in 24 hours on this find Saturday. Ethereum (ETH) is also up and by 3.51% and currently trading at $825 at the moment of writing this. Ripple (XRP) is a few cents shy of the $1 mark and currently trading at $0.916. Bitcoin Cash (BCH) is silently doing wonders as it trades at $1,713 and up 12.95% in 24 hours.
Observing Bitcoin once again, this current levels of trading are $52 shy of the much anticipated $10,000 value that would signify a return of good volumes in the markets and a bullish trend for the King of Crypto. Earlier reports by Ethereum World News, had suggested that a confirmation of Bitcoin’s Bullish Trend would be seen when the coin hits $12,000. The last time BTC was at $12,000 levels was around December 3rd last year. What then resulted from this was BTC reaching its peak value of $20,000 on the 17th of December, 14 days later.
The last time BTC was at $10,000 levels and in a bullish trend, was on November 28th: 5 days before the $12,000 value.
Could we be headed for a repeat performance? Only time will tell.
In other news, the South Korean government has no other choice but to start legalizing ICOs in its jurisdictions. Representative, Hong Eui-rak, of the ruling Democratic Party of Korea, has obtained the support of 10 lawmakers to challenge the current ban on domestic ICOs. With the recent handshake gesture between the two leaders of North and South Korea, the region is sure to experience an economic boom as both countries reopen ties. President Moon Jae-in and President Kim Jung Un have come together in a show of dedication of a lasting peaceful solution in the peninsula.
The reduction of global tensions in the region can be used to explain the current market rally together with news of the South Korean government opting to reopen its doors to ICOs.
2018 has been a tumultuous year for cryptocurrencies with South Korea first flirting with the idea of a total ban on crypto currencies only to do a 180 degree turn with the above announcement. The country wants to regulate the crypto space in its country.“The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses,” Rep Hong Eui-rak added.
Circle is weathering crypto-winter like every other crypto company, says CEO; refutes valuation rumours
Jeremy Allaire, the CEO of Circle, spoke to Fortune Studios about the company’s activities, and plans for the future, while also discussing how the company weathered the crypto bear market over the years.
Allaire explained that all companies in the crypto business were undergoing the same issue as Circle, and that “business was down,” for all. He continued,“When there’s no volatility or prices are down, then volumes are down… We had very significant growth year last year, even though there was a crypto bear market.”
Despite the bear market however, Allaire revealed that the company’s user base and revenues had increased over the previous year. According to Fortune, Circle was valued at $3 billion, after it acquired the cryptocurrency exchange, Poloniex.
There were rumors of Circle’s valuation falling below $1 million after its lead investor, Bitmain, faced issues of its own, following the fall in crypto prices. Additionally, Circle’s shares were allegedly selling at a steep discount due to the collapse in prices.
Allaire however, refuted the rumors, stating,“I can’t comment on specific transactions or specific prices or things like that, but the way that was characterized was inaccurate. There are secondary platforms, people list the things they are offering… but that doesn’t mean they’re actually trading and the way that was characterized was inaccurate”
Circle closed its acquisition of SeedInvest, an equity crowdfunding site, earlier this month. The acquisition will allow Circle to get into the regulated sphere of issuing securities, which would become a major part of Circle’s business in the near future.
He added,“We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet.”
Allaire also spoke about Facebook’s stablecoin, adding that he looked forward to the competition, and that internet companies issuing cryptocurrencies was a good sign for crypto in the long term
Galaxy Capital-Backed Caspian to Offer Crypto Derivatives Trading
Galaxy Capital-backed institutional trading and portfolio management platform Caspian is launching trading in cryptocurrency derivatives.
Caspian announced Wednesday that it has integrated its platform with the Deribit exchange to offer futures and options (F&O) trading in crypto assets.
Deribit offers futures and options trading for bitcoin (BTC) and ether (ETH), and also provides another perpetual swap product for bitcoin. The exchange does not charge for deposits and withdrawals and “up to 100x leverage”, Caspian said.
Robert Dykes, Caspian CEO, said:
“Our goal at Caspian is to provide crypto traders and investors the same standard of tools and service that exist in the traditional markets.”
The Caspian platform is connected to Deribit through an application programming interface (API) that supports “high volumes with ultra-low latency,” and provides traders with access to Deribit’s full options order book, Caspian said..
Caspian is a joint project between Hong Kong-based cryptocurrency investment firm Kenetic Capital and the U.S.-based based trading systems firm Tora.
The project raised $16 million in funding via a token presale last September, with backing from Kenetic Capital, Galaxy Capital, Octagon Strategy, Global Advisors and others.
Kenetic Capital managing director David Wills called Caspian “a frictionless on-ramp for crypto traders” at the time.
Back in 2017, the Chicago Board Options Exchange (CBOE) and CME Group both famously launched futures products.
Financial markets technology platform LevelTradingField launched a cryptocurrency derivatives exchange last August using the ethereum blockchain. And, in December, cryptocurrency exchange OKEx launched a bitcoin derivative product with no expiry date, meaning that positions can be held indefinitely.
CoinMarketCap Crypto Indices Launch on Nasdaq, Bloomberg, Reuters
Two cryptocurrency benchmark indices from data provider CoinMarketCap will launch today on financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart, as well as on its own platform.
CoinMarketCap announced the news Wednesday, saying that the benchmark indices will be the “most comprehensive” crypto data offerings for the markets, covering the top 200 cryptocurrencies by market capitalization, one including bitcoin (BTC) and the other without.
The first index is named CMC Crypto 200 Index (CMC200), which includes bitcoin, and covers more than 90 percent of the global cryptocurrency market, the firm said.
The second, CMC Crypto 200 ex BTC Index (CMC200EX), tracks the market’s performance without the influence of bitcoin. The world’s largest cryptocurrency, bitcoin currently has just over 50 percent dominance of the total market capitalization.
“These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format,” said CoinMarketCap CEO Brandon Chez.
CoinMarketCap has partnered with Germany-based provider of financial indices Solactive for the effort, which will calculate and administer both the indices, as well as rebalance them on a quarterly basis, according to the announcement. Price data is being provided by CoinMarketCap.
Solactive’s head of sales Fabian Colin said that CoinMarketCap data would also give his firm the opportunity to develop custom indices for clients, adding:
“We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”
Earlier this week, CoinMarketCap also added crypto asset letter grades to its platform from blockchain analytics startup Flipside. The Fundamental Crypto Asset Score (FCAS) metric developed by Flipside evaluates factors such as developer activity and a broad set of transaction data.