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CME Group Launches Ethereum Price Indexes In Partnership With ETH Futures Exchange

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The Chicago Mercantile Exchange has announced the launch of the CME CF Ether-Dollar Reference Rate and Real-Time Index in partnership with UK-based digital asset exchange Crypto Facilities. The two new indexes will track the price movement of ETH, delivering real-time updates in USD.

According to a press release published on the 14th of May, the CME CF Ether-Dollar Reference Rate will provide a daily benchmark price in USD at 4pm London time. CME CF Ether-Dollar Real-Time Index will provide a real-time Ether price in USD.

The new indexes will be based on order book activity and transactions collected from cryptocurrency exchanges Kraken and Bitstamp, with “the oversight of the products is managed by an independent committee that sets forth a code of conduct and meet to review the practice standards.”

Tim McCourt, the Managing Director and Global Head of Equity Products and Alternative Investments at CME Group outlined the purpose of the new index:“The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of this marketplace. Providing price transparency and a credible price reference source is a key development for users of Ethereum.”

Ethereum Futures Yet to be Confirmed

Despite establishing the new indexes. CME has stated that it does not yet plan to launch Ethereum futures in the near future. The CME Group was the first organization to begin offering Bitcoin futures in December 2017, but states that “the focus right now is on the index itself.”

First Regulated Ethereum Futures Launched In UK: How Will Futures Contracts Impact ETH Price?
Related Story: First Regulated Ethereum Futures Launched In UK: How Will Futures Contracts Impact ETH Price?

Crypto Facilities, a UK-based digital asset exchange that has partnered with the CME Group in order to establish the indexes, has already taken the initiative to launch Ethereum futuresthemselves. The exchange launched ETH futures on the 11th of May as part of a plan to “bring greater efficiency and liquidity to crypto markets.”

Dr. Timo Schlaefer, the CEO of Crypto Facilities, commented on the launch of the new indexes:

“Ether, the second largest cryptocurrency, experienced incredible adoption and growth in 2017, evolving into the leading blockchain for smart contracts. We are excited to be contributing to the strong community that has developed around the Ethereum network by providing a reliable reference rate and real-time Ether-Dollar price.”

The CME Group is currently working alongside Crypto Assets and a number of industry experts to in the Bitcoin Oversight Committee, which is responsible for overseeing the new reference rates.

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Bitcoin

Here Is How Bitcoin (BTC), ETH, XRP, LTC And More Would Look Like If They Were Cold Hard Cash

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It is said that old habits are hard to break. Many of us are so used to the concept of carrying cold hard cash in our wallets, handbags and pockets that the concept of cryptocurrencies takes a while to fathom. For the proverbial newbie, it takes a while to grasp blockchain technology and cryptography. Then comes the task of blending the two concepts to create our favorite coins of Bitcoin (BTC), Ethereum (ETH), XRP and more.

So let us explore how our favorite cryptocurrencies would look like if they were cold hard cash.

1. Bitcoin (BTC)Created in 2009 by the anonymous Satoshi Nakamoto, many of us did not get to consider Bitcoin (BTC) as an investment option up until mid last year when mainstream media was all over the place talking about it. To note is the golden color scheme of the note that correlates to how BTC is viewed as the digital gold of our times.
2. Ethereum (ETH)

Founded by Vitalik Buterin in 2015, the Ethereum (ETH) coin and platform has introduced us to Decentralized Applications and ICOs that have been made possible through the smart contract capability of the network. The name Ethereum was derived from the word ‘ether’ which refers to the hypothetical invisible medium that permeates the universe and allows light to travel.

3. XRP (XRP)

XRP was introduced to the cryptoverse in 2012 by Chris Larsen and Jed McCaleb. The digital asset was once referred to as Ripple due to the fact that it was created to power the Ripple ledger. But due to 3 pending lawsuits and SEC scrutiny, the Ripple company has decided to clarify that the two entities are entirely different. This design of its paper currency could then be a collectors edition.

4. Litecoin (LTC)

Sometimes referred to as ‘the little brother’ of Bitcoin, Litecoin (LTC) was created by Charlie Lee in 2011 to be a lighter and more efficient version of the King of Crypto. LTC is intended for smaller payments and faster transactions. The Litecoin Foundation has recently acquired a stake at Germany’s WEB Bank further pushing the possibility of LTC supported debit cards.

5. IOTA (MIOTA)

The IOTA Tangle plans on revolutionizing the Internet of Things as well as transactions on the blockchain since it has zero fees. IOTA was founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener and Dr. Serguei Popov for the sole purpose of making IOTA the currency for the Internet of things.

6. Monero (XMR)

Founded in 2014 by a programmer with the online name of thankful_for_today – best known by the pseudonym Nicolas Van Saberhagen – Monero (XMR) has become the fan favorite for crypto-enthusiasts who value anonymity. It uses what is known as ring signatures to keep sender and recipient identities anonymous during a transaction. It has received some flack from governments who accuse it of being used for criminal activities. But privacy is a right in the many constitutions around the world.

7. Dash (DASH)

Dash is short for Digital Cash. The digital asset has faster transaction speeds and anonymity. It was created in 2014 by Evan Duffield.

8. Dogecoin (DOGE)

Dogecoin (DOGE) started off as ‘an internet joke’ and has gained mainstream popularity and acceptance. The coin has its roots in the ‘Doge’ Internet meme and has the Shiba Inu breed of dog as its mascot. Developed in 2013 by programmer Billy Markus and marketer Jackson Palmer, DOGE has appealed to a lot of crypto-enthusiasts and is primarily used for tipping on the internet.

9. Stellar (XLM) 

Developed in 2014 by Jed McCaleb and Joyce Kim, the Stellar foundation is run as a non-profit and aims at connecting banks, payment systems and people in a manner that accelerates the movement of money in a fast, reliable and cheap manner. One of its chief goals is to fight poverty and develop individual potential around the world.

10. ZCash (ZEC)

Zcash was created in 2016 and is also known for its privacy characteristic. Users have two choices when making transactions: to use the public blockchain or to make the transaction anonymous. ZCash has been popularized by Edward Snowden who admitted to being a user as well as the Winklevoss Twins who added ZEC to their Gemini exchange.    it is good to muse about the possibilities of our favorite digital assets being cold hard cash. The designs featured herein are a tip of the iceberg for the crypto-community is bound to come up with more wonderful designs that would probably undergo a voting process before any minting. This is due to the decentralized nature of the crypto-verse.

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Criptomonedas

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

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The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.

North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously

On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:                 If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.

Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’

Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.

“Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,” the Chief Legal and Compliance Officer at Coinbase, Mike Lempres said last Thursday.By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.

The firm also complimented the state of Wyoming for recently passing its blockchain and cryptocurrency legislation after it had issues with the state prior to the passage of Wyoming’s guidelines. A while ago Coinbase suspended its services to Wyoming residents and the firm said at the time that the state’s Division of Banking made Coinbase operations impractical. As both North Carolina and Wyoming change their money transmissions laws the state’s look like they may see more business operations due to the legislative changes.

 

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Analysis

Litecoin technical analysis: LTC/USD bulls lose momentum this afternoon on Friday, as the price gives up gains, dropping 3% in an hour

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  • Litecoin flat on Friday after being up over 2%, to then losing ground and dropping 3%, breaking out of a pennant pattern to the downside. Price currently retesting to push back through.
  • LTC/USD broke out of the above-mentioned pattern, in-line with a drop in bullish momentum seen across the board this afternoon on Friday.
  • Founder Charlie Lee tweeted, In lite of recent 51% attacks and http://crypto51.app  info, rest assured that the Litecoin is extremely secure and mining is very healthy.

LTC/USD 60-minute chart

 

Spot rate:                    118.40

Relative change:         +0.13%

High:                            120.67

Low:                            116.60

 

Trend:                          Neutral

 

 

Resistance 1:              118.60, lower trendline of pennant pattern.

Resistance 2:              120.20, Upper inside of pennant pattern.

Resistance 3:              123.00, supply zone.

Support 1:                   118.65, 50MA.

Support 2:                   118.35, 100MA.

Support 3:                   116.60, (support on 60-minute chart).

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