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ShapeShift Acquires Tool that Insta-Swaps Bitcoin into Dozens of other Cryptos

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Swiss-based trading platform ShapeShift AG has announced the acquisition of Bitfract, a software firm that allows users to swap bitcoin into dozens of digital assets in one transaction.

According to the company’s post, the Bitfract tool is poised as a game changer that simplifies the buying process by allowing investors rebalance their cryptocurrency portfolios in quick and easy steps.

Erik Voorhees, founder and CEO of ShapeShift said he was impressed by the Bitfract team and their execution in creating a tool ShapeShift was planning on building itself.

“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” Voorhees remarked. “This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board.”

With the Bitfract tool, users will be able to gain exposure to a diversified portfolio of digital assets without making multiple transactions — saving time and fees.

Willy Ogorzaly, co-founder and CEO of Bitfract said, “We believe in a decentralized future where individuals freely control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality.”

The tool uses a simple process. It helps converts bitcoin into any cryptocurrency or cryptocurrencies by sending in the BTC to the company’s address, which then links to ShapeShift open API to convert it into multiple cryptocurrencies in one transaction.

With the acquisition, ShapeShift will be able to extend its reach and use the tool as a base layer for expanding its products and offerings. The company believes that the Bitfract platform has a lot of positives, especially the “multiple output transactions,” which would be incorporated into ShapeShift’s platform soon.

ShapeShift AG has a fondness for acquiring digital assets startups that are solving problems in the industry, especially those using their open API. Last year, the company acquired hardware wallet creator KeepKey, a tool that allows users to exchange digital assets without exposing their private keys online.

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Crypto market overview: Tether issues drag Bitcoin and major altcoins down

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  • Bitcoin and major altcoins continue to drag out their miserable experience in tight ranges.
  • Tether is losing popularity despite that the volatility is over.

Cryptocurrency market is still trapped in a range, however, all major coins seem to be creeping down with the total value of digital asset market reduced to $209B.

BTC/USD is changing hands at $6,406, losing about 0.44% since this time on Monday. Listless trading evaporates speculative interest towards the digital coin No.1, though both volatility and trading activity might return once $6,400 handle is broken.

Ripple’s XRP is down 1.5% in recent 24 hours, changing hands at $0.4578 with a bearish bias. More downside may be in store for XRP/USD, once $0.4500 is cleared.

Ethereum in unmovable at 204 handle. The second largest coin by market value shows no signs of squeezed in the range between $200 and $207.

Litecoin is trading at $52.21, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday.

Ripple effect of Tether issues

Unexpected Tether volatility caught traders by surprise at the beginning of the previous week. While the dust settled and all major coins returned to the safety of their ranges, the incident can have more profound consequences than a couple of wild swings on the market. Traders are spooked by such behavior of a stable coin that is meant to be just that – stable. That’s why many of them have opted out for other digital assets or other stable coins,

“For traders, the instability of Tether provides an interesting conundrum of whether to opt into other more regulated stable coin options such as Gemini dollars, Circle dollars or True USD, which offer the same 1:1 to USD option to Tether, but with more apparent robustness and security,” says Aditya Das, economist at Brave New Coin.

“Liquidity and availability have likely been Tether’s greatest driver of value and popularity, but with a new number of stable coin options tradable on major exchanges like Huobi and Okex, the stablecoin flippening may continue to unfold.”

What will come out of it? We shall wait and see.

 

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Bitcoin slides under $6,400 as Dogecoin creator says institutional investors will kill the industry

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  • BTC/USD is creeping lower, but the momentum is weak so far.
  • Jackson Palmer believes institutional investors will do more harm than good.

Bitcoin is changing hands at $6,393. Despite range bound trading, the biggest cryptocurrency has lost over 2% in recent 7 days and moved to trade at the lower line of the recent channel. While the longer-term picture confirms the indecisiveness on the market, the further decline may tilt the balance in favor of Bitcoin bears.

Bitcoin’s short-term technical picture

BTC/USD has moved under SMA200 (1-hour) and psychological $6,400, which might lead to a more extensive sell-off once the breakthrough is confirmed. The next downside target is produced by $6,355 (October 19 low) and $6,300 handle. Once below, the bears will have a chance to push the coin towards critical $6,200 and possibly $6,060 (the recent low).

On the upside, we need to return above $6,400 and see a sustainable movement above $6,480. In this case, the recovery may be extended towards $6,500 that capped the upside since  October 16.

No institutional investors, please

While the industry is frantically waiting for institutional money, Jackson Palmer the creator of a joke coin Dogecoin believes that it will kill the industry by turning in into Wall Street 2.0. Recently he posted a tweet where he confessed that he did not understand why people were so enthusiastic about institutional investors.

“The institutionalization of cryptocurrency will heavily re-centralize both power structures and token distribution. So you can say goodbye to much of the original vision for the technology.”

He is also worried by the fact that 1% of all cryptocurrency wallets hold 55% of all the Bitcoins in the circulation. He is sure that institutions will deepen the divide and inequality of digital assets distribution.

BTC/USD, 1-hour chart

Source: fxstreet

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Physically settled Bitcoin futures to go live on ICE’s Bakkt platform on December 12

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  • ICE published a press-release with a proposed date of Bakkt platform launch.
  • The futures will be traded in dollar terms with settlement agains USD, EUR, and GBP.

The Intercontinental Exchange, a parent company of the New York Stock Exchange revealed that it would launche Bitcoin Futures on Bakkt platform on December 12, according to the official press release published on Monday.

Bakkt will offer physically settled bitcoin futures contracts and hold Bitcoins to back the futures in the ICE Digital Asset Warehouse. The contracts will be cleared through anouther ICE subsidary, ICE Clear US.

“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day,” the press releas goes.

The minimum price movement will be set at $2.5, while  Block Trades may be executed at $0.01 per Bitcoin.

Why is it important?

Bakkt is supposed to provide a regulated ecosystem for institutional players that want to get exposure to digital assets and stay compliant with the regulatory requirements. Moreover, the unlike the rival platforms, Bakkt will offer deliverable futures against three major fiat currencies (Euro, USD, GBP). CBOE and CME have only non-deliverable futures for Bitcoins.

Source: fxstreet

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