French Company Is The First Regulated Crypto Asset Manager Funded By An ICO
France is known as having a very regulated financial market. If you want to do business there, you need to comply with the regulation, or else you will simply not be able to do it. Now, some important development has happened as Napoleon Group is the first company in France to become a regulated crypto asset manager after being completely funded by an Initial Coin Offering (ICO).
The Napoleon Group was funded with an ICO nine months ago, in which it was able to raise over $10 million EUR and it issued 27 million NPX tokens, utilities that could be used for having access to the trading bots, strategies and tools at the NapoleonX.ai platform. The company was backed by BNB Paribas banker Jean-Charles Dudek during its ICO phase.
Three companies form the Napoleon Group: Napoleon AM, Napoleon Index and Napoleon Capital. Index is set to be launched in 2019 and will act as the first regulated benchmark blockchain index publisher in France and in the whole Eurozone.
According to Napoleon Group, the first main issue that the company had to deal with was to overcome all the regulatory hurdles and to comply completely with the French law for being a regulated crypto asset manager and cater to the institutional investors that the company was interested in.
At the moment, anyone can use the strategies already available at the company. They can be used to trade Bitcoin and Ether. as well as some other stock assets. With 1 NPX token alone, you already can get access to the platform. The first investment vehicles of Napoleon Group will be launched in the first half of next year, though.
Despite the lack of faith that most of the crypto market has in regulation, it is very important. No institutional investor will trade and invest in a market that can cease to exist because of regulation, so it gives the investors some confidence that they can really try their best at it.
While France is still during its process to determine how the crypto space will be regulated, this is an important regulative step because it sets an important precedent for other companies that can follow this example.
One bit of regulation that did not get crypto entrepreneurs happy is that France will charge flat taxes just like any other asset for cryptos, but the country would simply not do it differently, so there is no way to go around it. The Napoleon Group is important because of this. It is rather well prepared to face such a tough market like France.
The company is even partly responsible for some of the ICO-friendly environment in France as they have lobbied and done their best to turn France into a crypto hub, something that would be almost impossible without doing a huge effort.
Napoleon Group spokespeople have affirmed that the company has been in touch with regulators for most of the year and that they are waiting for a wave of asset tokenization.
While the primary market of Napoleon will be institutional investors and wealthy traders, they are certainly helping everybody in the market as they are creating more exposure for the crypto market and improving its image around the whole country, which definitely has a value associated to it.
With the launch of Napoleon Index next year, the company believes that they will be able to take the business to the next level and to deliver better products for people.
Bitcoin (BTC/USD) forecast and analysis on October 18, 2019
Cryptocurrency Bitcoin (BTC/USD) is trading at 7991. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Bitcoin (BTC/USD) forecast and analysis on October 18, 2019
As part of the Bitcoin exchange rate forecast, a test level of 8200 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 7260. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at 8420.
Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 8540. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, one should expect acceleration of the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on October 18, 2019 implies a test level of 8200. Further, it is expected to continue falling to the area below the level of 7260. The conservative area for selling Bitcoin is located area of 8420. Canceling the option of falling cryptocurrency will be a breakdown of the level of 8540. In this case, we can expect continuation growth.
Bitcoin re-enters $8,000-zone, but what is its upside potential? – Confluence Detector
- BTC/USD went up from $7,998.50 to $8,077.50 this Thursday.
- The daily confluence detector shows two healthy resistance levels to overcome on the upside.
Following two straight bearish days, which took the price below the $8,000-zone, BTC/USD is on the course to recovery. Bitcoin had gone up from $7,998.50 to $8,077.50 this Thursday before it improved further to $8,087.40 this Friday. The hourly BTC/USD chart shows us that the market found intra-day resistance at $7,943.15 before it bounced up to $8,075. Since then, the price trended horizontally for a bit, negotiating with the $8,090 resistance line. The bulls managed to rally together to break past it and go up to $8,110, before correcting itself to $8,087.40.
BTC/USD daily confluence detector
The daily confluence detector has two healthy resistance levels at $8,190 and $8,260. $8,190 has the five-day Simple Moving Average (SMA 5) and one-week Fibonacci 61.8% retracement level. $8,260 has the SMA 100, one-day Pivot Point resistance two and one-day Bollinger Band middle curve.
On the downside, there is a support level of note at $8,065, which has the SMA 5, SMA 50, SMA 200, one-hour Bollinger band middle curve, one-day Fibonacci 38.2% retracement level and one-hour previous low.
Bitcoin could become store of value, as institutional interest increases
Institutional interest in Bitcoin has seen a significant rise in 2019, as several derivative financial products on top of Bitcoin have flooded the market. Active exposure of these investors to the digital asset realm has brought back the debate about whether Bitcoin is the new “store of value.” According to Grayscale’s managing director Michael Sonnenshein, there has been a certain shift in perception for sure.
Sonnenshein appeared on ‘The Scoop‘ recently to discuss the impact of institutional investor’s exposure to the digital asset class. The managing director of the firm believed that although Gold has been the standard store of value for centuries, and it made sense in the physical age, but given the rapid growth of the digital monetary age, Bitcoin for sure is challenging to become the new store of value. He explained,
“It is now nearly 2020 and we’re starting to ask investors with this question which is, what constitutes a store of value? It historically has been gold but that may have made more sense for a physical age. As we are in fully immersing ourselves now in this digital age perhaps gold doesn’t hold up as much as it once did as that store of value and perhaps investors need to think about a digital store of value such as Bitcoin.”
Institutional investors hold the key for Bitcoin and any other digital asset to gain mainstream adoption, and as of today they are more aware and learned about Bitcoin and its potential as an investment than ever before. More importantly, these investors are using Bitcoin as a hedge fund and store of value to diversify their investment portfolio as well as make quick capital gains on their investment.
The increasing interest of institutional investors is evident from the fact that GrayScale registered its highest gain in the last quarter with over $250 million raised from the investors, Binance has registered the highest daily volumes of over $700 million from its Binance futures platforms. Bakkt has launched its futures contracts recently while CME’s futures contracts year-to-date volumes have seen a significant rise over the past year.