Gustavo Fonseca

The Intercontinental Exchange backed bitcoin warehouse and futures contract facilitator, Bakkt is finally launching on Monday after two postponements and 13 long months of questions. It is inviting institutional investors to claim their position on the cryptocurrency in a federally regulated platform.

Trading is scheduled to open at midnight UTC and be closed down at 22:00. Curious observers will finally be able to witness the full demand for a service like this among big-money traders. The crypto venue’s data feed will be available for free until June of next year, after which the company FAQ lists that a subscription will be required to access the same.

Bakkt’s futures will be physically settled. Buyers will receive BTC at expiration, and the futures available from 2017 at the Chicago Exchange CME Group will be paid with cash, especially the side-bets on the crypto’s price.

ICE’s BTC futures contracts will expire in a day. This means that the BTC will be delivered the second day after the agreement, as explained in the daily contract’s specifications.

In the case of the majority of commodities, the underlying asset is not delivered for a minimum of 30 days. Bakkt is offering users this 30-day option too. The one day contract, however, attempts to convenience institutions who are not familiar with the roundabout manner in which crypto exchanges work.

CEO of LevelTradingField, a crypto derivatives exchange operator trusts that the one-day contract will have a massive influence on the cash market. While the cash market should ideally dictate the price of futures, that isn’t always the case. So, overall, it would be interesting to observe how the one-day futures contract and the cash market interact with each other.

However, ICE’s new futures contracts should not have too much say over the crypto market, in general. It’s because the company isn’t looking to do business with retail customers, who continue to make up the bulk of crypto traders.

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

When Bitcoin launched, crypto enthusiasts had very few places to spend the cryptocurrency. Now, however, the scene has changed drastically, and several businesses widely accept crypto payments. Today, Microsoft, Wikipedia, and other reputable organizations accept BTC as payment. Naturally, the conversation about the scope of cryptocurrencies has gained more traction.

You will find many fast-food chains and coffee shops accepting Bitcoin as payment in the current times. With them making cryptocurrency transactions commonplace in daily purchases, retailers and marketplaces can contemplate its mass adoption.

Even now, there are many jurisdictions that do not consider cryptocurrencies like Bitcoin to be legal tender. Despite this, tech giants such as Facebook are coming out with payment systems that mimic cryptocurrencies.

You can even purchase your coffee and pizza with cryptocurrency in today’s market. Here’s where –

In Germany, you can pay for your burgers from Burger King online with cryptocurrency. Burker King is a retail giant, no doubt. If it were to adopt cryptocurrency as an acceptable mode of payment in all its outlets around the world, cryptocurrency would most definitely spread.
Starbucks has partnered with US-based payment startup, Flexa, which is helping the coffee chain accept cryptocurrency payments. Flexa devised an app which facilitates transactions between crypto-holders and retail chains like Starbucks. Flexa’s CEO believes that by enabling crypto payments and mainstreaming it, the world will awaken to all the possibilities blockchain technology holds for commerce.
Coupa café, a Palo Alto-based café, has been accepting cryptocurrency as payment for purchases since 2013. The eatery noticed a favorable stream of Bitcoin revenue as soon as they started accepting crypto, indicating a ready customer base who were also crypto users.
Food delivery services such as OrderTakeaways in the US, Lieferando in Germany and Korea’s Shuttledelivery – all accept cryptocurrency as a payment method for orders placed on their service portals.

Cryptocurrency price went up by 10% over the last seven days, exhibiting bullish action at last. It might be true that BTC is trading at 4% right now, but analysts believe that the market might be rising again. This is especially a possibility after the correction in July and August seems to have ended.

However, the definite blockchain and crypto developments over the week indicate that the bullish market is back for good, at least for now. What are these developments? Let’s learn below.

Istanbul Testnet Integration Delayed for Ethereum – The testnet iteration, which was expected to transform and improve the blockchain, has been postponed by the core development team. Hudson James, community manager at the Ethereum Foundation, informed developers that the activation date had been pushed all the way back to October 2nd from its initial September launch date. New incoming Ethereum Improvement Protocols, which have been submitted for review for the upgrade, might be the reason behind this pushback.

Bakkt Launches Bitcoin Custody Product Before its Futures Launch – Bakkt has started its Bitcoin custody service, enabling institutions a method for storing their BTC safely on the new platform. It is preparing to launch its Bitcoin Daily and Monthly Futures on September 23rd. The platform tweeted recently how physical delivery will bring more flexibility in maintaining bitcoin exposure.

China Confirms Speculations about Centralized Crypto – Mu Changchun, an official from the People’s Bank of China, has come out with a statement that the new centralized crypto will be supported by most e-payment platforms, such as WeChat Pay and Alipay. He also said that these token would function effectively as digital yans.

Telegram Continues Blockchain Rollout – The social media giant is continuing with its plans to launch its own blockchain. The Telegram Open Network (TON) code was recently released by the firm to facilitate running code on the blockchain.

Binance Charity is the crypto exchange giant, Binance’s philanthropic subset. On September 1, it began welcoming donations which would be used to supply aid and food to victims of the hurricane via grassroots organizations in the affected areas.

The campaign website has stated that it will be accepting donations in Bitcoin, XRP and Binance Coin. The Hurricane Relief Project will then receive the collection. The campaign has so far gathered at least a minimum of 0.558 BTC or $5,852.90.

Binance Charity hasn’t begun distributing these funds yet and plans to record all distributions made over blockchain for greater transparency. On top of this, the organization has been seeking advice on how to disburse aid faster.

Hurricane Dorian is currently on the path to crossing over to Canada from the United States. The International Federation of Red Cross and Red Crescent Societies have estimated that approximately 400,000 individuals are in need of immediate aid. Some 13,000 homes in the Bahamas have either been destroyed or subject to significant damage.

Predictions have put the number of deaths in the Bahamas at 40. Once the recovery effort begins, the number is expected to rise further. Duane Sands, Minister of Health, agrees with this estimate and believes the final figure will be “staggering.” He bewails having lived through such an incident and hopes never to relive anything similar again.

It isn’t Binance’s first foray into charitable purposes. Previously, it supported initiatives that forwarded women’s health and education.

The rise of the cryptocurrency sector naturally means that its presence in philanthropic efforts will increase too. The Rainforest Foundation approached the industry recently for financial support in battling the deforestation in the Amazon.

Independent public charity, Fidelity Charitable reported receiving $100 million in cryptocurrency donations from the time it became open to receiving them in 2015.

ErisX, an America-based crypto exchange, received a license for DCO or derivatives clearing organization from the CFTC or Commodity Futures Trading Commission.

The permit has been given to the cryptocurrency exchange under the CEA or Commodity Exchange Act. It will enable this exchange to offer future contracts pertaining to digital assets to its clients. The exchange already has a license for DCM (designated contract market), and the fresh one will supplement to that.

It was on June 2 that the announcement was made official. However, the exact timeline to launch the futures instruments was not specified. It was simply mentioned that the products for the cryptocurrency derivatives would be initiated “later this year.”

Contrary to the majority of the other derivative products in the market, the products of ErisX will be settled physically. It signifies that traders will get Bitcoin when the contract is delivered rather than the fiat currency.

Trading of futures and spot on a single platform

It was in April this year when this Chicago-based cryptocurrency exchange came up with their spot trading platform meant for crypto assents. The platform offers fiat-crypto trading for leading cryptocurrencies such as Bitcoin Cash, Litecoin, Bitcoin, and Ether.

Although the offerings of the platform are limited in comparison to its rivals, the crypto exchange is now adding futures trading on its existing platform. It has also succeeded in grabbing the attention of several investors last year.

Thus, ErisX was successful in launching a single platform for digital assets to enable futures and spot trading. So, Erix does not only hold a license for DCO now but also has a license for DCM, or Designated Contract Market, since 2011.

Thomas Chippas, the Chief Executive Officer for ErisX, stated that the crypto exchange is different from others as they use a 2-stream system of DCM and DCO for separating trading from settlement.

More and more crypto traders are taking to social media to share their crypto market predictions and investment advice. Some have managed to gain themselves millions of followers, turning them into influencers in the cryptosphere. If you are interested in making investments into cryptocurrency or blockchain, following what these influencers have to say is a good idea. Here’s a list of the top social media influencers in the cryptocurrency sector to watch out for –

Nicholas Merten – Nicholas Merten is a data analyst and successful crypto trader who runs his own YouTube channel by the name of DataDash. He posts a video everyday and is a reliable source for new policy updates and chart analysis of trends in the cryptospace.
Chris Larsen – Richest person currently in the crypto industry as per Forbes, Larsen is the chairman and co-founder of Ripple. He has a modest follower base of 20k users on Twitter. However, this modest number in no way impacts the influence Larsen commands over the industry. XRP – Ripple’s very own digital currency has consistently found pride of place in every Top 10 list of cryptocurrencies in the last two years.
Eric Choe – Choe has a Twitter followership of around 116k people. An Economics graduate, he is a well renowned crypto expert who is sought out for his knowledge and experience. He started trading in crypto during the crypto boom and found success based on his skills. Eric also runs a website at cryptochoe.com which you may refer to for more of his thoughts and insights.

CryptoDaily and CryptoYoda are some other interesting and easy-to-understand crypto influencers you can find online. Any information that you may need for your crypto investments, you will find on their pages. Crypto market knowledge sourcing has gotten so much easier now – all you need to do is follow these influencers and you’re good to go!

The battle is on between the bulls and the bears, and it was evident on Monday, July 1, 2019. While the bears still exhibit an upper hand in this tug-of-war, the bulls are trying to give a tough fight too. Check out how the top cryptocurrencies performed and know the top winner, as well as, losers of July 1, among the top twenty digital currencies.

Performance Of The Top 3 Cryptocurrencies

1. BTC or Bitcoin: After the bullish comeback on the last weekend, it was time for the bears to take over the Bitcoin/USD during the weekend and on Monday. The price of Bitcoin/USD plunged by 15.15 percent over the weekend and dropped to 10,500 USD from 12,375 USD.

2. ETH or Ethereum: Ethereum/USD had a value of 290.50 USD when the bears and the bulls managed to cancel one another. Initially, the bulls took the value to about 298.65 USD, but they faced resistance after that. It was then time for the bears to take over and the price of the coin plunged to 281.50 USD.

XRP or Ripple: Ripple/USD managed to touch 0.40 USD post the bearish movement on last Sunday. The price of this cryptocurrency went up to 0.40 USD from 0.393 USD.Top Winners And Losers1. LTC or Litecoin’s price fell by 7.59 percent. It is trading at 119.68 USD. 2. LINK or Chainlink plunged by 8.84 percent while its value is 3.44 USD.
3. The value of EOS has increased by 3.36 percent and is currently estimated at 5.95 USD.

There are about 1,894 digital currencies at present with a combined market cap of around 275 billion pounds. It should also be noted that new entries in the top list of digital currency do not necessarily mean that these are new cryptocurrencies always.

The Bank of International Settlements (BIS) chief, Augstin Carstens, is in the news for the surprising U-turn he has taken on the issue of digital currencies. In an interview with the Financial Times newspaper on June 30th, Carstens came out in support of the digital versions of paper currencies that was planned by many countries.

Carstens said that many central banks were working on this proposal, and the (BIS) were also working on it and actively supporting the central banks. This statement is a U-turn compared to his well-known stance opposing digital currencies.

Hardly a few months back in March, Carsten has made a statement opposing the plan of creating digital versions of paper currencies. In a speech made in Dublin, Carstens had publicly advised against the idea of central bank digital currencies. He had remarked that innovation should not come so fast.

Carstens has in the past referred to bitcoins as a combination of bubbles, a Ponzi scheme and termed it an environmental disaster. He has even called upon central banks to regulate cryptocurrencies to prevent them from becoming a part of the banking system. Commenting on Facebook’s proposed Libra cryptocurrency, the BIS had called it a risk for the banking sector.

With BIS and Carstens having opposed cryptocurrencies and the plan for digital versions of currencies, it is surprising to note the sudden change in stance. Having opposed central bank digital currencies in March, for him to be now openly supporting it is a major U-turn. Perhaps this is a harbinger of things to come.

In fact, in his interview to the Financial Times, Carstens even went on to say that there would be a market for central bank digital currencies very soon and that there is a need to provide such currencies. This reversal of stance has proved to be an interesting development.

Interested in learning about cryptocurrency and blockchain? You can do so from the comfort of your own home. Just sign up for any of the online courses mentioned in this article and you will be able to easily differentiate between a Bitcoin and an Atlcoin –

Blockchain and Bitcoin Fundamentals

Blockchain and Bitcoin Fundamentals is a bestselling course which provides a comprehensive lesson on all things blockchain and bitcoin. You can also expect to gain deeper insight into subjects such as digital tokens and smart contracts. The instructor for this course – George Levy – is a recognized name in blockchain education and you can expect to get a wholesome education from him.

How to Buy 200 Types of Cryptocurrency! A 30 Minute Solution

If you are seeking a beginner course on cryptocurrency to teach you all the basics of cryptocurrency exchange, look no further. In this well-taught program, you will learn how to buy, sell, and trade with over 200 kinds of cryptocurrency as part of the course. It will also teach you everything you ought to know about opening your cryptocurrency wallet, investing cash for crypto, and so on and so forth.

Udemy Cryptocurrency Courses

You will find a range of crypto training courses on the online education platform Udemy. You can choose from the difficulty level you are most comfortable with. Courses have been designed around BTC trade, understanding ICOs, Altcoin investments, and the like. The courses are of different length and prices. Professional cryptocurrency advisors and investors have developed these courses and you wouldn’t be disappointed from the knowledge you will gain.

All you need to have in order to learn about cryptocurrency is a little enthusiasm and initial capital investment. You could bypass the investment with free courses but they may not always be the most credible source of information to start off your BTC transactions.

A Wall Street Journal report has recently come out which states that the now expired founder of Canadian crypto-exchange firm QuadrigaCX may have spent a portion of the money entrusted to him on personal expenditures. The WSJ derived this information from reports that were released a week ago by court-ordered investigators.

CEO Gerald Cotton was said to have been suffering from Crohn’s Disease which led to complications resulting in his eventual death in December 2018. The company has said that Cotton was the only person who could access the exchange’s cold storage, which is where client holdings were stored.

CQX Holdings was audited by Ernst & Young when the firm declared bankruptcy in January, this year. The auditing company found that most of these wallets contained a deficit of crypto owed to the clients and were drained approximately 8 months before the CEO’s unfortunate demise.

The exchange that should have had deposits amounting to $214million only had about $33 million at the time of audit. E&Y believes that Cotton siphoned off money from client accounts in Quadriga to accounts he held illicitly under assumed names.

There were instances of some significant transfer of funds to the CEO and his wife’s accounts. Neither of them had any income source outside the crypto exchange and yet did not seem to have filed any tax returns on any income derived from the company. Despite this, the couple frequently took foreign vacations using private jet services and also had multiple assets including real estate.

The transfers that the audit firm discovered had no supporting documents to prove their credibility. They also found cash transfers into QuadrigaCX accounts but couldn’t verify if these transfers were made into user accounts. E&Y said they found no documentation on financial transactions facilitated by the company since as far back as 2016.

Eleanor B. Stonebridge

Eleanor B. Stonebridge is a New York Times best-selling author renowned for her engrossing fantasy novels. With her masterful storytelling and vivid world-building, she has captivated readers worldwide and has won numerous awards in the literary sphere.

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