by Florin Oprea
Matthew J. Belvedere – CNBC
Investors should be careful of the euphoria that’s propelled bitcoin to past $19,000 a day after crossing $14,000 because it’s very early days in cryptocurrencies, BK Capital Management founder Brian Kelly said.
“If you look at the internet in 1995, that’s where you are in digital currencies,” said Kelly, portfolio manager of the BKCM Digital Asset Fund. “As much as I love bitcoin, an asset that goes straight up, investors have to be careful”.
FAO: Everybody knows this is not a normal situation, to put it mildly. Everybody is in at their own risk. In the end markets will decide.
DNT: In one of our’s previous bulletins we had the opinion of El Isa, the CEO and co-founder of Melonport, who said the dot-com bubble gave us the modern internet. True.
Berkeley Lovelace Jr – CNBC
Jim Cramer: “There’s seems to be a level of hoarding,” “People who are owning it aren’t flipping it.“”This does feel like it has broken out and it’s on liquid oxygen and it’s going somewhere.” “And I don’t blame anyone for wanting to own it because it’s a fun ride. And I don’t want to talk about when the party is going to be over because maybe the thing is going to Mars. Maybe the thing is going to Jupiter.“
FAO: What did I say above? Markets will decide. It can go even higher or break to unbelievable levels.
As investors rush into bitcoin, some big Wall Street banks are hitting the brakes. Bank of America Merrill Lynch and Citigroup are telling customers that they won’t offer them access to the first bitcoin futures market when it goes live on Sunday. Morgan Stanley and Société Générale are still evaluating their approach to bitcoin futures. ABN Amro Group will be handling trades “for a small selected group of professional clients”.
FAO: Precaution. They don’t want to risk first. “Sit and wait” strategy, just like ICE the other day…
Sam Mamudi – Bloomberg (subscription)
Some of the world’s biggest derivatives brokerages criticized plans by U.S. exchanges to offer bitcoin futures and options, saying the contracts have been rushed to market without proper consideration of the risks.
FAO: It’s ok to be afraid of the unknown. Right? Nobody knows where this is going. Clients want in, but somebody must at least share the risks….
Frank Chaparro – Business Insider
The massive tear upward seems to have put pressure on Coinbase’s infrastructure — the exchange said on Twitter that users were experiencing issues logging into their accounts because of record traffic. Coinbase has experienced several outages as the price of bitcoin has skyrocketed to new highs.
Olga Kharif – Bloomberg (subscription)
The bloom may be off the rose for companies such as Overstock and Riot Blockchain that were seen by investors as less risky proxies for cryptocurrencies.With the looming availability of bitcoin futures, speculators may be now shifting away from stocks of companies that rode the wave of optimism that sent the cryptocurrency up more than 12-fold this year. Investors may also be shorting them as a negative bet on bitcoin, according to Tom Forte, an analyst at DA Davidson & Co.
Nikhilesh De – CoinDesk
A new patent application from U.S. electronics giant Apple points to the potential use of blockchain within a prospective system for creating and verifying timestamps.In an application released by the U.S. Patent and Trademark Office Apple details a program able to certify timestamps by combining aspects of blockchain technology with Public Key Infrastructure tools.
Oscar Williams-Grut – Business insider
Blockchain developers are at a premium in Switzerland, commanding salaries up to $180,000, as the country establishes itself as a centre for companies carrying out ICOs
DNT: Cool!! And then, invest the money into cryptos! 🙂 Just kidding…but it’s a possibility.
Mike Orcutt – Mit Technology Review
If the future of money is decentralized, most of today’s cryptocurrency exchanges are still stuck in the past. Most cryptocurrency users still trust online exchanges to hold their money, leaving them at risk of being defrauded by the exchange’s operators—or having their digital coins stolen by hackers, which happens at an alarming rate.
Karlis Salna, Tassia Sipahutar – Bloomberg (subscription)
Indonesia’s central bank will bar fintech companies from using digital currencies on their platforms as a global frenzy around bitcoin continues to lure more investors. The curbs, effective from Jan. 1, won’t apply to trading of digital currencies, Bank Indonesia Deputy Governor Sugeng said.
FAO: Discussed earlier this week. BDN Global Outlook stays the same. Check it using our Archive, it’s free.
So many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth. The craze has spread so far that, in Korea, bitcoin is trading at a premium of about 23 per cent over prevailing international rates.
FAO: It’s almost a religion. And its numbers of believers is growing exponentially.
Doug Alexander, Michael Bellusci – Bloomberg (subscription)
A least 50 firms tied to blockchain and cryptocurrencies are set to list on Canadian stock exchanges in the next year, thanks in part to a junior market that’s more comfortable with risk than other parts of the world, the head of securities firm GMP Capital Inc. said.
Stan Higgins – CoinDesk
The world’s largest bitcoin exchanges by trade volume are reporting significantly varying prices as the cryptocurrency’s price soars to new all-time highs, market data shows. In some cases, the differences amount to more than $2,000 in value, particularly among some of the most voluminous exchanges.
Nikhilesh De – CoinDesk
A crackdown on organized crime by Bulgarian law enforcement in May resulted in the seizure of more than 200,000 bitcoins – an amount worth more than $3 billion at today’s prices.
Tim Culpan, David Fickling -Bloomberg (subscription)
The operator of Australia’s main stock exchange could develop a new version of Chess, its faithful but aging clearing and settlements system introduced in 1994, or it could build for the future. The company chose the latter, confirming this week that it will develop a blockchain-style distributed-ledger platform with Digital Asset Holdings LLC, the software firm led by former JPMorgan Chase & Co. banker Blythe Masters.
DNT: We reported ASX’s plans yesterday, Exchanges & Trading Venues Section. A big step for the future of financial markets.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News