by Florin Oprea
Frank Chaparro – Business Insider (subscription)
DRW, a Chicago-based trading firm, is looking to set up a bitcoin trading desk in Singapore to dominate the cryptocurrency market in Asia. The firm has been in the bitcoin game since 2014 via its division Cumberland Mining, which already operates over-the-counter bitcoin trading desks in Chicago and London.
FAO: Say whaaat? DRW is a prop trading firm based in Chicago. As you all know, the city is home of CME Group (Chicago Mercantile Exchange) and CBOE (Chicago Board Options Exchange) – and both of them recently announced bitcoin derivatives products. More details in our Archive.
There is no coincidence however, since earlier this year, in June (we reported it here, during our soft-launch), CME and DRW teamed up with the State of Illinois and launched a blockchain center.
Joon Ian Wong, Jason Karaian – Quartz
The blockchain hype is real, and it’s become the talk of C-suites around the world. Quarterly reports and conference calls that mention “blockchain” are running at an all-time high this earnings season.
FAO: Absolutely! Oh, and because it’s almost the weekend, here’s my favourite:
“Arista Networks presentation, Nov. 13
Andreas Bechtolsheim, chairman: “Bitcoin is for people who like tulips. And I noticed there was a 30% crash in one of the bitcoins over the weekend to be—bounced back 50% the next day. But the other bitcoin went up—bitcoin cash went up in the same time. So it’s like, sell your red tulips, buy the yellow tulips. I don’t see any underlying value to this bitcoin thing, I’m sorry. Now the blockchain, which is separate of course, is an interesting (inaudible) . But in terms of market impact, you can’t compare this to AI.”
Becky Peterson – Business Insider (subscription)
Venture capitalists are supposed to be on the front lines of new technology. But when it comes to cryptocurrencies and blockchain startups, VCs have been gun-shy.
“Cryptocurrencies and blockchains are a really high-potential new technology,” said Matt Huang, a partner at Sequoia Capital.
Robert Brand, Brian Latham & Godfrey Marawanyika – Bloomberg (subscription)
Bitcoin climbed as much as 10% on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power.
FAO: Hmm, I remember a “guest” of our “Fans’ Section” recently, David McKay, the CEO of Royal Bank of Canada. He stated: bitcoin “doesn’t solve a main need in society right now”. I am sure he will eagerly find proper arguments to keep his statement after reading the above story.
Marcus Ashworth – Bloomberg (subscription)
Look before you leap. Zimbabwe’s political shake-up isn’t exactly the first step on the road to investment. A jump of 390 percent year-to-date in the benchmark Zimbabwe Industrial Index, which has a market capitalization of $14.5 billion and excludes mining companies, looks fabulous news for frontier funds invested in what used to be called Africa’s bread-basket.
According to Mike Kayamori, the CEO of Japan’s Quoine, a fintech company that owns the Quoineх cryptocurrency exchange, cryptocurrencies may become global but are unlikely to overtake the US dollar.
DNT: There is a saying: no matter how low the dollar falls, lean and pick it up..It might be true sometimes.
FAO: Yeahh, but keep in mind the fact that this guy’s company, QUOINE, raised the equivalent of $105m (reported here) from people across the world (98 countries) to create a global order book, to provide global liquidity in cryptocurrencies.
John Detrixhe – Quartz
Someday soon, crypto-enthusiasts think big financial firms will buy and sell bitcoin like any other asset: stocks, bonds, gold, whatever. But trading on this scale involves volumes and scrutiny that the most popular cryptoasset exchanges today may not be prepared to handle. Although they got in on the action early, these exchanges face costly technology upgrades or ugly meltdowns as activity increases and major exchange operators muscle in on the market.
DNT: Have patience..The things must follow their natural course. There is a time and a place for everything.
FAO: I totally agree with John Detrixhe here.
Here’s a thing: take Kraken’s example – read the article below, and also yesterday’s Kraken issues related report. I have discussed these recent issues with a few traders and it seems what they experienced was “pure frustration”, as one of them dubbed it.
Current crypto-exchange players in this nascent industry may actually become the victims of their own success and “drown” pretty quick if a real “trading wave” hits them. Major exchange operators are most definitely looking this way, take Nasdaq’s blockchain initiatives, and CME/CBOE testing the ground with their announced plans for bitcoin derivatives, to name just a few.
Camila Russo – Bloomberg (subscription)
This is exactly what the bitcoin futures naysayers have been warning about: One of the exchanges which CME would use to price the contracts is having serious issues. Clients of San Francisco-based Kraken are seeing slow responses from the website, connection timeouts and delays in withdrawals, the cryptocurrency exchange said in a statement.
DNT: True, the reliability in providing prices for indexes is a serious problem. More about Kraken issues in our previous bulletin – “Exchanges & Trading Venues” category.
William Suberg – The Cointelegraph
Chinese exchange OKCoin is down after its markets began placing the price per Bitcoin at over $15,000. Reports on social media confirmed unusual behavior at OKCoin, which posted significantly higher Bitcoin prices before disappearing offline.
FAO: Tz tz tz…
Evelyn Chang – CNBC
Traders have another potential stock play on bitcoin: Square. Jack Dorsey’s company is testing support for bitcoin through its Cash payments app.
FAO: And bitcoin jumped too…Check today’s “Analysis” section. This is indeed major! We will keep an eye out!
Joshua Althauser – The Cointelegraph
Major German software firm SAP has accepted 27 new members to its collaborative Blockchain program. The new members came from various industries such as retail, pharmaceuticals, logistics, public services and telecommunication.
Stan Higgins – CoinDesk
Japanese IT firm Fujitsu has unveiled a new payments technology designed to facilitate transactions between blockchains.
As blockchain technology promises to radically overhaul the nature of business, changing the job landscape and disrupting across industries, Saïd Business School, University of Oxford is launching a new digital blockchain strategy short course to prepare executives.
Oscar Williams-Grut – Business Insider
A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK. The London Block Exchange plans to launch a sterling-to-cryptocurrency exchange and a prepaid Visa debit card, dubbed “Dragoncard,” that will allow people to convert bitcoin, ethereum, ripple, litecoin and monero to sterling and spend it across the UK.
FAO: This could prove a pretty handy instrument, but limited the UK…not sure it’s enough…
India Education Diary
Bombay Stock Exchange Institute has signed an MoU with DLT Labs in Mumbai to set up country’s first state-of-the-art Block Chain Lab in an institution. The collaborative efforts of BSE Institute and DLT Labs aim at providing knowledge driven and best in class education and training in the field of Fintech, especially Blockchain.
DNT: Very good opportunity for students.
Evelyn Cheng – CNBC
In the established stock market, a decline of at least 10% from a recent high sends a stock into “correction” territory, and a drop of at least 20% marks “bear market” territory.
DNT: Guess the question is if this rule applies to cryptos as well. I tend to believe it’s not. At least not yet.
Olga Kharif – Bloomberg
Want to jump on the cryptocurrency bandwagon but afraid it’s become too much of a bubble? Check out the internet site domain name market, where speculation may be just as rampant.
DNT: Let’s get the money! Just kidding, of course..
Greece’s Supreme Court adjourned an appeal hearing for the extradition to the United States of a Russian suspected of masterminding a $4 billion bitcoin laundering ring.
DNT: A lot more coverage on this topic in our Archive. Try it! It’s free.
Dr. Jemma Green – Forbes
DNT: A really nice story and an excellent pleading about the implication of tech changes like blockchain in our lives…The inventions and novelties always had this nature of being both “exciting and confusing”, but in the end most of them have been embraced. So, the message is simple: do not fear them.
David Hargreaves – Interest.co.nz
David Hargreaves: “ I can confirm that the total market value of the world’s cryptocurrencies is now bigger than New Zealand’s GDP.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News