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Monday, September 23, 2019

#CryptoCorner: Market Sinks Despite Bakkt Futures Launch, Facebook (NASDAQ: $FB) Reveals Libra Basket of Currencies and SIX Debuts DLT-Based Exchange Prototype

#CryptoCorner: Market Sinks Despite Bakkt Futures Launch, Facebook (NASDAQ: $FB) Reveals Libra Basket of Currencies and SIX Debuts DLT-Based Exchange Prototype

Point Roberts, WA, Delta BC,  September 23, 2019 -, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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September 23 Crypto Corner

Stocks discussed: (NYSE:ICE) (NasdaqGS:FB)

The crypto market saw a steady decline in market cap over the weekend, beginning at some $270 billion on Friday and now clocking in about $9 billion less with $261 billion, according to data from CoinMarketCap. In particular, Bitcoin (BTC), which accounts for about 68 percent of the crypto market, fell from a Friday trading price of $10,180 to around $9,850 at press time.

Bakkt, which was founded by Intercontinental Exchange (NYSE:ICE), has launched its much anticipated physically-backed bitcoin futures trading today. According to CoinDesk, the exchange is off to a slow start, with only five contracts changing hands in the first hour of service. 10 hours later, the number had gone up to 28. The article quotes Su Zhu, CEO and CIO of Singapore-based hedge fund Three Arrows Capital, who responded to slow start with a tweet:

Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.

According to German outlet Der Spiegel, Facebook (NasdaqGS:FB) has broken down Libra’s basket of currencies, and it will not include the Chinese yuan. For each coin, 50 percent will be backed by U.S. dollars and government bonds, 18 percent will comprise Euros and European government bonds, 14 percent will comprise Japanese yen and bonds, 11 percent will comprise British pounds and bonds and the remaining 7 percent will be backed by Singapore dollars and bonds. The article goes on to explain concern from German legislator Fabio De Masi:

Left-wing politician De Masi was disappointed that Facebook did not rule out using Calibra's financial data that Facebook collects from its users. This is a threat to democracy, freedom and financial stability, said De Masi. Moreover, Facebook can not explain how without deposit insurance or central bank losses are to be handled, without threatening the financial stability.

Swiss stock exchange SIX has launched a prototype of its distributed ledger technology-based digital exchange and central securities depository, according to a report from Finextra. Thomas Zeeb, chairman SDX, explained:

"The launch of this prototype is a major milestone in creating a credible digital infrastructure for moving our industry forward. We are now one step closer to demonstrating the viability of our vision for the financial markets of the future and, ultimately, for the way people and businesses access capital."

Sam Mowers, Investorideas

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