#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 - Investorideas.com, a
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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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