#CryptoCorner: #Bitcoin Rallies as CME (NasdaqGS: $CME) Futures Expire, China’s “Digital Yuan” May be Piloted by Starbucks (NasdaqGS: $SBUX)
#CryptoCorner: #Bitcoin
Rallies as CME (NasdaqGS: $CME) Futures Expire, China’s “Digital Yuan” May be
Piloted by Starbucks (NasdaqGS: $SBUX)
Point Roberts, WA, Delta BC April 24, 2020
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Stocks discussed: (NasdaqGS:CME) (NasdaqGS:SBUX)
As we head into
another weekend the crypto market is largely in the green, according to data
from CoinMarketCap. Bitcoin (BTC) in particular
seems to have consolidated support above $7,000 with a trading price of around
$7,500 at press time. This is the result of a rally yesterday, which according
to a CoinDesk report, was
instigated by today’s CME (NasdaqGS:CME) April Bitcoin futures expiry.
Joseph Todaro, managing partner at Blocktown Capital, told CoinDesk that
yesterday’s stock market rally could also have played a part:
“As traders have been closely monitoring stocks, the
push higher in U.S. equities today may share some responsibility for the jump
in bitcoin's price.”
A Chinese
publication called Interchain
Pulse
indicates that China’s planned “digital yuan” CBDC could be heading toward real
world testing, and that well-known companies including Starbucks (NasdaqGS:SBUX) may be participating in the
pilot. Details were gleaned from a promotional conference held in the city of
Xiong’an on April 22. This CBDC constitutes part of a smart city project. An
excerpt from the piece reads:
The pilot of [the] central bank digital currency in
Xiong'an is a step in the construction of a digital city in Xiong'an New
District.
Binance Futures has
“the largest options venue” in the crypto market $295 million in traded volume
as of April 20. In an interview with Cointelegraph, Binance Futures
vice president Aaron Gong revelaed that “the platform had overtaken its
counterparts by daily traded volume on April 14,” which was the day after it
was launched. According to Gong, Binance designed their contracts to address
the “low liquidity, high premiums and large spread,” typical of previous
options. He said:
“This market structure creates a fragmented liquidity
landscape, where contracts that are far out-of-the-money and furthest away from
the expiration date are notoriously illiquid. As such, trading with those
contracts may pose challenges to transaction costs and trade execution.”
Yesterday, Binance announced the launch of
Bundle, described as “an Africa-focused Social Payments App for Cash and
Crypto.” The app allows users to buy, sell, and
store digital currencies, “as well as deposit and withdraw digital currencies
and local fiat starting with NGN (Nigeria Naira) and many more fiat currencies in the coming weeks.” The project
aims to support over 30 African countries by the end of the year. The project’s
founder Yele Bademosi, formerly a director at Binance Labs, explained:
“We built Bundle with the digitally native African user in mind.
They are social, online, and connected across geographical boundaries. They
prefer their financial services delivered digitally via mobile apps as opposed
to visiting brick and mortar bank branches. We decided to build a mobile wallet
that supports cash and crypto, and makes using crypto feel like just another
digital financial transaction done on a mobile app.”
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
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