Bitcoin Bulls Are Storming Wall Street’s Crypto Trading Desks

  • OTC desks across crypto are seeing bulls surge the market
  • That’s a sharp reversal from the end of 2018, a number of trading firms said

 

Wall Street’s trading desks offer a glimmer of hope for the floundering cryptocurrency market.

Buying pressure has increased at many of the so-called over-the-counter trading desks across the crypto world. The bullish sentiment mimics recent price action across the spot exchange market for crypto and is a sharp reversal from the environment at the end of 2018, numerous trading firms said.

One of the largest over-the-counter trading firms in crypto, Cumberland, tweeted Tuesday that the imbalance between buyers and sellers spiked by 60% over the last week. “Historically, our OTC trading is relatively balanced between buyers and sellers,” the firm said. “Over the last week, our OTC buy/sell ratio (by notional value) has increased approximately 60% towards counterparties buying.” Again, Cumberland isn’t alone.

Genesis Trading’s CEO Michael Moro said his firm also saw more buy orders flood in relative to the end of 2018 when a sizable number of crypto investors were selling for tax purposes. “I’ll echo Cumberland’s sentiments,” he said in an email. “Year-end saw quite a bit of selling for numerous reasons (e.g. tax loss selling and liquidation of crypto donations).”

“As the year turned, the selling pressure from such activities has subsided, and we have seen more buy-side interest pick up,” he added.

OTC desks oversee billions of dollars worth of institutional crypto trading on a daily basis. And in some respects, OTC trading paints a better picture of where the crypto market is from an institutional perspective as that’s where the largest trades are executed. As Monica Summerville, director of fintech research at capital markets consultancy Tabb Group noted in Forbes, “The big deals have to go OTC. A lot of the exchanges limit the order size, so you have to break up your orders, and that’s just fatal.” Summerville estimates that the OTC market is approximately two to three times larger than the trading activity across retail exchanges, including Kraken, Coinbase, and Binance.

Elsewhere, Galaxy Digital also says the tide has turned. “Galaxy’s trading desk saw robust tax-driven trading activity into year-end from asset manager and treasury accounts,” the firm said in a statement. “In early January, much of the flow reversed to buy back previously sold assets. Additionally, we have seen increased buying from Asia and EMEA traders, while some active sellers took a pause to start the year.” It’s a similar story at New York-based Paxos.

The firm, which operates both an OTC desk and an exchange, reports bullish trading activity in January.

“The nature of most of our trading flow so far this year has been buy tickets from emerging market traders,” said Paul Ciavardini, head of OTC trading at Paxos.

As for Circle’s OTC desk, the firm saw elevated sell pressure in December 2018 but that has “come back down in Jan 2019,” a spokesperson said in an emailed statement. “Sells by notional were slightly higher in December, but have started to reverse in early January,” the statement added. “Separately, we are seeing greater activity in trading alts and stablecoins in the first weeks of 2019.”

Still, there’s always one outlier. DV Chain CEO Garrett See said that his firm hasn’t seen a material difference between activity this month and the end of 2018.

“In January, it’s a pretty even between buyers and sellers, with marginally more buys than sells, but not materially more,” he said.


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Author: Frank Chaparro
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Investing Through The Eyes Of A Crypto Trader

The last few years could rightfully be described as a rollercoaster when it comes to cryptocurrencies. Bitcoin became a household name overnight, and just as quickly, its bubble burst. Initial coin offerings (ICOs) enjoyed a boom but now their success is dwindling. Meanwhile, security token offerings (STOs) and other breakthroughs are vying to fill the void.

 

To navigate and understand where the cryptocurrency market is headed, I spoke to Anatoly Radchenko, the CEO of United Traders, which is an advanced investment and financial services company. At the age of 28, Radchenko was named the Best Private Investor twice and started a hedge fund. He has significant experience with financial markets in general, and a unique first-person perspective on trading cryptocurrencies.

Over the past year and a half, the crypto industry has become quite well-known. What happened?

“The period from 2016 to 2017 was the most interesting in the crypto market. ICOs appeared on the scene, and everyone had very high expectations. These prospects are still there today, but are much more grounded. In the beginning, expectations were too high, and were in a very short timeframe. That is why everyone quickly became disillusioned and the bubble burst—and why 2017 was very difficult for all traders. Even with top funds like Novograts and Pantera Capital, investors lost about the same amount as if they personally held bitcoin”.

Radchenko explains that in traditional markets, not all assets are correlated with the market—but with the crypto market, all assets fell alongside it. It was difficult to find a safe haven. So 2017 taught traders, especially new ones, that the markets are quite volatile. Many traders used leverage, which led to large losses and eventually to the elimination of all positions. They came with high expectations for a quick profit—and it did not quite pan out – he added.

Can we expect a rebound in the market?

“I think that the drop is a good thing, because a drop in value will ultimately lead to a decrease in volatility. When a large number of people have at least one bitcoin each, they press the button and the losses snowball. Now, though, most bitcoins will once again belong to large holders. This will reduce the circulation of bitcoins in the market, which in general should stabilize the markets a little bit. Such a strong drop also made investments possible for many serious players who were suddenly able to afford it”.

Radchenko is circumspect on what will happen next since, of course, everyone has different predictions about what will happen with cryptocurrencies—to the point that many experts are sick of being asked what they think at all. Wall Street’s main advisor has said he is tired of forecasting crypto, and recently wrote on Bloomberg that he is refusing to comment on the topic.

“We even decided to make a little joke out of it with a fun, quick quiz where anyone can predict what comes next”, Radchenko adds.

Do you think cryptocurrency prices were manipulated—and if so, by who and how?

“In principle, when the price was at $6,000, everyone understood that, okay, someone buys, someone sells. But with sharp movement from $6,000 to $3,000, many people got knocked off track. And it happened without any significant events. I do think Tether and Bitfinex, which are being probed by the Department of Justice, are at play here. I also think this may be some kind of manipulation by the same bitmix”.

Radchenko explains that a bitmix is an exchange which accepts only bitcoins. It is very easy to register. Most people—let’s call them gamblers—switched to this platform and there was high turnover. If you look at the volume on the bitmix, the total could reach 5 or 6 billion a day relative to the volume on the Binance and Bitfinex exchanges. So it turns out that we find ourselves in a situation widely talked about in classical markets: the volume of derivatives, which in one way or another indirectly affect the underlying asset, or spot price of the asset itself, is much higher. This holds true for gold and oil too. And with crypto, we do not have regulation or a central supplier, so prices differ everywhere. There is a lot of systemic and financial risk.

What are some rules for investing in crypto?

A great rule is to try to invest in large projects, because money tends to go toward money—that is, projects with good marketing. Another good rule is that there is no need to try to guess the bottom. It is better to allocate your assets evenly and in equal parts into different projects, because, once again, the price now does not reflect anything. As we recently saw, iOS just grew 30% in a day. Why did this happen? Nobody knows. And you will never guess whether it will start growing today or tomorrow. It is necessary to be patient and not try to look for the bottom.

With regard to the challenges traders faced in 2017, it’s hard to be happy when people lose money because of their inexperience. But the most important thing a trader must understand is that, even if he has been mistaken when it comes to his predictions and transactions, all is not lost. The market will be there tomorrow and the day after tomorrow and in a year. A trader must always have a margin of safety (or cash) in order to somehow correct a situation that has gone wrong. Do not go all-in and expect instant results. Gamblers get mowed down.

How do scam projects affect the industry and the value of currencies? Do a large number of them affect the cost of other cryptocurrencies?

Scam projects have always existed and will always exist. Most people try to focus on good projects, but there have always been both bad and good projects and novice investors might not be able to tell the difference. But I do not think most projects that failed were necessarily the result of organized criminal groups, for example. They did not intend for the funds to disappear. A lot of guys who raised money for ICOs had no background building businesses, and knew nothing about corporate culture or hiring staff, much less how to conduct B2B and B2C relations. They just had an idea, investors invested a lot of money in the idea, and the idea did not go anywhere. Plus, the crypto market fell. It was kind of a game, and they lost. I do not think most people wanted to throw their investors under the bus.

What trends await us in 2019? Maybe some that will be transferred from 2018 and so on?

The first is the development of various protocols, services, and chains for bitcoins, like Lightning. These are faster, reliable, simplified ways of banking and the user experience will only continue to improve in 2019. The second is the emergence, I hope, of the framework for security tokens. When companies collect money, they can only issue tokens a year later, so this year we will see how Telegram tokens, for example, will behave. Also, as services like Facebook have their own internal currencies (like it’s said to be creating for WhatsApp transfers) it will drive adoption so that people start to understand how, say, the Facebook cryptocurrency differs from Bitcoin, what decentralization is in general, and why it is needed. Finally, we will also see the use of blockchain technology by corporations.

Can you talk about how the ICO boom happened and whether it will happen again?

It can easily happen again, but it will just be called something else and have another mechanism. The rules will change a little bit, the names will change, the marketing will change, and the boom will repeat. I think security tokens will be the next boom.

And what is the importance of security tokens now for the industry?

The fact that your rights are described, and, roughly speaking, the company has some responsibility. These security tokens can have dividend distribution properties, they can have voting properties — that is, they can have properties like a security, but they can be stored and transmitted to each other like tokens.

With security tokens it is always clear how many there are, where they lie, who they lie with, how to find a buyer, seller, etc. It will help to make the market liquid and transparent. That is, it can lower the barriers for medium investors to invest during the earlier stage of a company. As a rule, all the best companies look at how they can attract Google Ventures, Andreessen Horowitz, Sequoia, and so on. But security tokens can also drive the democratization of investments in good companies.

How will current utility tokens, including security tokens, be regulated in the future?

This is actually, probably, one of the most difficult issues, and, in my opinion, no one knows, and everyone is waiting for that answer. I think the Security and Exchange Commission should listen to other regulators from other countries and figure it out. They cannot simply talk about how thing should be.


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Author: Gerald Fenech
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Coinbase Introduces Simplified Crypto Trading

Coinbase, the US-based fiat-to-crypto exchange, is launching a new and simplified process for getting exposure to major cryptocurrencies. It will be available to Europe and US-based customers “over the coming weeks.”

The new update, dubbed Coinbase Bundle, lets a Coinbase customer buy a weighted basket of the five cryptocurrencies currently available for trading on this platform, the company announced. For a minimum of USD 25, the customer will then get exposure to the cryptocurrencies, weighted according to the market capitalization of each of the assets.
Similar to an index fund in the stock market, the new feature will give new crypto investors, who don’t necessarily know which asset to invest in, easy exposure to the average return of the five popular crypto assets Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

Different from existing crypto index funds, however, is that each asset in the bundle is stored in its own separate wallet on the Coinbase platform, and can be traded and transferred by the customer independently of the other assets.

At the same time, Coinbase indirectly is helping to short crypto assets.

This week, Compound, Coinbase and Andreessen Horowitz-funded startup, launched a new web interface allowing users to borrow and short ether, 0x’s ZRX, Brave’s BAT, and Augur’s REP token, or lend them through Compound to earn interest.

In the past, Coinbase has also flirted with the idea of creating an exchange traded fund (ETF) on its own. The firm reportedly was in talks with Wall Street asset manager BlackRock about potentially launching an ETF or other exchange traded product. It is, however, unclear whether BlackRock is interested in playing a role in bringing a bitcoin or crypto related ETF to market, given earlier comments from the company’s CEO that his clients do not want exposure to crypto.

Also earlier this month, Coinbase announced a new and expedited listing process for new digital assets on its platform, saying it plans to “rapidly list all assets” that meets its standards. The new process is made possible by making them available for users in a jurisdiction-by-jurisdiction manner, meaning users in different regions may not necessarily have access to the same assets.


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Author: Fredrik Vold
Image Credit: iStock

Nasdaq Could List Cryptocurrencies in 2019; As Early As Q2

Nasdaq Could List Cryptocurrencies in 2019; Potentially in Q2

This week brought big news as sources say Nasdaq could be listing cryptocurrencies on its platform in 2019. This shows more interest from traditional financial institutions in entering the crypto world.

TIP

Nasdaq To List Cryptocurrencies?

In the long term, Nasdaq is working to list cryptocurrencies and make them available for trading. At the moment, the details about this are not clear. However, a Nasdaq source explained that Bitcoin and Ethereum may be tradeable on its platform soon.

About it, the source commented:

“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, our leadership is closely connected to the rumbling at the SEC and CFC around cryptos and what is expected over the next 3-6 months.”

This happens while the U.S. Securities and Exchange Commission is trying to build a clear regulatory environment for cryptocurrencies. However, it has taken a very hard stance toward crypto exchange-traded funds (ETF). Additionally, investors do not know how the SEC considers some virtual currencies such as XRP or Stellar.

If the SEC approves a regulatory framework for the first quarter of 2019, listing and trading virtual currencies could come in the second quarter.

“The framework (two different sets of framework based on two different regulatory outcomes) has already been laid to create a separate silo for coin listings and a robust trading apparatus,” the first source says. “Doing the math here, look for regulatory bodies to provide guidance in Q1 of 2019, and an announcement and a ‘coin exchange’ to either be announced or launched in Q2 of 2019. 

Nasdaq has also a strong relationship with the crypto exchange Gemini. This virtual currency platform was created by the Winklevoss brothers, Tyler and Cameron. Both of them have worked very closely with the SEC trying to be compliant with regulations.

Sources from the Gemini crypto exchange have also given their comments on the matter. They say that the listing and trading of virtual currencies could come earlier than expected. Some other sources have been more specific about the date for Nasdaq entering the market. Some sources speculate cryptocurrencies could be added to the platform during the second quarter of 2019.

That means that three different sources, two of them from Gemini, believe that Nasdaq will enter the crypto market during the second quarter of 2019.


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Author: Carlos Terenzi
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AVATARA

Peoples Token

The Effect of Derivatives on Crypto

Derivatives are financial instruments that allow you to speculate on the price movement of a good without having to actually take ownership for that good. Some companies use them in order to hedge their positions and smooth out their income, but at the same time, derivatives were a large part of the volatility that led to the last major recession in 2008.

LIONBIT

Current Status of the Market

Right now there are not many big players in the game, but more firms developing their own solutions and releasing them, you can expect to see the competition intensify in the next few months. The landscape includes everyone from privately funded investment funds to public exchanges. A big part of the market is about institutions gaining access to cryptocurrencies in a way that is less risky for their client base.

There are companies like LedgerX, which has experienced continually increasing demand for their cryptocurrency derivative products as 2018 has progressed. But where things get interesting is when existing financial players delve into cryptocurrencies.

The Chicago Board of Exchange (CBOE) started offering Bitcoin futures on December 10th, 2017, and this marked a change in the market. When well-regulated derivatives exchanges begin to acknowledge the legitimacy of cryptocurrency (or at least the high demand from their customers) it is a signal of a larger shifting of the tides in the works.

The plot thickens as recent rumours about Goldman Sachs hiring a cryptocurrency trader seem to be all-but-confirmed. Their goal is to figure out their customers’ direct needs and although they do currently clear Bitcoin futures, they are very cautious about further expansion into the cryptocurrency space.

In terms of sentiment, all of these actions together signal a shift in the way the legacy financial industry views cryptocurrency. A common retort used to be that Bitcoin was not a currency, but now that demand has continued to increase, banks are much more willing to cooperate and cater to their customers.

TIP

2nd Order Effects

It may be nice to have cryptocurrency derivative products available, especially for the firms who are making tons of money selling them, but it is also important to think about how this will affect the cryptocurrency market as a whole. Derivatives distribute the risk in a way that allows speculators to make bets without actually owning the cryptocurrency. Bitcoin has gained traction, but it is unclear how this sort of institutionalized speculation would affect it in these early stages.

The general argument for derivatives is that they allow for more liquidity and trading volumes of non-blue chip coins. Companies issuing derivatives for these alt-coins would increase the general awareness of these coins and their quality, which could lead to heightened demand for the coins.

Additionally, with every company, exchange, or investor who trades anything cryptocurrency related, regulators feel further pressure to regulate them more fairly. The current “no man’s land” crypto is in can’t last forever, and if the adoption of derivatives helps, then this is a clear benefit.

On the flip side, derivatives allow for bets against Bitcoin as well as the ability to invest in cryptocurrencies without owning them. This could lead to decreased demand, which may affect it negatively, since it hasn’t reached equilibrium like other currencies have.

Cryptocurrencies are an inherently risky asset, and with the introduction of derivatives, there are a lot of different things that could happen in this space. Increased volatility may ensue, but with it may come increased adoption.


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Author: Hacked Team
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Barclays Explores Crypto Trading

British bank Barclays has put together a team of senior staff members to explore how it can start trading cryptocurrencies, according to a report by Barrons.

LIONBIT

Two employees are reportedly working on a project aiming to integrate cryptocurrencies into the firm’s trading operations, the report said. Both employees have published the information on their LinkedIn profiles, but Barclays declined to elaborate any further on what the employees were working on, another article by Business Insider noted.

Barrons, however, identified three employees as part of the new “digital asset project” at the bank. The group is reportedly led by former global head of energy trading Chris Tyrer, who is joined by head of FX strategy Marvin Barth and Dr. Lee Brain, a technologist who has been studying blockchain technology for the bank since 2015.

Meanwhile, Barclays spokesman told CoinDesk that the bank “has no plans at this time to build a cryptocurrency trading desk.”

TIP

Barclays CEO Jes Staley has previously expressed skepticism towards cryptocurrencies. During the bank’s annual general meeting in May he said:
“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement of finance. On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”

Also, in April, Barclays analyst Joseph Abate compared Bitcoin to an infectious disease, saying that it might be over very soon.

Cryptonews.com has previously reported that Goldman Sachs, Fidelity Investments, and several other financial institutions are working on setting up their own crypto trading operations, in part because their clients are demanding access to it. Meanwhile, Larry Fink, CEO of BlackRock, the world’s largest asset manager, said in July that he does not see massive investor demand for crypto.

In either case, as Tuur Demeester, a popular economist and bitcoin investor, points out that most of that institutional interest comes from trading firms and market makers. In other words, these are institutions that don’t necessarily hold bitcoin as an investment, but rather makes money off of the volatility or by making markets.


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Author: Fredrik Vold
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Addiction and Millennials Meet in Crypto-Trading

  • Crypto-trading can be psychologically hazardous.
  • Every generation has had their emerging asset class of choice, for millennials it’s digital assets.

    LIONBIT

    Crypto-trading already has a mixed reputation. Thanks largely to the volatility of cryptocurrency markets, it’s attracted more than its fair share of unflattering attention, with economists likening the bitcoin boom to a classic bubble.

    However, the ‘wild’ fluctuations of bitcoin et al. have repercussions and consequences that go beyond their unpredictability and riskiness, and that have more of a psychological and socioeconomic aspect than a strictly financial one. A growing body of evidence is indicating that, in rising up and falling down so frequently, they tend to make crypto-trading noticeably more addictive and dysfunctional than other forms of trading.

    And yet, in the face of such increased instability, crypto communities have developed a number of coping strategies that tend to make the buying and selling of digital currencies noticeably less toxic.

    The most vivid illustration of crypto-trading’s addictive and harmful nature came with an announcement that it would have an addiction treatment centre opened in its honor in Castle Craig Hospital, Scotland.

    What’s interesting about this announcement is that the therapists at Castle Craig have recognised that much of the addictive quality of crypto-trading stems from the quasi-randomness of crypto markets. Chris Burn – a therapist at the hospital – explained in a blog post, “the high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality.”

    In other words, crypto-trading can be psychologically hazardous because of the way the cryptocurrency market behaves and is structured, with articles published by self-help blogs recognizing this at least as early as January.

    Given this danger, it’s disconcerting to note that supposedly 8% of the American adult population, for instance, own some kind of cryptocurrency. The survey in which this figure was produced – published by consumer website Finder.com – also discovered that certain demographics are more inclined to trade than others, and this is precisely where the crypto-addiction story becomes more sociologically interesting.

    For instance, the survey finds that cryptocurrencies are more likely to be traded by millennials than by any other generation, with 17.21% of this generation owning some form of crypto, compared to only 8.75% for Generation Xers and 2.24% for baby boomers. This finding is backed up by results from other recent surveys, in America once again and beyond (e.g. South Korea).

    Speaking to Cryptonews.com about this trend, eToro, a social trading platform, analyst Mati Greenspan explains that cryptocurrencies are very much a generational phenomenon.
    “Every generation has had their emerging asset class of choice,” he says. “The Boomers were attracted to gold, Gen X traded in stocks, and for millennials, it seems very likely that this generation will lean towards digital assets, including bitcoin and cryptocurrencies.”

    Yet the deeper significance of the association between millennials and cryptocurrencies – and its effect on market volatility and addictiveness – is brought out by eToro itself in another survey. It discovered that holders of crypto are much more likely to be “novice” rather than “intermediate” or “advanced” traders (over 75% were described as such). What’s more, traders are more likely to be either students or unemployed than to belong to a particular employment category.

    Put differently, the post-recession financial climate has driven certain vulnerable demographics towards cryptocurrency trading. Given their inexperience and precarious finances they’ve traded in a way that has arguably helped to make crypto more volatile and also more addictive, as suggested by a Warwick Business School study that found bitcoin value fluctuations to be driven more by emotion and mood than anything else.

    This is all paints a discouraging picture for many would-be traders. However, hardened crypto investors have evolved a number of modest tactics for avoiding much of the panic, irrationality and volatility of trading.
    “As with any market, the strategies that prevail are usually more long-term ones,” Greenspan explains. “This is precisely why the crypto community has coined the term HODL, which refers to keeping your cool and holding on to your coins, even in the face of volatility.”

    HODL also teams up with the concept of FUD (fear, uncertainty and doubt) as a means of discouraging not only panic, but of an approach to crypto-trading that regards it as a get-rich-quick scheme. As the recent movements of the market have shown, it’s clearly not such a scheme for 99% of its participants, and the sooner we all realise this the better, for our mental health as much as for our pockets.



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Basic Attention Token might outperform Bitcoin by 100%

Following the previous idea on BAT, price has reached the upside target at 4717 satoshis, which is the 61.8% Fibonacci retracement level. The resistance has been broken along with the downtrend trendline, suggesting the continuation of the uptrend.



Now, the previous resistance at 4717 satoshis, become the support, which may or may not be tested again. But overall, the trend now is bullish and BAT/BTC should continue moving higher, towards one of the Fibonacci retracement levels applied to the 02.05-13.06 corrective wave down.

First resistance is seen at 161.8% Fibs, that is 7530 satoshis. Second resistance, could be the key level, located at 261.8% Fibs, that is 10k satoshis area. This is the potential upside target as it is not only the Fibs resistance but a strong psychological price.

On a downside, the worst case scenario at this point, is the correction down to the 3k satoshis support, and only break and close above it could invalidate bullish outlook. At the same time small corrective move down could be expected, but also price could continue moving higher without any corrections.


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Philippines Trade $40 Million in Crypto every month!

BSP Deputy Governor Chuchi G. Fonacier explained that transformation from electronic monies into the local money gained $36.74 million per month in the first quarter of the year citing statistics from 2 of the most significant cryptocurrency exchange operators in the nation during this period.



The BSP used statistics reported by virtual money (VC) exchanges Rebittance, Inc., and Betur, Inc. also called Coins.ph, the initial two cryptocurrency exchanges licensed by the BSP. The central bank afterward enrolled Bloom Solutions as a valid electronic currency market.

Comparatively, the amount fell out of the $38.27 million yearly average in the past quarter of 2017 when Bitcoin prices neared $20,000.

The BSP implemented principles regulating the conversion of fiat money to cryptocurrencies such as Bitcoin and Ethereum beginning February a year ago by imposing requirements for hazard management and removing the danger against money laundering.
The nation’s financial policy manufacturer recognizes the advantages of cryptocurrencies, particularly the convenience and rate the platform supplies, in addition to more economical way to transfer or move cash (worth ). Nevertheless, the nascent technology can be vulnerable to a lot of kinds of dangers such as money laundering, hacking risks, and other cybercrimes.

Back in December, Fonacier stated the BSP is operating together with the nation’s economy regulator, the Securities and Exchange Commission, to creating a unified regulation digital currencies such as Bitcoin — when utilized as investments.

Formerly, BSP deputy manager, Melchor Plabasan expressed optimism that the nation’s market regulators could handle the risks introduced by electronic currencies. He said then:
“[Bitcoin is] like any other monetized instrument [and even] an investment instrument. There are risks, but essentially it can be managed. If you want something that is fast, near real-time and convenient, then there’s the benefit of using virtual currencies like Bitcoin,”
At exactly the exact same period, the Anti-Money Laundering Council introduced numerous rules to deal with the flow of dirty money utilizing cryptocurrencies by tighter tracking of trades and requiring crypto trades to report any questionable deals.


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Altcoin Fantasy, Teaching Crypto Trading Risk-Free

Although still in early stages of adoption, cryptocurrency as an emerging digital asset class has provided people worldwide new ways of finding financial freedom. Seattle-based startup, Altcoin Fantasy enables users a risk-free way to learn cryptocurrency trading.



Altcoin Fantasy, Simplifying Cryptocurrency Trading

Altcoin Fantasy uses a gamified cryptocurrency trading simulation platform to teach users how to invest in digital assets without taking financial risks. The platform features sponsored contests that allow users to compete for real cryptocurrency prize pools based on the highest yield at the end of set trading periods.

Describing their long-term goals, CEO of Altcoin Fantasy Tom Chan told CryptoSlate:

“Our vision is to help more than a million people learn about the cryptocurrency space and empower them to make the right decisions when it comes to investing in digital assets. We believe the space is still very new and we want people to learn by doing, but still without taking on any risk.”

The platform uses real-time data gathered directly from live order books of real exchanges to support over 1600 coins for the simulated buying and selling of digital assets.

Initially meant as a platform primarily geared towards newcomers, Altcoin Fantasy revealed plans to partner with crypto trading-focused companies to bring users more in-depth trading content.

Tom Chan, Gamification Expert, and Crypto Enthusiast

Founder and CEO of Altcoin Fantasy, Tom Chan first became interested in cryptocurrency in 2015 when the Ethereum project emerged. Chan has a background in the video game industry, working for gaming giant EA.

Following a quiet few years, the crypto sector exploded in 2017 causing a pandemic of retail investors to pour money into the market, often without much knowledge or information into the space.

Chan saw this as a widespread issue in blind investor sentiment and sought to seek a solution to allow cryptocurrency newcomers to learn about the underlying blockchain technology and how to use technical trading techniques.

In an interview, Chan said:

“A lot of people were investing in the space without knowing what they were buying – they simply listened to a friend who got rich in the crypto space or saw that cryptos, and Bitcoin in particular, was hot and just blindly followed suit. Here at Altcoin Fantasy, we believe this isn’t the correct way to risk your hard earned savings.”

Launched in January 2018, Altcoin Fantasy is available to users in the US and plans to expand into Hong Kong, South Korea, and Japan later this June.

The free-to-use platform is available online and via mobile iOS and Android apps. For more information on Altcoin Fantasy, you can visit their site here.


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Author:  Jonathan Kim
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