1. Galaxy Digital Holdings Ltd. launches two new bitcoin funds based on the infrastructure of Galaxy Digital Capital Management LP. Both funds will allow institutional and accredited investors to access bitcoin through approved service providers.
The minimum investment size in the Galaxy Bitcoin Fund is $ 25,000, the Galaxy Institutional Bitcoin Fund has a minimum entry threshold slightly higher.
Two platforms will be engaged in storage of assets at once – Bakkt and Fidelity. The pricing agent will be Bloomberg L.P.
«Galaxy still believes in a successful future for bitcoin and investing significant resources in increasing the presence of institutional investors in this ecosystem» Mike Novogratz, CEO of Galaxy Digital, said.
2. The Grayscale digital asset management company has filed an application with the US Securities and Exchange Commission (SEC) to register the GBTC Bitcoin Trust.
GBTC has been on the market since 2013, but so far, it has been closed to a wide range of investors. In 2018, it registered with the Financial Services Industry Regulatory Authority (FINRA) and thus received the opportunity of public listing.
Grayscale submitted an application in accordance with form 10 to the SEC, according to which GBTC can receive registration as a reporting company to the regulator. This is the first such practice in the cryptocurrency industry. If the SEC gives permission, the fund will be required to publicly report and draw up financial audits.
3. Meanwhile, the SEC has begun reviewing the Bitwise Asset Management application for the creation of an exchange-traded fund (ETF), which will be pegged to bitcoin.
It should be reminded, that in October the application was rejected due to risks associated with counteracting market manipulations and other illegal activities.
According to the announcement of November 18, the application was returned for consideration. The SEC is again gathering comments in support or against ETF endorsement. The deadline is December 18th. In this case, the decision to refuse will be valid until the adoption of a new one.
Matt Hogan, Bitwise research head, noted that his company didn`t ask the regulator to reconsider the decision. Currently, it is unknown, what made the Commission initiate the process of reviewing the application.
4. Ed Jones, Royal Bank of Canada (RBC) spokesperson, denied the information, which appeared last week in the media that the bank plans to launch its own cryptocurrency exchange.
He noted that the latest patent applications of the bank don`t indicate the creation of a trading platform, and called the dissemination of such information «speculation».
5. Representatives of the Alibaba Group also denied the information that appeared last week, according to which the company entered into a partnership with the service for paying cashback in bitcoins «Lolli».
«One of our contractors hired a subcontractor who opened the program with «Lolli». Alibaba.com didn`t know this. Contractor Alibaba.com breaks off relations with the subcontractor, as a result of which «Lolli» will no longer be able to attract traffic to Alibaba.com».
CoinDesk received a contract under which «Lolli» actually had the ability to use Alibaba-related keywords.
Aubrey Strobel, «Lolli» head of communication, commented on recent events:
«The Alibaba.com portal conducted trial integration during the November 11 sales, but then decided to break the partnership after the general public found out».
6. The cryptocurrency data provider «CryptoCompare» decided to change its rating of exchanges and excluded Binance from the top ten. Now the list of the first 10 exchanges is as follows: Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.
At first, Binance was in eighth place, then it was moved to twelfth. Charles Hayter, CEO of the service, noted that this is due to the recent hacking of the trading platform.
7. Meanwhile, Binance increased its leverage for margin trading to 5x, and also included the ability to configure it in the web interface.
It should be noted, that on the futures exchange, leverage is available up to 125x, but on the main platform there are much more available assets for margin trading.
8. Changpeng Zhao, Binance founder, noted that more and more institutional investors are interested in cryptocurrencies.
According to him, earlier they were not able to enter this industry due to the lack of proper regulation and protection, but now the situation is changing.
«Many countries are starting to introduce cryptocurrencies and this directly affects the interests of financial institutions. We help them with this» he said.
As an example, Zhao reminded a recent memorandum of understanding with Ukraine. He also added that he works closely with the Monetary Authority of Singapore and with other regulatory bodies from different countries.
9. LongHash analysts along with other critics expressed their distrust of the conclusion of the University of Texas, according to which one large investor with the help of the Tether stablecoin raised the entire cryptocurrency market in 2017.
LongHash has developed its own metric that compares the market capitalization of USDT and Bitcoin. It shows how many Bitcoins can be bought for all existing USDT at a market price.
Accordingly, the higher the value, the greater the ability of Tether to manipulate the market.
As you can see on the chart, Tether’s purchasing power in 2017 grew until the summer, but then began to gradually fall until the beginning of 2018.
Based on this, if we assume that Tether is manipulating the market, then most likely the company does this during a fall in prices, but a study by University of Texas employees says the opposite about a bull market.
10. Bitcoin approached the previous two halving in the bull market phase, but analyst Willy Wu believes that this time everything may be different.
«Never before halving has set off in a bearish trend. However, miners are already capitulating and thereby creating pressure from sellers. Earlier, miners, on the contrary, began to capitulate after a halving. Now there is a unique alignment» he wrote.