1. We should start this compilation of news with the event, which some have been waiting for more than six months. Bakkt’s creators announced that ICE has received a trust license from the New York State Department of Financial Services (NYDFS) for launching Bakkt Warehouse. Starting September 23, institutional investors will officially be able to buy Bitcoin by using deliverable futures.
«Our contracts have already received approval from the Commodity Futures Trading Commission (CFTC). Now we have received NYDFS approval. We will create a qualified custodian -Bakkt Warehouse and the trust company Bakkt Trust Company. This will give users complete transparency and security in the market» Kelly Lofler, CEO Bakkt, said.
There is interesting fact that futures will not track the price of unregulated derivatives markets. That is, pricing will be provided solely by the supply/demand mechanism? It`s interesting, if such a situation will arise, when one price is set on cryptocurrency exchanges by manipulation, but on the Bakkt platform the price is completely different?
2. In the last compilation of news, we reported that behind the recent fall in BTC to $ 9,500 may be the PlusToken financial pyramid, whose representatives began to actively eliminate accumulated Bitcoins. The analyst firm TokenAnalyst refutes this version.
According to the co-founder of the company, the research team was unable to find any evidence of PlusToken’s involvement in the elimination of a large volume of BTC.
«None of the addresses belongs to the exchange. We continue to monitor whether operators of the scheme are moving hundreds of millions to exchanges» Shehar, co-founder of a London-based analytics company, said.
3. Meanwhile, the lending market is growing. The cryptocurrency company Graychain analyzed this area and made a conclusion that the volume of loans in cryptocurrencies exceeded $ 4.7 billion, however, the profitability of lenders- 2% and leaves much to be desired.
According to Graychain, almost 100% of loans are secured. That is, borrowers pledge some asset to the creditor to secure payment.
4. Marco Yusko, CEO Morgan Creek Capital, believes that against the background of traditional asset market decline, Bitcoin has «every chance to become a hedge tool against the chaos».
The world economy is deteriorating, but Bitcoin, on the contrary, looks like a completely safe asset. Yusko believes that its status will only be strengthened.
«At the moment, humanity can see the largest credit bubble in history. Soon, the entire global traditional financial system will begin to tumble like dominoes. In the world, there are a lot of re-credited companies. The bubble will swallow them as well as in 2002 «ate» Enron and WorldCom» Yusko says. «I have argued for long time that it is impossible to catch the main point when looking at the daily fluctuations of Bitcoin, because it is a means of accumulation. This is a hedging tool. Every year, the minimum Bitcoin is higher. At least 1-5% of the capital must exist in bitcoin».
5. The Colombian company Paxful along with Toluna Insights, conducted a study and found out that 86.5% of Colombian residents know about cryptocurrencies, but more than 80% are willing to invest in them.
Moreover, more than half of the respondents already owned cryptocurrencies and invested in them. The most popular, traditionally, is Bitcoin – it was bought by 79% of respondents.
Residents aged 20 to 45 years were involved in the research.
6. Creditors of QuadrigaCX exchange demand to understand the circumstances because of which the auditor lost 103 Bitcoins, which are due to them, in the process of recovering funds.
In February, an audit firm Ernst & Young was appointed to monitor the movement of assets retained by QuadrigaCX for protection of lenders. At the same time, the company reported that the exchange inadvertently transferred 103 bitcoins, access to which is impossible to get. Almost half a year passed, but the auditor didn`t provide detailed information about this incident.
Ali Mousavi, one of the QuadrigaCX lenders, said the events signaled neglect of duty.
«We want to hold Ernst & Young accountable. Instead of disclosing the details, the auditor made a deal with the law firm Miller Thomson to keep everything secret».
7. The recommendations of the FATF Anti-Money Laundering Development Group led to a 20% increase in «virgin» Bitcoins.
«Buyers are willing to overpay up to 20% for Bitcoins, which are rare and exclusive. «Virgin» coins are supposed to comply with recent FATF recommendations» Flex Young, CEO of Hong Kong-based Babel Finance, said.
He also added that institutional investors are interested in Bitcoin, but don`t want to expose themselves to risks. They are better off overpaying for coins without a transaction history to rule out the possibility of pitfalls.
«If there is no transaction history, then there are no risks related with confiscation or freezing of coins due to their connection with dubious activities in the past» Young said.
8. The developers have provided a list of six different code changes that will be activated during the next hard fork called Istanbul.
Istanbul will be activated in two stages. The first includes six changes. Activation is scheduled for October. The second phase is planned in the first quarter of next year. It still requires some refinement and testing, including running the ProgPoW mining algorithm.
9. Binance plans to launch an American exchange within two months.
«I don`t want to say specific dates, but now a lot of work is being done. I think that the launch will be in a month or two» Changpen Zhao, CEO of the exchange, said.
It should be reminded, on September 12, American customers access to the main trading platform Binance.com will be limited. It is planned to open a specialized unit for them, which will meet the requirements of the Financial Crimes Enforcement Network (FinCEN).