In June 2019, the Financial Action Task Force (FATF), an inter-governmental agency created to address and reduce international money laundering, terrorist financing, and other financial threats, released new guidelines for international banks.These standards were also affirmed by the G20 in June. A collective agreement was made to apply the rules at the G20 meeting in Fukuoka, Japan and communicated by the Japanese Ministry of Finance in a statement.Bad News for South Korean Cryptocurrency ExchangesThe first inklings of enforcement of these actions took place last week in South Korea. Four of the top cryptocurrency exchanges, Bithumb, Coinone, Korbit, and Upbit, ran into a bit of a glitch while attempting to renew their agreements with South Korean banks.Part of the new FATF standards includes stricter anti-money laundering requirements. Moving forward, all exchanges are required to comply with these requirements. The G20 summit recommended rapid implementation of all FATFA regulatory guidelines in participating countries.This is a big change for South Korean bank policy on cryptocurrency exchanges. Prior to this latest setback, all cryptocurrency exchange accounts had been renewed without issue.The new standards may become prohibitively expensive for some smaller exchanges without large operating capital reserves. Experts have even expressed concern that the new regulatory compliance standards may put a good number of exchanges out of business.Other Issues with Banks and CryptocurrencyThe South Korean cryptocurrency exchange woes are not the first confrontation between cryptocurrency exchanges and regulatory bodies.Exchanges such as Binfinex and Bittrex have already exited the United States. Binance, the world’s largest cryptocurrency exchange, is also leaving the United States. Traders in the U.S. will be unable to use Binance beginning September 12, 2019.While Binance is planning to open a branch specifically dedicated to complying with United States regulatory standards, other, smaller exchanges simply do not have the resources of a company the size of Binance. As new exchanges open, less and less are willing to even make the attempt to comply with certain regulations.Good News Is That Solutions Are in the WorksAs blockchain technology is advancing at a rapid rate, in some cases literally circumventing the need for any banking involvement whatsoever, solutions are always in the works. One such solution, Globitex, is well on the way to providing a solution for digital currency investors across the globe.The Globitex Euro wallet is integrated into the platform. It provides international banking account numbers (IBAN). With the ability to secure an IBAN directly through the platform, the need to integrate with the fiat banking system and meet regulatory standards.Many new exchanges are working to devise solutions that will mitigate the ongoing and increasingly complex regulatory standards government agencies are implementing specifically for cryptocurrency trading platforms.With new improvements to security standards, storage capacity, and liquidity options, the current trajectory of exchange technology is both positive and exciting. In fact, if cryptocurrency exchange technology continues to improve, traditional fiat banks and their unwieldy, regulation-heavy practices will soon be a thing of the distant past.Securing the FutureOne of the most encouraging areas of innovation at the moment is that of security. After watching multiple catastrophic exchange hacks over the past several years, resulting in millions of dollars worth of cryptocurrency stolen, security is understandably a top priority for blockchain developers.A focus on solid security practices is becoming the norm rather than the exception for new exchanges.The ecxx exchange, for example, recently entered into a partnership with Ledger Vault. This partnership provides multi-authorization wallet management solutions for users.According to Branson Lee, ecxx.com CEO and co-founder, “The Ledger Vault allows us to grow into a dominant player in the cryptocurrency market while maintaining highest standards of security.”Ledger partners with ecxx to form a strong security-driven standard in the digital asset exchange industryThe ecxx platform is not alone with this sentiment. With the realization that both existing and upcoming regulatory changes can and will be destructive to most exchanges, the motivation to develop regulatory workarounds is high.In reality, regulatory bodies really do have the best of intentions. Created to protect consumers from the risk of dangerous and predatory financial situations created by big banks, the premise of regulation is solid.Another reality is that the goals of blockchain developers are virtually identical. The goal is to protect consumers from harm. It just happens in an entirely different manner through the use of blockchain.The major advantage investors can enjoy with blockchain solutions is that elusive lack of third party involvement in their financial transactions. With blockchain, instead of throwing away large sums of money through fees and profit distributions, the power remains in the hands of individuals, both retail and larger investors.
Archives for August 12, 2019
The third-largest bank in Denmark, Jyske Bank, now offers a 10 year fixed rate mortgages at -0.5%. This means customers will pay back less than the amount borrowed. Mortgage fees are still payable, likely negating any benefit to borrowers, but some see this unprecedented move as indicative of a troubled economy.Economy In CrisisIndeed, the European banking sector is in decline, as evidenced by the recent cull at Deutsche Bank. And while management pinned this on an unprofitable equities market, the broader picture shows a systemic failure to face the reality of the on-going situation since the last recession. According to the Financial Times:“At the end of 2009, the eurozone lurched from the financial crisis into one centred on regional sovereign debt. This kept its banks in crisis mode while their American competitors concentrated on cleaning house and adjusting to new realities… The European Central Bank’s unprecedentedly low interest rates hurt banks’ profits in the eurozone particularly hard, as they depend more on interest income than their American counterparts.”And it seems like Jyske Bank aren’t the only ones hurting for customers. Finnish-based Nordea Bank wants in on cheap mortgages too. They will offer a 20-year zero interest fixed-rate mortgage. To which, Nordea Banks’s Chief Analyst, Lise Nytoft Bergmann said:“It’s never been cheaper to borrow. We expect this to contribute to driving home prices higher.”However, the proliferation of cheap money does indicate that the Euro Zone economy is stagnant and falling into a deflationary spiral. In such a situation, people lack confidence in the economy and hoard their cash as a result. This creates a loop, where the lack of currency flow weakens the economy further. Bergmann extended this point also to include investors, who are exhibiting equally fearful signs. She said:“It’s an uncomfortable thought that there are investors who are willing to lend money for 30 years and get just 0.5% in return. It shows how scared investors are of the current situation in the financial markets, and that they expect it to take a very long time before things improve.”Does Bitcoin Provide An Alternative?People are becoming increasing distrustful of the economy and central banks. And pointing to Bitcoin, as an alternative, has become the default response. After all, as a decentralized network, that operates wherever the internet works, it has a reputation for being the antithesis to fiat currency.Indeed, loss of faith in a domestic currency typically means people start using another one. But does Bitcoin have the capacity to become the world reserve currency during a world wide recession?Not according to James Suroweicki, who points out that our economies are centered around the fiat system. And that we rely on central banks to implement measures to manage business cycles and unemployment. He said:“An economy in which Bitcoin was the dominant currency would be a more volatile and harsher economy, in which the government would have limited tools to fight recessions and where financial panics, once started, would be hard to stop.”
New Zealand’s tax office, the Inland Revenue Department (IRD), has made it legal to receive salaries in cryptocurrency, and be taxed accordingly.
In its August bulletin, the agency published a new ruling under the Income Tax Act (in relation to section RD 3) that states that an employee can be paid salaries in crypto assets as long as the payments are for services performed under an employment contract, are for a fixed amount and form a regular part of the employee’s remuneration.
The crypto asset being paid must also be able to be exchanged for fiat currency, and must have the primary purpose of acting like a currency or be pegged to the price of one or more fiat currencies, the IRD states.
Crypto assets are provided as shares for income tax purposes and are received under an employee share scheme, the ruling does not apply.
As far as tax goes, salaries paid in crypto assets will be treated as PAYE (pay as you earn) income payments. These are deducted by the employer and passed onto the tax department.
The new ruling – signed on June 27 by the agency’s director of public rulings, Susan Price – will apply for three years from Sept. 1, 2019.
Previously under New Zealand law, salaries were only payable in “money,” effectively the New Zealand dollar.
New Zealand tax form image via Shutterstock
There has only been one mover and shaker in the world of cryptocurrencies over the past month or so. All eyes have been on Bitcoin while its smaller siblings have been eroded as altcoins remain in deep hibernation.Big Potential on Bitcoin Cash ChartBCH is one of today’s top crypto assets in terms of 24 hour gains. From a weekend low of $308, Bitcoin Cash has surged over 10 percent to hit an intraday high of $340 during Sunday trading. Monday has seen a pullback to around $330 which is still outperforming most of the other altcoins.BCH has reclaimed fourth place in terms of market capitalization which is just below $6 billion. Crypto trader ‘DonAlt’ has been scouring the altcoin charts and has highlighted the BCH weekly chart as the one with the most potential.“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here.”$BCHThis is one of the charts with the most potential out there right now.
Looks as if it wants to pull a BTC like run soon.
As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here. pic.twitter.com/igJzVBauEw— DonAlt (@CryptoDonAlt) August 11, 2019Nearly all altcoin to BTC pairs have potential however since Bitcoin dominance is still so high. It would need to drop into the mid-60% range or lower before any of the alts, BCH included, registered any gains from their big brother. On a shorter time frame Bitcoin Cash is testing resistance as noted by CNBC trader ‘Big Cheds’.$BCH #BitcoinCash – Testing key resistance pic.twitter.com/AJbCMlI4eN— Big Cheds (@BigCheds) August 11, 2019BCH a Wounded AnimalBitcoin Cash is one of those controversial digital assets that often draws a lot of ire on crypto social media. As a direct competitor to Bitcoin, it has divided the community and continues to do so two years after it was forked.RT anchor Max Keiser is one of those Bitcoin maximalists that has no time for any alternative cryptocurrencies. Last week he tweeted that BTC would hit $15k. His latest tweet was rather noxious, labeling the fourth largest digital currency a ‘wounded animal’.“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain.”BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of it’s market cap is the product of manipulation that will be impossible to meaningfully sustain.— Max Keiser, tweet poet. (@maxkeiser) August 12, 2019The comments drew a number of rebuttals as well as agreements from the crypto community. One user questioned the FUD adding;“The question is why do they FUD #BCH when there are literally hundreds of real manipulations going on in this space.”Others agreed in theory but added that there have been some positive moves from the Bitcoin Cash camp such as a shiny new website, branded wallet, integrated exchange, and no more fees.From a market perspective BCH is still miles away from its big brother. Lulling over 90 percent down from its ATH compared to BTC’s 42 percent, it has a lot of recovery work ahead. As pointed out by ‘DonAlt’ above though, this could make it a good prospective buy with a greater potential for gains.Image from Shutterstock
IBM and Indian telecom company Tata Communications have joined the governance council of Hedera Hashgraph, a public blockchain network for enterprises.
Now, eight of the 39 available spots for governing council members are filled, the network announced Monday.
“Our goal is to create the most decentralized governing body of any of the major public platforms,” Mance Harmon, CEO of Hedera, told Coindesk. “We’re covering multiple industries … and we’re wanting global coverage.”
Hedera claims its flavor of distributed ledger technology (DLT), which works differently than blockchains, can facilitate micropayments and distributed file storage, support smart contracts and will eventually allow private networks to plug into the public one to take advantage of its transaction ordering mechanism.
After three rounds of funding done through simple agreements for future tokens (SAFTs), Hedera has raised $124 million.
IBM is the first major tech company and Tata is the first Indian company to join the network. Some of the network’s other governing members include Japanese financial holding company Nomura, Deutsche Telekom and law firm DLA Piper. At this point in the network’s lifecycle, council members are invited by Hedera to join and given fee income for running nodes.
IBM said it is most interested in how the public network interacts with private networks.
“The most exciting part is the proposed Hedera Consensus Service,” said Bryan Gross, principal offering manager of the IBM Blockchain Platform. “It has the potential to provide the core innovation of proof-of-work blockchains, like bitcoin and ethereum, without the performance and privacy trade-offs that are typically associated with these networks.”
Since the Hedera Hashgraph is designed to unify public and private networks, IBM will use it to build trust in custom Hyperledger Fabric networks. (Big Blue contributed the Fabric platform to Hyperledger, an umbrella project for enterprise blockchains.)
“Hedera Consensus Service makes it possible for Hyperledger projects out there to use the service to put transactions in order and eliminate the need for them to stand up nodes for transaction ordering, and they get the trust model of a public network,” Harmon said.
Tata Communications, part of the Indian conglomerate Tata Group, could not be immediately reached for comment but said in a press release that it plans to use distributed ledger technology to improve operational efficiency.
Checks and balances
The addition of the two major firms will further decentralize Hedera’s governance, said Harmon.
That governance includes a system of checks and balances that are supposed to prevent power from being consolidated at the network.
Members of the council have equal say in approving updates to Hedera’s codebase and in setting policies for the network’s nodes.
Council members can serve a maximum of two consecutive three-year terms if two-thirds of the council agrees to let them continue.
Hedera’s source code is open for review, but patented an arrangement intended to prevent forks.
Hedera Hashgraph booth at Consensus 2019, image via CoinDesk archives
Investment bank Goldman Sachs has recommended that investors should capitalize on the current price dip and buy bitcoin.
In an analyst’s note, part of which was tweeted Monday by Su Zhu, co-founder and CEO at Three Arrows Capital, the bank said that its short-term target for bitcoin (BTC) is $13,971 and that investors should consider buying on any dips in the current scenario.
The bank said that, based on its Elliott Wave analysis, BTC would find support around $11,094, and that there’s scope for a move higher to $12,916, then $13,971.
“Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” the note said.
It should be noted that the prices used for the analysis don’t include weekend prices and are likely from futures market data.
While the bank’s analysts are bullish on bitcoin, Goldman Sachs’ CEO and chairman has previously said bitcoin just isn’t his thing. Lloyd Blankfein said in an interview last June that bitcoin is “not for me … I don’t do it. I don’t own bitcoin.”
Rumors that Goldman would launch a crypto trading desk and custody service have been reportedly put on hold over the uncertain regulatory scene in the U.S.
Goldman Sachs image via Shutterstock; Analysts note image via Goldman Sachs/Twitter/Su Zhu.
- Bitcoin’s short duration charts indicate the bears are in control and prices could drop below $11,000 in the next 24 hours.
- A strong bounce from the 5- and 10-week moving averages at $10,804 and $10,625, respectively, could fuel a rise back to $12,000.
- A high-volume weekly close (Sunday, UTC) or a back-to-back daily close above $12,000 is needed to revive the bullish outlook.
Bitcoin (BTC) could drop below $11,000 in the next 24 hours, after sellers took victory in a four-day-long tug of war with the bulls.
The top cryptocurrency’s trading range had tightened in the four days to Aug. 9, with prices printing lower highs above $12,000 and higher lows in the range of $11,200 to $11,650.
That contracting triangle pattern represented a stiff battle between the bulls and the bears, as well as bullish exhaustion following a 35 percent rally from July 28 lows near $9,100.
A range breakout would have meant a continuation of the uptrend. Prices, however, dived out of the narrowing price range on Saturday, confirming victory for the bears.
The range breakdown had been expected, as a key technical indicator on the intraday charts was flashing signs of bearish reversal, as discussed on Friday.
So far, the downside has been restricted to levels around the former resistance-turned-support of $11,100. The cryptocurrency dipped to a low of $11,080 on Sunday before rising back above $11,500 earlier today.
As of writing, BTC is changing hands at $11,355 on Bitstamp, representing little change on a 24-hour basis.
BTC fell from $11,871 to $11,200 in the 60 minutes to 12:00 UTC on Aug. 10, confirming a downside break of the narrowing price range. The breakdown was backed by a surge in selling volume, as represented by the red bar (above left).
On the line chart (above right), BTC has dived out of an inverted flag – a continuation pattern that accelerates the preceding bearish move.
The flag breakdown has opened the doors to $10,800 (target as per the measured move method).
Seasoned traders may consider a long-tailed hammer candle created in 60 minutes to 10:00 UTC on Sunday as a sign of bullish revival. The candle, however, lacked volume support.
That said, the hammer would gain credence if prices rise above the flag high of $11,589, in which case a rise to $12,000 could be on the cards.
BTC created a candle with a long upper wick last week, as it failed to close (Sunday, UTC) above the $12,000 mark.
Notably, the cryptocurrency has failed four times in the last seven weeks to find acceptance above $12,000, as indicated by the candles with long upper wicks.
It is often observed that markets test dip demand after facing multiple rejections at key price levels. So, a pullback to sub-$11,000 levels, as suggested by the intraday chart, looks likely.
Note that the ascending (bullish) 5- and 10-week moving averages are currently located at $10,804 and $10,625, respectively.
A strong bounce from these levels, if any, could yield a break above $12,000. A bull revival, however, needs a weekly close above $12,000. That would imply a resumption of the rally from April’s low near $4,050.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via CoinDesk archives; charts by Trading View
Messaging app giant Kakao – which launched its own blockchain in June – has said it plans to release a cryptocurrency wallet dubbed “Klip” later this year.
The firm posted a teaser page to the “More” tab in its KakaoTalk app on Aug. 12, according to a report from CoinDesk Korea, offering a few details of the planned product.
Developed by Kakao’s blockchain affiliate GroundX, Klip will be a digital wallet that manages user information and digital assets. Specifically, it will support Klay, the native token of the firm’s Klayton blockchain, and related tokens based on its KRC-20 standard.
The firm suggests that listed digital assets will be able to be sent to users’ contacts in KakaoTalk in real-time, as with its Kakao Pay product.
Klayton went live on its mainnet on June 27, with GoundX saying it boasts fast response times on the level of legacy web services.
The Klip teaser page also shows a number of logos from early decentralized app (dapp) partner services such as Hintchain, a food recommendation project. Kakao said users can hold and manage cryptocurrencies given as rewards for using these dapps in the Klip wallet.
The storage and trading of other digital assets will be added in the future, Kakao said. These will include including Klay-based non-fungible tokens (NFTs) or crypto-collectibles. Items acquired in Klay-friendly blockchain games will be created as NFTs and will be able to be stored in Klip or exchanged with other users.
GroundX announced last month that a number of blockchain games will use Klay tokens including Klayton Knights (Biscuit Labs), Marvel Clans (Mix Marble) and ExiInfinity (SkyMavis).
In an echo of Facebook’s Libra project, Kakao also said that it will be possible to use Klip through KakaoTalk without installing other apps, such as Kakao Page, Kakao Friends Shop and Kakao Game.
Kakao said it aims to improve accessibility by making Klips available directly from the KakaoTalk ‘More’ tab.
The firm added that it aims to boost adoption of blockchain technology by letting its 50 million KakaoTalk users organically encounter Klayton-based services through Klips.
Images courtesy of Kakao via CoinDesk Korea/Kim Byung Chul
After spending the best part of the past week consolidating, Bitcoin took a turn south over the weekend. On the bright side, the king of crypto registered its highest weekly close for over a year. Will it lead to further gains?Highest Weekly Candle for 18 MonthsToday’s Asian trading session has been the complete opposite of last Monday’s. The sellers are piling on the pressure as Bitcoin fell from $11,580 to just above $11,300. A death cross as the 50 hour moving average fell below the 200 hour MA could spell further losses on this time frame. The opposite golden cross on the four hour chart paints a different picture though.Another long term indicator is the weekly candle chart which is still very bullish despite the attack of the bears over the weekend. According to charts on Tradingview.com Bitcoin closed the week just north of $11,500.BTC weekly chart. Tradingview.comThe chart shows that Bitcoin closed at a similar price level for two weeks in February 2018. Depending on which exchanges prices are taken from, it could be even further back. Trader going by the twitter handle ‘Nunya Bizniz’ added that it was the first weekly close above the 50% Fibonacci level since January 2018.“Highest weekly close since Jan 2018.
First weekly close above 50% Fib since Jan 2018.
Bullish?”BTC: WeeklyHighest weekly close since Jan 2018.First weekly close above 50% Fib since Jan 2018.Bullish? pic.twitter.com/1Mvh1W8ndc— Nunya Bizniz (@Pladizow) August 12, 2019A bull flag also appears to be forming on the weekly chart which is also a positive signal. The long term view for BTC certainly looks bullish and the current monthly candle is on track to be Bitcoin’s third highest close ever. A lot can happen between now and the end of August however so digital chickens shouldn’t be counted just yet.There are plenty of technical indicators to look at in efforts to attempt conjecture at the next direction. The stochastic is one which, at the moment, is oversold on the four hour chart. Crypto trader ‘CryptoHamster’ suggested this could lead to short term gains.“Recently, every time, when 4h stochastic is oversold it is followed by the rise.
Here is your risk to have a short-term opportunity to go long.”Recently, every time, when 4h stochastic is oversold it is followed by the rise.
Here is your risk to have a short-term opportunity to go long. $btc #bitcoin $btcusd pic.twitter.com/CVuYa7VCNs— CryptoHamster (@CryptoHamsterIO) August 12, 2019The past six weeks have clearly seen a lot of range bound trading which extends the likelihood of this continuing.Elsewhere on Crypto MarketsWith Bitcoin dominance still floating around the 70 percent level, altcoins are still in a world of pain. Very few of them have moved more than a percent or two over the past 24 hours. Ethereum is still flat, trading below $215 and XRP has just dropped below the key $0.30 level again.Only Bitcoin Cash is moving this morning as BCH adds 5 percent on the day to reach $335. Total crypto market capitalization has dumped $10 billion over the weekend, falling below $300 billion as daily volume diminishes.Image from Shutterstock
In 2017, Jamie Dimon slammed Bitcoin. The chief executive of JP Morgan claimed that if any of his firm’s traders were caught trading the cryptocurrency, they would be fired, as it is “dangerous”.Related Reading: Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until HalvingOther figures on Wall Street have echoed this sentiment. Legendary investor Warren Buffett has dubbed Bitcoin “rat poison”, adding that it doesn’t have much more inherent value than a seashell or suit button.Their main concerns seem to be that crypto assets don’t produce cash flow, have a price-to-earnings ratio, are hard to understand, and potentially pose a threat to the fiat system.But interestingly, it seems that not all firms on Wall Street have this overt anti-crypto policy and stance. In fact, Goldman Sachs, the famous investment bank, recently released their take on the Bitcoin chart.Goldman Sachs Issues Bitcoin TargetIf you were to peruse Crypto Twitter, you would find countless investors asking top analysts for a target. Just look to the endless stream of comments asking, “Target sir?”Goldman Sachs recently added fuel to this fire, issuing a Bitcoin price target of their own, shocking many industry investors, including Three Arrows Capital’s Su Zhu.What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?I’m personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv— Su Zhu 🦁 (@zhusu) August 12, 2019According to the research note he managed to obtain, the New York-headquartered firm is currently eyeing a “short-term target at $13,971” for BTC. Should the cryptocurrency encounter that level, that would mark a double top, as $14,000 is where Bitcoin reversed in late-June.The unnamed Goldman Sachs analysts that wrote the note explained that per their use of Elliot Wave analysis, BTC is likely to bounce off $11,094 over the coming days, then it should have room for at least “one more leg higher towards $12,916 and $13,971”. In other words, the bank is currently leaning long on Bitcoin futures. Whether they are trading it or not is unclear.Not only is Goldman Sachs bullish in the short term, but in the medium term too. Analysts at the institutions continued by stating that Bitcoin’s potential move to tap $13,971 may be the “first leg of another five-wave count similar to the trend that lasted from December 2018 through June 2019.”And thus, they advised their clients to buy any retracement from their aforementioned short-term target, barring that BTC “doesn’t retrace further than the $9,084 low.”Goldman’s surprise report comes a month after the firm’s DJ-CEO, David Solomon, told Les Echos that his firm is currently researching digital assets. Also, back in 2017 and 2018, there were rumors abound about the investment bank’s potential intention to launch crypto custody and a trading desk.Wall Street Enamored With CryptoThis latest note only adds to the sentiment that Wall Street and Silicon Valley is, once again, eyeing the crypto industry.Late last year, Fidelity Investments revealed that it would be launching a division to focus on cryptocurrencies, specifically the trading and custodial side of the industry.Earlier this year, JP Morgan analysts claimed that Bitcoin has “intrinsic value”, seemingly going against Dimon’s thoughts no the project. While they asserted that Bitcoin’s current rally “carries echoes of late-2017”, the admission that BTC has value was recognized as rather bullish.
And just weeks ago, Bitcoin futures upstarts began rolling out their products to an institutional and retail audience. Wall Street, interestingly enough, is intrigued.
Per previous reports from NewsBTC, Bakkt is believed by Fundstrat Global Advisors to be able to “tackle many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”
It remains to be seen how this involvement from Wall Street and institutions across the globe will affect the price of Bitcoin and other cryptocurrencies. But it can’t hurt, right?
Featured Image from Shutterstock