The crypto-markets are not looking pretty with the King of Crypto – Bitcoin (BTC) – having tested levels below $7,000 on several occasions this weekend. Bitcoin (BTC) is currently valued at $6,999 which is $1k less than it was a little over a week ago. This is a drop in value of 12.5% in the same time period. The total market capitalization has also dropped to current levels of $253 Billion from the levels of $300 Billion in less than a week. This is a drop of 15.66%.
But the episodes of constant decline in the crypto-markets could be a thing of the past with the Wall Street news announcement on August 3rd. This announcement stated that the owner of the New York Stock Exchange (Intercontinental Exchange, or simply ICE), has partnered with Microsoft, BCG and Starbucks and others, to launch a market and ecosystem to list physically settled Bitcoin futures contracts and a new company to push Bitcoin and other digital assets towards becoming mainstream financial assets.
This new company will be known as Bakkt and the list of firms that are part of this new firm are as follows:
- Intercontinental Exchange (ICE) – who are owners of the New York Stock Exchange
- Microsoft – whose cloud solutions will be leveraged to create an open and regulated, global ecosystem for digital assets
- BCG Global Management Consulting
- Starbucks – who will utilize its presence to further the adoption of Bitcoin
- M12 – Venture Capital arm of Microsoft
- Fortress Investment Group – an investment management firm
- Eagle Seven – management consulting firm
- Galaxy Digital – a full service, digital assets merchant bank, with distinct trading, asset management, and principal investment
- Horizons Ventures – Venture capital firm
- Alan Howard – Billion dollar hedge fund
- Pantera Capital – an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets.
- Protocol Ventures – a leading fund of funds investing in the top ten crypto funds in the asset class
- Susquehanna International Group, LLP – a global quantitative trading firm built on a rigorous, analytical foundation in financial markets
Summing it all up, this is a brief list of the institutional investors that we’ve all been waiting for to get into Bitcoin and cryptocurrency investing. These firms have been rumored to have been working on the Bakkt company for over a year. This means they have been silently planning how they will get into the crypto-markets with both feet and officially signaling the beginning of a potential bull run.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Why Chinese New Year Affects Bitcoin (BTC)
Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.
The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.
The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?
China and Bitcoin
Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…
EO.Finance Launches Highest Paying Crypto Referral Program of 2019
The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.
Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.
The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.
Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…
Is Bitcoin (BTC) Ready for Another Surge?
It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.
Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.
Projects that could have sparked the next rally
As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.
One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…
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