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ICE Banking On Bitcoin (BTC) and Crypto

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The main operator for up to 23 biggest exchanges around the world, Intercontinental Exchange (ICE), has recently announced a new global digital assets platform centered around Bitcoin (BTC) and crypto.

ICE announces the creation of a new platform

ICE, which is the operator for the New York Stock Exchange, among others, will collaborate with Microsoft to kickstart a new ecosystem for various digital assets. The new ecosystem will be regulated and open, as well as cloud-powered, courtesy of Microsoft. The announcement came on August 3, and it unveiled that the new company’s name is Bakkt.

Bakkt will be working with an entire group of various enterprises like Microsoft, BCG, Starbucks, and others. The goal of the team-up is to make a platform that will allow merchants, consumers, ass well as institutional investors, to work with their favorite digital assets. They will be able to sell them, buy them, and even store them on the project’s global network.

The first use cases will see the conversion and trade of Bitcoin tokens. The platform users will be able to exchange BTC for fiat currencies, and then use those fiat currencies to buy items at Starbucks. The warehousing and markets used by the new ecosystem are to be federally regulated.

Additionally, Bakkt will offer futures exchange within the US, as well as a clearinghouse plan, that will see the launch of BTC contracts that will be physically delivered, which is to be a 1-day event. Introducing the regulated venues like this will lead to the establishment of completely new protocols regarding the management of specific settlement and security requirements for cryptos.

Physical delivery of BTC futures contracts

ICE’s intention is to design Bakkt as a means of support for transaction flows by mobilizing the infrastructure of a trusted market. Bakkt ecosystem investors will have the ability to include Mike Novogratz’ Galaxy Digital, the venture capital arm of Microsoft, Susquehanna International Group, Pantera Capital, and others.

Originally, the reports of ICE’s potential launch of Bitcoin futures contracts that will be physically delivered came in May of this year. CBOE and CME are currently offering similar deals, but theirs are settled in fiat, which is a big difference between what ICE is going to offer.

Back then, analysts commented on this move by saying that a physical delivery might lead to significant price moves within the crypto market, due to a large stream of institutional capital that is expected to come. According to Mike Novogratz’s estimations, this is just what the crypto market needs. He stated earlier that the institutional investors need a trusted name behind a project like this in order to feel comfortable joining in.

He predicted that someone like HSBC, Goldman Sachs, or a big Japanese bank are needed to give their support to such a project. Additionally, he predicted that ICE would also be a valid candidate, and now, it would seem that his prediction may come to pass.

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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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