Crypto Tidbits: Bitcoin Stuck In $9,000s, Starbucks Cryptocurrency Payments, Canada’s BTC Fund
Another week, another round of Crypto Tidbits. Bitcoin (BTC) saw a relatively mild week in terms of price action; the cryptocurrency market effectively ended the week where it started, and no decisive momentum was built to the upside or downside.
On Friday, though, this market did see some action. Long story short, Coinbase Pro, the third-largest “legitimate” Bitcoin spot exchange in the industry, suddenly went down, leading to odd price action on other actions. At the same time, Deribit’s Bitcoin perpetual swap product dumped to $7,700 — some 15% lower than market prices at the time — within a few seconds’ time.
Related Reading: Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall
This wasn’t just a visual glitch, as users reported that their open positions acted in odd ways around the time of the crash. Things have since returned to normal, but it created quite the buzz on Crypto Twitter.
Regardless, the industry continued to chug along. Over the past week, Bakkt revealed that it will still be going ahead with its intention to bring cryptocurrency payments to Starbucks, Canada got its own Bitcoin fund, and much more.
Read on!
Related Reading: Crypto Tidbits: Bitcoin Taps $10,000, President Xi Endorses Blockchain, Libra Under Fire
Bitcoin & Crypto Tidbits
- Binance to Get Beijing Office, Reports Indicate: According to a report from CoinDesk, Binance will soon have its own office in Beijing, adding to the current office in Shanghai. It isn’t clear when the office will open or what the purpose of this new location will be. However, there have been some ideas tossed about. One of these is that Binance may be working with the Chinese government on its Venus blockchain project. For some context, Binance earlier this year unveiled the Venus project to the cryptocurrency world, claiming that it will be a platform for regions to have their own stablecoins. The upstart also has an investment in Mars Finance, a Chinese cryptocurrency media and data company purportedly based in Beijing.
- Deutsche Bank Sponsors Bitcoin Giant’s IPO: Chinese Media: According to a report from Tencent News published on October 30th, which cited sources familiar with the matter, Deutsche Bank is sponsoring Bitcoin giant Bitmain’s intent to go public on U.S. markets. Bitmain purportedly filed its latest IPO application with the Securities and Exchange Commission (SEC). Previously, Bitmain was planning on raising billions of dollars through a listing on the Hong Kong Stock Exchange; now, the firm is a lot less ambitious, with a Bloomberg report revealing earlier this year that the firm’s next planned IPO would target a raise of $300 million to $500 million. This comes a few months after one of the institution’s executives argued that central banks are proving the value of Bitcoin in an interview with CNBC.
- Canada Gets Its Own “Landmark” Bitcoin Fund: This week, 3iQ Corporation, an investment fund manager focused on crypto assets and disruptive technologies, revealed that it had been given a regulatory stamp of approval from the Ontario Securities Commission (OSC) for the so-called “The Bitcoin Fund.” The “closed-end” fund will be available to be traded on a major Canadian stock exchange by retail investors by the end of 2019, according to The Province. The fund will purportedly be available to be bought and sold via traditional and discount brokers. The Bitcoin in the fund will be custodied by Gemini.
- China Still on Track to Launch Crypto First, Official Claims: According to Huang Qifan, former deputy director of the Congressional Financial and Economic Affairs Committee, China is still likely to be the first country to launch its own digital currency. Huang backed this comment by reminding listeners that the PBoC has been working on cryptocurrencies for five or six years now. He added that he thinks the current SWIFT system, which is the de-facto backbone of the global economy, is antiquated, having little efficiency and remaining old technology.
- Bakkt to Launch Crypto Payments App For Starbucks & More: On Monday, Mike Blandina, the CPO of Bakkt, revealed the firm’s latest plans, now that the exchange’s Bitcoin futures product has launched. A key point in these plans that caught the eye of cryptocurrency investors was the statement that the firm is “now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.” Details about the venture, which may do wonders for the mainstream’s awareness of crypto, were sparse.
- Federal Reserve Cuts Rates in Move Bullish for Bitcoin: On Wednesday, Jerome Powell, the Chairman of the Federal Reserve, revealed that the entity has lowered its benchmark funds rate by 0.25% (25 basis points) 5o a range of 1.5% to 1.75%. This is the Federal Reserve’s third cut this year. Speaking to Fox Business earlier this year, known cryptocurrency analyst Tom Lee said the following on rate cuts: “Bitcoin’s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.”
Related Reading: Bitcoin Price Fails to Push Higher: Analysts Now Wary of Return to Bear
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Nick Chong, Khareem Sudlow