Category: Monthly Newsletter

Fidelity Investments acquires a BitLicense, Opening the Door to New York’s Financial Market 

Regulators Combine and Focus Their Efforts

This summer, the New York State Department of Financial Services (NYDFS) has assembled its personnel that are focused on supervising and regulating business operating in digital assets into a single, unified team. Previously, the staff tasked with this responsibility were spread over different siloed departments, making it difficult for them to communicate. Although the regulatory body has been operating and issuing a small number of digital asset charters, colloquially known as BitLicenses to well-known cryptocurrency exchanges such as BitStamp and Coinbase in the past, its latest issuance to Fidelity Investments is notable being the first major institution to receive one of the coveted licenses.

This represents the 23rd such license granted to institutions in New York State to date, the most recent prior to this being Bakkt, which proceeded to launch regulated Bitcoin futures on the New York Stock Exchange. Other recent license recipients include PAX Gold, a gold-pegged asset-backed token, and BUSD, a USD-pegged asset-backed token.
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Bakkt’s Flopped Launch Exhibits Negative Market Sentiment.. or Does It?

The State of the Bitcoin Market

The prior few months have exhibited market indicators that could be viewed as concerning for digital assets across the board – most notably Bitcoin, which is viewed as the flagship asset, due to its length of history and level of utilization. Although trading prices are not terribly far off from their recent peaks and represent quite a healthy gain over the past several months, trading volume has appeared to become chilled as a result of wider market news. Despite this, several bright spots remain and a breakdown of what’s happening will show the best way forward and how to put these indicators into wider context.

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Financial Endowments Vigorously Pursue Digital Assets

Institutional Money Finds its Way In

Digital assets continue to forge new avenues into financial and investment markets. The latest sign is large institutions beginning to treat them with the attention they deserve. Many private companies in the US have already implemented blockchain as a method of improving their offerings or internal processes, but institutional investors have now demonstrated an interest in digital assets strictly as a method of earning returns. They have taken a particular interest in Bitcoin; not only because of the longevity the asset has demonstrated, but also the continued healthy, organic growth that has pushed the environment forward, even during market downturns. The diligent work that developers and participants have put into the space has not gone unnoticed.

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The American Economy Signals Significant Events Ahead

Economic Signals Portend Big Changes

Over the past year, there have been several indicators that point towards the United States moving towards a recession. Although the previously discussed trade war with China is certainly having a negative impact, there are telltale signs painting a concerning picture for the US economy. It’s important to have a bird’s eye view of what is happening in the economy as well as investment options to successfully navigate it should the worst predictions come to pass.

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US Government Reviews Facebook’s Libra

Congress Reacts to Facebook’s Offering

On July 16th, 2019, the Senate Facebook Committee held a hearing to discuss Facebook’s Libra digital asset. During this hearing, lawmakers raised concerns about Libra, fearing that the currency may attempt to challenge or destabilize the US dollar, as well as questioning Facebook’s decision to base their Libra Association in Switzerland. Libra stands to challenge the status quo in the US banking system with a reach that no other digital assets to date have been able to manage and this disruptive model has been able to gain the attention of lawmakers at an unprecedented level. However, there is a key difference in how the attention’s sentiment has shifted over time. While previous discussions have been rooted in fear and apprehension, lawmakers have now begun to seek greater understanding in not only Libra but digital assets at large.

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Weighing In on Facebook’s Project Libra

A New Opportunity and a Powerful Backer

Although Facebook’s Project Libra stablecoin has been kept under wraps in development for some time now, the buzz around the project has grown louder and louder recently. While the digital assets space is rich with diversity and has no shortage of interesting projects to report on, this one in particular has eclipsed them and been brought to the forefront of the media. The combination of buy-in from major technical partners combined with Facebook’s massive clout has catapulted this asset into the spotlight in a manner that few other companies would be capable of.

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Five Indicators Bitcoin Is Entering A Bull Run

Bitcoin Price Continues to Surge

It is true that Bitcoin’s price and overall market health has had wild swings over the past year, and the tumultuous market crash in 2018 soured public perception of the coin. Nevertheless, the cryptocurrency space has worked diligently over the past year to shore up the weak points and return to the fundamental, democratized roots of the coin and focus on improving its viability as a fast, cheap, and available medium of exchange. That hard work is beginning to reap dividends and the newly energized space is beginning to show not only signs of healthy growth, but also a much larger bull run beginning to emerge.

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Binance the Behemoth
Innovation Trumps Bear Market

Bitcoin Price Continues to Surge

Bitcoin’s value continues to rebound, finding a new height following months of gains driven by strong market fundamentals and surging adoption and technical innovation. On April 23, Bitcoin hit a new high for this year of $5,500, with most the 20 other largest cryptocurrencies also finding themselves in the green for the day. Even more promisingly, Bitcoin found its first golden cross since 2015, in which its 50-day moving average peaked above its 200-day moving average. Read More

Innovations Drive Further Market Opportunities
The Rise Of IEOs

As innovation within the cryptocurrency space continues to march forward, flaws in older processes become more evident and new pathways are forged to keep the wheels of progress turning. The SEC continues to clamp regulation down upon the initial coin offering (ICO) model and investment in ICOs is becoming more and more burdensome, especially to non-accredited investors who are looking to crowdfund a new venture. The initial exchange offering (IEO) opens a window to these investors, bringing them back into the community-based funding methods that have been a hallmark of cryptocurrency since its inception.

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Blockchain Continues to Break Down Barriers
Financial Market Disruption

  Thai/ไทย Version

This month’s newsletter brings new updates showing how blockchain continues to turn the business and investment world on its head. Companies both established and new are beginning to see that the limitations of our currently existing financial transfer framework are no longer suitable for an increasingly globalized and democratized financial world. Blockchain continues to demonstrate itself as a viable alternative to ACH and wire transfer methods that have not kept up with the pace that businesses and investments operate today.

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Never Judge a Book By Its Cover
User Growth, Bakkt & Emerging Market Trends

2019 is already shaping up to be a promising year for blockchain and cryptocurrency. Despite the downturn of prices in crypto markets, the march of tech innovations and user adoption of cryptocurrency continues unabated, revealing that the health of the underlying ecosystem is as lush as ever.

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