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PHYSICAL FUTURES: The U.S. Commodity Futures Trading Commission (CFTC) has approved bitcoin derivatives provider LedgerX’s bid to secure a Designated Contract Market (DCM) license, effectively granting the company permission to offer its products to retail customers and launch what may be the first physically-settled bitcoin futures contracts in the U.S. The company plans to soft launch its retail-focused Omni platform, ironing out any issues before it goes fully live. The firm will also self-certify its bitcoin futures contracts, and intends to be the first to market, said chief risk and operating officer Juthica Chou. Full story
FACEBOOK HEARINGS: The U.S. House Financial Services Committee will host a hearing on Facebook’s libra cryptocurrency next month, just a day after the Senate Banking Committee holds its previously announced hearing. Maxine Waters, chair of the House committee, announced the hearing Monday, after calling on Facebook to suspend development of the project multiple times last week. “We’ve got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar,” Waters reportedly said Thursday. Full story
TRACEABLE FOOD: Walmart China has launched a blockchain-based platform aimed to address food safety concerns in the country. Announced Tuesday, the Chinese arm of the U.S. supermarket giant said it has teamed up with blockchain project VeChain, PwC and others on the initiative. The new Walmart China Blockchain Traceability Platform already boasts 23 product lines tested and listed, VeChain said, with another 100 planned by the end of the year across 10 product categories including fresh meat, rice, mushrooms, cooking oil and more. Full story
JPM TRIALS: JPMorgan Chase is to start tests of its “JPM Coin” cryptocurrency in conjunction with corporate clients. According to a report from Bloomberg Japan, Umar Farooq, the bank’s blockchain lead, said customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions. The trials are being conducted on the assumption regulatory permission will ultimately be granted. Full story
KRAKEN CROWDFUND: Regulated spot and futures crypto exchange Kraken has completed a $13.5 million round of financing on Bnk To The Future (BF), an online investment platform. With 2,263 participants, at press time, the campaign also represents BF’s most successful funding round by individual donors. The exchange sought the capital as a way to push its valuation past the $4 billion mark and fund new acquisitions, according to Simon Dixon, co-founder of BF. Full story
OPINION: Allowing Facebook to mint its own coin, the Libra, would turn it into the greatest anti-competitive trust case in history, writes CoinDesk contributor Scott A. Shay, co-founder and chairman of Signature Bank. With the cryptocurrency project, Facebook wants to exponentially increase its monopolistic power by accessing unparalleled information about our consumer purchasing habits. If allowed to proceed with Libra, a company that knows your every mood and virtually controls the news you see, Facebook will also have access to the deepest insights into your spending patterns. Action needs to be taken quickly to stop Libra, not only for the welfare of consumers, but for the good of the U.S., Shay argues. Full opinion |
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STAYING STRONG? Bitcoin's price jumped to fresh 15-month highs above $11,400 earlier today, invalidating the bearish case put forward by intraday charts on Monday. Further, a key technical indicator is reporting strongest buying pressure in over two months. As a result, the price could rise further toward key resistances at $11,688 and $11,780. Full story |
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| DOLLAR BATTLE: A parenthetical note in a report by ING bank seems to imply that the recent rise in the cryptocurrency market may contribute to a relatively lackluster dollar over the next week. Analyst Chris Turner wrote that, “We expect the soft side of the dollar to be explored this week and note that strong commodity (and cryptocurrency) prices, plus sharply falling USD hedging costs (3m USD Libor now off 50bp from the highs) should keep DXY on the soft side.” The report comes just days after bitcoin crossed the $10,000 mark again, and is currently vacillating in the mid $11,000s. |
WHO WON #CRYPTOTWITTER  |
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Retail derivatives