exchange Archives - Page 35 of 46 -
A potentially giant step toward approval for listing bitcoin futures as exchange traded funds (ETFs) was taken this week when the New York Stock Exchange (NYSE) Arca, owned by Intercontinental Exchange (ICE), filed a petition for a rule change regarding two potential ETFs. The document presumes much of the groundwork to be already completed, and could signal readiness to embrace even more mainstream acceptance for the world’s most popular cryptocurrency.
Bitcoin Futures Exchange Traded Funds
“Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934,” the SEC public notice began, “and Rule 19b-4 thereunder, notice is hereby given that, on December 4, 2017, NYSE Arca, Inc. filed with the Securities and Exchange Commission the proposed rule change,” also noting the SEC “is publishing this notice to solicit comments on the proposed rule change from interested persons.”
The proposed change is actually for two funds, the Proshares Bitcoin ETF and Proshares Short ETF. Both were previously denied in the fall. Presumably, the last two weeks of history-making futures markets on Cboe and CME helped boost confidence in both ICE and the SEC going forward.
The notice continues, each fund “is a series of the Proshares Trust II, a Delaware statutory trust. The Trust and the Funds are managed and controlled by Proshare Capital Management LLC. The Sponsor is registered as a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association,” it details. The mainstream pedigree appears sufficient.
Cryptocurrencies in general are inching toward a trillion dollar market capitalization, and prices for brand favorites like bitcoin have been resilient through crackdowns from world governments, IRS challenges to popular exchanges, and assorted tabloid media linking the digital asset to any number of nefarious dealings. Bitcoin trudges along, and professional financial managers are noticing.
Bitcoin ETF v Short Bitcoin ETF
According to the filing, Proshares Bitcoin ETF’s “investment objective of the Fund is to seek, results (before fees and expenses) that, both for a single day and over time, correspond to the performance of lead month bitcoin futures contracts listed and traded on either the Cboe Futures Exchange or the Chicago Mercantile Exchange. Specifically, the Fund will seek results that correspond to the last traded price of the Benchmark Futures Contract on its primary listing exchange prior to the Fund’s NAV calculation time.”
The Proshares Short Bitcoin ETF’s “investment objective of the Fund is to seek results, for a single day, that correspond (before fees and expenses) to the inverse (-1x) of the daily performance of the Benchmark Futures Contract. The Fund does not seek to achieve its investment objective over a period greater than a single day. The Fund generally intends to invest substantially all of its assets through investment in short positions in Benchmark Futures Contracts. However, the Fund may invest through short positions in Bitcoin Futures Contracts other than Benchmark Futures Contracts,” the notice explains.
The “investment objective of the Fund is to seek results (before fees and expenses) that, both for a single day and over time, correspond to the performance of lead month bitcoin futures contracts listed and traded on either [Cboe] or [CME],” the company wrote.
This is Arca’s second attempt this year at ETF approval. Rule changes could happen as soon as a month and half from now, or they could take into the spring of 2018, according to the filing.
What do think about bitcoin futures ETFs? Let us know in the comments below.
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Japanese entertainment conglomerate DMM Group, the operator of popular e-commerce site DMM.com with 27 million members, is preparing to launch a cryptocurrency exchange. 7 cryptocurrencies, 14 trading pairs, and margin trading will be offered.
DMM’s Crypto Exchange Opening January
Japanese e-commerce and internet giant DMM Group has unveiled the details of its upcoming cryptocurrency exchange set to launch on January 11 of next year. The new exchange will be called DMM Bitcoin. According to the company:
DMM Bitcoin will launch a new service site for virtual currency trading on January 10, 2018, and we plan to start accepting account opening applications on January 11.
DMM Group previously operated a small crypto trading platform called Tokyo Bitcoin Exchange Inc. This platform was approved by the Japanese Financial Services Agency (FSA) on December 1. It became one of the only 15 exchanges in Japan which the agency has approved so far. Tokyo Bitcoin Exchange has been renamed to DMM Bitcoin and has suspended its services.
Launching With 7 Cryptocurrencies
DMM Group described:
There are 7 virtual currencies that can be traded, 3 currency pairs for spot trading and 14 currency pairs for leveraged transactions.
The 7 supported cryptocurrencies are bitcoin (BTC), ether (ETH), nem (XEM), ripple (XRP), litecoin (LTC), ethereum classic (ETC), and bitcoin cash (BCH). Spot trading is available for trading pairs – BTC/JPY, ETH/JPY and ETH/BTC. Leverage of 5x is available for 14 trading pairs. While there is no transaction fee, the leverage fee is 0.04% per day.
In comparison, rival GMO Internet’s exchange, GMO Coin, currently supports 5 cryptocurrencies – BTC, ETH, LTC, XRP, and BCH. This exchange offers 5x, 10x, and 25x leverage at a fee of 0.05% per day.
Trading on DMM Bitcoin is available on iOS, Android, and PC. Trading tools will also be available similar to those offered to foreign exchange (FX) trading customers on DMM FX, the company’s FX trading platform. Deposits and withdrawals are available in Japanese yen, bitcoin, and ether.
In September, DMM Group established a virtual currency subsidiary and also announced its plans to become “one of the 10 largest mining farms in the world” next year.
What do you think of DMM launching a crypto exchange? Would you use it? Let us know in the comments section below.
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South Korean cryptocurrency exchange Youbit has revealed plans to file for bankruptcy. The decision to close operations follows announcements that the exchange was hacked for the second time this year.
Second Accident in a Year
Youbit announced on its website on Tuesday that it had been hacked at 4:35am local time on Tuesday, causing a loss worth 17 percent of its total assets. It did not elaborate on the amount, but said all customers’ cryptocurrency assets will be marked down to 75 percent of their value, adding that the other coins were kept in cold wallets and there were no additional losses. Accordingly, all coins trading and cash withdrawals were suspended to minimize customer losses.
Youbit is a smaller player in South Korea’s cryptocurrency market. It had been hacked once before in April when nearly 4,000 BTC were stolen in a cyberattack that the country’s spy agency linked to North Korea, according to a recent South Korean newspaper report.
An official at Korea Internet & Security Agency (KISA), the state agency that responds to cyberattacks, said the police and KISA officials were starting an investigation into the hacking.
Rising Concerns About Security
Bitcoin exchanges have a history of being targeted, especially in a bullish crypto market where bitcoin and altcoins are gaining more traction.
Bitcoin traded at around $ 18,615 on Coinbase at press time. And on Sunday evening it made its long-awaited debut on CME Group with the sale price for its Jan. 18 contracts initially opening above $ 20,000 and later dropping back to $ 19,500. CME data reveals that over 200 January 2018 contracts were bought during the first hour.
With no signs of a downtrend in cryptocurrency prices, security experts warn that bitcoin exchanges and wallet services are likely to become more vulnerable to cyber attacks.
Do you think more security breaches like Youbit are inevitable? leave your comments below!
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During the first week of December, the second largest bank in the U.S., Bank of America (BOA), was awarded a cryptocurrency exchange patent. The BOA cryptocurrency trading platform’s concept summary outlines three types of accounts where users and businesses can swap digital assets instantly.
Bank of America Receives Approval for a Cryptocurrency Exchange Patent
On December 5 the U.S. Patent and Trademark Office (USPTO) granted the financial institution Bank of America a patent to build a cryptocurrency exchange. The patent’s summary describes three types of accounts within the platform’s system. The first account is for customers to store their digital funds. The second and third accounts operated by the business are called “float accounts” which allow quick digital asset swaps from behind the scenes similar to a centralized Shapeshift concept.
BOA is one of the most active banks filing for blockchain and cryptocurrency-related patents over the past few years. Last summer the firm applied for over twenty patents this past August covering digital asset solutions to public and private blockchain concepts. The digital asset trading platform patent was filed in 2014 during the month of June. The patent called the “cryptocurrency transformation system” is explained quite thoroughly within the summary.
“The system further comprises a processor communicatively coupled to the memory — The processor may receive an electronic request for a currency exchange and determine exchange rates for exchanging a first currency for a second currency,” explains the BOA patent 9836790. “The processor may also determine an optimal exchange rate.”
In response to determining the optimal exchange rate, the processor may determine a first amount of the first currency and associate the first amount with the customer account. The processor may also transfer the first amount of the first currency into the first float account and determine a second amount of the second currency. The processor is further able to associate the second amount with the second float account and transfer the second amount of the second currency to the customer.
While BOA Captures the Most Cryptocurrency Patents, the Company Also Likes to Close Customer Accounts if They Trade Bitcoin
In addition to BOA trying to capture a lot of blockchain and cryptocurrency patents, the company isn’t too friendly towards bitcoin traders. The financial institution has been well-known for closing people’s bank accounts if they trade bitcoin. There are many instances where BOA closed a customer’s account for purchasing cryptocurrencies using applications like Coinbase which deposits money into checking or savings accounts. In fact, this December one customer was sent an 8-page document asking about his cryptocurrency usage and was required to fill out the paperwork before his account service was interrupted.
Ironically, the latest patent approval for a BOA controlled cryptocurrency exchange shows the bank favors digital assets, and the institution could very well build the platform in the near future with its awarded patent.
What do you think about BOA being granted a patent for a cryptocurrency trading platform? Let us know in the comments below.
Images via Pixabay, Bank of America, the USPTO, and Shutterstock.
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The first-ever bitcoin future jumped after it began trading Sunday as the increasingly popular virtual currency made its debut on a major U.S. exchange.
The futures contract that expires in January surged more than $ 3,000 to $ 18,580 eight hours after trading launched on the Chicago Board Options…
The first-ever bitcoin future jumped after it began trading Sunday as the increasingly popular virtual currency made its debut on a major US exchange. The futures contract that expires in January surged more than $ 3,000 to $ 18,010 four hours after trading launched on the Chicago Board Options Exchange,…
Crypto.bg, a leading Bulgarian exchange effected by the unexpected banking clampdown on coin-traders in the country last week, is set to resume trading on Monday. The company’s management announced that access to their bank account has been restored after negotiations with bank officials.
“Our account has been opened today (Saturday). We have lots of pre-hedged orders and hundreds of transactions to process over the weekend. We need to crosscheck manually each transfer with Kraken. Everyone will get their money on Monday morning. That’s a promise!”, Stamen Gorchev, Crypto.bg founder said in a statement posted in the company’s forum.
The popular Bulgarian exchange has established a long term partnership with Fibank – the bank that most Bulgarian cryptocurrency traders work with. In a statement posted on its website on Friday, the financial institution asserted that “a large number of correspondent banks, such as JP Morgan Chase and Commerzbank, refuse to accept cryptocurrency transactions. In this respect, Fibank cannot continue to provide services to crypto-traders”.
Fibank is one of the very few Bulgarian-owned banks that had offices working on weekends and closing at 10 pm where you could buy Bitcoin. The bank was almost bankrupted by the collateral damage from an attack that destroyed another Bulgarian-owned bank several years ago and had to be bailed out by the government.
In another post Mr. Gorchev hinted that Fibank’s move to freeze his company’s account might be a purely business driven decision:
“Fibank is not the problem. The philosophy and technology behind the bank system and Bitcoin are very different. When they collide, Bitcoin crashes traditional banking… It is just a more modern technology”, he pondered. Stamen Gorchev went on to elaborate on a plausible scenario – a foreign online banking account is hacked to transfer money to a local account opened in the name of a homeless guy that knows nothing about Bitcoin and simply gave his ID to someone for a 100 bucks. Then his sponsors buy Bitcoin with the Euros transferred to his account. The money is gone but banks are obliged to restore it to the European account holder, whose account is insured.
Crypto.bg offered its customers two options to return their funds – as a BGN refund to their accounts or by buying Bitcoin at its current price on Monday…
What do you think about the clash between traditional banking and bitcoin? Do you think Crypto.bg handled the situation with Fibank well? Let us know in the comments below.
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The mining pool Viabtc has announced that it will launch a new cryptocurrency exchange based in the United Kingdom. The exchange, Coinex, will exclusively host cryptocurrency-to-cryptocurrency markets and will use Bitcoin Cash as its base trading pair.
Bitcoin Cash Will Be the Base Currency on Coinex
Viabtc has announced the launch of a new cryptocurrency exchange, following the closure of its previous exchange on September 30th due to the Chinese cryptocurrency crackdown. Public records indicate that Coinex filed for incorporation in the United Kingdom on December 4th.
Sara Ouyang, Viabtc’s chief operating officer, has cited lower fees as the catalyst for the decision to use bitcoin cash as the base currency for the exchange. “The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang stated. Viabtc is one of the three largest BCH mining pools.
At Launch, Viabtc’s New Exchange Will Offer Bitcoin Cash Trading Pairs for Bitcoin, Ethereum, Litecoin, Zcash, and Dash
Ouyang indicated that the company intends to providing margin trading and cryptocurrency derivative trading products in future. Viabtc also indicated that they are in the process of developing an over-the-counter (OTC) trading platform, with Ouyang stating that such will “supplement the ecosystem.”
In July, Viabtc became the first exchange to list futures markets for the then non-existent Bitcoin Cash, with tokens trading for approximately 2,200 yuan ($ 325 USD). Just two months later, the exchange announced that it would discontinue providing exchange services to customers based in mainland China on September 30th due to the Chinese cryptocurrency crackdown.
Last month, Bitcoin Cash underwent a hard fork that sought to fix the cryptocurrency’s Difficulty Algorithm Adjustment (DAA). Since the fork, the erratic block time intervals previously witnessed have ceased. The comparative mining profitability between BCH and BTC has leveled out and remained consistent in recent weeks. BCH has also witnessed a consistent increase in the number of transactions processed on its network, signifying growing use and adoption. The Coinex exchange is set to launch this month according to the website.
Do you think more exchanges will adopt Bitcoin Cash as their base trading currency? Share your thoughts in the comments section below!
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It’s a question which surfaces daily on Telegram, Twitter, and Reddit: “Which exchange should I join?” The cheapest and most reliable means of purchasing cryptocurrency is generally through an exchange which will take your fiat currency and swap it for crypto. But with dozens of exchanges to choose from, each offering different features and currencies, the choice can be bewildering. The following guide will help you make an informed decision.
What’s in an Exchange?
There’s a number of factors to weigh up when choosing a cryptocurrency exchange. These include customer service, uptime, security, track record, currency pairs, ease of use and – most importantly – whether it’s accessible from your country. The following list provides a rundown of the features and benefits of some of the web’s most popular exchanges. It’s not exhaustive, and none of the sites included here are endorsed by news.Bitcoin.com. Bear in mind also that storing bitcoin on an exchange comes with its risks. To learn more about this, read our first Bitcoin for Beginners guide.
The world’s most popular bitcoin broker, Coinbase will also hook you up with litecoin and ethereum and operate as your online wallet. It’s not an outright exchange, however, so if you’re wanting to trade multiple altcoins, you’ll need to send your cryptocurrency somewhere like Poloniex or Bittrex. Coinbase is easy to use, has above average customer support and a good mobile app. It’s also one of the safer exchanges for storing your coins, thanks to full insurance and robust security. No exchange is impregnable, but Coinbase is about as good as it gets.
Bittrex – or ‘trex to its devotees – is where altcoin traders gather en masse. The site has a good security record, is user-friendly, and boasts hundreds of cryptocurrencies, paired against the U.S. dollar, bitcoin, litecoin, and ethereum. Bittrex has no mobile app unfortunately and of late the exchange has been slow to add new coins and tokens. Thus, if you want to purchase many of the latest ICO tokens, you’ll need to go elsewhere – usually to Binance.
Binance is the new Bittrex. It’s a community-focused exchange which exudes a friendly vibe, regularly lists new coins, and has high trade volume which recently surpassed $ 1 billion a day. Despite being one of the newest cryptocurrency exchanges on the market, Binance has built up a solid reputation. Traders can enjoy lower fees when they use the site’s native BNB token.
If Binance is the new Bittrex then Poloniex is the old ‘trex. This seasoned exchange is loaded with a vast array of altcoins including many that are hard to find elsewhere. Despite rumors of poor security, Poloniex hasn’t suffered any major breaches to date. Its customer service is notoriously bad though, and whatever you do, don’t try to download the Poloniex app on the Google Play store – there’s a good chance it will be a fake that steals your funds.
Bitfinex is the world’s largest exchange by volume, with high liquidity, an excellent trading engine, and a range of advanced features including margin trading. It lacks the choice of coins that the likes of Bittrex and Poloniex carry, but in almost every other respect, Bitfinex is the gold standard for cryptocurrency exchanges. There’s just one major problem – Tether.
To cut a long story short, some people question the liquidity of ‘finex, and are worried that it could collapse, dragging everything down with it. These rumors are probably false, but until Bitfinex clears up the matter, doubts will persist. Read up on the affair and then make up your own mind. Oh, and Bitfinex has been hacked before – three times to be precise.
Kraken would be an excellent exchange were it not for the fact that its trading engine is a piece of crap and the site is prone to crashing due to high volume at any given moment. The company is working to remedy these problems, but right now Kraken is patchier than grandma’s hand-sewn quilt. On the plus side, the exchange has high liquidity, a fine range of trading pairs, and its Twitter staffer is a hoot. If you like your exchanges humorless and corporate, use Bitfinex. If you prefer the human touch, try Kraken.
Europe’s largest bitcoin exchange offers trading pairs of bitcoin, bitcoin cash, and ethereum. The site has been hacked in the past, but as one of the web’s oldest bitcoin exchanges, Bitstamp has weathered the storm and is well regarded within the cryptocurrency community. Bitstamp is the most conservative exchange out there, so if you see the bitcoin price lagging behind that of other sites, you’ll know why. It’s for this reason that news.Bitcoin.com uses the Slovenian exchange as its reference price for bitcoin, cos when BTC passes a milestone here, you can bet that it’s the same story at every other online exchange.
The foregoing exchanges are accessible to customers from a vast number of countries, though check the terms and conditions for each site to ascertain whether you’re eligible to sign up. To round things off, here’s a few words on some of the world’s most popular regional exchanges:
Coincheck: Hugely popular Japanese exchange that offers trading of bitcoin, ethereum, and ripple against the yen.
Coinone: Major South Korean exchange with no trading fees that often leads the way for bitcoin cash rallies. The site generates significant trading volume and offers bitcoin, ethereum, and others priced against the Korean won.
Bithumb: One of the world’s largest exchanges, this titan dominates the South Korean market and offers bitcoin cash, ethereum classic, dash, and litecoin trading, to name a few. Bithumb has been hacked before, but this hasn’t dampened South Koreans’ enthusiasm for the site.
Bitmex: Famed for its futures trading with up to 100x leverage. Bitmex is based in Hong Kong and allows traders to go long or short on currencies such as bitcoin and bitcoin cash.
Bitflyer: Japan’s most popular cryptocurrency exchange now has a U.S. presence too. Bitflyer offers margin trading of ethereum and bitcoin.
GDAX: An offshoot of Coinbase, GDAX covers most U.S. states and offers bitcoin, ethereum, and litecoin trading.
There’s many more exchanges that could make this list, but these are the main players at least. If you’d like to learn more about their trading volume and trading pairs, sites such as Coinmarketcap and Coincodex will tell you all you need to know. Good luck and safe trading.
What’s your favorite bitcoin exchange and why? Let us know in the comments section below.
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With two of the most respected exchanges in the US about to launch bitcoin futures, CME and Cboe, American brokers now have little excuse not to offer the instruments. A few of the major players have already revealed their positions regarding retail trading clients, while most still remain on the sidelines.
Both TD Ameritrade (NASDAQ: AMTD) and Ally Invest (NYSE: ALLY) have publicly stated that they plan to offer access to bitcoin futures trading as soon as they become available to them. Together these two brokers serve over seven million retail US traders, Ameritrade with 6,950,000 funded customer accounts and Ally with 250,000.
“What’s exciting to us about it is it provides a two-sided market,” JJ Kinahan, chief market strategist TD Ameritrade said. “With natural buyers and sellers, that helps to put a more reasonable volatility on the product.”
“Ally Invest customers have specifically expressed interest in the futures product the Chicago Mercantile Exchange is planning to launch that is based on bitcoin,” said Rich Hagen, president of Ally Invest. “If the CME does launch this product, Ally Invest plans to offer it to current and new futures customers immediately.”
Maybe in the Futures
Possibly the most surprising announcement came from Fidelity Investments whose spokesman told Bloomberg they don’t have any plans yet to offer access to the instruments for their clients. Fidelity was the first major US broker to allow clients to track their bitcoin, ether, and litecoin holdings on its web portal. Considering that they now have regulatory cover to offer an actual form of trading, with CME and Cboe handling the compliance issues, it is likely just a matter of time until they jump on board.
The other major US brokers have either not had enough time to process the rapid developments, or are just waiting to see what will happen with Ameritrade and Ally before making any move.
What does brokers offering bitcoin futures trading mean for investors? Tell us what you think in the comments section below.
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