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| January 21, 2019

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The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index

January 16, 2019 |

The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index

In today’s edition of The Daily, we cover a number of stories that are of importance to cryptocurrency traders. A new trading platform is set to offer tokenized securities, Ledgerx releases a volatility benchmark based on U.S. BTC options, and the police investigate an exchange that suffered a significant security breach.

Also Read: Bitwise Asset Management Files With SEC for New Bitcoin ETF

A New Tokenized Securities Trading Platform

The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index
Minsk, Belarus

Currency.com, a company licensed in Belarus, has announced the launch of a new trading platform for tokenized securities. Starting with over 150 instruments, the company plans to issue over 10,000 tokens which will track the underlying prices of equities, indices and commodities. The service is in invite-only mode right now, but prospective clients can apply to be added to a waiting list.

Users will be able to buy these tokens with cryptocurrencies, and will have the ability to trade them on margin. The tokenized securities platform will also be supplemented by a service for buying cryptocurrencies using fiat, storing them and making cross-crypto exchanges, as well as with a portfolio tracking app. Currency.com is said to be using the technology of Capital.com, its sister CFDs platform.

The platform is said to implement Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures and verify all transactions with blockchain intelligence services such as Coinfirm, Elliptic and Chainalysis. Ivan Gowan, the CEO of the company, commented, “We are excited to be launching this revolutionary blockchain venture and providing crypto investors with a concrete option to diversify their portfolio by investing in traditional asset classes, without the pressure of exchanging cryptocurrencies into fiat money to do so. Currency.com is committed to providing users with superior security and fraud protection, and preventing any potential risks by leveraging the full traceability of blockchain transactions and adhering to the strictest regulatory standards set by Belarus’s Decree No. 8 ‘On the Development of the Digital Economy’.”

Ledgerx Launches Benchmark Volatility Index

The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index
The Chicago Board Options Exchange Volatility Index (VIX)

Ledgerx, the CFTC regulated digital currency clearinghouse and options exchange, has announced the launch of Ledgerx Volatility Index (LXVX) a volatility estimate for BTC based on live U.S. options trading. The company says that the LXVX is designed to incorporate the level of fear and uncertainty in the crypto market, and thus can be thought of as the “bitcoin fear index”, in the same way the VIX is commonly referred to as the stock market fear index.

“Having cleared half a billion in derivatives, we feel confident that the LXVX is the only credible indicator for future bitcoin volatility,” said Juthica Chou, the company’s co-founder and Chief Operating Officer. “The importance for a volatility estimate is a range of strikes and terms. Ledgerx has active options contracts from $ 2k to $ 50k in strikes, out to June 2020.”

“One of the fascinating things about volatility indices is that they’re of interest to a lot of participants, even if they don’t trade the options directly. For example, if you are a large holder of bitcoin or a risk manager, you’d be very interested in how much the market expects bitcoin to move over the next month. To finally have an estimate of volatility for bitcoin is another step in the maturation of the market,” she added.

NZ Police: We Didn’t Storm Cryptopia Exchange

The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index

Christchurch, New Zealand-based Cryptopia is the latest exchange to get hit by hackers. After initially claiming the service was only taken down for “unscheduled maintenance” on Monday, the company revealed yesterday that it has “suffered a security breach which resulted in significant losses.” The New Zealand authorities updated the public today, Wednesday Jan. 16, that they are working with Cryptopia to establish what exactly happened, which seems to counter the fears of some commenters that the company pulled a $ 3.6 million exit scam.

“Police are not yet in a position to say how much cryptocurrency is involved, other than it is a significant amount,” the investigative force stated.“A large team, including Canterbury CIB and specialist staff from the police High Tech Crime Unit, have been assigned to the case. There has been a visible police presence at the company’s Colombo Street headquarters throughout the day as police take the steps needed to progress the investigation. While police are unable to go into details about specific steps being taken at this stage, we can say that our focus includes commencing both a forensic digital investigation of the company and a physical scene examination at the building.”

“We are dealing with a complex situation and we are unable to put a timeframe on how long the investigation may take. We are also aware of speculation in the online community about what might have occurred. It is too early for us to draw any conclusions and Police will keep an open mind on all possibilities while we gather the information we need. A priority for police is to identify and, if possible, recover missing funds for Cryptopia customers; however there are likely to be many challenges to achieving this. We would also like to make clear that Cryptopia are cooperating fully with the investigation team and a media report that police ‘stormed’ the building today is entirely incorrect.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: New Platform to Offer Tokenized Securities, Ledgerx Launches Volatility Index appeared first on Bitcoin News.

Bitcoin News

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining Fund

December 2, 2018 |

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining Fund

In this edition of the Daily, we cover Bitmain’s new cryptocurrency index and the establishment of a fund that will invest in bitcoin mining. We also look at a recently active online account that was previously associated with Satoshi Nakamoto, as well as the launch of a help center for defrauded crypto enthusiasts in Russia.

Also read: Belarus Adopts New Regulations, Galaxy Digital Releases Q3 Results

BLC10 Tracks Major Cryptocurrencies

Chinese crypto mining giant Bitmain has launched its own cryptocurrency index. It tracks the performance of the largest and most liquid digital coins on the market and is denominated in U.S. dollars. The index is designed to meet the needs of both private and institutional investors, according to the Beijing-based company.

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining Fund

The index page lists individual indices for 17 leading cryptocurrencies with their real-time spot prices in USD and BTC, updated by the second. A reference price is published once a day, at 10:00 a.m. Hong Kong time. Bitmain uses data from major exchanges such as Bitfinex, Binance, Bitstamp, Bittrex, Gdax, Gemini, Huobi, Itbit, Kraken, Okex and Poloniex.

The aggregated Bitmain Large Cap 10 Index (BLC10) tracks the top 10 cryptocurrencies by market capitalization. The index is evaluated monthly to ensure its methodology and scope are up to date and representative.

Xolaris Launches Investment Fund for Mining Projects

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining FundGerman investment management company Xolaris has launched a private equity fund dedicated to bitcoin mining. It will invest in building infrastructure and acquire new hardware for different projects. The fund will also finance the expansion of an existing mining facility in Sweden.

According to Xolaris, there’s continued demand from clients who want to participate in the mining industry, despite the recent downward trend in the cryptocurrency markets. They are welcome to support the fund with a minimum investment of €250,000 (~$ 283,000). The company hopes to raise between €30 million (~$ 34 million) and €50 million (~$ 56 million) for its four-year project. The expected rate of return is around 165 percent.

The first investment opportunity has been identified already — a bitcoin farm with approximately 2,000 miners in Sweden. Its capacity will be expanded with capital accumulated in the Xolaris fund. The Konstanz-based group is planning to launch a similar fund also in Hong Kong.

Satoshi’s Account Posts a Single Word: ‘Nour’

An account on the P2P Foundation network, once associated with Satoshi Nakamoto, has posted a one-word message after four years of inactivity. The status, simply reading “nour,” appeared on Thursday, Nov. 29, and has since sparked speculation in the crypto community about its meaning and authenticity. The account is linked to an old email address used by Nakamoto, satoshin@gmx.com, which was reportedly hacked in late 2014.

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining Fund

According to one of the most discussed theories in the space, “nour” is the English transliteration of several similar words in Semitic languages, the meaning of which has the same root — “light.” In Arabic, “sabah el nour,” or “morning full of light,” is a common reply to “sabah el khair,” which means “good morning!” In modern Hebrew, “nour” means “flare,” and in Aramaic, “fire.”

The long-dormant Satoshi account has also befriended another user, Wagner Tamanaha. According to his profile, Tamanaha is based in Brazil, and his picture and family name suggest he is of Japanese descent. The user, who is reportedly a member of the Brazilian crypto community, left a message for Nakamoto on Friday. The text is in Japanese and according to Google Translate it reads: “Nice to meet you. Thank you very much, I will do my best for Bitcoins from Brazil!”

Russian Crypto Association to Help Fraud Victims

The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining FundThe Russian Association of Cryptoindustry and Blockchain (RACIB) has launched a help center to support crypto enthusiasts who have been defrauded by scammers or unscrupulous companies. The organization also plans to actively cooperate with Russian law enforcement agencies and Interpol in the investigation of such cases, Bitnovosti reported.

According to recently released data, the number of cyber crimes related to digital assets increased by 32 percent in Russia in the first quarter of 2018. RACIB’s project, the First Private Cryptocurrency Investigation Agency, will provide an array of services to cryptocurrency investors, including assistance in searching for stolen funds and assessing new investment opportunities in the crypto space.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, HTP.


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The post The Daily: Bitmain Launches Crypto Index, Xolaris Sets up Bitcoin Mining Fund appeared first on Bitcoin News.

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The Daily: BTC Spot Index Launches, Futures Platform Delayed

November 21, 2018 |

The Daily: BTC Spot Index Launches, Futures Platform Delayed

In today’s edition of The Daily, we cover a number of developments in the institutional segment, including a new BTC spot index, a delay in the launch of a futures platform and an investment by Binance in an over-the-counter (OTC) trading desk in San Francisco. We also cover an investigation into Tether and, on a lighter note, why Kobe Bryant is going to a crypto event.

Also Read: Bchd Developers Announce Neutrino Wallet for Bitcoin Cash in Beta

Price Index Based on OTC Trading

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformMV Index Solutions, a Vaneck company with about $ 14 billion invested in its products, launched the MVIS Bitcoin US OTC Spot Index on Tuesday. The BTC index is based on price feeds from established U.S. digital asset trading operations. It tracks the price performance on three OTC liquidity providers, including Circle Trade, Cumberland and Genesis Trading.

“Vaneck continues to support market structure developments in the digital asset space. MVIS’ work with our core OTC partners, Cumberland, Circle Trade and Genesis Trading, is a major step forward towards greater transparency and price discovery in the institutional Bitcoin market,” said Gabor Gurbacs, director of digital asset strategies at Vaneck/MVIS. “The index may pave the way for institutionally oriented products, such as ETFs, as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.”

Bakkt Launch Now Planned for Late January 2019

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformIntercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), has announced that it will delay the launch of its bitcoin futures platform, which was originally slated to open in December. The start of trading on Bakkt is now set for Jan. 24, 2019.

“As is often true with product launches, there are new processes, risks and mitigants to test and retest, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch,” stated Bakkt CEO Kelly Loeffler.

Loeffler also revealed that Bakkt now has insurance for bitcoin in cold storage. It is now in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture, she added.

Market Manipulation Investigation Focuses on Tether

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformThe U.S. Department of Justice investigation to determine if anyone is manipulating cryptocurrency prices is reportedly zeroing in on Tether (USDT). Federal prosecutors are said to have recently started focusing on allegations that Tether and Bitfinex have been used to illegally influence the market, according to three people familiar with the matter. They are looking into how Tether Ltd. prints new coins and why they primarily enter the market via Bitfinex, the unidentified sources added.

The investigation follows a report by University of Texas Professor John Griffin and co-author Amin Shams that links Tether to the 2017 bull market.

Binance Backs China-Focused OTC Trading Desk

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformBinance Labs, the incubation arm of the cryptocurrency exchange, has made a $ 3 million investment in San Francisco-based OTC crypto company Koi Trading. With desks in Hong Kong and Beijing, Koi Trading offers global market-making for cryptocurrency exchanges and high-frequency trading, as well as support services such as quantitative research and compliance consulting. Its founding team consists of three former core team members of Hbus, the U.S. partner exchange of Huobi.

Koi Trading said it looks for underserved clientele in China and the U.S., even in today’s market. The company explained that OTC trading in China boasts a daily volume of at least 150 million yuan ($ 21.6 million). However, without trusted escrow agents most trades are arranged via messaging apps, so it is difficult to secure professional service providers.

“With Koi’s robust AML program, extensive banking relations in the U.S., investment from Binance Labs, and strong trust amongst counterparties in Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate,” said Hao Chen, founder and CEO of Koi Trading.

Kobe Bryant to Attend Cryptocurrency Summit

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformTron has announced that Kobe Bryant will be a special guest at Nitron Summit 2019, which will take place in San Francisco in January. The former NBA superstar is scheduled to share his “life experience and insights” at the event, presumably with an emphasis on how he transitioned from basketball to the business world. Bryant is the co-head of his own investment firm, Bryant Stibel, which has invested in 15 ventures, including a sports media website, a video game publisher and an online education platform in China.

“Kobe Bryant is a basketball genius. I have been a huge fan of Kobe and deeply inspired by his journey,” Tron founder Justin Sun commented. “It’s my great honor to have Kobe as our special guest for the Nitron Summit. It’s worth mentioning that Kobe Bryant is not only a basketball genius, but also an investment genius. We look forward to hearing his great speeches at the summit.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: BTC Spot Index Launches, Futures Platform Delayed appeared first on Bitcoin News.

Bitcoin News

The Altcoin Correction Index Gives an Alternative View of Crypto Assets

September 7, 2018 |

The Altcoin Correction Index Gives an Alternative View of Crypto Assets

Analysts are always seeking new ways to assess cryptocurrencies. Different metrics provide insights that can be used to gauge various trends, such as estimating when a particular asset has bottomed out and is due to rise. The Altcoin Correction Index provides an unvarnished snapshot of this year’s worst performing cryptos.

Also read: Blockchain, Reloaded: How the New “Matrix” Appeared

Altcoins Haven’t Performed This Badly Since 2014

Whatever metric you choose to apply, altcoins aren’t looking so pretty this year. Just one crypto asset in the top 100 is in the green (BNB) while everything else is down an average of 70-90%. It doesn’t require sophisticated analytical tools to appreciate the extent of the altcoin bloodbath that has occurred. Nevertheless, historical trends can provide an indicator, some believe, as to when the worst may be over and a recovery can be expected. Fundstrat Global founder Thomas Lee has shared a chart he’s labeled the Altcoin Correction Index. It shows the percentage of altcoins that are down 70% from their 9-month high:

The Altcoin Correction Index Gives an Alternative View of Crypto Assets

Websites such as Onchainfx are useful for viewing the number of days since an altcoin’s all-time high (ATH) and the percentage it is down. It’s easy to pick out particularly bad performers such as einsteineum (-98%), salt (-98%), and bitcoin diamond (-97%). Fundstrat’s Altcoin Correction Index is arguably more useful however in charting the average drop across the board, rather than focusing on outliers. With 97% of altcoins down over 70% from their ATH, nine months ago, the market has reached a low not seen since 2014.

The Altcoin Correction Index Gives an Alternative View of Crypto Assets
In late October 2014, altcoins began a mini-recovery that lasted for 7 weeks.

In 2014, Altcoins Were Decimated

While out of touch economists continue to bang on about crypto assets going to zero, cryptocurrency holders who were there in 2014 know better. Some alts probably will go to zero, and deservedly so, but the notion that a mean 70% regression marks certain death is a false narrative. Shortly after alts reached their 2014 bottom, Thomas Lee notes, a mini-rally immediately followed which saw a 2.7x gain in just seven weeks. It does not follow that a similar event is about to occur in 2018; for one thing, there were less than 350 altcoins back then versus 2,000+ today. Nevertheless, it does demonstrate the foolishness of writing off cryptocurrencies just because they’ve been battered for a few months.

The Altcoin Correction Index Gives an Alternative View of Crypto Assets
The top ten cryptocurrencies in October 2014

A look at the top ten cryptocurrencies in late October 2014, around the time that alts were previously at their all-time low, shows some familiar faces – plus a few coins that were already in terminal decline. Back then, bitcoin was at $ 350, followed by ripple at $ .004, and litecoin at $ 3.71. Coins in the top 10 from that period that have since fallen out of fashion include peercoin, maidsafe, counterparty, and namecoin. Look outside the top 10 from October 2014 and, nestling at number 13, is a then-emerging privacy coin called monero. Today it’s down 78% from its all-time high of $ 495, set 243 days ago. Yet, back in October of 2014, you could have bought 1 monero for $ 0.72.

Cryptocurrencies might be having a bad year, but zoom out, and they’re doing just fine. Four years from now, some of the current crop will likely have died, but if history is anything to go on, the best of them could be worth multiples more.

Which cryptocurrencies do you expect to still see in the top 10 four years from now – and which ones will die? Let us know in the comments section below.


Images courtesy of Shutterstock, and Thomas Lee, and Coinmarketcap.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Altcoin Correction Index Gives an Alternative View of Crypto Assets appeared first on Bitcoin News.

Bitcoin News

Morgan Creek Launches Digital Asset Index Fund for Institutional Investors

August 28, 2018 |

Morgan Creek Launches Digital Asset Index Fund For Institutional Investors

Morgan Creek Digital, an asset management firm backed by multi-billion dollar investment advisor Morgan Creek Capital Management, has announced the launch of the Digital Asset Index Fund in partnership with Bitwise Asset Management.

Also Read: The Daily: Chinese Crackdown Continues, ICO Head Faces 15 Years in Prison

Opening Up Crypto for Pension Funds

Morgan Creek Launches Digital Asset Index Fund For Institutional InvestorsAccording to its developers, the Digital Asset Index Fund is designed to provide endowments, foundations, pensions, wealthy families, and sovereign wealth funds access to broad-based crypto investment exposure. It is managed by Bitwise Asset Management, the provider of several cryptocurrency index funds. It combines its quantitative rules with oversight by an index committee which includes Mark Yusko, Morgan Creek CIO, Anthony Pompliano, Partner at Morgan Creek Digital, and Bitwise Global Head of Research Matt Hougan.

“Every investor should be considering an allocation to digital assets right now,” said Mark Yusko, CIO at Morgan Creek. “Increasingly, institutional investors are coming to us asking for exposure to the space.” said Yusko. “We wanted to create a vehicle tailored for those investors. Bitwise was the ideal partner to do this with because of their institutional approach, experienced team, and track record of success.”

Institutional Investors Push for Exposure

The new fund holds a market-cap-weighted basket of the top ten largest cryptocurrencies and tokens, reconstituted monthly. The managers explain that assets must pass rigorous, rules-based eligibility requirements including custody qualifications, trade concentration limits and pre-mine restrictions to qualify for inclusion. And all the assets are said to be kept in 100% cold storage and audited annually. As of August 27 it includes BTC, ETH, BCH, ETC, DASH, LTC, XMR, EOS, ZEC, and OMG.

“Institutional investors are seeing the market pullback as an opportunity start building exposure to the space, and have been pushing us to get this fund to market quickly,” commented Pompliano. “We’re excited to have The Digital Asset Index Fund up and running, creating a one-stop shop for institutional investors intent on securely capturing the significant value creation taking place in the crypto market today.”

Morgan Creek Launches Digital Asset Index Fund For Institutional Investors
Screenshot

Are pension funds likely to turn to cryptocurrency investment at this time? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Morgan Creek Launches Digital Asset Index Fund for Institutional Investors appeared first on Bitcoin News.

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Bitwise Launches Three New Cryptocurrency Market Index Funds

August 15, 2018 |

Bitwise Launches Three New Cryptocurrency Market Index Funds

Why wait for an ETF? Bitwise Index Services, a subsidiary of Bitwise Asset Management, has announced the launch of three new indexes covering the mid-cap, small-cap, and total-market segments of the crypto market, as well as the renaming of its HOLD 10 Index as the 10 Large Cap Crypto Index.

Also Read: The Daily: Stoners Drop Crypto From IPO, Binance Launches Academy

Three New Cryptocurrency Market Index Funds

Bitwise Launches Three New Cryptocurrency Market Index FundsThe launch and rebranding of HOLD 10 means that company’s cryptocurrency index roaster now features four options for investors to choose from: 10 Large Cap Crypto Index (ticker: BITX); 20 Mid Cap Crypto Index (ticker: BITW20); 70 Small Cap Crypto Index (ticker: BITW70); and 100 Total Market Crypto Index (ticker: BITW100). The Bitwise Crypto Indexes are available throughout the established financial trading ecosystem, including via Bloomberg, Reuters, Factset, and other data aggregators. Additionally, the company also announced the creation of API access and complimentary benchmarking for hedge funds.

“Our indexes are built from the ground up to respond specifically to the cryptomarket,” said Matt Hougan, Global Head of Research. “The methodology draws on best practices from the modern indexing of equities, bonds, commodities, and fiat currencies, and pairs them with crypto-native factors to ensure the indexes are safe and replicable. We believe they are the best representation of the investable cryptoasset market in the world.”

Crypto Council

Bitwise also announced the launch of an index advisory board, featuring: Srikant Dash, former Global Head of Indexing for Bloomberg and Managing Director and Global Head of Research at Standard & Poor’s Indices; Spencer Bogart, Partner and Head of Research at Blockchain Capital; and Matt Hougan the Global Head of Research at Bitwise and former CEO of both ETF.com and Inside ETFs.

“One unique thing about Bitwise is the firm’s ability to blend deep, crypto-specific expertise with in-depth knowledge of institutional asset management and indexing,” said Bogart. “The Bitwise Crypto Index Advisory Board and the family of Bitwise indexes launching today are proof of that.”

Bitwise Launches Three New Cryptocurrency Market Index Funds
Performance Charts

“Well-constructed indexes and index-linked products are key to the development of efficient investment and risk management in any new asset class,” added Dash. “I am pleased to help Bitwise bring such tools to the rapidly evolving cryptocurrency market.”

Is this development good for the ecosystem? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitwise Launches Three New Cryptocurrency Market Index Funds appeared first on Bitcoin News.

Bitcoin News

Index ETF Tracking 10 Cryptocurrencies Filed With SEC

July 25, 2018 |

Index ETF Tracking 10 Cryptocurrencies Filed With SEC

Bitwise Asset Management has announced its plan to launch “the first publicly-offered cryptocurrency index exchange-traded fund (ETF).” A registration statement has been filed with the U.S. Securities and Exchange Commission. The fund will track the returns of the company’s Hold 10 Index which aims to capture 80% of the total market capitalization of the cryptocurrency market.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bitwise to Launch Crypto Index ETF

Index ETF Tracking 10 Cryptocurrencies Filed With SECBitwise Asset Management announced Tuesday that it has filed a registration statement for “the first publicly-offered cryptocurrency index exchange-traded fund (ETF).”

The San Francisco-based company already manages “the world’s first privately-offered cryptocurrency index fund, the Bitwise Hold 10 Private Index Fund,” it described. The open-ended private placement fund was launched on November 22 last year and is only open to accredited investors, the company noted:

The new ETF will be called the Bitwise Hold 10 Cryptocurrency Index Fund. It aims to track the returns of Bitwise’s Hold 10 Index, a market-cap-weighted index of the 10 largest cryptocurrencies, rebalanced monthly.

The top five components of the Hold 10 Index as of the end of June is 55% BTC, 20% ETH, 9.4% XRP, 6.4% BCH, 2.6% LTC.

Index ETF Tracking 10 Cryptocurrencies Filed With SEC“The Hold 10 Index captures approximately 80% of the total market capitalization of the cryptocurrency market,” the crypto asset manager further elaborated. The index “uses a 5-year-diluted market cap and other eligibility criteria meant to address challenges of the crypto space such as continuously changing supply, liquidity, trade volume concentration, and custody limitations.”

Founded in 2017, Bitwise is backed by institutional and individual investors, including Khosla Ventures, General Catalyst, Blockchain Capital, Naval Ravikant, Alison Davis, David Sacks, Elad Gil, Adam Nash, Adam Ludwin, Suna Said, and Avichal Garg.

Index-Tracking Basket of Multiple Cryptocurrencies

Index ETF Tracking 10 Cryptocurrencies Filed With SECIn its Tuesday announcement, the company revealed that “A registration statement relating to the shares of the Bitwise Hold 10 Cryptocurrency Index Fund ETF has been filed with the Securities and Exchange Commission (SEC) but has not yet been declared effective.”

Bitwise’s Global Head of Research Matt Hougan commented:

Our research shows that an index-tracking basket of multiple cryptocurrencies behaves differently than a single coin. As such, we think both sorts of exposure need to be looked at by investors when considering the growing cryptocurrency space. Our view is that this new area has many similarities to the introduction 10 to 15 years ago of commodity ETFs.

He noted that “at that time, we saw the launch of single-commodity ETFs tracking gold, silver, crude oil, and other commodities, as well as ETFs tracking diversified commodity index baskets. We see a lot of similarities here.”

What do you think of Bitwise’s proposed crypto index ETF? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitwise.


Need to calculate your bitcoin holdings? Check our tools section.

The post Index ETF Tracking 10 Cryptocurrencies Filed With SEC appeared first on Bitcoin News.

Bitcoin News

Jeep Grand Cherokee tops 2018 American-Made Index

July 3, 2018 |

The Jeep Wrangler has lost the title of most American-made car to…another Jeep.
FOX News

US Federal Reserve Launches Cryptocurrency Index

June 22, 2018 |

US Federal Reserve Launches Cryptocurrency Index

This week the Federal Reserve Bank of St. Louis added cryptocurrency to their Federal Reserve Economic Data (FRED) database. It’s a seemingly small gesture, but one that signals to most observers crypto’s maturation, at least in the eyes of arguably the most important central banking institution in the world.  

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Federal Reserve Bank of St. Louis Adds Four Cryptos to its FRED Database

“FRED has added four series on the prices of different cryptocurrencies,” the St. Louis Federal Reserve posted without much fanfare this week, including “Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index).”

The St. Louis Fed is one of 12 regional banks within the system, collectively constituting the most powerful central bank on the globe. Known to be part of the 8th District, which includes midwestern Fed banks, it is also considered an economic research powerhouse.

US Federal Reserve Launches Cryptocurrency Index

It maintains its FRED database at its famed research division. The bank uses more than half of a million data points, derived from 81 sources. Exchange rates, GDP, interest rates, consumer indexes, banking, producer price indexes, among other sectors, comprise its focus. FRED-published statistics carry massive weight in the professional financial world.

That some government agency creates yet another index isn’t particularly newsworthy. However, that both proponents and opponents frequently set cryptocurrencies such as bitcoin cash (BCH) as distinctly operating in defiance of central banks, and how the Fed appeals to crypto bank Coinbase for its metric, means decentralized currencies have come of age.

Out Ahead

Going forward, it would also appear as Coinbase adds more currencies perhaps FRED would be compelled to monitor them as well. Whatever the case, the St. Louis Fed has been consistently out ahead of most central banks and economists when it comes to crypto.US Federal Reserve Launches Cryptocurrency Index

That’s a marked contrast to its brethren. Atlanta’s Fed bank openly chastised younger investors to steer clear of crypto. The San Francisco branch pegged bitcoin core’s (BTC) price considerably lower than its near $ 6,000 present figure, insisting one BTC is probably worth around the cost of mining, slightly under $ 2,000 per coin. Even the Minneapolis Fed, in trying to be charitable, urged ignoring the currency aspect altogether and instead look toward ‘blockchain technology.’

Again, the St. Louis Fed thinks differently. Just a few months ago it caused a stir within the ecosystem by publishing a meditation on BTC, putting forth the idea it can be considered alongside the dollar. Its Governor James Bullard, however, is much more cautious. Acknowledging crypto as being a real future of money, he explained, “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”

Is the arrival of a FRED crypto index important? Let us know in the comments. 


Images via the Pixabay, FRED.


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After 100 Years, Last Original Dow Member Booted From Index

June 20, 2018 |

General Electric will be dropped from the Dow Jones industrial average next week, ending the industrial conglomerate’s more than 100-year run in the 30-company blue chip index, the AP reports. S&P Dow Jones Indices said Tuesday that GE will be removed from index before the open of trading next Tuesday….
Newser