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After years on the stock market’s sidelines, a number of highly valued Silicon Valley companies are gearing up to go public as soon as next year. Among the IPO candidates are ride-sharing companies Uber Technologies and Lyft, and data-mining specialist Palantir Technologies.
WSJ.com: US Business
The Los Angeles County office market notched another solid quarter for landlords as rents moved up and occupancy held steady.
Expanding technology companies such as shopping app Honey again led the way in the third quarter, real estate brokerage CBRE reported, part of a pattern of growth that has…
Three major banks reported solid earnings Friday, helping ease worries on Wall Street and sending stocks upward — if only slightly — after a two-day sell-off.
Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup each posted double-digit percentage gains in profit, boosted by higher interest rates…
The stock market pulled out of its two-day swoon in early trading Friday, reports MarketWatch . After dropping a total of nearly 1,400 points Wednesday and Thursday, the Dow was up more than 300 points (1.3%) in the first half-hour of trading on Friday. The S&P 500 (up 44…
The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.
Bithumb Launches Crypto Indices
Bithumb announced Wednesday the launch of Bithumb Crypto Index (BTCI) which comprises two separate indices.
The exchange detailed:
BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).
BTMI is calculated based on all cryptocurrencies listed on Bithumb while BTAI only takes into account “all non-bitcoin cryptocurrencies” listed on the exchange. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Bithumb began calculating BTCI on July 1. The index is calculated real-time and updated every 10 seconds.
At the time of this writing, Bithumb is South Korea’s largest crypto exchange by trading volume, according to Coinmarketcap. With 53 cryptocurrencies listed for trading against the Korean won, the exchange has a 24-hour trading volume of $ 726,488,270.
Upbit’s Crypto Indices
The country’s largest crypto exchange by the number of coins listed, the Kakao-backed Upbit, also has a crypto index called Upbit Cryptocurrency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, there are also over 20 sub-indices grouped into three broad categories: market, theme, and strategy.
“The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance,” Business Korea detailed at the time and quoted Lee Seok-woo, the president of Dunamu Inc. which operates Upbit, commenting:
The UBCI will become a standard in observing the whole cryptocurrency market…We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.
At the time of this writing, Upbit has a 24-hour trading volume of $ 292,249,180, making it the second-largest crypto exchange in Korea by trading volume, according to Coinmarketcap. The exchange currently has 166 coins listed and supports 276 markets.
What do you think of Korean exchanges’ crypto indices? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, and Upbit.
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After years of delays, Tokyo’s 80-year-old Tsukiji fish market is closing on Saturday to move to a more modern facility on reclaimed industrial land in Tokyo Bay. The new $ 5 billion facility at Toyosu will open on Oct. 11, over the objections of many working in Tsukiji who contend the…
Cryptocurrency attracts a diverse crowd, from speculators to scammers, and from financiers to gamblers. These groups, and their often opposing aims, are what make the cryptoconomy such a strange yet compelling place. In today’s edition of The Daily, for instance, we’ve got stories pertaining to a Wall Street-funded futures exchange, another US platform ending its margin trading, a company that will trade your token to simulate demand for it, and an obligatory new stablecoin.
Also read: Six of the Best Cryptocurrency Calendars
Wall Street-Backed Crypto Exchange Erisx Announced
Nebraska-based brokerage firm TD Ameritrade is making a move into the cryptocurrency exchange game with a little help from its Wall Street friends. The brokerage big shot revealed Erisx on Wednesday, the name for the platform being spearheaded by trading veteran Thomas Chippas. Regulatory approval is being sought to list bitcoin core, bitcoin cash, ether, and litecoin futures. Chippas left his job at Citigroup to head up the project, a trend that’s been observed repeatedly in the cryptocurrency space, with traditional financiers being lured into the realm of crypto by the promise of a fresh challenge and potentially big payday.
Having closed a fundraising round backed by DRW and Virtu Financial, in addition to TD Ameritrade, the venture has attracted attention, fueled by its intention to position itself as a direct rival to Bakkt, the forthcoming cryptocurrency platform from the NYSE’s parent company. Erisx will begin by offering spot trading for cryptocurrencies before venturing into derivatives, all going well. It should be noted, however, that the “new” exchange is in fact a revamp of Eris Exchange, a derivatives platform that has failed to achieve anything of note in its eight years of operation.
Circle Drops Margin Trading
While one US exchange is dreaming of derivatives, another is shunning them. The Circle-backed Poloniex exchange has revealed that it is removing margin and lending products for its US customers. “These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction,” explained Circle. In the same announcement, it was revealed that three assets will be delisted from Poloniex on October 10: AMP, EXP, and, perhaps surprisingly, gnosis (GNO).
Market Making as a Service
“What is the biggest trouble for every ICO?” asks Tokenboost. No, the answer isn’t creating a token that has genuine utility, developing a vibrant community, or devising a sound business strategy. The biggest problem, apparently, is getting listed on Coinmarketcap (CMC). That’s right: the holy grail for ICOs, apparently, is to have their token listed on a market tracker website. According to Tokenboost, CMC mandates at least $ 100k of daily trading volume before it will list a coin (though a quick check shows this claim to be inaccurate).
Tokenboost’s solution to this problem is to engage in market making on behalf of projects – or wash trading as some might call it. “We can take your token to the top,” they boast. “High volumes and listing on Coinmarketcap make your project more noticeable and trustworthy, attracting more partners, investors and traders. This will create a higher demand for the token and drive its price up.” At least they’re honest.
Ho Wah Genting Group Enters the Stablecoin Game
Scarcely a day goes by without a business announcing its intentions to issue a stablecoin. Ho Wah Genting Group (HWGG), an investment holding company focused on entertainment gaming, is to issue a fiat-backed stablecoin. HWG Cash will be pegged to $ 500 million in bank deposits and used to facilitate transactions within its entertainment business. Based on the Everitoken blockchain, the $ 1 coins will be exchangeable for fiat in Malaysia, where HWGG has a money broker license, and will also be accepted at a range of partner businesses including travel, retail, and cruise services.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Encouraging reports on hiring and growth in the service sector sent small companies and banks higher Wednesday and knocked bond prices into a tailspin. The yield on the benchmark 10-year Treasury note surged to its highest level in more than seven years.
Both reports were stronger than analysts…
General Motors Co.’s self-driving car unit drew its second major investment in a matter of months, with Honda Motor Co. committing to spend $ 2.75 billion on backing the company and joining forces to bring autonomous vehicles to market.
Honda will make a $ 750-million equity investment in GM Cruise…
German bitcoin mining company, Northern Bitcoin AG, has migrated to a section of the Munich Stock Exchange that caters for medium-sized enterprises. The M:Access is regarded as a key market for companies seeking to improve transparency, accountability and to gain wider access to new money. Since April 2015, the company has been listed on the over-the-counter market of the Munich exchange, which is a rung below its current listing.
Northern Bitcoin Ag New Listing Opens Access to Capital Markets
German bitcoin miner, Northern Bitcoin AG (MUN:NB2), has listed its shares on M:Access, a junior market on the Munich Stock Exchange (MSE). The Frankfurt-based company first went public in April 2015, joining the least of the MSE three-tier system – over-the-counter market. The main platform is the ‘regulated market.’
Mathis Schultz, chief executive officer of Northern Bitcoin AG, said listing on Munich’s mid-tier market would give the company, a cryptocurrency software and hardware developer, wider access to capital markets.
“Our business is very dynamic. We are developing synchronously with the globally strongly growing Bitcoin blockchain and its first and largest application, the bitcoin,” he said, in a statement.
“As Northern Bitcoin AG develops its business very fast, it simultaneously has to serve the growing needs of the investors. Northern Bitcoin fulfills the higher obligations arising from admission to the M:Access segment of the Munich Stock Exchange and thus our results and perspectives become more transparent to investors. So, M:Access increases the visibility of our company in the capital market,” Mathis Schultz explained.
M:Access is a segment of the MSE open market that ensures a degree of transparency through special admission and follow-up obligations, which are closely aligned with the main regulated market.
‘Mining Powered by Renewable Energy’
Munich Stock Exchange managing director Marc Feiler said listing of the $ 157.76 million valued Northern Bitcoin AG was testament to the growing cryptocurrency industry.
“With Northern Bitcoin, we have gained an innovative, young company in a very interesting and highly regarded market for M:Access. This shows us that we offer an unbureaucratic and flexible stock exchange in Munich that attracts companies across all industries,” Dr Feiler said.
Northern Bitcoin AG, formerly Biosilu Healthcare AG, runs its mining rig from Norway, which the company claims is 100% powered by renewable energy from hydro and wind. The network is designed to allow its users to contribute to the mining of bitcoin, with the rewards split among the contributors.
The miner reported $ 1.72 million net loss for the half year to June 2018. Over the past 52 weeks, shares of Northern Bitcoin AG have reached a high of $ 58 and a low of $ 1. At press time, the stock was up 5.1% at $ 21.34.
What do you think about Northern Bitcoin’s business model, which aims to run bitcoin mining completely on renewable energy? Let us know in the comments section below.
Images courtesy of Shutterstock
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