May 7 – 13, 2018 | Blockchain Week, Federal Reserve & More Crypto News
3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Analyst: Bitcoin Could Soar After Blockchain Week New York
May 11, 2018 – Blockchain Week New York City is already underway, and analysts have noted that the price of bitcoin has historically increased following the event since 2015. The event is one of the biggest for cryptocurrencies, largely due to Consensus 2018, which hosts some of the world’s most influential financial and blockchain professionals. In 2015, Blockchain Week had 1500 attendees, while this year around 8000 attendees are expected.
Managing director and technical strategist of Fundstrat Global Advisors, Robert Sluymer, thinks “the regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery”. In their recent report, Fundstrat Global Advisors anticipates the price of bitcoin to get as high as $64,000 next year.
Federal Reserve: Launch of Bitcoin Futures Dragged Down Prices
May 7, 2018 – A report released by the San Francisco Federal Reserve notes that bitcoin’s decline that came after its surge to nearly $20,000 USD was directly tied to the launch of the futures market. The highest price of bitcoin lines up exactly the day that the Chicago Mercantile Exchange (CME) introduced bitcoin futures trading. Until the release of bitcoin futures, shorting bitcoin and betting on the decline of cryptocurrencies was next to impossible.
Researchers say that the launch of bitcoin futures allowed for pessimists to finally enter the market, which contributed to reversal in price. Several exchanges do offer the ability to short bitcoin through certain derivatives, but never the underlying cryptocurrency. The San Francisco Federal Reserve says that future prices and demand for bitcoin could be helped by any traditional financial institutions starting to accept bitcoin as a means of payment.
Bitcoin Wallets Pre-Installed on new Huawei Smartphones
May 11, 2018 – Huawei, one of the world’s largest smartphone hardware manufacturers, has announced that its mobile phone users will soon be able to download Bitcoin wallets on Huawai devices. The BTC.com Bitcoin wallet will be available on its AppGallery application, and will come pre-installed on all new Huawei and Honor phones. The app will be rolled out to older devices over the coming months.
“It’s a good opportunity to tap into the Chinese market. The use of cashless payments with apps is very big and the traditional banking system is lacking, so there’s a good use case for crypto payments to grow there,” vice-president of BTC.com’s small business operations said in an interview.
May 11, 2018 – Nasdaq CEO Adena Friedman is getting more optimistic about blockchain and the technology powering popular cryptocurrencies such as bitcoin. She sees that blockchain and cryptocurrencies will likely play a key role in the economy of the future. Back in April, Nasdaq landed a technology deal with major cryptocurrency exchange Gemini Trust, which was founded by two early bitcoin investors, Tyler and Cameron Winklevoss. Gemini will be using Nasdaq’s technology to ensure that its trading activity is within compliance.
“How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy,” said Friedman in an interview.
Facebook is Taking a Serious Look at Blockchain and Cryptocurrencies
May 11, 2018 – Facebook has undergone an incredible transformation, shifting rapidly from being just a social media company to becoming an information powerhouse. The company has recently reshuffled its executive board and formed a blockchain group. By using blockchain as a decentralized record-keeping system, Facebook could tackle some of its growing pains, such as providing a place for them to store identity verification data to address privacy concerns.
Facebook’s experimental blockchain group will be led by David Marcus, who was the executive most recently in-charge of Facebook’s messenger group. David Marcus currently sits on the board of directors at Coinbase, which is one of the largest cryptocurrency exchanges in the world. “This new small team will be exploring many different applications. We don’t have anything further to share” said a spokesperson from Facebook.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Due to applicable legal restrictions, you may not access the following content. 'a0 We apologize for any inconvenience this may cause.
WARNING: THIS SECTION OF THE WEBSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (TOGETHER THE “INFORMATION”), ACCESS TO WHICH MAY BE RESTRICTED UNDER THE SECURITIES LAWS OF CERTAIN JURISDICTIONS. IN PARTICULAR THE INFORMATION IS NOT DIRECTED AT, AND IS NOT ACCESSIBLE BY, PERSONS RESIDENT, OR OTHERWISE LOCATED, IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THE INFORMATION IS BEING MADE AVAILABLE BY 3iQ Corp. (“3iQ”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY. THE AVAILABILITY OF THE INFORMATION IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.
Please read this notice carefully - it applies to all persons who view this webpage. This notice may be amended or updated by 3iQ from time to time and accordingly it should be read carefully in full each time you wish to view the Information. In addition, the content of the site, and its availability to persons resident in certain jurisdictions, may be amended at any time in whole or in part at the sole discretion of 3iQ.
Basis of access
Please read this notice carefully before clicking “I agree” or “I disagree” below. This notice applies to all persons who view the Information. Access to these materials is being made available on this webpage by 3iQ in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to 3iQ that they are doing so for information purposes only.
Nothing on, or which can be downloaded from, this webpage constitutes an offer for sale or subscription or any solicitation for any offer to buy of subscribe for any securities in any jurisdiction. Making the Information available does not constitute a recommendation by 3iQ or any other party to sell or buy securities.
Confirmation of representation
Any person seeking access to this webpage certifies that they are not located in the United States of America or any other jurisdiction where the release, publication or distribution of these materials would be unlawful. Any person seeking access to this site confirms that they have read and understood this disclaimer and agree to be bound by its terms.
The information contained on this website does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such offers or sales are unlawful. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state or other jurisdiction in the United States. The securities referred to herein may not be offered, sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within, into or in the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of securities in the United States.
The materials are only addressed to and directed at persons in Canada.
If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this website. These materials must not be released or otherwise forwarded, distributed or sent in or into the United States or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States or any other jurisdiction where to do so would be unlawful.
Acceptance of this notice
To visit the following pages of the site, you must confirm that you have understood the above sentences and agree to comply with the restrictions.
By selecting "I agree" below, you:
confirm that you have read, understood and agree to be bound by the terms of the notice set out above;
warrant and represent that you are not a resident of, or otherwise located in, the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction where accessing the Information would constitute a violation of the relevant laws or regulations of that jurisdiction.
agree that you will not transmit or otherwise send (directly or indirectly) any Information to any person in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction if to do so would breach any applicable law or regulation; and
confirm that you are not a person to whom the communication of the information contained on the site is restricted and are not acting for the benefit of any such person.