3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Bitcoin Hits New Year-to-Date (YTD) Highs as Prices Soar Over $9000 USD
June 16 – Bitcoin soared over weekend trading to hit new yearly highs as its price is now back above the $9000 mark. According to Messari, a cryptocurrency research company and data aggregator, over $19 billion USD worth of bitcoin was traded across cryptocurrency exchanges over June 15 to June 16, 2019. Bitcoin is also getting notably close to the $10,000 USD handle, which could be seen as a significant breach. In addition to bitcoin, litecoin prices have also propelled over the weekend, reclaiming the $135 USD mark. The litecoin price could be getting bolstered by its upcoming halving event, which is expected to take place this coming August. Additionally, Bakkt, the crypto exchange that is backed by the New York Stock Exchange (NYSE) parent company Intercontinental Exchange (ICE), is expected to start accepting new beta testers for its platform sometime next month.
Read the full article from Forbes here.
CryptoCompare Reference Prices Added to Nasdaq’s Quandl Institutional Data Platform
June 11 – Nasdaq’s institutional data platform, Quandl, is set to add cryptocurrency reference prices by utilizing indexes created by CryptoCompare. Quandl is financial dataset aggregator that provides hedge funds, asset managers, and other investment professionals with key alternative financial datasets stemming from capital markets, energy, healthcare, education, and others. The indexes provided by CryptoCompare will deliver current price discovery of the “most liquid” cryptocurrency markets for Nasdaq. CryptoCompare also provides crypto trading data to MVIS, a subsidiary of VanEck, which created the first major digital indexes in November 2017. “We are delighted to partner with Nasdaq on a joint Aggregate Crypto Reference Prices product. Reliable data is the bedrock of transparent, liquid markets and by bringing our high quality, granular dataset to a global institutional client base, via the Quandl platform, we will give traders and investors a competitive edge,” said Charles Hayter, the CEO and co-founder of Quandl.
Read the full article from Coindesk here.
“Visa and Mastercard Back Facebook’s Cryptocurrency, Among Others
June 14 – According to The Block Crypto, Facebook’s new cryptocurrency has been backed by several high-profile firms in finance, technology, retail, and other industries. These firms will help govern the cryptocurrency through the Libra Association. Notably, credit giants such as Visa and Mastercard are listed as members of the Libra Association, as well as venture capital firms Andreessen Horowitz and Union Square Ventures, and the cryptocurrency exchange Coinbase. A person familiar with the situation said Facebook charged some members $10 million USD to manage their own node, although The Block Crpyto later updated the article saying there were no charges. Facebook is expecting at least 100 members to join its Libra Association. Facebook is also expected to have a “soft release” of its cryptocurrency tomorrow on Tuesday, June 18, 2019.
Read the full article from The Block Crypto here.
Ubisoft is Exploring the Ethereum Blockchain for Video Games
June 12 – According to the French newspaper Les Echos, Ubisoft is reportedly exploring the use of the Ethereum blockchain for an upcoming video game. Ubisoft is a publicly-traded company and fourth largest video game producer in the world. The upcoming video game is apparently in “advanced-stages” of implementing an in-game shop for digital items that will register transactional data on the Ethereum blockchain. This would be the first time an in-game item shop would utilize a distributed ledger or blockchain to record transactions in a video game.
Read the full article from the Cryptonomist here.
Bitcoin Could be a Hedge Against Global Liquidity Risk
June 2019 – A new report from the digital asset manager Grayscale highlights bitcoin’s opportunity as a hedge against potential global liquidity risk. In their report, Grayscale notes that the bitcoin market benefitted substantially anytime mainstream financial markets faced macroeconomic or credit uncertainties. As an example, the report highlights the Brexit fears that took tolls on global markets through June 2016 and December 2016. This time period saw a rise in price of bitcoin, which posted 7.1% returns over that uncertain period. Over this same time period, the Euro dropped 2.4% and the pound by 8.1%. The MSCI World Price Index also dropped by 4.9% over this course of events. In addition, over August 2015 and December 2016, which saw economic concerns relating to China, the price of bitcoin appreciated 53.6%. Over the same time period, the Chinese yuan dropped by 5.7% and the Emerging Market Price Index declined by 22%. “While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations,” said the report.
Read the full report from Grayscale here.
3iQ Global Cryptoasset Fund: Price as at June 14, 2019
3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.