BitMax.io Support
Aug 13 · 3 min read

Major Headlines (Coindesk)
SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security
Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests
Seed CX Begins Testing Swap Contracts Settled in Real Bitcoin
Bitcoin’s ‘Kimchi Premium’ Vanishes Again as Trading Range Tightens
New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup
Coinbase Backs $4.3 Million Raise for New Crypto Derivatives Exchange

Takeaway
SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security
• A new amended complaint against Ripple draws on the SEC’s framework for digital assets to outline how XRP might be a security — likely the first federal case to do so.
• The filing also cites California advertising law, in addition to federal securities law, to argue that investors were misled by Ripple’s promotion of XRP.
• While the case is a year old and has not yet received class-action status, the new complaint is the first that Ripple must respond to with a substantive answer.
• Ripple has until mid-September to file its response.

Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests
• Bitcoin charted an “inside bar” pattern last month, making $13,200 the level to beat for the bulls.
• A convincing move above $13,200 would imply a resumption of the rally from lows near $4,050 seen in April.
• A break below $9,049 (July’s low) would confirm a bearish inside bar reversal on the monthly chart.
• The hourly chart indicates prices could drop below $11,000 in the next 24 hours or so.
• The bearish case would weaken if lower-highs pattern on the hourly chart is invalidated with a move above $11,431.

Seed CX Begins Testing Swap Contracts Settled in Real Bitcoin
• Bitcoin derivatives provider Seed CX has begun testing its margin swaps products with users.
• Seed CX’s CEO Edward Woodford:“We are ready from a technology standpoint. The other factors that can influence our timeline is the regulators’ views on these products.”

Bitcoin’s ‘Kimchi Premium’ Vanishes Again as Trading Range Tightens
• The spread between the price of bitcoin on South Korean and U.S.-based crypto exchanges has disappeared once again.
• A measure of how much more South Koreans pay for bitcoin, the spread, known colloquially as the “kimchi premium,” has reached remarkable levels, peaking at 54.48%.
• On August 13, bitcoin was trading on Upbit at 13,678,000 won and quoted on CoinDesk at $11,429.14, which translates to 13,931,951 won, a difference of 253,951 ($208). That’s about 1.8% lower. At the end of the day on Tuesday in Korea, the gap had narrowed, but it remained.

New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup
• A New Zealand bank ABS Bank has invested a “significant” amount in a startup working to put trade finance on a blockchain.
• ABS Bank backed the TradeWindow platform after taking part in a pilot utilizing its tech to carry out a trade between a Korean importer and a New Zealand meat exporter.
• Founder and CEO of TradeWindow :“The decision by ASB to invest in TradeWindow is a great vote of confidence. The bank is committed to accelerating the progress of New Zealand’s trade environment using new technology and recognises the potential our product has to streamline trading between Kiwi exporters and the rest of the world.”

Coinbase Backs $4.3 Million Raise for New Crypto Derivatives Exchange
• Called Blade, A new cryptocurrency derivatives exchange that hasn’t yet launched has already won backing from major investors including Coinbase.
• Aside from Coinbase, investors in the $4.3 million seed round included SV Angel, A.Capital, Slow Ventures, Twitch.tv co-founder Justin Kan and Quora co-founder Adam D’Angelo.
• CEO of Called Blade:“It’s kind of a bifurcated market. Either you have exchanges like Coinbase or Gemini or Bitrex that cater to the U.S. market that are highly regulated or the exchanges that cater to the non-U.S. market that are much less regulated, but that’s where most of the volume is.”

(All citations of the News Digest are taken from Coindesk.)

BitMax.io

BitMax is global operator of digital asset exchanges for diverse groups of clients from retail to institutions. The trading platform, architected by a group of Wall Street quant trading veterans, is designed for reliability and speed of trade execution, and ease of connectivity.

BitMax.io Support

Written by

BitMax.io

BitMax.io

BitMax is global operator of digital asset exchanges for diverse groups of clients from retail to institutions. The trading platform, architected by a group of Wall Street quant trading veterans, is designed for reliability and speed of trade execution, and ease of connectivity.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade