5 of Cryptos Most Interesting Stories
1. Highlights from Day 1 of Libra in Congress (TechCrunch)
This week for Libra has been, in short, nuts. They certainly saw it coming though as David Marcus, CEO of Libra and VP of Messaging Platform at Facebook presented to Treasury in advance last month and the Washington Post reports that regulators were left scared. Who knows what the future holds for Libra, but its imprint on crypto perhaps can already be felt in the wild price-movements in the last few days…..or maybe that’s the President of the United States and his Treasury Secretary commenting on Crypto. We did not see that coming, not this year at least. If you are hungry for more on this and our thoughts about it check out bitsian CEO, Raakhee Tharani Miller’s interview on the subject and how it impacts crypto (or read Raakhee’s in depth take here).
2. France is on track to approve its first ICO this month (Cointelegraph)
France is publishing its legal, tax and regulatory framework for cryptos this month. We’ve been reading a lot about India today. Especially Tim Drapers very negative to India trying to flat ban crypto. We also know that Heather Pierce of the SEC has been clowning the US Gov for not having a solid legal, tax and regulatory framework for crypto. All of that makes France sort of amazing for being out out front on this one. The economics are clear with LGO, a New York based firm raising $32M in its France based ICO. With the US publicly cranking down on Libra…this is an interesting time. We are hoping that the US will come out on top. That said,
“When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business.” Frederic Montagnon, CEO of LGO
Correlations in cryptocurrency have been all over the map. Sometimes they are super correlated and other times, its a scattershot. This makes sense as crypto is a young and maturing asset class, but we wanted to understand it better so bitsian studied the daily returns over the last 15 months of the top 20 cryptos and the findings are fascinating. Oh, we also studied Gold vs Crypto.
4. Binance’s CEO has serious worries about crypto prices. (Forbes)
CZ came out to say that the rate of institutions in crypto has not significantly increased (on binance) in 2019. He’s concerned that with margin trading becoming more widely available more investors are trading “with a larger pot to speculate with” and it sounds like he’s concerned that its more retail people. He says we should expect more volatility. That’s fair. Hold on tight!
5. Mind your crypto taxes! (Coindesk)
The IRS has confirmed that it has trained its staff to find cryptocurrency wallets. Some of what they may do includes subpoenaing large tech firms like Apple, Google and Microsoft in search of taxpayers unreported crypto holdings. You read that right. Uncle Sam is on his way. They’re also roving social media in search of public mentions of crypto. Seriously, it’s getting hot out here.
Catch you next week!
Advanced Crypto Traders use crypto aggregators for easy trading and a single snapshot of their holdings. bitsian manages all of your crypto exchanges in one place, providing one-click execution, real-time pricing, aggregate order books, stop-loss/ take-profit, and smart order routing. Make bitsian your one-stop-shop so that you can take control and trade with confidence and comfort.
Originally published at https://bitsian.substack.com.