ICO Alert Crypto Minute: July 23, 2018
Coinbase now has its own PAC, good news from the CME (maybe?), and South Korean government launches a new cryptocurrency division
Coinbase Launches A Political Action Committee (PAC)
According to Cointelegraph on July 21, Coinbase has launched its own Political Action Committee. A Political Action Committee (PAC) are organizations that pool funds from members/contributors that have similar beliefs and interests as the PAC. These organizations are known for acting as a vehicle for massive companies to fund a political party. No funds have been raised for the new PAC to date.
CME Report Shows Bitcoin Futures Up 93% in Q2
According to a report from CME (Chicago Mercantile Exchange) and as seen on Cointelegraph, Bitcoin futures are up 93% from Q2 to Q1 of 2018. The average daily volume in Q1 was 1,854 Bitcoin contracts vs. 3,577 Bitcoin contracts in Q2. According to this article, many believe that Bitcoin futures had a hand in the massive market decline that started in Q1 of 2018, with the Federal Bank of San Francisco even writing a formal letter. The Chicago Board Options Exchange (CBOE) also runs a Bitcoin Futures platform, the same group who is trying to launch a Bitcoin ETF.
South Korea Financial Services Commission Launches Cryptocurrency Division
As seen on CryptoDisrupt, the country of South Korea will be launching a cryptocurrency division as a part of their Financial Services Commission. The new division will not only just focus on cryptocurrency, they will also tackle Fintech and big data inside of South Korea. It is unclear whether or not the new division will have a positive or negative impact on cryptocurrency in South Korea.
