Weekly News Roundup (10/09/19)
Welcome to our Snowball cryptocurrency media digest. Here we will provide you with regular updates on trending news from the blockchain and crypto space.
What is a Stablecoin?
While conventional digital money like bitcoin is highly volatile, a stable coin is generally traded at a fixed price.
Key Features
- Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference.
- Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity’s price such as gold.
- Stablecoins achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives.
This week in crypto:
‘We’re Closer Than We’ve Ever Been’ to Bitcoin ETF Approval, Says Bitwise Head of Research: It’s a make-or-break moment for bitcoin ETFs. The SEC has set an Oct. 13 deadline for approving a bitcoin-based exchange-traded fund from Bitwise Investments, a move that could mark a meaningful milestone in Bitcoin’s long-term growth story. Read more.
Ripple CEO Not Bullish on Facebook’s Ability to Launch Libra Cryptocurrency: When Facebook initially announced its cryptocurrency project Libra in June, Brad Garlinghouse, the CEO of blockchain company Ripple, was ecstatic. Garlinghouse was so excited by the project — and the uptick in interest it had also generated for Ripple — that he sent Libra’s creator some celebratory champagne, he said at Fortune’s Brainstorm Finance conference at the time. Read more.
CME Group Is Launching Bitcoin Options Early in 2020: Derivatives marketplace CME Group has announced that it will offer options on its bitcoin futures contracts starting in the first quarter of next year. The Chicago-based company first launched its futures product back in December 2017, at the same time as its Windy City rival, the Chicago Board Options Exchange (CBOE). In its announcement on Friday, CME said the launch of bitcoin options is aimed to provide clients with “additional tools for precision hedging and trading.” The launch is pending regulatory review. Read more.
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