Santa’s New List…
…is a ledger!
We’re re-thinking your centralized system.”
Check out phneep’s website for more clever crypto art!
After the deep tumble Bitcoin had in November, we’re thankful to be stabilizing in time for the holidays. It reminds us of war stories where soldiers from opposing sides would have a moment’s truce for seasonal celebration.
Our exchange will be closed on the following days:
December 25th 2018
January 1st 2019
Much as the gift-giving season is about something greater than presents, our currency exchange’s year-long mission is to go further than money.
When you call us, it is our privilege to share with you our spirit and our knowledge.
Bitcoin bounced back above $4,000 briefly this week, showing that the cryptocurrency isn’t dead just yet. Though the stint above the major landmark was short-lived, it did help to build confidence in the market once again, with traders breaking record volumes on December 20th. Like Bitcoin, much of the market also saw some positive upward movement over the week, with Ethereum being the biggest mover, bursting straight through the $100 resistance point, landing at $120 on Sunday afternoon.
Lessons from 2018, outlook for 2019. Gary Gensler, former chairman of the Commodity Futures Trading Commissions (CFTC) during the Obama administration, wrote a “lessons learned” piece for cryptocurrencies on CoinDesk. He laid out an optimistic case for digital tokens, which could lower the cost of verification, settlements, networking, etc., but face formidable challenges. He argues that cryptocurrencies need to reconcile with existing regulatory and governance structures, to ensure safety and integrity.
B.C. energy incentives draw Bitcoin miners. Cool weather and abundant renewable energy in British Columbia, Canada has created the perfect environment for Bitcoin miners. B.C. Hydro, the Canadian government’s state-owned utilities arm has announced a new round of attractive incentives due to its significant surplus of green, low-cost electricity. The initiative has been well received by the crypto community, with CEO of Toronto-based Blockgeeks Ameer Rosic noting, “Since the beginning Canada has been at the forefront of Bitcoin. I think the timing couldn’t be better for Canada to attract more bitcoin miners. B.C. has very affordable electricity and the cost of ASICs has decreased tremendously. This is a golden opportunity to stimulate local economies and put Canada as a leading player in the bitcoin mining space.”
Wall Street quietly pauses its crypto dreams. It’s no secret that this year has been a very trying year for cryptocurrency markets, but the significant losses and continuing negative sentiment is clearly beginning to wear on Big Finance. Though many institutions have made drastic moves, from high profile hires to the creation of entire trading platforms, most firms, including CitiBank and Morgan Stanley, have not yet begun offering any real crypto services. “It appears as if progress is coming to a halt, yet nothing could be further from the truth,” said Eugene Ng, a former Deutsche Bank AG trader in Singapore who has set up crypto hedge fund Circuit Capital. “The bear market is going to allow many of these institutions to build the proper foundations without rushing to build-out infrastructure without adequate testing for fear of missing out on a gold rush.”
Brazil state-owned bank to issue cryptocurrency token. The state-owned Brazilian National Social Development Bank (BNDES) will launch a pilot project in 2019, its own cryptocurrency intended to maintain parity with the national currency. The token will run on the Ethereum blockchain, backed 1-for-1 by the Brazilian real, according to CoinDesk.
Another CME futures settlement on the horizon. The last bitcoin futures contract from the Chicago Mercantile Exchange (CME) is set to expire on December 28th, settling on January 3rd, 2019. Over the past year, there have been a number of spikes immediately following the settlement of these contracts, and some speculators believe that this one is likely to be the same, especially since it is the last of the year.
