Bakkt Is Finally Near Its Launch!!! Will It Trigger The Bull Run??? Crypto Daily News
In today’s news segment, we are going to talk about four very cool pieces of news. Let me give you a glance at what they are. First up, Bakkt, is preparing for a launch in the third quarter in 2019 regarding its Bitcoin Futures Exchange. Next, it is so exciting to see a new supportive action from the Australian government as they are not including digital assets in the new payment limit. For the third news item, The Iranian government is reported to legalize cryptocurrency mining. And lastly, a BTC whale has been recently caught moving more than 300,000 BTC, which worth $3 billion dollars, in just 6 hours! A lot of cool news for the crypto market today guys. If you find these pieces of news interesting and want to know all about them, then please make sure you stay with me until the very end.
And this week, we still have a super cool giveaway for all of you – $70 worth of Bitcoin tokens. All you need to do is to like, comment, and subscribe, to have a chance to win. We will announce the winner this Saturday, by drawing out a video from this week and then drawing the winner from that video. It’s super easy to be our next lucky winner.
The Market Today
Now, let’s see how the crypto market is performing. The crypto market looks a little pessimistic today. For our top 10 tokens, there is no major increase or decrease. At the top of the board, Bitcoin, Ethereum and XRP are slightly losing at around 0.35% within the past 24 hours. Meanwhile, Litecoin is the only token gaining 0.5%. Next, we come to the top 20 with most of the tokens in reds. Chainlink is currently on its downtrend with a 3.7% drop. On the other hand, UNUS SED LEO is moving in the opposite direction with a 4.75% surge.
Bakkt will launch Bitcoin Future Contract Exchange in Q3
Now, let’s jump to our first news segment. According to a report on CoinSpeaker, Bakkt, a сompany that provides software solutions for trading, warehousing, and commerce digital platforms, has announced the plan to launch its service regarding the Bitcoin Futures Exchange in the third quarter this year. In order to kick off the project, the Bitcoin futures contracts platform needs to gain permission from the New York Department of Financial Services (NYDFS), which allows the firm to operate as a limited-purpose trust company. For those who are unaware, in May this year, Bakkt published a paper stating that they provided traders with regulated infrastructure to distribute and collect Bitcoin for dollars in a standardized settlement. Furthermore, the ICE Clear U.S. will clear the futures contracts, which should be compliant with CFTC rules and regulations. Regardless of the likelihood of the launch in Q3, there are still some obstacles that the firm still needs to overcome before it can get the ball rolling. Some people say that the current guaranty fund of the firm is still pretty poor, which may pose some risks during its operation. Reportedly, ICE is going to donate $35 million to start the fund for losses related to Bitcoin contracts. Co-founder of Altonomy, a cryptocurrency trading, advisory, and asset management firm, Ricky Li said:
“While guaranty funds are usually required and administered by a state as a safeguard for if insurers are unable to pay policyholders, what Bakkt does isn’t normal practice in the clearing risk management system.”
As a matter of fact, it is not an easy journey for Bakkt to make its way to the top. The first time it was due to launch was November last year. However, the project failed to get approval from the regulators. The launch was rescheduled to January this year but is still facing delays until now.
Australian government excludes digital currencies in the new payment limit
Moving on to the second news item for today. Per a report on Cointelegraph, Australia’s government seems to be an advocate for cryptocurrencies as they excluded digital assets from the Australian draft bill on cash payment limit. Specifically, the country’s treasury will prohibit cash payment for transactions exceeding 10,000 AUD ($6,900). However, if the transaction involves digital currencies, there would be an exclusion. To explain this interesting decision, Australian rulers believe that promoting cryptocurrencies will ultimately innovate the country. Stated in the memorandum:
“Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.”
Furthermore, the treasury also believes that the crypto market is going to significantly contribute to the economy while there is a negligible crime rate from cryptocurrencies. The memorandum confirms:
“At the same time, there is little current evidence that digital currency is presently being used in Australia to facilitate black economy activities. Given this, the Government has decided at the present time to effectively carve digital currency out from the cash payment limit.”
The Iranian authority legalizes cryptocurrency mining
And here we come to the third piece of news. The government of Iran has authorized the activity of cryptocurrency mining as a new legal industrial sector, as reported by Cointelegraph. After the new authorization, any company related to crypto trading has to register an operating license from Iran’s Ministry of Industry, Mine and Trade. The new release of the government is definitely supported by many coin miners in this country. Besides, the policy to subsidize electricity of 0.5% per kilowatt in this country has attracted coin miners from China and other mining centers to come to Iran. Regarding the news, The Commission, according to Hemmati’s statement, expressed their point of view, stating that:
“The Cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”
A Bitcoin whale just move more than 300,000 BTC in 6 hours
Moving to the last news item for today guys. According to an article on Daily Hodl, a crypto whale has just moved its 318,649 BTC, which worth around $3 billion, within 6 hours. All of the transactions are between wallets of unknown origin. The transfers may indicate that the whale wants to change its coins to a new wallet for more secure protection, or it could have changed hands in over-the-counter (OTC) sales.
And there you have it guys! That news is an end for today’s video.
So what are your thoughts regarding all the news?
Do you think that this time, Bakkt will really launch the Bitcoin Futures Exchange in the third quarter?
Are you excited the Australian authority act in a supportive manner towards cryptocurrencies?
Will the new policy in Iran attract crypto miners to this country?
What do you think is the real purpose of the crypto whale when it moved its BTC?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig, I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.