Chi-X Kicks Against ASX’s Move to Replace CHESS with Blockchain

Chi-X Kicks Against ASX’s Move to Replace CHESS with Blockchain 

The Australian Securities Exchange (ASX), the nation’s primary securities exchange, is putting preparations in top gear to integrate distributed ledger technology (DLT) into its operations and replace the existing Clearing House Electronic Subregister System (CHESS) with the revolutionary technology. However, Chi-X, ASX’s client and only competitor, has appealed to the region’s competition regulator to point its searchlight into the project to ensure that ASX’s DLT adoption doesn’t give it an unfair advantage, reports Reuters on October 30, 2019.

Chi-X Wary of DLT

As reported by BTCManager in August 2019, the Australian Securities Exchange (ASX) inked a deal with Digital Asset and VMware, for the development of a blockchain-based system that will replace the current Clearing House Electronic Subregister System (CHESS) and offer clients better services.

However, the ASX’s move to improve its processes with revolutionary blockchain technology has not gone done well with Chi-X Australia, which is both the ASX’s client and only competitor.

Per sources close to the matter, Chi-X has appealed to the Australian Competition and Consumer Commission (ACCC), to properly look into ASX’s blockchain project, as it could give the latter an unfair edge over it.

Explaining the reason behind the firm’s call for more oversight on ASX’s blockchain ambition, Michael Somes, Chi-X General Counsel has argued that the new technology could further make competition impossible.

In his words:

There’s a huge moat surrounding the ASX clearing and settlement business, and replacing CHESS with a DLT-based system will perhaps make it bigger. It would be very difficult for the competition to bridge that moat. I’m not saying it won’t happen…but it needs to be regulated as if it won’t.

Blockchain Revolutionizing Finance 

Blockchain, the technology underpinning bitcoin, and other cryptoassets is increasingly gaining traction in various sectors of the global economy, due to its intricate properties which allow users to enhance the efficiency, security, and productivity of their processes.

Already, a good number of large firms and corporations including PNC, IBM and a host of others are actively exploring the potential of DLT, and if all goes as planned, the ASX would join the growing list of large financial markets leveraging blockchain technology.

Commenting on the matter, ASX spokesman said:

We have been working closely with government and regulators, including the ACCC, throughout our CHESS replacement program. We are focused on building a system for the future that will stimulate further innovation and competition.

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Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.

Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.

Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000

At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.

It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.

Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.

In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”

BTC Bulls Defend Against Significant Selling Pressure 

Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.

Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.

If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.

Featured image from Shutterstock

Passport Capital CIO Says Financial Systems are Blind to Crypto’s Impact

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Passport Capital CIO Says Financial Systems are Blind to Crypto’s Impact

passport-capital-cio-says-financial-systems-are-blind-to-cryptos-impact

Chief Intelligence Officer (CIO) and investment strategist William Peets says that financial institutions are underestimating the deflationary impact of cryptoassets. 

Peets, who is the portfolio manager for digital assets strategies at Passport Capital, believes that blockchain is a generational change technology that will continue to have profound effects on the global financial system.

In an interview with Real Vision Finance published Oct. 30, the CIO explained that current institutions are grossly underestimating the deflationary impact of cryptocurrencies such as bitcoin and are becoming ripe for disruption.

He said, 

Security issuance, tokenization of real assets, trading of those assets, custody-all those things can potentially be done in a more efficient manner with distributed ledger technology. And that shrinks the margins of the likes of a State Street or Northern Trust, or these traditional banks and incumbents, again, which is all deflationary.

He continued, 

What’s going on in the macro environment as it relates to indebtedness and the amount of debt that’s trading out and negative interest rates, it really starts to make you think about the current monetary system, and if that’s sustainable.

Peets went on to highlight how a “large portion of the market” continues to remain blind to the influence of blockchain and crypto and will be surprised by how fast the system can change. 

Featured Image Credit: Photo via Pixabay.com

Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

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Bitcoin Mining Firm Study Shows How Clueless People are About Money

A study by Bitcoin mining firm Genesis Mining has shown that a startling number of US citizens have no idea about how their financial system works. A whopping 29 percent of respondents said they thought the US dollar is still backed entirely by gold.

The study’s findings highlight just how little is really known by the general public about the nature of modern banking. If education about finance proliferates, the value of Bitcoin as these hardest form of money in history might become apparent to more individuals.

Is Lack of Knowledge About Modern Banking Holding back Bitcoin Adoption?

The study, conducted by Genesis Mining, is titled “Perceptions of Money and Banking in the United States 2019.” It sought to discover just how much the general public knows about the way the Federal Reserve and wider banking system operates. The 1,000 respondents were asked a series of 23 questions about US banking on September 19 this year.

Knowledge of key details of the operation of central banks is sorely missing.

The study, detailed in a press release published earlier today, states that a massive 29 percent of individuals believe that the US dollar is still backed by gold reserves as it was in the early 20th century. This is not the only huge misconception many of those asked held about the US financial system though.

More than half (54 percent) said that they believed that Federal Reserve Banks were owned exclusively by the US government, 26 percent said that they thought that banks held 100 percent of customer funds deposited with them as reserves, and 24 percent said that it was the Fed’s job to secure gold reserves.

As well as how well the respondents understand the system itself, the study asked about their spending habits. It found that more than two-thirds preferred some form of electronic payment (debit or credit cards mostly) over cash payments. However, somewhat conversely, a massive 76 percent said that they were against the idea of the US government replacing paper money with a purely digital currency.

Evidently, knowledge about how central banks in the US and beyond operate is lacking, at least in the US. With scant understanding of how the system really works, it is hardly surprising that many are yet to see the value in Bitcoin.

Bitcoin relies on no potentially misunderstood central entities for its issuance or overall monetary policy. This is the complete opposite of modern banking. Meanwhile, banks like the Federal Reserve are not public resources, as many people think, but private businesses. Rather than their customers’ interests, they are primarily drive by profits. If the public was aware of just how easily modern financial systems can crash or even collapse, perhaps a more decentralised, free system, such as Bitcoin, would become more appealing to the masses a lot quicker.

 

Related Reading: Gold, Not Bitcoin, is Making Most Out of Ongoing Economic Crisis

Feature Image from Shutterstock.

The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

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Big Bitcoin Bulls Don’t Want BTC to Dip Below $9000

Bitcoin btc bulls are strong Bitcoin Price

Big Bitcoin Bulls Don’t Want BTC to Dip Below $9000


It’s Halloween today. It’s also the day when anonymous cypherpunk, Satoshi Nakamoto presented the idea of Bitcoin to the world, 11 years ago. The whitepaper released since then has become a model for censorship-resistant finance. Probably, that’s the reason why strong-headed BTC bulls don’t want the digital asset’s price to ‘dip’. Not at least today.


Aggressive Bears Meet Big Bad Bulls

As reported by Bitcoinist, a few hours ago, in the given market conditions bitcoin is hogging a little more than 30% of the daily crypto trading volume. Since President Xi’s blockchain-friendly comments 6 days ago, BTC bulls seemed to have come out with renewed confidence to push the market north. This is pretty much evident from the uber sporadic nearly 40% price jump in which bitcoin rallied from $7200 to $10,500.

BTC/USD Daily TradingView Chart

BTC/USD Daily TradingView Chart

Noted crypto trader Josh Rager succinctly expressed this concrete bullish behavior in one of his latest tweets today, just when bitcoin suddenly printed a green candle on the charts.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000 At least short term Nice bounce from $BTC to tap $9400,” he said. 

Since the epic pump following the Chinese head of state’s speech, bitcoin price has had its share of selloffs as bears reared their head again to suppress the rally. But bulls have been fighting hard to keep the show going on.

It’s been 11 years since the bitcoin whitepaper was made public. Since the mining of the genesis block, on January 3, 2019, the BTC network has been performing faultlessly. This coupled with the increasing institutional demand and product offerings is driving bulls to be all the more ‘bullish’.

Bitcoin Has Rallied Post Whitepaper Anniversary 6 Out of 10 Years

As per a tabular dataset, posted by self-professed full-time bitcoin trader, ‘BitDealer‘, BTC has posted gains the very next day after whitepaper anniversary in 6 years out of the last 10 years. The years 2015, 2016, 2017 are especially noteworthy, as bitcoin rallied more than 4% on November 1st in all these years.

Looking at the current price action, it seems this year too bitcoin will paint the charts green at least tomorrow (November 1).

U.S. Stocks Dip On the Back of an Uncertain Trade Deal

As per WSJ reports, the S&P 500 had a bad day today. Skepticism pertaining to the ongoing US-China trade settlement discussions and a slump in the latest manufacturing data seems to have caused stock markets to take a dip. It seems China is grossly unsure about reaching a long-term win-win trade deal with the US. According to numbers captured by the media outlet:

The broad stock-market index declined 0.7% after setting a new high Wednesday, while the Dow Jones Industrial Average fell 246 points, or 0.9%, to 26941. The Nasdaq Composite also fell, sliding 0.5%

This, in turn, must have forced retail players (not necessarily big fat bulls) to seek refuge in the bitcoin market for some quick gains. Whatever, maybe the reason, it’s bitcoin whitepaper day and BTC is looking pretty happy!

How far up (or down) do you think will bitcoin price go this year? Share your thoughts in the comments below. 


Images via Bitcoinist Media Library, BTC/USD charts via TradingView, Twitter: @Josh_Rager, @Bitdealer_

Pre-Brexit, Koine Wins E-Money License from UK’s FCA, Now Seeking Luxembourg, UAE, U.S. Permissions

Digital asset custodian Koine Money Ltd. has secured an electronic money license from U.K. regulators, while it prepares for the eventualities of a future Brexit by seeking permissions abroad.

On Thursday, the U.K’s Financial Conduct Authority granted Koine an e-money license – known as an EMI license – allowing Koine to issue its own digital cash and provide other payment services to institutional clients.

The EMI license, however, does not certify or sanction Koine’s digital asset custodian services, the company said in a statement. Those services “are currently outside the UK regulatory perimeter,” Koine said.

For the moment Koine’s EMI license applies across European markets while the UK remains in the E.U. That would change if and when Brexit comes to Britain; the current leave date is set for January 31, 2020.

A Koine spokeswoman told CoinDesk that Brexit would not impact their business approach.

“We believe in the importance of the UK as a focal point for our line of business, to the extent that we have applied to additional permissions in the country for securities. However, we retain our international vision and, in applying for licenses in Luxembourg, a major financial center in its own right, this provides optionality in the event of an adverse Brexit scenario.”

She further noted Koine is also considering pursuing licensing in Abu Dhabi and across the U.S.

In a company statement, Koine CEO and Chairman Hugh L. Hughes said that the EMI licensing clears the way for more digital asset developments:

“With our EMI authorisation now issued by the FCA, we are rapidly moving to implement the market infrastructure necessary to support institutional participation in the digital assets marketplace.”

British pounds image via Coindesk archive

New IRS Tax Guidance Targets Crypto, and US Persons Who Use It

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Maltese Financial Regulators Warns Investors of New Bitcoin Ponzi Scheme

Maltese Financial Regulators Warns Investors of New Bitcoin Ponzi Scheme

Maltese financial regulator, the Malta Financial Services Authority (MFSA), has made it clear to residents that “Bitcoin Future,” a new Bitcoin Ponzi scheme that claims to be endorsed by popular celebrities and regulators, is a fake investment platform and has not been licensed by the MFSA, according to a press release on October 31, 2019.

Bitcoin Future Not Legit 

At a time when authorities in various jurisdictions including China have renewed their interest in distributed ledger technology (DLT), while also formulating amenable laws to govern cryptocurrencies, people’s interest in bitcoin and altcoins have spiked significantly and rogue actors are now looking to capitalize on this new FOMO.

In the latest development, the Malta Financial Services Authority (MFSA), has warned residents to refrain from pumping their hard-earned money into “Bitcoin Future,” a suspected Bitcoin Ponzi scheme that claims to be endorsed by local and international celebs. 

The MFSA said:

The Malta Financial Services Authority has been notified of an entity by the name of Bitcoin Future. This platform appears to present the same deceitful characteristics as another entity, Bitcoin Revolution.

Bitcoin Future’s Modus Operandi 

Reportedly, the fake Bitcoin investment scheme claims to provide Maltese residents with a unique opportunity they could use to build a better life. 

To back up its frivolous claims, Bitcoin Future posts false endorsement statements and promotional materials on various social media platforms along with the images of popular public figures, government institutions and financial regulators on social media.

What’s more, the MFSA has made it clear that Bitcoin Future is neither a registered Maltese firm nor an investment platform that has applied for the relevant license with the MFSA and is awaiting the regulator’s nod.

The MFSA has urged investors to do their due diligence and be sure that the financial service platform that piques their interest have the right license to offer such a service. 

In related news, BTCManager informed in July 2019, that the United States Commodity Futures Trading Commission (CFTC) had slapped a $360,000 monetary fine on two Americans for impersonating it in a Bitcoin scam project.

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