In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Morgan Stanley Planning To Step Into The Bitcoin Trading Space
Yet another institution is stepping into the cryptomarkets. While it isn’t trading with actual Bitcoin, investors will be able to go long or short on the price. The price of the Bitcoin derivatives will be based on the CBOE Futures contracts. Bloomberg’s anonymous source claims that the derivatives are ready to be launched, they are just waiting on an in-house approval process.
“Morgan Stanley will deal in contracts that give investors synthetic exposure to the performance of Bitcoin. Investors will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for each transaction.” -Bloomberg source
Read more about these stories here: Morgan Stanley Planning To Step Into The Bitcoin Trading Space
2. Chinese Find Ways to Avoid Crypto Trading Ban with Tether and VPNs
There was a lot of FUD surrounding China back at the end of August with them banning crypto again but the Chinese people are still getting around that ban through USDT, and private VPN’s. The regulators do not have the capability to completely crack down on these VPNs. Thus investors can use any of the banned crypto exchanges as if it were in their country.
“Chinese regulators definitely have the technical ability to shut down VPNs. However, traditionally it takes numerous conversations with different stakeholders to reach a consensus on configuring a firewall, which lengthens the process.”
Read more about these stories here: Chinese Find Ways to Avoid Crypto Trading Ban with Tether and VPNs
3. The Waves Are Getting Bigger! Malta Adopting Waves Platform?
Malta’s leaders and the Waves team have met in order to discuss the potential that the Waves platform has for the country. Malta is interested in using this platform for both governmental and corporate sectors, specifically healthcare, land registry, voting, and tokenized financial instruments. If Malta decides to go through with this and adopts the Waves platform as a blockchain solution, it would be absolutely massive for the cryptocurrency.
“We are interested in this accreditation and are ready to start working with Malta’s legal experts to bring our ready-to-use blockchain solutions here: Waves for the financial sector and Vostok for the government and corporate sectors.” -Sasha Ivanov, Waves platform & Vostok CEO
Read more about these stories here: The Waves Are Getting Bigger! Malta Adopting Waves Platform?
4. Coinbase’s New Blockchain Association Will Lobby Washington DC
A new group called the “Blockchain Association” will be the head of a lobbying group in Washington DC. This group’s task is to help navigate the space around certain “minefields” that innovators have to cross. For example, mainstream adoption, fraud, market manipulation and spotty regulation from around the world. While this group is definitely not anti-regulation, they believe that some appropriate regulation is necessary. While crypto markets involve much more than just the US markets, many countries look to the US for regulatory guidance for their own countries. It is important and in everyone’s (who is involved with cryptocurrencies) best interest for this group to lobby regulators appropriately to allow this new technology to breed innovation and not have regulation stifle innovation.
Read more about these stories here: Coinbase’s New Blockchain Association Will Lobby Washington DC
“This was the NEWS” summary!
While not the most bullish week, there are still many positive news pieces. For starters, Bitcoin is up about $300 this week. While they might not seem like a lot, having a steady or increasing Bitcoin price allows other cryptocurrencies to gain some strength back.
By far the biggest news of the week is that another big institution is stepping into the space. According to Bloomberg sources, Morgan Stanley has set up a derivatives market that tracks the price of the CBOE Bitcoin Futures markets and allows investors to either go short or long on the price of Bitcoin. While a Bitcoin trading desk would be better, just the fact that they are trying to enter the space is huge.
Even though China has repeatedly tried to ban cryptocurrency trading, investors have found a few ways to bypass the Great Firewall of China. Through the use of VPNs and USDT, investors have kept the doors open for themselves to buy, sell, and trade cryptocurrencies on any exchange they choose.
While Malta is nowhere near a world power, the potential for the Waves platform being utilized for both governmental and corporate sectors, specifically healthcare, land registry, voting, and tokenized financial instruments, is massive.
Having a specified “Blockchain Association” to lobby Washington DC is an important step for cryptocurrencies. Many institutions are handicapped by the lack of regulations surrounding this space. By having a group that talks directly to regulators, regarding appropriate regulations, is a positive step towards the legitimacy and adoption of cryptocurrencies.