Crypto News 

Why it matters if bitcoin is a currency or a commodity

“But both pricing it as a commodity when no commodity exists and trying to make it behave as a currency seem problematic” writes George Friedman for marketwatch.com. It is extremely difficult to use bitcoin as a currency, since the price of goods valued in bitcoin is at the moment rising dramatically.If bitcoin is indeed a commodity, the next question to be asked is: What commodity is it?. But the key is that bitcoin as a commodity has only an exchange value.Alternatively, a currency arises with an exchange value separate from…

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Crypto Futures News 

BitGo Raises $42.5 Million As Bitcoin Futures Take Off

“Meanwhile, CoinDesk reported BitGo, a cryptocurrency wallet provider for enterprise players, just raised $42.5 million in a B series funding round” reports ibtimes.com. Bitcoin futures, aka traditional derivatives based on cryptocurrency, are now officially offered and traded by mainstream institutions such as the Chicago Board Options Exchange.The concept of relying on institutional parties to facilitate bitcoin transactions quintessentially contradicts the purpose of a decentralized currency. BitGo is providing the base level of security and safety is exactly what they need to go build their financial products on top of it,”…

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Crypto Futures News 

Bitcoin surges in first day of futures trading

“Cboe reported two trading halts overnight of Cboe Bitcoin Futures (XBT) due to heavy demand” reports washingtonpost.com. Bitcoin prices surged Monday as contract futures for the cryptocurrency began trading Sunday evening on the Cboe Global Markets, the first traditional platform serving the currency.Bitcoin contract futures opened at $15,000, and 890 contracts were traded in the first two hours and 15 minutes Sunday evening, according to the Chicago-based Cboe.There were no trading halts Monday. [How to get rich off bitcoin — or lose it all while trying] “We are very pleased…

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Crypto News 

Why bitcoin’s success could be its downfall

“By restricting the conversion of their national currency into dollars, for instance, national governments can prevent investors from fleeing their economy too quickly” reports washingtonpost.com. First, digital currencies, even in their current form, are a bigger threat to national governments than most people currently understand.But national governments have little incentive to allow this type of direct competition.National governments tolerate bitcoin and other forms of cryptocurrency because these currencies are still bit players in the global economy.In the United States, some stores and restaurants accept bitcoin as payment, and there are…

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Crypto Futures Markets News 

Bitcoin makes debut on futures market

“How much actual investor interest there will be in these bitcoin futures is still up in the air” writes Associated Press for theguardian.com. The futures signal greater mainstream acceptance of bitcoin but also open up bitcoin to additional market forces.Another large futures exchange, the Chicago Mercantile Exchange, will start trading its own futures on 18 December but will use a composite of several bitcoin prices across a handful of exchanges.They’re securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges.The price of a bitcoin…

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News 

BANK OF AMERICA: The dollar is set for a big rebound after a difficult year

“In contrast, we have been arguing that the US tax reform is a big deal and will support the USD in early 2018.”” writes Akin Oyedele for businessinsider.com. Tax cuts could boost annual gross domestic product growth by 0.3 to 0.4 percentage points over the next two years.Even the prospect of tax cuts hasn’t made the dollar more attractive to currency traders.Like Vamvakidis, Katzive also forecasts a rally in the dollar, although this may only prevail through the middle of 2018.Against a basket of G10 currencies, the greenback has lost…

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Crypto Futures News 

South Korea mulls bitcoin regulations as futures trading launch nears

“South Korean authorities are considering ways to regulate speculative trading of cryptocurrencies amid surging bitcoin prices and the impending launch of bitcoin futures trading” reports foxbusiness.com. The decision effectively bans investing in bitcoin futures that will start trading on the Chicago Board Options Exchange this weekend.Chinese regulators reportedly shuttered the country’s bitcoin exchanges last September, in a move that briefly caused bitcoin prices to plummet.Local investors believe the crypto currency boom is still in its early stages.”Virtual currency just made a start in South Korea so I think the price…

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Crypto Futures News 

Bitcoin Soars and Falls As Banks Worry About Volatility

“The concerns about its volatility have led some Wall Street banks and trade groups to raise concerns about the potential implications of trading bitcoin” writes Ken Sweet for popularmechanics.com. EST, according to large bitcoin exchange Coinbase, after briefly surging above $19,000 Thursday morning.Coinbase, the largest bitcoin exchange, at one point tweeted that record-high traffic had caused interruptions to its service.In Japan, following the failure of a bitcoin exchange called Mt.The Wall Street Journal reported that Citigroup will also not allow clients access to bitcoin futures, although a Citi spokesman declined…

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Crypto News 

Bitcoin in Iran awaiting CBI decision

“Its ever-increasing popularity, has forced central banks, financial regulators and institutions across the globe to consider how to respond, among them stands the Central Bank of Iran (CBI)” reports tehrantimes.com. According to Naser Hakimi, CBI deputy governor, Bitcoin is not recognized as an official currency in Iran and people should be aware of its high risk of investment and unfixed price rate.Bitcoin, as they assert, is the currency able to circumvent the U.S.-led sanctions against Iran and can be a good replacement for dollar in Iran’s international financial and trade…

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Crypto News 

U.K. money laundering proposal seeks bitcoin transparency

“Proposed changes in the U.K. to bring virtual currencies under existing anti-money-laundering regulations could force more transparency on bitcoin users, though big operators already require it, experts say” writes Samuel Rubenfeld for marketwatch.com. A U.K. official said to parliament in November, though only noticed by news organizations this week, that authorities intend to bring virtual currency exchange platforms and wallet providers under anti-money-laundering regulations that came into effect earlier this year.Legal experts who spoke to Risk & Compliance Journal said with virtual currencies becoming more mainstream, and their value booming…

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