#CryptoCorner: #Crypto Market Cap Lowest Since May, (NYSE: $ICE) Announces Cash Settles BTC Futures Launch and Silvergate (NYSE: $SI) Plans Crypto Lending Product
Point Roberts, WA, Delta BC November 22, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Read this in full at https://www.investorideas.com/news/2019/crypto-corner/11221ICE-SI.asp
Stocks discussed: (NYSE:ICE) (NYSE:SI)
The crypto market is red as we enter the weekend. Data from CoinMarketCap indicates that total market capitalization is at its lowest point since May this year, clocking in at $192 billion USD at press time. This downtrend began about a week ago but accelerated yesterday. Bitcoin (BTC), which continues to dominate the market with a share of 66 percent, is trading for $7,100 currently.
The People’s Bank of China (PBoC) issued a statement yesterday outlining its commitment to stifling the trading of cryptocurrencies despite the government’s recent endorsement of blockchain technology. Excerpts from the statement read:
Recently, in the process of promoting and promoting blockchain technology, virtual currency speculation has shown signs of rising.
The statement went on to discourage the conflation of blockchain and crypto:
Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early. Investors should be careful not to mix blockchain technology with virtual currency.
Intercontinental Exchange, Inc. (NYSE:ICE) released a blog post yesterday announcing that Bakkt’s cash settled Bitcoin futures contracts will be launched on December 9, 2019. The contracts “will be listed on ICE Futures Singapore and cleared by ICE Clear Singapore, which are regulated by the Monetary Authority of Singapore”. Lucas Schmeddes, President & COO of ICE Futures and Clear Singapore, commented:
“Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets. Building off the success of our deliverable futures contract, the cash settled futures will leverage ICE’s regulated, globally-accessible market to offer a safe, secure and compliant environment for the trading of bitcoin.”
CoinDesk reports that Silvergate Capital Corporation (NYSE:SI) “is providing fresh capital for new products to meet the rising demand from institutions for full cryptocurrency lending and deposit solution”. Additionally, the commercial bank “plans to launch a cryptocurrency lending product in the fourth quarter and settlement and custody services for fiat currencies and digital assets by June 2020 at the latest” which “would be part of the Silvergate Exchange Network (SEN) – a payment system designed for crypto exchanges and their big clients to transfer funds in the network.”
Sam Mowers, Investorideas
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