IOTA has increased in value to $10 billion, up from $4 billion in about two weeks; the cryptocurrency though is different than most in that it is not based on blockchain; the article outlines how IOTA tokens work, which use a “tangle” to address the high cost of blockchain transactions. Source
The Futures Industry Association, the main futures industry group, is sending a letter to the CFTC expressing concerns over bitcoin futures; the FT saw a draft of the letter and it states that they did not allow for proper public transparency and input; futures brokers are concerned over holding more risk and have expressed concerns to the FT that they will not immediately clear the products. Source.
Thomas Peterffy, CEO of Interactive Brokers Group, sent a letter to the CME and OCC Clearing Members voicing concerns about bitcoin futures; Mr. Peterffy believes bitcoin price movements are too big and arbitrary; he would prefer to put the clearing of bitcoin into an isolated clearing house or another isolated entity; he is sounding the alarm because he does not want to see the repeated mistakes of the 2008 financial crisis. Source.
Goldman Sachs head of commodities research, Jeff Currie, told Bloomberg TV that bitcoin is a commodity though with less liquidity than gold; he explains, “"It's a commodity. A security, by definition, has a liability attached to it. Take a dollar bill, it has a liability to the US government. Commodities do not have liabilities.”; similar to gold it is not backed by a government or a company but is significantly more volatile. Source.
Bitcoin looks to be headed towards $10,000 and the overall market cap for digital coins has surpassed $300bn; Ethereum, bitcoin gold and bitcoin cash have all reached all time highs as the appetite for these currencies continues to rise unabated; while concerns of a bubble persist the prices continue showing more strength by the day. Source.
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The CBOE will launch bitcoin futures on Sunday December 10th and said that trading will be free for the first month; “We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free,” commented Ed Tilly, Chairman and Chief Executive Officer of CBOE; CBOE’s bitcoin futures will trade on CFE un the ticker XBT. Source.
Coinbase was ordered to hand over information on customers who made transactions over $20,000 between 2013 and 2015; the IRS believes people have not been correctly reporting income made from trades; the information required by the IRS was significantly less than they originally tried to get back when the IRS initially summoned records a year ago; Coinbase might still challenge the order. Source.
The price of bitcoin was trading at $10,026 on the South Korean exchange CEX while at the same time trading at $9,748 on US exchange Kraken as of early yesterday; the 3 percent spread was not the first time this happened and leaves open the potential for some to take advantage but also shows the immature nature of the market; this has been part of the reason why institutional investors have not fully bought in, though some have and the recent news from the CME could help to ease more concerns. Source.
Square has started to allow some of its Cash mobile app users to buy and sell the cryptocurrency through the app; a Square spokesperson said, “We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers,” as reported by Crowdfund Insider. Source.