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Inside Bitcoin

Inside Bitcoin (May 15th, 2019)

$BTC (2:19 p.m. EST): $8,074.72 (1.62%) // 90-day high: $8,268.71 // 90-day low: $3,608.21 / / More

$ETH (2:19 p.m. EST): $240.64 (16.51%) // 90-day high: $241.72 // 90-day low: $121.37 // More

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1. SFOX, a prime brokerage dealer and trading system, will offer its traders accounts that are backed by the Federal Deposit Insurance Corp. This is the first time a crypto linked product is backed by FDIC protection. SFOX partnered with New York-based M.Y. Safra Bank to gain insurance protection for customers. The insurance coverage protects the cash leg of a crypto trade and not the digital asset side that SFOX supports.  -BLOOMBERG

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2. Binance resumed trading after it's $40 million hack last week. Binance users can cancel open orders, deposit crypto assets into their Binance accounts, as well as buy and sell cryptocurrencies. Users can't withdraw cryptocurrencies to an external wallet yet but Binance said that feature should be available soon. Binance's native cryptocurrency BNB is trading up 19% against bitcoin compared to 24 hours ago. -TECHCRUNCH

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3. From The Forums: J.Christopher Giancarlo, a.k.a 'Crypto Dad', the Chairman at the U.S. Commodity Futures Trading Commission, identified a few factors that are challenging regulators when it comes to the adoption of cryptocurrency and blockchain technology in this Op-ed on Coindesk. Crypto Dad listed four cornerstones that the CFTC should adhere to, to keep up with rapidly changing markets and technological developments.

  • Adopting an “exponential growth mindset” that anticipates the rapid pace of technological innovation and the need for an appropriate regulatory response
  • Becoming a “quantitative regulator” able to conduct independent market data analysis across different data sources, including decentralized blockchains and networks, without being reliant on self-regulatory organizations and market intermediaries
  • Embracing “market-based solutions” to determine the value of technological innovations, as we witnessed with the launch of crypto-asset-based futures products
  • Establishing an internal fin-tech Stakeholder to address the opportunities and challenges that fin-tech presents and manage the ever-present tension between innovation and regulation.
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4. Coinbase CEO Brian Armstrong stated at Consensus during New York Blockchain Week that Coinbase Custody has $1 billion of cryptocurrency under management. Coinbase Custody, which is meant to manage and hold the funds of large institutions, launched 12 months ago and has 70 institutions adding a total of about $150 million assets under management per month. The majority of institutions that make up their customer base are token specific funds and venture capital funds that acquired tokens during ICOs or private sales. -COIN DESK

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5. Hacked exchange Cryptopia has halted trading operations and has gone into liquidation. -COIN DESK

6. Bank of America CTO Catherine Bessant says that the bank hasn't found any use cases for blockchain technology, yet the bank holds more active patents for blockchain technology than any other institution. -COIN TELEGRAPH

7. Shark Tank investor Kevin O'Leary said bitcoin was 'garbage' during a live discussion on CNBC with Morgan Creek Digital Asset co-founder Anthony Pompliano. -CNBC

8. Germany is going to establish the European Blockchain Institute to study and examine blockchain technology. -INVEST IN BLOCKCHAIN

9. Bumble Bee Foods and SAP are tracking fish from the ocean to the dinner plate using blockchain based databases. -FORBES

10. Cryptocurrency markets continue to rally as bitcoin futures volume increased and product releases at New York Blockchain Week captivate speculators. -CRYPTO GLOBE

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Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside); Susmita Baral (senior editor at Inside, who runs the biggest mac and cheese account on Instagram); and David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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