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A Chinese government body is preparing national standards for blockchain and distributed technologies, which will be published by the end of next year, the Economic Information Daily reports.
The roadmap involves setting up a technical standardization committee to identify key stakeholder issues and develop a priority list of standards for development to support blockchain technology. All relevant industries will be invited to participate in the road mapping exercise, said Li Ming, director of the Blockchain Research Office at China’s Ministry of Industry and Information Technology.
Ming said in an interview the efforts would include identifying issues and use cases, defining work streams and developing a draft work program. The Chinese official explained that the committee would focus on “basic standard, operating and applying standard, processing and method standard, and information security standard.”
It is also looking into terminology and concepts, security risks and vulnerabilities, identity, distributed data store, point-to-point transmission and encryption algorithm.
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The move is a clear indication that China is prepared for blockchain standardization. Now a committee will be formed to lead the effort after the country has been actively pursuing blockchain standardization efforts through international channels such as the TC 307 committee.
The initiative comes as China is escalating its clampdown on cryptocurrency trading in a bid to finally defeat the market completely.
The move is an acknowledgment of the fact that recent attempts to stamp out the crypto frenzy by shutting down service providers at home have failed to completely eradicate the mania that has been sweeping China.
China’s raid on the digital asset class, which started in September 2017, failed to dampen local investors’ enthusiasm, as many have resorted to online payment accounts and P2P venues to get around the crackdown.
The crypto market continues to grow, fueled by a strong demand for blockchain solutions. This includes Terrexa, a freshly-launched blockchain company that constitutes one of the newest entrants into the cryptocurrency space. The group is powered by Leverate and will aim to enable users to exchange fiat currencies for cryptocurrencies.
In particular, the new service will function under the brand name Terrexa and is owned and operated by a company called Prime Marshall. Terrexa is launching its new service through a high-end technological integration, that will be powered by financial technology and software provider Leverate.
Amir Haimpour, Senior Product Manager at Terrexa, told Finance Magnates that the company has placed a great deal of emphasis into creating a product that will provide the best possible user experience, which will make it easier to conduct transactions, as well as create a more enjoyable environment for users.
Commenting on the impending launch of the new service by Terrexa, Mr. Haimpour said: “cryptocurrencies have introduced the world to the inception of government-free currencies – an amazing achievement. This paved the way to facilitating a new, decentralized cross-border means of payments – the New Form of Money.”
There’s a new crypto exchange in town. But if you feel that the town is getting too crowded, this resident is quite different.
dx.exchange, which is set to launch next month, is the first crypto exchange powered by NASDAQ. “The advantage of this cooperation is threefold: the brand name, the technology and the regulations,” said DX Exchange CEO Daniel Skowronski, commenting on the topic exclusively to Finance Magnates.
While the first advantage is quite self-explanatory, Skowronski further explained that their technology would rely on NASDAQ’sinfrastructure, such as its matching engine – used by over 70 exchanges around the world.
Not for US clients, for now
As for the regulations, Skowronski noted that working with NASDAQ mandates that the exchange meets the highest regulatory standards, thus avoiding common errors and bugs, such as double count trading, and in general will prevent fake volumes.
Those above-mentioned standards include a recently acquired Estonian license, as well as a market maker license from the Cypriot regulator, CySEC. This framework will allow DX to offer its clients the entire variety of the crypto trading options and to hold customers funds and deposits.
US customers will be excluded from approaching the platform, at this point. However, the management is currently engaged in a dialogue with the US regulators to obtain a federal license.
Vetting the coins
The exchange will allow customers to purchase crypto with fiat money, to trade on a token-to-token basis, as well as to convert the coins back to fiat and to withdraw it. “We created a one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services,” notes Skowronski.
At first, the platform is expected to feature the top six coins, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
At the second phase will feature the top 20-25 coins, as well as some smaller tokens (both utility and security). “We are supporting blockchain technology. And the way we can help this ecosystem to progress is by vetting the tokens and making sure the good ones are promoted. We are not going to list coins, just because they pay us. Those who are worthy – will be listed.
Multi-regulated online trading provider InterTrader has publicly revealed its newest product offering, having launched the contracts-for-difference (CFD) instrument on five popular cryptocurrencies.
The London-based spread better and trading provider became the latest FCA-regulated broker to add a cryptocurrency derivative product to its trading platform, giving its investors the added advantage of tax-free profits when trading the digital asset.
InterTrader Limited is part of GVC Holdings PLC, a multinational sports betting and gaming group, which is listed on the London Stock Exchange. The group operates some of the leading brands in the gaming sector including bwin, sporting bet, PartyPoker and Foxy Bingo.
InterTrader’s customers can now trade Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple against the US dollar as a contract for difference (CFD). The new offering comes with access to margin and financing, as well as the ability to take both long and short positions. This often requires the brokerage to establish liquidity relationships with multiple exchanges to produce a volume-weighted average price for its instruments.
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There has been rapid growth in UK-based CFDs and spread betting providers looking to cash in on the meteoric rise of cryptocurrency – including Admiral Markets, Plus500, Gain Capital’s City Index, and many others.
The firms likely turned to CFDs as a way of offering cryptocurrency trading due to the difficulty in hedging positions in the real markets which always makes this derivative type a prime alternative to many underlying assets.
Last year, the FCA cautioned investors over cryptocurrency CFDs, labeling them “extremely high-risk, speculative products.”
Shai Heffetz, managing director of InterTrader Ltd, commented: “We aim to offer our clients a safe and straightforward way to trade cryptocurrencies. Our clients can now gain exposure to changes in value of a wide range of cryptos, with the added benefit of our 100% market-neutral execution.”
Cryptocurrencies have been hyped as the “new economy,” or the new market where the prospects for profit are in multiples compared to the mainstream FX and equities’ markets with lots of volatility presenting opportunities for investors to cash in on this new asset class.
Flocks of investors experienced and not, swarmed into this new playground looking for easy gains and indeed they saw their accounts increasing week after week as the prices for “cryptos” were on a vertical climb. And then came the sell-off.
Late in 2017, the cryptocurrency market reached a stage where the initial excitement and the scores of newcomers were not enough to keep propelling prices higher. And, across the board, the price of the different tokens collapsed. In a matter of weeks, the price for Bitcoin, the preferred crypto and one of the pioneers of this new economy, dropped close to 70 percent sending chills down the spines of new investors who had been seeing profits pilling up for many months.
“Is this the end?” many asked. The naysayers who had been forced to defend their preference for more mainstream investment instruments were glowing in happiness as their prediction that “cryptos are a bubble waiting to burst” was finally proven right. However, progress only moves forward and when a new tradable asset is found and becomes part of our daily lives it rarely goes away – it has now part of the financial ecosystem.
What’s next for this new breed of investment instrument?
In my capacity as a market analyst, my function is to understand what the catalysts are driving this market and devise scenarios on how to profit from it. The first thing we need to understand is that cryptocurrencies are a sentiment-driven market where the direction of the price solely relies on what investors expect for the future.
There is no fundamental analysis to be made on cryptocurrencies; technicals rarely work as it’s a market with very thin liquidity, so we’re only left with the sentiment, and this is what ultimately affects their behavior. And this can be further confirmed by the simultaneous, almost orchestrated reaction traders have when, for example, news about a crypto-exchange being hacked hits the wires.
The traders all sell at the same time, and the bias becomes contagious triggering further declines. However, over the past few months, in trying to provide guidance on the different tokens, I noticed a very interesting phenomenon.
Every time price for cryptos builds some momentum to the upside, and hopes for a new bull market surface, another sell-off is triggered. But there was also one detail in common with all these market moves. I noticed that Bitcoin, the household name for cryptocurrencies, was the one edging higher while the rest of the cryptocurrencies remained trading sideways in consolidation mode.
Breaking to new highs
This was an intriguing piece of data as the divergence in price action between instruments that should normally be perfectly correlated to each other couldn’t be easily explained. After the first few times, I further noticed that this divergence in price action – which always had Bitcoin diverging from the rest of the other cryptocurrencies and always BTC trying to move higher – invariably produced the same outcome.
Bitcoin broke to new highs for maybe a day but then led to a coordinated decline among all cryptos began. The BTC move higher always proved to be what we call “a false break,” a move to one direction that proves unreliable and quickly turns around to fall in line with what the rest of the market is doing.
And the crypto market was mirroring this price action. The fact that it was always Bitcoin which led the attempt to change the bearish bias occurred confirmed my train of thought. This was simply because it’s the most popular one, the one where most new traders are found, and they still have hopes for a new bull market hence they test the waters.
This established a new notion in my mind that we are now in a seller’s market for, a market where investors have become accustomed to waiting for a new attempt to the upside only to jump on the opportunity to start selling short the instrument and capitalize on the buyers’ ruined hopes.
Of course, you can’t really “sell short” a crypto though an exchange, but you can easily do this via an online trading platform. One would argue that the idea that crypto prices are affected by what happens on the online trading platforms is not possible as the price of cryptos comes from the exchanges and is not dictated by the buying and selling of derivative instruments like Contracts-for-Difference (CFDs) from the various brokers.
But the same stands true for the Forex market where prices come from the banks but are still affected by the bias among investors: when prices are falling banks are inclined to offer the FX currency on a lower price, fueling further bearish momentum.
Is the market doomed?
Does this mean that we’re doomed to see cryptocurrency trading decline as prices struggle to break higher? On the contrary, it creates a perfect opportunity to hunt for profits! Before prices collapsed in December of 2017, we always saw prices rallying, and many traders were hoping for a correction allowing them to enter the market.
You see traders don’t think like normal people; they don’t see a vertical climb and think “wow, I need to get into this.” They instead hope for a correction that would allow them to enter the market at a lower price and profit from the new leg higher. Exactly what happens now with the only difference that the new legs are usually to the downside at least for now.
Which actually in the world of online platform trading makes no difference as we can easily profit on rallying or declining markets – the wonder of CFDs and derivatives’ trading.
My advice if I may offer one? Get involved in this while it lasts – not that it will stop at some point. It’s just the direction that might change from a sellers’ market to maybe a buyers’ market again or maybe a sideways trading environment.
What will remain the same is always the opportunity to profit as this “new economy” has now become a part of our investment ecosystem.
This post was written by Konstantinos Anthis, Head of Market Research at ADS Securities.
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