Crypto steady, stocks crash; Singapore invests in Binance; ICE bitcoin futures in December

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Crypto market cap has crept up to $209 billion, with bitcoin unchanged in the past 24 hours at $6,479.

Stellar (XLM) is 2% higher at $0.245, Monero (XMR) 4% better at $108 and Tezos (XTZ) nearly 3.5% higher at $1.39.

While crypto is steady, and in some instances advancing, that’s not the case elsewhere. There has been some talk about crypto being a leading indicator for equities but we have never been convinced by that despite the positive correlation of the past week or so.

Today seems to be signalling the breakdown of that relationship with equities collapsing while crypto holds the line.

Big risers over the past 24 hours include Decred (up 25% on its Binance listing) and Ravencoin, although it has fallen back this morning from $0.065 to $0.052 currently.

Singapore sovereign fund subsidiary Vertex invests in Binance

Maybe that’s part of the reasoning behind the move by Vertex Ventures to invest in Binance, the fast-growing crypto exchange.

Vertex Ventures is a subsidiary of Temasek Holdings, Singapore’s sovereign wealth fund. The investment will be used to build a fiat-crypto exchange in the city state, which has established itself as global hub for crypto development, including initial coin offerings.

Vertex Ventures China and Vertex Ventures Southeast Asia & India are working together on the initiative with Binance.

Asia is the leader in blockchain at the moment. A further sign of that is a research paper from the Hong Kong Stock Exchange urging the introduction of a regulatory framework for crypto on the same footing as other asset markets such as equities.

Tether, HTC phone ICE Bakkt bitcoin futures in December

The Tether  (USDT) mess continues. 630 million of USDT has been sent to a Bitfinex-controlled wallet over the past few days.  Tether is priced at $0.988, still some way off its peg but not as bad as the drift to $0.95 recently seen. Is Bitfinex buying back USDT as part of an exit route out of stablecoins as insured and audited version hit the market? That’s what David Floyd at Coindesk has been asking.

In other news, the HTC blockchain phone will begin shipping in December this year. The phone is called the Exodus 1. Phil Chen, HTC’s decentralized chief officer told CNBC: “Think of it as a micro OS that runs in parallel with Android. It basically is a wallet, but the wallet, what it does is hold your private keys.”

Chen continued:

“The dominant companies in our world today are Google and Facebook, and in China, Baidu, Alibaba and Tencent, because they basically own all our data.

“And the reason why you do a blockchain phone is … for everybody just to own their own keys. Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data.”

Exchanges such as Coinbase do not provide customers with access to their private key until the asset is moved from the venue.

Finally physically settled bitcoin futures from ICE start trading on its Bakkt platform in December. The notice in part read: “Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day,”

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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