The FIX at 4 - Daily Market Recap 9/10/2018
Total News - Atlanta, GA 9/10/2018 - Shana Tova! Today is 9-10 just 1 day away from 911 - and also Rosh Hashanah. Bitcoin is having trouble staying about 7,000 now trading at:
BTCUSD 6,306.43126978 http://sumo.ly/WDhj
One has to appreciate the standard of using multiple decimals beyond 2 in BTCUSD quoting because frankly, .001 BTC is $6.25 at current rates, so we really need to move a few decimals to the right in order to get into pennies.
We're always taking a step back and evaluating what we're really doing here - who are we? What are we? And making our trading products better. This week as always will be a big week for Total Cryptos, as we are adding more products including products for Crypto Currency Hedging for Miners, who are greatly impacted by these big downswings in the market.
Announced on Sunday, the U.S. Securities and Exchange Commission (SEC) has issued an order seeking to suspend the trading of the Bitcoin Tracker One and Ether Tracker One exchange-traded notes, issued by XBT Provider AB, a Swedish-based subsidiary of the U.K. firm CoinShares Holdings. In the official order, the SEC cited a "confusion amongst market participants" based in the U.S. as to the nature of the financial instruments as the reason for the move.
Traders should note the point here is not that the SEC has anything against Bitcoin, as it seems they are just protecting themselves from regulatory arbitrage. Bloomberg announced August 15th that American investors had a regulated way to invest in Bitcoin, the likely source prompting this action:
If you want to buy Bitcoin without actually buying Bitcoin, you now have another way to own the controversial digital currency. No, it's not the U.S. exchange-traded fund investors have been touting as a catalyst for demand for the embattled virtual money. It's an exchange-traded note, and starting Wednesday, investors can buy it more easily even though it's technically listed and regulated in Sweden. The product, called Bitcoin Tracker One, is now quoted in U.S. dollars under the ticker CXBTF, helping brokerages offer it to American investors. It started trading on the Nasdaq Stockholm exchange in 2015.
Just like with FX, investors are always looking for a way around regulations, and the SEC isn't going to have any of that. They are really just establishing their authority here, meaning that non-US markets that use US systems are basically, ex concessis, part of the United States of America. -jg