Bitcoin’s price has been on a tear all week long since our last roundup. The price surpassed $9K, then $10K, and then topping $11,395 across global exchanges. Trade volume is enormous as traders are swapping close to $10 billion worth of bitcoin trades during the end of November. Ethereum markets have been doing exceptionally well too with its $47B market cap and $2.3B daily trade volumes. These market advances have caused cryptocurrency enthusiasts everywhere to be extraordinarily excited but also anxious for the next price correction.
Coinmama’s Weekly Roundup
The Financial Giant Nasdaq Plans to Launch Bitcoin Futures Next Year
The leading U.S. based exchange Nasdaq has plans to launch futures products in 2018. According to Reuters a source familiar with the matter revealed the news. Nasdaq is one of the largest exchanges in the U.S. and has been interested in cryptocurrency solutions and blockchain technology for quite some time. Other firms planning to tether futures and options markets to bitcoin include CME, and Cboe alongside Ledger X’s already operational bitcoin futures. Back in October the firm's CEO, Adena Friedman, seemed to have a distaste for cryptocurrencies but the company’s boss appears to have a different view now.
The Central Bank of Russia Sends Publishes a Cryptocurrency Warning
According to TASS, Russia’s central bank revealed within the organization's annual Financial Stability Report that cryptos are used for specific illegal activities. The bank emphasized criminal acts like terrorism and money laundering. "The task of national and supranational regulators is to minimize those risks via developing a coordinated approach to regulation of the cryptocurrencies market and restricting the potential of high-risk investments and transactions," explains the translated report. The bank is also concerned retail investors could lose substantial wealth.
Wallet and Remittance Firm Abra Now Supports Ethereum
The wallet provider and remittance service Abra has announced Ethereum support this week. The announcement was revealed at the Coindesk ‘Invest’ conference in New York. Bill Barhydt, the founder of Abra, says Ethereum will be integrated within the next week. "You can store access to ethereum and store three different wallets at the same time, so dollars, bitcoin and ethereum all at the same time. And we believe this is the first time this has all been possible in a non-custodial wallet," explains the company’s founder.
The UK’s House of Lords is Bolstering Distributed Ledger Technology
This week the section of the UK parliament released a research report this week on distributed ledger technologies (DLT). The organization believes the use of DLT can enhance the private sector and government services. "Our working hypothesis is that DLT can play a valuable part in enhancing the delivery of government services to the citizens of the U.K., in securing the U.K.'s competitive position as a global leader in technology‐based innovation and in protecting the security of government and citizens; data at a time when both are increasingly under threat," Lord Christopher Holmes.
State Street Bank Executives Leave to Start a Crypto Hedge Fund
Former State Street bank veteran and now Omniex chief executive, Hu Liang, has started a hedge fund for cryptocurrencies. The startup just raised US$5M from investors like ThirdStream Partners, Clocktower Ventures, Digital Currency Group, and Sierra Ventures. Kamal Mokeddem, and John Burnett have joined Liang’s company and also used to work for State Street bank. Burnett explains to the crypto-media, "Ultimately, we want to be geared up so that we have the full product set in market by the end of the year, that is designed for the first time as an institutional investment and trading platform."
Conclusion: Cryptos Are Full Steam Ahead -- Not Looking Back
Overall cryptocurrency proponents are waiting to see what else in store for this growing economy. The world's leaders and financial giants are taking bitcoin more seriously these days as the currency enjoys an M1-24 global position. Bitcoin and currencies like ethereum are paving their way into the future, and they don't seem to be looking back.
Coinmama’s weekly review is always on a mission to find the very best topics of interest being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.