bullish

Amazon, Walmart - Accepting of Crypto!

  • AWS CEO Andy Jassy unveiled two new blockchain products at the re:Invent conference in Las Vegas on Wednesday.

  • The company will offer Amazon Quantum Ledger Database and Amazon Managed Blockchain for developers using its cloud-computing services.

  • Amazon is introducing the services despite an almost 70 percent plunge this year in the price of bitcoin.

Amazon's new product will support two popular existing blockchain platforms — Ethereum and Hyperledger Fabric. Ethereum is a popular open-source building platform for developers, linked to the cryptocurrency ether, while corporate giants including IBM are currently building projects on Hyperledger.

In addition to the managed blockchain product, AWS announced Amazon Quantum Ledger Database, or QLDB, where customers can replicate a copy of their blockchain network activity.

Amazon already leverages Ethereum on its cloud network, and in May announced a partnership with start-up Kaleido to make it easier for customers to put their services on blockchain. Microsoft offers customers "blockchain as a service" on its Azure cloud.

On the other side of the fence, Walmart is also fully invested in Blockchain. Walmart recently became one of the first retailers to explain how it will be using the technology. The company said it would require lettuce suppliers to upload data about their foods to blockchain within a year.

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Poloniex Launches Institutional Trading Services + Market Update

Crypto exchange Poloniex has announced the opening of trading services for institutional clients.

The company, which was acquired by payments firm Circle earlier this year, said Tuesday that it will begin offering institutional accounts, with support for different crypto trading pairs and API interfaces. The exchange will also provide no-fee transactions for all bitcoin/USD Coin trades in December.

As part of its new accounts, Circle is offering over-the-counter trading through Circle Trade, services through Poloniex and trading pairs with the USDC stablecoin, according to a registration page. Firms looking to participate in OTC trading must issue a minimum order size of $250,000.

In its announcement, Circle explained that it would offer institutional clients higher withdrawal limits, as well as “professional customer support.”

“Our highly trained team will guide each institutional customer through the onboarding process, coordinate issue resolution across multiple teams and support ongoing trading activities,” the firm explained

Circle and Poloniex join industry exchanges like Coinbase in offering services specifically for institutional traders. The latter exchange, which also offers USDC trading pairs, began rolling out custody services for its institutional clients in May.

More recently, Coinbase has also begun trialing an OTC trading desk, though the platform will not go live until early next year.

MARKET UPDATE - A Summary

Mainstream Media Says Bitcoin Is Dead: Is It The Time To Buy? The media have incorrectly described Bitcoin’s recent plunge as a “dead” end for the cryptocurrency. However, it is not what it seems, and this may just be the best opportunity to buy low.

G20: Crypto Taxation System to Be Developed Soon. G20 member nations plan to release a system that makes it easier for cryptocurrencies to be aligned with the global tax system.

$257 Million Worth of BTC Were Sent From an Inactive Address: One of the top twenty wealthiest Bitcoin address moved 66,233 BTC ($257 million) for a transaction fee of less than $50 after being inactive since 2014. Who owns the wallet?

Asus crypto mining partnership: Gamers who live with their parents can now make money by mining cryptocurrency with their idle graphics card. They only have to install an application that was developed to run in the PC’s background.

Morgan Creek CEO Says Bitcoin’s Value Could Be 20x Current Value In The Next 10 Years: In an interview on CNBC’s Fast Money, Mark Yusko said the current state of the market makes Bitcoin a good investment choice for both the long-term and short-term. A 20x increase in the next ten years is attainable, according to him.

Nasdaq confirms it will list Bitcoin Futures (again): Previously, it was a rumor, but Vice president of Nasdaq’s media team, Joseph Christinat has confirmed that Bitcoin Futures will launch on the world’s second largest exchange in the first half of 2019.

Is the market over-reacting?

The market isn’t done with the crash. The hashwars are still, of course, continuing - making a mockery of the market itself. But, is the market over-reacting?

The answer is wholeheartedly, yes.

Despite the very real drops in the value of Bitcoin and virtually all alt coins, Bitcoin fundamentals have never been stronger with it’s infrastructure still growing at a healthy rate.

Take the lightning network for example, this has increased its capacity by almost 200% in the last 4 months.

Ethereum are also working on their next project “Ethereum 2.0” - with talks of this being a completely new Blockchain, it boasts to be much more complex in it’s creation to withstand everything it struggled with in the past.

Last year, we had big dips before the bull-run that many weren’t ready for. Now, fundamentally, everything is much stronger. With confirmed Swiss ETF’s, upcoming BAKKT and VanEck ETF in the United States plus other fundamentally strong news, we are in a good position.

For the moment, we are dealing with negative market sentiment and hype, but all signs are pointing toward positive market movements in the near future. We will move up (BTC to around 5000) before another drop below, breaking down to the bottom (potentially around the 3000 level for BTC). This is happening extremely quickly, which should lead to a quicker recovery, as we bounce hard up once the market is ready.

Stay strong and do your research! This won’t last forever.