 QUOTE OF THE DAY  |
| “A contrarian isn’t one who always objects — that’s a confirmist of a different sort. A contrarian reasons independently, from the ground up, and resists pressure to conform.” - Naval |
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| COIN | PRICE | 24H |
|
| BTC | $7,371.31 | -1.33% |
|
| ETH | $460.87 | -0.72% |
|
| XRP | $0.452292 | -1.38% |
|
| BCH | $776.436 | -2.54% |
|
| EOS | $8.00313 | -3.87% |
|
*Information as of 9:30 AM EST
Coinbase Catches Mega Whale
ANON WHALE
- On Friday, Business Insider reported that a $20 billion dollar hedge fund has started to utilize CoinBase's institutional products to buy cryptocurrencies
- The name of the hedge fund was not disclosed but the source of this information seems legitimate
COINBASE & INSTITUTIONS
- In 2018, Coinbase has had a major focus on institutions, trying to reel in the major money, while other exchanges are focused on institutional investors
- Earlier this year, Coinbase opened an office in Chicago to cater and provide support to institutional investors
- At the beginning of this month, Coinbase replaced GDAX with Coinbase Pro, designed for institutional and active traders
- Coinbase also launched an index fund and custodial services for institutions this year
INSTITUTIONS HERE
- This may be the most major confirmation that institutions have actually joined the game, not just trading futures which doesn't involve actually owning the coin
- Other reports have recently emerged about institutions desire to buy crypto
- Grayscale investments said they are seeing $10 million in investments every week and 56% of them are coming from institutions
- Circle recently reported a 30% increase in institutional investors and raised their minimum order size to $500,000
- Marc Lasry, manager of a $9.6 billion asset management firm said that he has personally invested 1% of his $1.7 billion net worth into crypto and thinks that Bitcoin can reach in $40,000 in three to five years
Bitcoin Futures Daily Volume Up 93% in Second Quarter
BTC FUTURES
- The month of December saw two of the biggest exchange's in the world launch Bitcoin futures, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE)
- Futures trading involves the trading of a contract to exchange Bitcoin at a specified date and price
- BTC futures have allowed institutions to get exposure to Bitcoin if they are unable to actually own the currency due to regulations
- The San Francisco Federal Reserve investigated BTC futures in May and determined that futures trading caused the fall from BTC's all time high of $20,000 saying: “the rapid run-up and subsequent fall in the price does not appear to be a coincidence”
VOLUME SURGE
- The CME just revealed that Bitcoin futures trading volume has almost doubled in the second quarter of this year in comparison to the first quarter
- The number of open futures contracts has also increased by 58 percent quarter over quarter
India's Decision on Crypto Ban Pushed Back to September
BAN
- At the beginning of April, India's central bank restricted banks from providing any banking services to cryptocurrency exchanges
- After the ban was implemented, the country’s cryptocurrency enthusiasts and businesses were outraged and called the ban “arbitrary, unfair, and unconstitutional”
- Petitions were filed and a Right to Information request containing numerous questions about the motives for the ban was sent to the Reserve Bank of India
- As a result of this Right to Information request, the RBI admitted that it did not perform any research into digital currencies before making the decision to ban them
DECISION PROCESS
- Earlier this month, the Supreme Court of India congregated to review the Reserve Bank of India’s cryptocurrency ban and ruled against granting temporary stay against the bank’s restrictions
- The Supreme Court was planning on revisiting the cryptocurrency case on July 20, but is now pushing it back until September 11
- The meeting was pushed back due to some parties not filing responses to petitions
- Crypto businesses and investors in the country remain hopeful that the government will decide to treat cryptocurrencies as a commodity rather than imposing a blanket ban
UK Police Seize $1.6 Million in Bitcoin from Drug Dealer
ARREST
- A Latvian man, Seregjs Teresko was arrested last year after police were called in for his kidnapping and found a cannabis farm at the address he was taken from
- Teresko was charged with drug dealing and money laundering and will serve nine years in jail after he plead guilty
- He used Bitcoin in an attempt to launder his proceeds from selling cannabis
CONFISCATION
- Teresko just had his confiscation hearing and was forced to forfeit 295 Bitcoin and about 250,000 euros
- This represents the first time that UK police have confiscated Bitcoin from a criminal
- The Surrey Police, who arrested Teresko, are entitled to about 19% of the forfeited Bitcoin
- The Bitcoin was sold for cash and the proceeds will go towards improvements in the police force
- Silk Road Founder Ross Ulbricht Joins Twitter
- Quebec Raises Energy Prices for Crypto Miners
- CFTC Issues Warning on Utility Tokens
Binance Coin (BNB)
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