Crypto Weekly News — 17/05/18
May 17 2018 · by Rabbi Ahmed
Category: Market News
Here’s a round-up of the biggest news in crypto this week.
The largest cryptocurrency event of the year has begun. The turnout has been massive, with more than 8,000 people in attendance.
The bitcoin futures markets were introduced toward the end of Q4. We’ve since seen ongoing growth in this activity during Q1.
Both short and long positions have grown. Incredibly, the shorts exceeded the longs; short positions ended the quarter at around 5,000, and long positions ended at around 3,000. It seems it’s mostly pessimistic investors taking advantage of these contracts.
As a result, we’ve seen a slump in the underlying asset. Researchers at the Federal Reserve Bank of San Francisco found “the new investment opportunity led to a fall in demand in the spot bitcoin market and therefore a drop in price.”
Multinational investment bank Goldman Sachs has backed Circle’s creation of a crypto version of the US dollar.
The payments company is set to roll out a cryptocurrency pegged to the US dollar. Jeremy Allaire, CEO of Circle, said, “there are a number of banks who are excited about it and will support it.”
Circle also revealed a $110 million investment round headed by Bitmain, bringing the company’s valuation to almost $3 billion.
Electronics corporation HTC has unveiled what they are claiming to be “the first native blockchain phone” at the Consensus conference.
Titled the HTC Exodus, the phone will support a number of blockchains, including Bitcoin and Ethereum.
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