BitDigest March 11 · Issue #612

Mar 11, 2020
  • Bitcoin in new trading range showing support at $7,730 but unable to break above $8,000
  • Japanese regulator creating blockchain network to promote multi-party dialogue
  • Privacy coins may be behind BNP Paribas’s decision to block transactions with Coinbase
BitDigest March 11 · Issue #612

The Headlines

BitDigest March 11 · Issue #612

Japanese Financial Watchdog Introduces Global Platform to Promote Blockchain Technology

www.finextra.com
Japan’s financial watchdog, the Financial Services Agency, is launching a global network to provide blockchain stakeholders with an open and neutral platform for multiparty dialogue. The Blockchain Governance Initiative Network” (BGIN – pronounced ‘BEGIN’) hopes to develop a common language and understandings among stakeholders with diverse perspectives, and build academic anchors through continuous provision of trustable documents and codes based on an open source-style approach.
BitDigest March 11 · Issue #612

BNP Paribas Blocks Crypto Transactions with Coinbase

www.cointelegraph.com
BNP Paribas has started blocking customers from sending funds to Coinbase. The unannounced stoppage started this week and appears related to Coinbase users ability to purchase the monero (XMR) privacy token. So far, the Global French bank has not closed off transactions to other digital exchanges.
BitDigest March 11 · Issue #612

Eastern Caribbean Stock Exchange to Test Tokenized Offerings

www.cointelegraph.com
The Eastern Caribbean Securities Exchange, the Caribbean stock market servicing territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, plans to pilot the trading of tokenized assets, bitcoin (BTC) and ether (ETH).
BitDigest March 11 · Issue #612

Crypto Debit Card Finally Available on Mastercard Platform

www.nulltx.com
Mastercard has entered the crypto credit card market with a prepaid debit card offering. The Tap trading app has partnered with Mastercard to provide users with the ability to spend crypto assets in your digital wallet by having them immediately converted to the fiat of your choice.
BitDigest March 11 · Issue #612

FastCompany Highlights Rippleworks Efforts

www.fastcompany.com
FastMoney has named Rippleworks one of its 10 most innovative not-for profit organizations of 2020. The business publication said that Ripple’s executive chairman Chris Larsen’s impact fund is helping build and scale social enterprise by ‘infusing the social impact world with [digital] cash.”

Market Data

BitDigest March 11 · Issue #612

Daily Bitcoin Volume Hits ≈ $200 Million

www.twitter.com
On Monday, bitcoin options volume reached a new high of $198 million.

Exchange, Custody and Product News

BitDigest March 11 · Issue #612

Brave Tokens Can be Used for Real World Rewards

www.brave.com
The Brave browser has announced that users can now redeem its Basic Attention Token (BAT) for real-world rewards offered by over 250,000 top brands and merchants such as Amazon, Apple, Hotels.com, Uber, American Airlines and Starbucks. The redemption program will be available to any users who verify their Brave wallet with Uphold’s payment app.
BitDigest March 11 · Issue #612

Blockchain.com Starts Retail Lending Program

www.medium.com
Blockchain.com has entered the lending space. The leading online bitcoin wallet provider announced users can begin to borrow USD against bitcoin (BTC) held in non-custodial wallets. ether (ETH), bitcoin cash (BCH) and stellar (XLM) lending will be available soon.
BitDigest March 11 · Issue #612

Cirlce Offers Business and Developers USDC Support

www.blog.circle.com
Circle is introducing USDC business accounts and a developer-oriented platform service to simplify use of the dollar-backed stablecoin allowing a company / developer to set up and use the platform as easily as a bank account.
BitDigest March 11 · Issue #612

Huobi Launches Trading App

www.prnewswire.com
Huobi has launched a commission -free mobile application allowing anyone to trade digital currencies. The Android and iOS platformed app will initially support bitcoin (BTC), ether (ETH), tether (USDT), Huobi’s native token (HT), EOS, bitcoin cash (BCH), ripple (XRP), litecoin LTC, and Huobi’s US dollar stablecoin (HUSD) and allow for trading against fiat currencies such as the United States Dollar (USD), Vietnamese Dong (VND), Malaysian Ringgit (MYR), Hong Kong Dollar (HKD), and Chinese Yuan (RMB).
BitDigest March 11 · Issue #612

BitFlyer to Charge for Crypto Trading

www.sg-mktg.com
One of the first digital exchanges to offer zero fee trading has announced its no fee trading campaign will be ending shortly. Japanese exchange BitFlyer plans to base trading fees on historic 30-day volume. Investors trading less than $1 million over a 30-day perdio will pay 12 bps while anyone trading over $10 million will pay 2 bps.

Thoughts on the Ecosystem

BitDigest March 11 · Issue #612

Can Bitcoin Still be Uncorrelated During a Market Selloff?

www.twitter.com
Bloomberg editor Joe Weisenthal highlighted the seemingly negative impact of institutional investors entrance into crypto markets. “I’ve never bought into the idea that Bitcoin would prove to be a good, un-correlated asset in a downturn,” he said, adding “you really can’t expect [bitcoin] to behave in an uncorrelated fashion once “institutional money” owns it, since at that point it’s just another thing to sell to raise cash.”
BitDigest March 11 · Issue #612

'Safe-haven-ness is a Matter of Perception'

www.twitter.com
Trader and technical analysis innovator John Bollinger shared his own thoughts on bitcoin’s state as a safe haven. Bollinger explained that “Safe-haven-ness is a matter of perception, not fact. If an asset is thought to be a safe haven, it is. The matter is entirely psychological.”

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

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