Saturday, September 25, 2021

Russian Central Bank Eyes Gold-Backed Crypto

from Russia Insider:

First there was Tether; a controversial dollar-backed cryptocurrency by crypto exchange firm, Bitfinex. Then came Petro, the industry’s first oil-backed crypto issued by the Venezuelan government last year. And now we might be about to see the first gold-backed cryptocurrency—by a central bank, no less. According to Russian news agency, TASS, Russia’s central bank, the Bank of Russia will consider issuing gold-backed cryptocurrencies – a rather strange move considering how cryptocurrencies are generally anathema to central banks.

The two things that can pop the ICO bubble

by Simon Black, Sovereign Man:

n today’s podcast, I tackle the subject of Initial Coin Offerings (ICOs).

Regular readers know I’m skeptical of cryptocurrencies. And I think many ICOs are outright frauds.

We’ve seen celebrities like Paris Hilton, Jamie Fox and Floyd Mayweather all endorse ICOs. A friend of mine who’s raising money in an ICO even told me these things are a bubble.

Still, we see more and more companies raising capital from a rabid public.

Click HERE to listen

Read More @ SovereignMan.com

El Salvator pass the #BitcoinLaw #Bitcoin is now a legal currency in El Salvator

Bitcoin Markets Really Like CBOE Futures, Prices Spike Sharply

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by David Dinkins, Coin Telegraph:

Despite speculation that Bitcoin futures would make the famously volatile asset easier to short, the launch of CBOE futures trading this evening sparked a huge rally for the currency. Futures trading began at 5 PM Central time on December 10 at a price of $15,000, matching the price of one Bitcoin on the Gemini exchange.

As of press time, roughly five hours later, the price of Bitcoin has risen to $16,800 on Gemini. Futures expiring in January 2018 are trading at $18,500, a $3,500 rise. This rapid rise in the futures price has already triggered two “circuit breakers” and is threatening to trigger a third. CBOE has implemented so-called circuit breakers to give traders a chance to pause and reconsider in the event of large price movements. Any gain or loss of more than 10% triggers a two minute stop to trading, while a move of 20% or more will cause trading to pause for five minutes.

 

As we reported earlier tonight, CBOE’s launch of its Bitcoin futures product (which trades under the “XBT” ticker) caused such a sharp increase in demand that the exchange’s website went down almost immediately. In the last five hours, about 2,000 contracts have traded hands. Each contract represents one Bitcoin, implying a trading volume of greater than $30 mln in just a few hours. This is especially noteworthy considering Wall Street traders generally only work Monday through Friday. Odds are good that tomorrow will be a very big day, indeed.

Read More @ CoinTelegraph.com