11/09/2018: Biggest Stories in the Cryptosphere

blockex (37)in #bitcoin • 6 years ago

1. Nasdaq Is Working On a Tool To Anticipate Crypto Price Movements

The US stock exchange Nasdaq is working on the development of tools which would allow to anticipate the price movements of cryptocurrencies. The trackers would be added to the company’s Analytics Hub, which was first launched last year. The analytical platform “draws on machine learning and natural language processing (NLP) capabilities to parse through social media and other alternative data sources”. Institutional investors interested in crypto investment would have access to a greater pool of information. Head of Alternative Data Bill Dague said that the growing interest in crypto is what prompted them to investigate related crypto assets. The tools will track 500 crypto assets. The data analysed is being gathered from three sources: fund flows via wallets, data from crypto exchanges and social media. Nasdaq is following in the footsteps of Reuters, Bloomberg and Dataminr.

2. Crypto Price Gap Btw South Korea and Foreign Exchanges Might Grow Again

According to South Korean news outlet No Cut News, the country’s central bank Bank of Korea (BoK) has revealed that the gap in crypto prices between local exchanges and foreign exchanges might widen again. The phenomenon, which has been called ‘Kimchi Premium’, seems to mainly affect Bitcoin. Official Kim Dong-sup thinks that the anomaly is a sign of an “overheated domestic market”. In the past, altcoins traded at a 30% premium. However, the peak was reached in January with a 48.29% difference. These events led to crypto price tracker CoinMarketCap’s removal of South Korea exchanges from its index. The figures might be reflected in the fact that South Korea is the 3rd largest market for crypto users. It is only behind US and Japan. The bank main concerns are the potential illegal foreign exchanges transactions that could flow in the country as well as the public investing its life savings thinking to get rich quickly.

3. Major French Football Team To Issue Own Token

Paris Saint-Germain (PSG), a major French football team, has formed a multi-year partnership with blockchain platform Socios.com. The latter, called by the team “Official Branded Cryptocurrency Partner”, will assist with the creation of a blockchain strategy aimed at increasing fanbase engagement. They will collaborate to create the first Fan Token Offering (FTO). The token, which will be listed on Socios.com, will grant access to mobile voting and polling platforms. Fan rewards, content and experiences will also be available. PSG not only wants to integrate blockchain technology in its fanbase management but also in its business operations. In fact, transactions will be safer, more transparent and experience-enhanced.

4. UK Regulator’s CEO Keeps Open Mind Towards Crypto

Andrew Bailey, Financial Conduct Authority (FCA)’s Chief Executive, is being open-minded in regards to crypto assets. Bailey said that it is important to take advantage of the possible benefits this technology can bring; while also keeping an eye open for the risks. The senior executive shared his thoughts during the regulator’s Annual Public Meeting; where he discussed four operational risks which could affect the regulatory body. One of the points was “technological change and innovation”. Bailey said that the FCA would ensure the tech industry would flourish without forgetting to be ready to respond to any potential threat. Cryptocurrencies were mentioned as example of the technologies he was referring to. Bailey went on to say that crypto assets could have a role in the future. Finally, he mentioned the collaboration taking place with the Treasury and the Bank of England through the Crypto Task Force, which we previously mentioned.