Bitcoin’s long-anticipated halving event took place today.
At the time it took place (19:23 UTC or 3:30 p.m. ET), bitcoin was trading below its 10-day and 50-day moving averages, bearish technical indicators after a huge 10% drop in price on May 10 at 00:00 UTC. This was triggered by an outage striking San Francisco-based exchange Coinbase. At press time, bitcoin (BTC) was trading down less than a percent over 24 hours at $8,677.
The bitcoin halving, which reduced the new supply of bitcoin generated by cryptocurrency miners from 12.5 to 6.25 BTC per block (a reduction from roughly 1,800 BTC down to 900 BTC per day), arrived amid economic unpredictability due to the coronavirus pandemic.
ErisX Announces Launch of First US Ether Futures Contracts
Crypto derivatives platform ErisX is launching ether futures contracts, it announced Monday in a blog post.
The new contracts, the first futures contracts for t he second-largest cryptocurrency by market cap in the U.S., will begin trading effective immediately, ErisX announced. The move comes a few days after ErisX announced it had received a virtual currency license from the New York Department of Financial Services, and would begin offering trading services in what is the nation's most stringent regulatory regime.
"Starting today individual and institutional investors can access physically delivered futures contracts based on ETH-USD with monthly and quarterly expiration. The ErisX futures exchange trades alongside the ErisX spot market on a unified and innovative platform enabling price transparency and collateral efficiencies," the blog post said.
Physically-settled futures contracts deliver actual tokens upon expiry, rather than the fiat equivalent.
The Great Monetary Inflation: Paul Tudor Jones
Longtime hedge fund manager Paul Tudor Jones told CNBC on Monday that Wall Street could be witnessing the historic “birthing of a store of value” through popular cryptocurrency bitcoin. “It’s a great speculation,” Jones said on “Squawk Box.” He said he has “just over 1% of my assets in bitcoin. Maybe it’s almost 2. That seems like the right number right now.” “Every day that goes by that bitcoin survives, the trust in it will go up,” he added. For investors who have followed Jones’ success in predicting the path of economic events, including his prescient bets against the U.S. stock market in 1987, his foray into cryptocurrency may seem unusual. But Jones defended his new investment, especially versus other stores of value like U.S. dollars. Modern government-backed currencies, he argued, will almost always diminish in value over time. Many investors shy away from cash over the long term as legislatures continue to spend more than they generate in revenues and lean on central banks to pump cash into the economy, decreasing the purchasing power of each individual dollar.
References: Coindesk CNBC Tone Vayes
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