Traders Expected Bitcoin to Rise as Stock Market Fell, What Went Wrong?

The sudden plunge in the price of Bitcoin has demonstrated that while it lacks correlation with the broader financial market, it is not inversely correlated with the global market. Bitcoin and major cryptocurrencies are considered as a robust store of value for investors to hedge against the broader financial market because of its lack of correlation with equities, stocks, currencies, and bonds. Lack of Correlation is not Inverse Correlation In an interview, Matt Hougan, the vice president of research and development at Bitwise Asset Management, stated that the fundamental drivers…

India’s National Stock Exchange Trials Blockchain E-Voting for Listed Companies

The National Stock Exchange of India (NSE) is testing a blockchain platform developed by Elemential Labs to conduct e-voting for listed companies, local news outlet Hindu BusinessLine reports September 27. The NSE’s pilot will entail tokenizing voting rights and using the blockchain platform to connect the firm, registrar and transfer agents (RTA), and the regulator. Hindu BusinessLine notes that tokenized votes are both easy to transfer and to proxy, and the test will reportedly be used to evaluate how easy it is to audit the entirety of the voting procedure…

Bitmain Files Draft Application for Listing on Hong Kong Stock Exchange

Chinese crypto mining giant Bitmain has filed a draft application for listing the company’s shares on the Hong Kong Stock Exchange (HKEX), according to an official application document published Wednesday, September 26. Bitmain has provided a draft application proof that is required for public listing on the HKEX, aiming “solely” to disclose information to the public in Hong Kong, and “not for any other purposes.” By providing a detailed business overview, Bitmain has stressed that the application proof is represented in a draft form, as it is a subject to…

Coinsquare Lists Blockchain ETF On Toronto Stock Exchange

Coin Capital Investment Management Inc. (Coincapital), the portfolio management division of the Coinsquare digital asset trading platform, has listed a blockchain exchange traded fund (ETF), the STOXX Blockchain Patents Innovation Index Fund (LDGR), among two new ETFs the company has listed on the Toronto Stock Exchange. Coincapital, which is registered with the Ontario Securities Commission, has become Canada’s newest ETF provider following the introduction of the LDGR and the STOXX B.R.AI.N. Index Fund (THNK), the company’s first ETFs.   The LDGR and THNK ETFs were scheduled to commence trading on…

Hong Kong Stock Exchange Eyeing Blockchain Firm Acquisitions

Insider sources have suggested that the Hong Kong Stock Exchange (HKEX) is eyeing takeovers in the blockchain and other tech sectors, according to a Bloomberg article published September 21. Bloomberg cites “people with knowledge of the matter” as saying that the exchange is considering a change in strategy due to stalling trading links with exchanges in China, citing worsening U.S.–China trade relations as a further cause for concern. The sources reportedly told Bloomberg that HKEX CEO Charles Li has met with “at least three investment banks” to discuss diversifying the…

Malta Stock Exchange and Binance to Launch Tokens Platform

MSX PLC, the digital asset arm of the Malta Stock Exchange, has signed a Memorandum of Understanding (MoU) with Binance to launch a digital exchange for trading security tokens, per its press release. The MoU follows Binance’s decision to continue its operations on the island in recognition of the country’s favorable crypto climate. Earlier in July 2018, the Malta Stock Exchange (MSE) launched the MSX PLC as an investment vehicle that seeks partnership with leading crypto exchanges to create joint ventures in the country. At the time of the launch,…

Overstock CEO Sells 10% of His Stock, Saying ‘Don’t Worry, I’m Still in the Game’

The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11. According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent. In an open letter to investors, which Byrne reportedly signed “your humble servant,” he pointed out several reasons for shareholders not…

Malta Stock Exchange Signs MOU with Binance to Launch Security Tokens Trading Platform

The Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, has signed a Memorandum of Understanding (MOU) with crypto exchange Binance to jointly launch a new security token digital exchange, according to a press release shared with Cointelegraph September 11. The press release pitches the forthcoming trading platform as being poised to benefit from the Malta Stock Exchange’s “26-year track record of operating as a regulated stock exchange,” with the dynamism and international scope of Binance’s business model. As previously reported, Binance has steadily been expanding its business presence…

How the Fast-Growing Stock Trading App Got Into Crypto

As been reported by TechCrunch Sept. 6, stock and cryptocurrency trading platform Robinhood is planning to launch an initial public offering. Now the company is looking for a chief financial officer (CFO). Robinhood CEO Baiju Bhatt added that the startup is undergoing a spate of audits from the U.S. Security and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in order to ensure regulatory compliance. After raising $363 million in a series D funding round and $110 million in a series C round, Robinhood was valued at $5.6…

Stock Brokerage EF Hutton Rates Cryptocurrencies to Help Clients Track ‘Rapid Developments’

U.S. stock brokerage firm EF Hutton announced it would release research and ratings of cryptocurrencies and industry businesses for its clients Wednesday, September 5. EF Hutton, whose affiliate Megga Inc. previously launched its own cryptographic token MeggaCoin last year, said in a press release it wants to assist “confused” investors who are keen on gaining a better understanding of the space. “A great many investors are confused by the rapid developments in this new asset class,” CEO Christopher Daniels commented, adding that the move represented “the first of many initiatives”…