Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

Introduction

ETF is a recent high-profile financial innovation, after twenty years of development, now has more than 4000, fund management scale of nearly $4 trillion and 800 billion. From the beginning of the 2013 year BTC ETF had been put on the agenda, although the final result is just passable, but fought countless.

abstract

Topic: this week review of the topic meaning, characteristics and the current development situation of ETF. Through the years of BTC ETF for review, we believe that the BTC by ETF, provides a convenient channel for ordinary participants to invest in digital passes economy, but also will bring a lot of money, and promote the globalization of BTC; it also means that BTC has been recognized by the mainstream market, will the world develop block the chain passes and domain related regulatory policies provide guidance; block chain technology will usher in rapid development opportunity.

Market: this week passes in the mainstream has gradually rebound into the rising channel, the overall market began warming. The week passes the total market value of $137 billion 400 million, compared to last week, the total market value of $5 billion 330 million, an increase of 4.0%; the average daily turnover of $31 billion 800 million, up 8.4% over the last week, the average daily turnover was 23.6%, increased 1.2% last week. BTC price of $3961, rose to 1.5%, the monthly increase of 9.1%; the ETH price of $137.7, rose to 1.9%, the monthly increase of 12.4%. This week the exchange BTC amounted to 805 thousand, last week increased by 10 thousand; ETH amounted to 9 million 219 thousand, last week increased by 126 thousand. The short-term rebound in the market will continue to maintain a wait-and-see, to determine the rebound, risk aversion.

Output: power and heat stable, public attention basically unchanged from last week. This week BTC difficulty slightly lower for 6.069T, this Sunday is for 43.19EH/s, increased 0.93EH/s ETH this week last week; difficulty slightly, the average is 148.4TH/S, a reduction of 3.64TH/S; public attention basically unchanged from last week.

Industry: the Marshall Islands through legal certificate is being prepared; the Supreme Court justice Chen Zhiyuan: exploring the block chain Internet mode. The United States Securities and Exchange Commission Chairman Jay Clayton believes that ETH is not a “stock”; Canada passes trading platform proposed regulatory framework; planning the layout of Shell block chain.

Risk warning: risk and market risk regulatory policy trends

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ETF is a recent high-profile financial innovation, after twenty years of development, now has more than 4000, fund management scale of nearly $4 trillion and 800 billion. From the beginning of the 2013 year BTC ETF had been put on the agenda, although the final result is just passable, but fought countless.

1 topics: BTC ETF’s fatal attraction

1.1 ETF: a fast growth of the open-end fund

ETF (Exchange Traded Funds, China to exchange traded index securities investment funds, exchange traded funds, hereinafter collectively referred to as ETF) is a kind of “tracking index”, and the change in the stock exchange fund.

ETF is a free open fund subscription and redemption, real-time transaction. The operation characteristics of ETF both closed-end and open-end fund. Can be like closed-end funds in the secondary market trading of ETF shares, and realize the real-time transaction, but also has the advantages of open fund subscription and redemption.

ETF has the characteristics of dispersed investment risk, transaction and management of low cost, high transparency. A ETF usually consists of several investment targets, can effectively disperse the single subject of investment risk, reduce portfolio volatility. Transaction cost, ETF (less than 0.3%) and flat closed index funds, compared with the open Index Fund (purchase rate of 1.5%, the redemption rate is low; 0.5%) in the management of costs, management costs of ETF0.5% is lower than that of open and closed index fund 0.5%~1.25%. At present, most of the ETF passive tracking index, the fund holdings transparent, and after every 15 seconds to update the IOPV (reference to the net fund shares), for investors reference.

ETF twenty years of development, products are increasingly rich, the rapid growth of the scale of asset management. By the end of 2018, ETF has a stock, bond, commodity, currency, foreign exchange and other dozens of types, the total amount of 4000, the fund management scale of nearly $4 trillion and 800 billion in financial products (group). Because of limited data, based on the ETP (Exchange-Traded Product, including ETF (2017 ETF ETP assets accounted for 93.82% of assets) and a small amount of ETN (Exchange-Traded Note), ETC (Exchange-Traded Commodities)) to refer to, according to BlackRock, since 2000, the global number of ETP annual growth rate of 27.15%, the average annual growth rate of net assets 27.26%.

 Blockchain weekly: BTC, fatal attraction ETF

1.2 BTC ETF fatal temptation

The BTC ETF BTC application is mostly in the prices of the underlying track investment funds listed on the stock exchange can be traded freely, and have the characteristics of ETF products. Starting from Winklevoss, has been ten BTC ETF application, but the results are just passable.

 Blockchain weekly: BTC, fatal attraction ETF

BTC ETF is a common digital certificate through participant investment economy provides a convenient channel, but also will bring a lot of money, to promote the process of globalization BTC. BTC ETF, the general institutional investors to avoid cumbersome storage, access and exchange process of BTC, and provides a convenient channel for participation in the digital economy passes for them, promote the diversification of its investment targets. According to the IronWood CEO MichaelStrutto prediction technology for BTC ETF, once approved, through digital card market that is officially open to the world, which will bring the amount of money 84 billion ~3360 billion dollars for the advance of globalization.

BTC ETF by means of BTC has been recognized by the mainstream market, the world will make the block chain and passes the field of relevant regulatory policies to provide guidance. BTC ETF by BTC, represents as an investment target was recognized by the mainstream market, which will undoubtedly enhance the confidence in the market, but to provide a good reference for the improvement of shilly-shally, ambiguous attitude of the present Regulation policy.

Once the BTC ETF passed, block chain technology will usher in rapid development opportunity. The block chain development constraints in addition to landing technique iteration and application, the amount of funds and lack of regulatory policy is not clear is a stumbling block. BTC ETF by bringing a lot of money and a clear regulatory policy in theory, it also provides the feasibility for rapid iteration and landing technique application, the entire block chain and passes the field will enter the fast lane.

2: the market continued to rebound, the market began to pick up

2.1 of the overall market: the market continued to rebound, the market began to pick up

The week passes the total market value of 1374 billion, 53.30 billion increase compared to last week, rose 4.0%. This week passes in the mainstream has gradually rebound into the rising channel, the overall market began warming.

Digital certificate through the market and the average daily turnover of $31 billion 800 million, up 8.4% last week, the average daily turnover was 23.6%, up 1.2% from last week. This week the mainstream passes days of greater volatility, trading activity, market panic eased significantly.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

This week the exchange BTC amounted to 805 thousand, last week increased by 10 thousand. Exchange ETH amounted to 9 million 219 thousand, last week increased by 126 thousand, the configuration of the mainstream chip passes strong willingness to gradually accelerate the recovery of market confidence.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

USDT has a market value of $2 billion 20 million, an increase of $6 million 130 thousand last week. This week the market for pre consolidation, the latter continued to rebound slightly, rose USDT market steady, appear weak premium.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

2.2 core passes: a slight rebound

BTC price of $3961, up 1.5% for the week, month or 9.1%. BTC this week the average daily turnover of $9 billion 970 million, the average daily turnover was 14.4%. BTC fell slightly in the first half of this week, the late rally, as to whether the trend reversed, the time needed to confirm.

ETH price of $137.7, up 1.9% for the week, month or 12.4%. ETH this week the average daily turnover of $4 billion 610 million, the average daily turnover rate of 32.3%, compared with last week go up significantly. The late ETH BTC will probably rate linkage into the market, a slight rebound stage.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

XRP price of $0.32, up 1.6% for the week, month or 3.5%. XRP this week the average daily turnover of 6.9 billion dollars, the average daily turnover rate of 5.3%. XRP’s recent performance is relatively stable, although the market has changed, signs of BTC linkage, but obviously inadequate, the market outlook will continue this kind of situation about rate.

EOS price of $3.72, or 2.3% weeks or 29.3% months. EOS this week the average daily turnover of $1 billion 630 million, the average daily turnover rate of 49%. EOS market in recent time is weak, the rebound is insufficient. In the second half of the week, EOS will follow the BTC into the market rose slightly.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

May this week mainly passes the fluctuation rate heavy, BTC month volatility of 12.6%, down 1.9% from last month; ETH fluctuation rate was 24%, down 3.4% from last month; EOS fluctuation rate was 35.1%, down 2.9% from last month; XRP fluctuation rate was 16.9%, down 1.3% from last week. This week the market mainstream passes volatility declined slightly, pay attention to short-term price risk.

 Blockchain weekly: BTC, fatal attraction ETF

The 2.3 point of view: the market rose slightly, confirming the rebound

Is to build a stage platform, the probability of a large rally will continue, efforts still need to confirm. This week the mainstream passes after a slight decline in a substantial rebound, rebound due to the early stage of selling position, the rebound amplitude and intensity remains to be seen that.

The value of the investment office, may consider the Qingcang mainstream configuration passes. At present, the industry gradually formed a market gradually warming consensus, the good news was released, BTC also halved jianxingjianjin. According to our research and market performance, market warming is represent the general trend of the investment value of the mainstream, passes also has gradually appeared. In view of the bull market can not accurately judge, in the current price can be considered Qingcang mainstream configuration passes.

3: power output and heat stable, public attention was essentially flat with last week

BTC is showing an upward trend, difficulty slightly lower; both decreased ETH difficulty and stress. This week BTC difficulty slightly lower for 6.069T, this Sunday is for 43.19EH/s, increased 0.93EH/s ETH this week last week; difficulty slightly decreased from 1929.4 to 1841.3, average 148.4TH/S, reduced by about 3.64TH/S. In theory, the calculated stress and steady rise is prerequisite for the healthy development of the market, the market continues to rebound.

 Blockchain weekly: BTC, fatal attraction ETF

 Blockchain weekly: BTC, fatal attraction ETF

This week, Google Trends statistics at Bitcoin search heat was 7, Ethereum search heat is 6, the public attention remained stable, but the probability of bring short-term incremental funding low.

 Blockchain weekly: BTC, fatal attraction ETF Blockchain weekly: BTC, fatal attraction ETF

4 industry news: the Marshall Islands through legal certificate is being prepared; the Supreme Court justice Chen Zhiyuan: exploring the block chain Internet mode

4.1 Marshall Islands is being prepared through statutory license

The Republic of the Marshall Islands plans to issue Sovereign or SOV, to supplement the dollar as its legal tender. The Pacific island by 2018 “Declaration and Issuance of theSovereign Currency Act” act in February 26th. Sovereign official telegraph channel called “the purpose of the bill is announced and released a letter through block chain technology based on as legal currency of the Republic of the Marshall islands”. The certificate will be issued by the Ministry of Finance and Marshall, this paper introduces Crowdsale. SOV issued by an Israeli start-up company Neema to provide technical support, it will use the basic technology called “public Yokwe Protocol” through development of new card. According to an article in the Israeli technology news website CTech, the agreement aims to account and after verification of the true identity of relevant government linked to customer identification and prevention of financial crime. According to CTech, SOV70% to raise funds will be used to offset the budget in the budget budget gap, 10% will be used for climate change and sustainability and green energy related projects, the remaining proceeds will be allocated to the citizens of the marshall.

At the same time, the Marshall Islands press release stressed that Sovereign and Petro (Venezuelan oil passes), because the Marshall Republic is a close ally of the United States, the price of the currency will be determined by the market, and the price of oil linked Petro.

The 4.2 Supreme Court justice Chen Zhiyuan: exploring the block chain Internet mode

According to xinhuanet.com, 3 March 12, the Supreme People’s court office of the deputy director Chen Zhiyuan interview, the interpretation of focus in the work report of the Supreme Court in. Chen Zhiyuan introduction, Hangzhou court hearing the whole process through the Internet online platform, realize the whole process of cases handled online, making the lawsuit a don’t run “; to explore the use of” asynchronous trial mode “, the parties can participate in the proceedings are not synchronized, respectively at different time, on-line in different locations, so as to break the limits of space and solve remote procedure difficult problem; the judicial blockchain technology, to save the evidence permits more convenient, more reliable for electronic evidence.

4.3 of the U.S. Securities and Exchange Commission Chairman Jay Clayton believes that ETH is not a kind of “securities”

The United States Securities and Exchange Commission Chairman Jay Clayton recently confirmed that ETH is not counted as a kind of securities. The United States House of Representatives Ted Budd sent a letter to JayClayton, Jay Clayton ETH asked SEC to clarify about not stock comments.

Clayton commented: “your letter also asked me whether I agree with Director Hinman in a June 2018 speech about passes some argument. I agree, whether as a kind of securities offered or sold through static analysis is not on the cards, are not strictly limited to the tool itself. Passes may initially as a sale of securities, because it accords with the definition of investment contracts, but with the passage of time, this definition may change.”

He then said that he agreed with Director Hinman explained about the card may no longer represent investment contract. In this case, he said, if the buyer does not expect a person or a group of necessary management or entrepreneurial efforts, if this happens, the assets may not be considered under the framework of Howey investment contract.

4.4 Canada passes trading platform proposed regulatory framework

According to coindesk, the financial regulatory authorities in Canada is considering to make the country pass card trading platform rules. The Canadian securities administration (CSA) and the investment industry regulatory organization of Canada (IIROC) on Thursday issued a consultation document, seeking financial sector on how to make the regulatory requirements for passes the trading platform of opinion. Considering the characteristics and the risk passes “novelty”, regulators proposed applicable securities laws where applicable.

An important promoter event spawned the regulatory framework, Canada 2018 12 passes the QuadrigaCX trading platform CEO Gerard Cotten (Gerald Cotten) of sudden death, resulting in trading platform assets deposited to the cold Wallet Key is lost, passes since QuadrigaCX still owed its customer value of approximately 1.9 billion and legal tender. It is reported that CSA and IIROC document before 5 15 April will be open for public consultation.

4.5 Shell plan layout block chain

According to The Next Web, a fifth of the world oil and gas producer, Royal Dutch Shell Companies, is further into the block chain, and plans to train the next generation of block chain industry executives. According to the website of the post graduates occupation list, Shell is looking for “blockchain analyst” as its information technology (IT) part of the graduate curriculum. In fact, Shell is looking for the next generation of blockchain supporters based on service is justified. Last November, the Holland launched a company involved in oil trading platform based on the blockchain, this platform to replace the traditional process of the traditional paper based on. More importantly, according to Hard Fork data show that the largest employer block chain industry is actually DDT, IBM, Accenture, Oracle and KPMG and other established businesses.

 Blockchain weekly: BTC, fatal attraction ETF

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