Trader View - February 14, 2018

Trader View

Happy Lunar New Year!

We will be open for trading during 16-19 Feb 2018 (9 am-1 pm: UTC+08:00)
For banking access over that period, please notify us in your designated group chat before 16 Feb 2018 so that we may provide you with alternative banking solutions as Hong Kong banks will be closed throughout the public holiday.

Trading View

Christopher Giancarlo certainly seems to have gotten the establishment to rethink their approach with appeal to respect the burgeoning technology. The Committee on Science, Space US House of Representatives have scheduled a hearing to “explore the science of blockchain technology and its potential and emerging applications beyond cryptocurrency and financial technology.” Way to go Giancarlo!

We can’t help but notice the hypocrisy of the governments wanting to put up a facade as the suits in charge with their threats and serious demeanour while at the same time freeloading on the action.

As expected, Korea is emulating the US and are not even trying to pretend otherwise. They are now talking about a license akin to New York’s BitLicense approach. This headline has been overshadowed by the bonanza of convictions in quite possibly the biggest scandal of the country. The man behind the man (in this case woman) Soonshil Choi got a twenty year jail sentence along side Lotte Chairman Dongbin Shin slammed with a five year term. ¡Viva la Revolución! All the while, the kimchi premium creeping back to a seven-handle and we are seeing flippers come back to play. In all honesty, we relish in high volatility but definitely not complaining as this risk profile tapers off as for the long-term, We do think stability will accelerate adoption. Mario Draghi thinks there is no chance crypto displaces existing fiat. The Federal reserve has deflated the USD so much that it is now worth less than 1/20 of what was just a few decades ago… Food for thought.

Cryptocurrency Prices

8,741.75 USD
5.76% (Last week: 8,265.59 USD)

852.61 USD
4.26% (Last week: 817.81 USD)

Bitcoin Cross Border Prices

CCY: 970106 JPY/BTC
USD Equivalent: 9,026.27 USD*
Price VS USD: 3.25%

CCY: 7048.80 EUR/BTC
USD Equivalent: 8,7123.02 USD*
Price VS USD: – 0.21%

CCY: 10038000 KRW/BTC
USD Equivalent: 9,267.90 USD*
Price VS USD: 6.02%

*Indicative Pricing x Google FX

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