Trader View - May 15, 2018


Overall volume has ground higher and seemingly plateauing around c.$24bn as Consensus in New york kicks off. Google Trends shows a pickup in both queries on the event an cryptocurrencies but surprisingly little change in $BTC.

Following the thought provoking tweet (and blog) last month, the Federal bank of St Louis, president James Bullard made an appearance at the event and looking past the caveat emptor’s, his acknowledgement of the trade facilitating role and expectations for a wider breadth of use cases of bitcoin and of course, his very presence at the event to me is a positive.

Offsetting the disappointing outcome in Arizona, Florida just announced partnership with BitPay to allow Floridians to pay taxes with $BTC and other state bills to become the first state to open the gates to crypto assets.

While unfortunate to see the Supreme Court of India turning down an interim inter-junction against the RBI’s blanket ban, Timur Khromaev chairman of Ukraine’s National Securities & Stock Market Commission said he was done waiting on his fellow regulators and would be laying down cornerstones to recognize crypto assets as a financial instrument and accommodate interaction within the country’s existing financial system. Thai SEC also threw down the gauntlet, bringing the asset class under their regulatory jurisdiction and Kim, Yongbum deputy-Chairman of the Korean Financial Services Commission urged fellow regulators at the IOSCO to join him in laying a consistent regulatory framework for the space across the globe. This entity lies above the FSS (headed by new chairman Yoon, Sukhyeon) and actually has the power to draft financial regulations. Coupled with Mr. Yoon’s orders to revisit the ICO ban, it sure does look like things are heading in the right direction.

The EU also just approved AML legislation for the asset class as well. Right regulation is direly needed. This is positive stuff indeed.

Meanwhile also in New York, a few bankers concerned with their job stability took to the streets.


While the likes of Uber, Air B&B, Trip Advisor and many others may have affected the industries they do business in only, blockchains essentially render all middlemen obsolete with distributed ledger technology. Paradigm disrupting technology… the sooner the better!

Daisuke Murayama a former Barclays trader definitely thinks so. He just switched over to Japanese crypto exchange Bitflyer as he “simply did not see the future in the traditional financial system.” Separately Rob Jesudason former CFO of Commonwealth Bank of Australia also took the leap of faith as he became the newly appointed COO of Block.One.

The migration of talent is also bringing with it their talents and experience which only serves to accelerate the services provided. A flurry of them this weekend: DX will be the the first cyrpto asset exchange utilizing NASDAQs technology, CME group announced a TBA Ether reference rate & Ether Real Time Index no doubt a harbinger for $ETH futures to come while Gemini just added $ZEC to their offerings causing a 28% pop in the 23rd biggest coin.

Expect to see plenty more headlines as Consensus goes on.

May trend be your friend… Happy trading!

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