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Archive for the ‘Bitcoins’ Category

Fidelity To Allow Institutional Trading of Bitcoin

Posted on: May 6th, 2019 by jms No Comments

 

According to Bloomberg, Fidelity will allow institutional customers to buy and sell Bitcoin within just a few weeks.

 

Bitcoin has been on a steady rise these past few weeks. Over the past year, we started to see news of major investment firms like E-Trade and Robinhood planning to offer cryptocurrency trading to retail investors. Now Fidelity wants to offer institutional investors a chance to enter the game.

 

According to a spokesperson at Fidelity, a study released by Fidelity on May 2 found that 47 percent of institutional investors think digital assets are worth investing in. Not too shabby if you ask me. What’s more, Fidelity will focus its offerings on Bitcoin alone, at least for the time being it seems.

 

We have yet to see what this will do to the volatility of Bitcoin and other altcoins, but in the long run, I think it will cause the price of Bitcoin to continue rising. So far this has been the case. Whenever large investment firms show interest in Bitcoin it further solidifies its place in the market. Bitcoin is no longer just an idea or a craze, it’s a force to be reckoned with.

 

 

Check out our new technical analysis charts to follow Bitcoin price swings as they happen…

https://coinaccess.com/gauge/

 

 

 

References:

 

Fidelity Will Offer Cryptocurrency Trading Within a Few Weeks, Bloomberg, 6th of May 2019,
Website Link

 

E*Trade Is Close to Launching Cryptocurrency Trading, Bloomberg, 26th of April 2019,
Website Link

 

Don’t Sleep – Introducing Bitcoin & other cryptocurrencies on Robinhood Crypto, Robinhood, 25th of January 2018,
Website Link

 

Square gets NY State cryptocurrency license for it’s Cash App

Posted on: July 3rd, 2018 by jms No Comments

Photo by Marjan Grabowski on Unsplash

 

Square’s Cash App is a hugely popular app for sending and receiving money, and now New York residents can use the app to buy and sell Bitcoin. According to Square’s website Bitcoin can be traded with no conversion fees, which is nice. Although their exchange rate calculations are not entirely clear. According to Square, the exchange rates are

 

“…calculated using the current market rate across the most popular U.S. exchanges, plus a spread determined by the size of your transaction and market volatility. The exchange rate may differ between transactions, and may also differ from exchange rates available to you from other buyers and sellers of Bitcoin.”

 

To me, this sounds like they will take an average (possibly weighted) price from “popular exchanges” along with a spread based on current buy/sell rates, and use that to come up with a somewhat fair, but also somewhat manipulated price. The average cost calculated with a spread may allow for some sort of arbitrage on the back-end, which is where Square can profit from each transaction. Still, this is another step forward for Bitcoin and cryptocurrencies alike. With companies like Square taking big steps like this to help legitimize and promote cryptocurrencies, it seems the cryptocurrency age is just getting started.