Market Undergoes Correction After Recent Surge As Fidelity Investments Enters The Crypto Market

The State of The Market — October 16, 2018BTC: $6,613.13 (-0.66%)ETH: $210.25 (+0.04%)XRP: $0.4549 (+2.01%)

After Bitcoin reached a peak of $7,788 on Bitfinex yesterday, the market went through a correction and is now at the same level as last week. However, the bullish momentum still remains. The 24-hour change for Bitcoin is back below 1%, and Ethereum is stable above $200. As a significant amount of USDT sell-off triggered yesterday’s bull-run, Bitfinex has responded by opening its fiat deposits once again. Meanwhile, regulated stablecoins are still trading at a premium.

In other news, Coinbase continues its European expansion by opening an office in Dublin, Ireland. After exploring a variety of cities across Europe, Coinbase settled with Dublin for its diverse talent pool and long-standing support for technological innovation such as blockchain technology. Also, Apple co-founder Steve Wozniak has been announced as the co-founder of a blockchain oriented venture capital fund called EQUI Global. The fund aspires to revolutionize the traditional investment industry by allowing non-institutional investments and investors to trade on cryptocurrency exchanges with EquiTokens.

1) U.S. investment firm Fidelity Investments, which currently manages more than $7.2 trillion in client assets, has launched a crypto investment platform for institutional investors. The product is not available to retail investors, and according to Fidelity, it focuses on providing “a secure, compliant, and institutional-grade omnibus storage solution for Bitcoin, Ether and other digital assets.” During an interview with CNBC, Fidelity Digital Asset Services head Tom Jessop explained that Fidelity had begun looking into crypto “several years ago” and he cited research from Greenwich Associates which found that “70 percent” of institutional executives believe cryptocurrency will have “a role in the future of the financial sector.” Fidelity is reported to have business dealings with more than 13,000 institutional clients and Jessop told CNBC that the new platform will utilize all “of the resources of a big organization.” (Read More)

2) South Korean exchange Bithumb has announced the launch of Bithumb DEX, a decentralized exchange. It runs on the Ethereum blockchain and has listed 10 cryptocurrencies right now. Bithumb has also announced an airdrop of 500 ETH to celebrate the launch of Bithumb DEX. Just last week, Bithumb sold its majority control to BK International Consortium for $354 Million. The Consortium is a blockchain investment company formed by BK International, a plastic surgical procedures clinical team in Singapore. (Read More)

3) Line’s native token LINK is now live on its exchange, Bitbox. Japanese messaging giant launched its native cryptocurrency LINK this year to power its messaging platform. Line is planning to hand out 800 million tokens of the total 1 billion supply for free to its users. Meanwhile, LINK (LN) is now exclusively available on Bitbox against BTC, ETH, and USDT. Bitbox is Line’s own cryptocurrency exchange based in Singapore. LINK (LN) is priced at $3.28, losing 35% of its value after listing. (Read More)

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