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#CryptoCorner: Bitcoin Rallies as CME (NasdaqGS: $CME) Futures Expire, China's "Digital Yuan" May be Piloted by Starbucks (NasdaqGS: $SBUX)

 

Point Roberts, WA and Delta, BC - April 24, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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https://www.investorideas.com/Audio/Podcasts/2020/042420-CryptoMarket.mp3

#CryptoCorner: Bitcoin Rallies as CME: (NasdaqGS: $CME) Futures Expire, China's "Digital Yuan" May be Piloted by Starbucks (NasdaqGS: $SBUX)

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Stocks discussed: (NasdaqGS:CME) (NasdaqGS:SBUX)

As we head into another weekend the crypto market is largely in the green, according to data from CoinMarketCap. Bitcoin (BTC) in particular seems to have consolidated support above $7,000 with a trading price of around $7,500 at press time. This is the result of a rally yesterday, which according to a CoinDesk report, was instigated by today's CME (NasdaqGS:CME) April Bitcoin futures expiry. Joseph Todaro, managing partner at Blocktown Capital, told CoinDesk that yesterday's stock market rally could also have played a part:

"As traders have been closely monitoring stocks, the push higher in U.S. equities today may share some responsibility for the jump in bitcoin's price."

A Chinese publication called Interchain Pulse indicates that China's planned "digital yuan" CBDC could be heading toward real world testing, and that well-known companies including Starbucks (NasdaqGS:SBUX) may be participating in the pilot. Details were gleaned from a promotional conference held in the city of Xiong'an on April 22. This CBDC constitutes part of a smart city project. An excerpt from the piece reads:

The pilot of [the] central bank digital currency in Xiong'an is a step in the construction of a digital city in Xiong'an New District.

Binance Futures has "the largest options venue" in the crypto market $295 million in traded volume as of April 20. In an interview with Cointelegraph, Binance Futures vice president Aaron Gong revelaed that "the platform had overtaken its counterparts by daily traded volume on April 14," which was the day after it was launched. According to Gong, Binance designed their contracts to address the "low liquidity, high premiums and large spread," typical of previous options. He said:

"This market structure creates a fragmented liquidity landscape, where contracts that are far out-of-the-money and furthest away from the expiration date are notoriously illiquid. As such, trading with those contracts may pose challenges to transaction costs and trade execution."

Yesterday, Binance announced the launch of Bundle, described as "an Africa-focused Social Payments App for Cash and Crypto." The app allows users to buy, sell, and store digital currencies, "as well as deposit and withdraw digital currencies and local fiat starting with NGN (Nigeria Naira) and many more fiat currencies in the coming weeks." The project aims to support over 30 African countries by the end of the year. The project's founder Yele Bademosi, formerly a director at Binance Labs, explained:

"We built Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We decided to build a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app."

Sam Mowers, Investorideas

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