Crypto News: Monex Makes Sincere Bid for Coincheck!
I was happy to see Bitcoin prices jump yesterday and decided to look into the reasons why... Some will say it was just that time and that it was because Bitcoin had seen a double bottom. Others report that it is because the Japanese online broker Monex reportedly made a bid for a crypto exchange. This is what caught my eye and the topic of my article today.
Bitcoin prices rose above $7,400 Tuesday after reports that Japanese online brokerage firm Monex Group is looking to take over recently hacked Japanese cryptocurrency exchange Coincheck.
This is interesting news eh? I can understand why this could have a strong effect on a market that has been absolutely destroyed by fud and government sabre rattling in Q1 of 2018. It is certainly about time to see some news that points in the opposite direction now that whales and insiders have had their fun shorting the market! Lets get crypto back to what it does best, going up!
The Japanese company plans to bid several billion yen for a majority stake in Coincheck as soon as this week and will set up a new management team to rehabilitate the exchange, the Nikkei Asian Review reported Tuesday.
The fact that there are several billion yen should influence the market positively. This is what I believe will set the road to recovery. Real world applications. Real businesses investing in the cryptospace and real money being made through utility. This and only this will bring true value to a market that has thrived on speculation and speculation alone.
Brian Kelly, founder and CEO of BK Capital Management, said that this Monex deal increased confidence in the belief that mainstream cryptocurrency adoption is getting much closer!
"It's a massive confidence boost; you now have a regulated public company in Japan buying into a crypto exchange," Kelly said. "This puts a stamp of approval, and Japan is a huge driver of this market."
The real question seems to be, will this potential Monex acquisition be a wake-up call for other brokerage firms to follow suit? I think so.
"If you are Etrade, Schwab or any small-to-mid brokerage firm and you have seen Robinhood eat your lunch," Kelly said, "with TradeStation entering the market you must be paying attention."
You may already be aware of tech start-up Robinhood and their recent roll-out of zero-fee trading for bitcoin and ethereum on a state-by-state basis. Right now you can get access if you live in California, Massachusetts, Missouri and Montana.
Will this be the true beginning of recovery or are we looking at another false start? My nose smells a big pump coming but then again, I've always had my eyes pointed towards the moon.
What do you guys think?
Source:
Bitcoin prices jump after Japanese online broker reportedly makes bid for a crypto exchange - CNBC
Image Source:
CoinDesk
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We are starting to see more merger and acquisition action in the crypto space. This is a massive sign the big boys are ready to play. They don't necessarily want to be involved in holding the underlying asset but the surrounding infrastructure such as exchanges. Once they provide the framework, it will draw more investment from investors who trust larger companies.
Thanks for the update - I agree it's a very positive development. I also agree that real businesses making real money through the utility of crypto is how the market will see real investment. Well said.
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