🗞 Daily Crypto News, September, 9th💰
- Crypto Exchange Binance.US to Launch ‘in the Coming Weeks’ ;
- What (Most) Bitcoiners Love About Austrian Economics ;
- Crypto and the Latency Arms Race: Towards Speed Bumps and OTC Trading ;
- World’s ‘First’ Blockchain Smartphone to Become Available in New Market ;
- Bitcoin Price: Will Another Drop Below $10K Open the Door to $8.5K? ;
- 📑 Daily Crypto Calendar, September, 9th💰
- STEEM Trading Update
Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!
Major cryptocurrency exchange Binance’s United States-based branch Binance.US will launch in the coming weeks, preceded by Know Your Customer (KYC) registration a few days earlier.
According to a Medium post published by Binance.US on Sept. 6, while the launch of the trading platform itself is expected in the following weeks, KYC onboarding will start a few days earlier. The aim of this is to ensure that users will have time to verify their accounts and deposit their funds.
Bitcoin is an innovative amalgamation of pre-existing technologies and the creation of new ones that has lead to an entirely new form of money. However, for many, the support for the world's first digital currency is based primarily on ideological preferences.
In this article, you will discover why a significant amount of Bitcoiners also love Austrian Economics.
What is Austrian Economics?
Austrian Economics is a school of thought that originated in Vienna, Austria. Though influenced by works from earlier times, the work considered to be the foundation of this economic school of thought is Carl Menger’s 1871 book ‘Principles of Economics.’ In 1949, another notable name within the Austrian school, Ludwig Mises, published the book ‘Nationalokonomie,’ which provides an overview of the principles governing the economists who identify under this label.
At the time of its publication, Mises's book was received unfavorably by other leading economists who had already made a turn towards Keynesian economics, following the devastating effects of the world wars. Austrian Economics was losing the ideological war, with Keynesian Economics significantly influencing global economics especially after the Bretton Woods Conference of 1944 where the International Monetary Fund (IMF) was created. The IMF played a major role in the global post-war monetary system, establishing gold and the dollar as the standard and greatly influencing the U.S.'s position in global politics.
Matthew Trudeau, chief strategy officer of ErisX, offered a thoughtful response last month to a CoinDesk article about high-frequency trading in crypto. In short, CoinDesk reported that features linked to high-frequency trading in conventional markets were making an entry on crypto exchanges and that this might be bad news for retail investors.
While I agree with Trudeau that, in general, “automated market making and arbitrage strategies create greater efficiency in the market,” I disagree with his assertion that applying the conventional markets’ microstructure blueprint will improve liquidity in crypto.
I will explain below that, pushed to their limit, the benefits of speed brought about by electronification actually impair market liquidity as they morph into latency arbitrage. It is inevitable that crypto markets become much faster, but there is a significant risk that some exchanges overshoot and end up hurting their customer base, re-learning the lessons of the conventional latency wars a little too late. Those who do will lose market share to electronic OTC liquidity providers and alternative microstructures, which I will present in this introductory post.
Finney, the world’s purportedly first blockchain-enabled smartphone, will soon be available for purchase in Bangladesh.
According to a report by local newspaper The Daily Star on Sept. 9, the Bangladesh Telecommunication Regulatory
Commission approved the phone for import in August and it will be available on the Bangladeshi market in October.
Mobile Phones in Bangladesh
Finney’s launch in Bangladesh comes amid a trend of growing smartphone ownership in the country. According to a 2018 report from global research firm GSMA Intelligence, by 2025, 75% of the population (138 million) will have smartphones, while 41% (73 million) will be mobile internet subscribers.
Per GSMA, the increasingly urbanized population has been buying more smartphones as cheaper devices come to market, and in this regard, Finney’s price is more comparable with high-end phones available in Bangladesh. Finney debuted last year with a cost of $999, while the Samsung Galaxy S10 is available on local phone market MobileDokan for 74,900 taka ($894).
Last Friday Bitcoin (BTC) price marched within just a few dollars reach of $11,000 and it seemed that the weekend would be a bullish one. The top digital asset was on the verge of leaping over the descending trendline of the massive wedge. A mysterious $1 billion Bitcoin transfer spotted by Whale Alert had some speculating that a whale or an institutional investor was moving funds into Bakkt’s custody service.
Shortly after topping out at $10,938, Bitcoin sharply reversed course and traders were left to speculate whether Federal Reserve Chairman Jerome Powell’s Bitcoin comments put a damper of the bullish price action. Or perhaps the advent of Bakkt’s (physically delivered) Bitcoin futures contracts was repeating the CBOE/CME Bitcoin futures product that launched to much hype right at the peak of the 2017 monster rally.
Let’s take a look at the current price action and see if we can determine what Bitcoin is up to.
📑 Daily Crypto Calendar, September, 9th💰
VEX (VEX/KRW, VEX/USDT) trading pairs. Deposits starting from Monday, 15:00 KST. Available for trading from Wednesday, 15:00 KST.
"Eager to learn more about @ConfluxChain & our partnership? Join our AMA with them on Sep.9 at 4pm (GMT+7)"
"Equal will be burning 12 million EQL in the third phase of the burn cycle."
"Our new fee structure begins September 9th, and offers fee reductions for holding as little as 50 MTL..."
"On 9th September, Zilliqa and @Infinito_Ltd look forward to hosting a joint AMA ."
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
So as expected and predicted yesterday, we didn't go test the 0.18$ before that the drop came back. We should go now in the direction of the lows on the STEEM. It is possible that we move in range between 0.18$ and 0.155$ before a break out in one direction. Let's hope it won't be a new drop and so a new low...
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