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December 2019

Crypto Derivative Platform FTX Introduces Alternative to Short Alts



CoinDesk reports that new crypto derivatives platform FTX has launched one of the most abstract and strangely-named futures index fund in the cryptocurrency market.

The index, dubbed Shitcoin Index Perpetual Futures or SHIT-PERP, is a 58 low market cap coins index. It is flanked by other low-cap indices ALT-PERP and MID-PERP and includes projects such as Grin, Nano, and Waves.

FTX’s Connection with Alameda Research

The derivative platform was opened in spring after an incubation program under Alameda Research began. The FTX derivatives platform operates an over the counter desk, indexes, and futures, as well as spot trading. The Antigua- and Barbuda-based platform has been adding margin and spot trading progressively.

According to FTX statements, the connection of FXT to Alameda Research offers it profound liquidity. Alameda Research was founded in 2017, and so far it manages more than $100 million in crypto assets that on a daily basis trade between $600 million and $1.5 billion. It operates one of the best performing accounts on BiotMEX, having helped onboard staff from Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Optiver, Jane Street, and Susquehanna to FTX.

>> Tezos (XTZ) Outperforms Altcoins: Soars Over 40% This Week

FTX Index Allows Varied Coin Interactions

Despite having an odd name, the index stands by its product that was introduced sometime in June. While speaking to CoinDesk, Darren Wong, the Chief Marketing Officer of FTX, stated that the index enables investors and traders to have interactions with coins in various innovative ways.

Wong said that if a trader or investor is looking for exposure to a specific initial coin offering that is not in the general industry, they can short SHIT-PERP. This means by the trader shorting the alt market, they potentially hedge their bets and minimize their downside. Equally, if one is looking to short low market altcoins, then they can make use of SHIT-PERP because it is one way of shorting low-cap markets.

Featured image: DepositPhotos © lucadp

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How is the Rest of the World Regulating Digital Assets?


While bringing US-based institutions on-board with digital asset trading is key to enlarging crypto’s overall market cap, crypto will only be successful as a truly international force—and not one only limited to the G-7. To that end, I’m going to shed light on other countries’ unique approaches towards digital asset classes in order to understand what the future of crypto regulation may look like.


The Singaporean government has recently instituted a major regulatory framework for cryptocurrencies and crypto payment services. The framework will include a licensing regime for crypto payment providers—a descriptor that includes exchanges—and will regulate the following:

  • The issuing of accounts and electronic money.

  • The transfer of money within and out of Singapore.

  • The acquisition of merchants who will use their platform.

  • Money changing and the dealing in and exchange of digital payment tokens such as Bitcoin.

Singapore instituted this new framework with an intention to bolster its economy’s already strong financial technology presence. Association of Cryptocurrency Enterprises and Startups Singapore (“ACCESS”) chairman Anson Zeall has pointed to recent developments in Singapore’s crypto regulatory regime, noting that it is becoming more competitive at the international level with recent developments such as a new voluntary ‘code of practice’ that aims to proactively allow crypto players to adhere to anti-money laundering standards to promote public and commercial trust in their services.

New Zealand

As of September 1 of this year, companies in New Zealand can legally pay their employees in cryptocurrencies such as Bitcoin. This new guidance from the government lays out specific rules, however, that govern how companies will be able to take advantage of this opportunity, including:

  • That the payments must be in regular, fixed amounts.

  • The digital currency of choice must also be pegged to at least one regular currency.

  • The digital currency must be able to be converted directly into a standard form of payment.

While this guidance isn’t anything new, as the US, UK, and Australia have offered similar rules, it is yet another sign that crypto adoption and use is only increasing.

>> Bakkt is All Set to Launch Options on Bitcoin Futures in December


Liechtenstein regulates cryptocurrencies under the remit of its Due Diligence Act, which has a primary purpose of combatting money laundering and other illegal activities. While its Financial Market Authority recognizes that “the production and the use of virtual currencies as a means of payment are currently not subject to any [business] licensing requirements,” the Authority assesses licensing requirements and ICO filings on a case-by-case basis, leading to some uncertainty about when exactly certain regulations apply.

In addition, Liechtenstein is in the process of implementing a groundbreaking “Blockchain Act” that allows every possible asset, including real estate, bonds, and securities, to be tokenized, digitalized, and listed on a cryptocurrency exchange. This legislation creates a clear regulatory environment that counters risks, provides clarity, and facilitates the development of a token economy.

Finally, Liechtensteinische Post AG, its postal service, now offers cryptocurrency exchange services at its brick and mortar locations.


Belarusian President Alexander Lukashenka issued a decree in 2018 that fully legalized cryptocurrencies, initial coin offerings (ICO), and smart contracts. The decree also instituted a zero percent tax on crypto holdings until 2023. The move was designed to boost crypto innovation and attract interest in Belarus’s HTP, a special economic zone that has been likened to the country’s own Silicon Valley. Belarus’s government declared earlier in 2018 that a full crypto regulatory regime was a top priority in order to transform its economy, public administration and social services.”

Regulatory Innovation

Many small jurisdictions like Belarus, Singapore, and Liechtenstein are crafting sector-specific rules for crypto, attempting to attract companies by providing regulatory security as well as tax breaks. On the other hand, larger countries with more established financial sectors are taking a more conservative ‘wait and see’ approach. In my view, much of the innovation in crypto regulation is coming from smaller countries due to a prevailing attitude of crypto as an opportunity, not as an active threat to established financial orders.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © garagestock

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Facebook Coin Rumors Continue to Circulate

Facebook Coin

Facebook Coin

There have been Facebook coin rumors for months in the crypto community and today, the New York Times stirred them up again. According to the New York Times report, Facebook is currently working on its own digital currency to integrate into its messaging services.

Facebook Coin Rumors

A few months ago, Bloomberg released an article about Facebook developing its own stablecoin to be used on its WhatsApp messaging app. This was the start of the rumor mill, although many have discussed in the past the potential of the advertising giant adopting a digital currency.

Just like the story released today by the NYT, all of the sources remain anonymous. Facebook has yet to release any formal information regarding the matter. The times cited multiple anonymous sources who spoke to them directly, stating that the company plans on merging its three wholly-owned apps, Messenger, Instagram, and WhatsApp, into one big canopy. All three of these apps combined have over 2.7 billion active users.

According to the anonymous sources, Facebook plans on using the Facebook coin to power this canopy messaging system. Reportedly, the online advertising company has already hired 50 engineers to develop this digital token. Supposedly, the operation is so under wraps that the team has been given separate key-card access than the other employees in the company.

>> Russia Crypto Adoption: President Putin Orders Crypto Regulations

The most important to note from the New York Times report is that Facebook has already begun shopping the new Facebook Coin around to cryptocurrency exchanges. There were no exchanges named in the article. The project was launched shortly after Telegram closed its $1.7 billion ICO in March of 2018.

I can understand why Facebook would want to keep things under wraps about this potential Facebook coin considering the legal issues it’s run into in the past and also due to threat from competitors. However, I wouldn’t believe anonymous sources and instead, just wait for an official report to be released by the company.

Featured Image: Pixabay

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Will the USD Hold Up as the Global Reserve Currency?



The USD is a global reserve currency. Therefore, while many currencies weaken during times of crisis, the US Dollar not only stays put but grows stronger. This has been happening over and over, so it’s expected that in the coronavirus recession, USD should behave the same way. And it does stand strong at the moment. However, the long-term forecast for this currency isn’t so bright. It’s quite possible that with the rise of digital payments in the pandemic, a crypto reserve currency is in our future.

Is the USD Truly Weakening in the Coronavirus Crisis?

At the moment, the USD is the strongest currency in the world. It’s a simple truth. And this situation won’t change for some time yet, regardless of how the US economy is faring. The reason for this is the fact that the US Dollar is the reserve currency of the world. Therefore, when the volatility of a global recession hit, everyone flocked to the Dollar.

Investors, business owners, and regular everyday people are putting their trust and money into the USD. They are doing it in order to hedge against the difficult economic times ahead. This strategy has worked for many during previous recessions, so why would this one be different?

So far, there is nothing different about the coronavirus recession in regards to the USD situation as a dominating currency. Also, everyone who can, such as expats and global businesses, are capitalizing on it. You can see this from the growing demand in USD transfers. Everyone wants to have some security in these uncertain times, and it seems that the Dollar is it.

All things considered, it should be a stellar time for the American Dollar, right?

Unfortunately, the current crisis is very different from a regular economic recession. It’s not only the coronavirus pandemic that’s affecting the current situation. The US economy is facing pressure from multiple sides and, therefore, the USD is in danger of weakening and collapsing along with it.

For now, its status as the global reserve currency is preventing this from happening. However, this “protection” won’t last forever. And should the USA not recover well from this pandemic, the Dollar might lose its position entirely.

Will the USD Lose Its Position as the Global Reserve Currency?

For all its seeming strength, the USD is in a difficult position at the moment. There is no doubt that it will remain strong for a while. However, once this crisis is over, the world will be changed irrevocably. And one of those changes might be the fall of the US Dollar from the position of global reserve currency.

The main reasons for this possibility are:

  • The US economy is weakening fast.

Millions of people have already lost their jobs, and more might follow in the next few months. As such, the economy cannot recover the losses incurred during lockdowns. And the longer it takes to do this, the harder the situation gets.

  • Difficult trade relationships with China.

It’s a fact that China’s economy hasn’t been stronger than that of the USA prior to this crisis. It’s not stronger now, as well. But while China is rapidly recovering, the US is facing a threat of a second wave of the pandemic. Once that strikes, the economy will suffer much more. Meanwhile, China is gaining rapidly and could become the greatest global economy soon. Should this happen, the mantle of the world’s reserve currency might fall to the Yuan.

  •  The need for digital currencies is growing fast.

One factor that can help bring down the USD is that the world is about ready to embrace the use of cryptocurrency. This crisis has led to an unprecedented rise in the use of fintech apps. It jumped up by 72% in a single week at the start of the pandemic. And while digital payments have been growing more popular before, now they’ve become a necessity. It’s reasonable to assume that adopting crypto is the next logical step in the global monetary development.

Can the Next Reserve Currency Be a Cryptocurrency?

Crypto might not have made a breakthrough yet, but it’s been steadily growing in popularity in the last few years. The COVID-19 pandemic has advanced this growth by leaps and bounds. Many financial expert advisors recommend investing in cryptocurrency today.

If nothing else, this will be a good hedging tool for panicking investors.

It’s true that the Bitcoin value dropped dramatically at the beginning of March. This made many people doubt that crypto might become a true hedging tool. However, since then, BTC has already doubled in value. This recovery rate indicates that while Bitcoin isn’t 100% safe, it’s still rather recession-resistant.

Meanwhile, governments the world over are understanding that instead of a luxury, digital payments must become the norm. It’s a healthcare requirement, as well as a logical choice. The increase in the number of digital payments during the lockdown period is proof that people like this method. This means that when the social distancing regulations are lifted, people won’t just go back to using cash.

Should cash payments become obsolete, a digital currency will be a necessity. China’s government seems to understand this clearly. Therefore, the country is reported to be in the process of the development of digital yuan. There is no release date for it yet, but this type of crypto might be exactly what’s necessary.

Nothing changed about the fact that governments are against crypto because they can’t control it in any way. A digital currency that’s tied to the country itself would be a different case. However, now it’s too early to say what will come from this situation in the long-term. But one thing is sure, if there is no digital version of the USD in circulation when other such crypto variations begin to appear, the Dollar will have no chance.

Final Thoughts: What Will the Monetary World Be Like After the Pandemic?

The US Dollar is a very strong currency. There is no denying the fact that even if it does lose its position as a reserve currency, this won’t happen fast. However, the situation we are seeing today makes this future a distinct possibility.

The main problem is that despite the usual strengthening of the currency during a global recession, it’s still weak. Numbers might not reflect this at this moment. But major economic issues plaguing the US are concerning.

The tension in the US-China trade relationship doesn’t help America in any way. In fact, it’s setting the US economy, and therefore currency, in direct competition with China. Sadly, this is a fight that the US might not win. As Chinese businesses are reopening after the virus, America is set to face the second wave.

Should this happen, the US economy, which is already struggling, will be crippled. At that point, the benefits that come from the USD being a global reserve currency won’t be able to sustain it. Therefore, other currencies, such as the Yuan, might push to the top position as the reserve.

However, there is also a chance that this drastic monetary and economic situation will give cryptocurrency the push it needs. The benefits it offers as both a hedging tool and tool for quick global payments are numerous. And the need for easy digital payments is skyrocketing. Crypto has the potential to resolve many issues for many economies. The question is whether governments will take the step of truly adopting digital currencies.

Featured image: Unsplash

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