Blockchain Weekly | Mom no longer worried that I bought "counterfeit currency", Bakkt launched bitcoin spot settlement contract

Summary

Event: On July 16, Bakkt, the digital asset platform of the New York Stock Exchange's parent company Intercontinental Exchange (ICE), announced that it will launch daily and monthly Bitcoin futures contracts for custody and spot delivery on September 23, local time. It will be listed and traded on the ICE US Futures Market and liquidated at ICE US Clearing House. This is the world's first bitcoin contract for spot delivery. Grey rhinoceros, which is regulated by the currency exchange and safe for asset custody, is expected to be resolved.

Bakkt launched the world's first spot delivery bitcoin contract, providing a compliance channel for traditional institutional funding. On the 16th, local time, Bakkt, the digital asset platform of the New York Stock Exchange's parent company Intercontinental Exchange (ICE), announced that it will launch daily and monthly bitcoin futures contracts for custody and spot delivery on September 23, local time. ICE US futures market listings and transactions are liquidated at ICE US Clearing House. Bakkt said the bitcoin futures contract has been approved by the US Commodity Futures Trading Commission (CFTC) and has undergone a self-certification process to begin user acceptance testing. Bakkt's goal is to provide institutional traders with daily and monthly Bitcoin physical futures contracts, which may result in Bitcoin and other cryptocurrency products being accepted by the mainstream.

Bakkt's launch of the Bitcoin contract will be characterized by both leverage and spot. Given Bakkt's market position in the futures trading industry and a broad institutional user base, Bakkt's influence in the global bitcoin trading market is worth looking forward to. More critically, Bakkt provides a way for traditional institutions to enter the bitcoin market. Subsequent global bitcoin spot trading prices will be affected by the price of Bitcoin futures traded by Bakkt daily. Of course, the US Taxation Office is also pursuing the implementation of Bitcoin (complementary) taxation measures, and taxation is the price of compliance.

The exchanges that have grown up in the currency circle are no matter how good, the internal and external supervision, the security of asset custody are the gray rhinoceros in front of us. The admission of the compliant exchange will make the "speculative coins" as compliant as the stocks. For now, the consensus of Bitcoin as digital gold will quickly spread to the world.

Last week's market review: Chainext CSI 100 rose 4.35%, and the business finance category in the segment was the best. From the breakdown of the segment, the payment transaction, commercial finance, and basic enhancements performed slightly better than the Chainext CSI 100 average, which was -6.86%, -0.48%, -4.92%, Internet of Things & Traceability, Social Entertainment, and Basic Chain. The storage & computing, pure currency, and AI sectors underperformed the Chainext CSI 100 average, -12.54%, -11.81%, -9.35%, -12.88%, -9.55%, and -10.46%, respectively.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

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1. Hotspot tracking: Mom no longer worried that I bought "counterfeit currency", Bakkt launched the world's first bitcoin spot settlement contract

On the 16th, local time, Bakkt, the digital asset platform of the New York Stock Exchange's parent company Intercontinental Exchange (ICE), announced that it will launch daily and monthly bitcoin futures contracts for custody and spot delivery on September 23, local time. ICE US futures market listings and transactions are liquidated at ICE US Clearing House. Bakkt said the bitcoin futures contract has been approved by the US Commodity Futures Trading Commission (CFTC) and has undergone a self-certification process to begin user acceptance testing. Bakkt's goal is to provide institutional traders with daily and monthly Bitcoin physical futures contracts, which may result in Bitcoin and other cryptocurrency products being accepted by the mainstream. Bakkt is also considering recruiting several commercial retailers, such as Starbucks, to participate in its plans. The idea is to provide consumers with an easy way to buy goods and services in digital currency. At present, the two major US futures exchanges CME and Cboe's bitcoin futures are cash settlement, Bakkt hopes to launch the world's first so-called physical bitcoin futures contract settled by bitcoin, originally planned to be listed in November last year, but due to delays in supervision Approved, delayed listing to date. On July 22, user testing was finally started. At the end of July, the report said that LedgerX, the first federally regulated compliant digital currency derivatives exchange in the United States, officially launched the first batch of bitcoin futures contracts in the United States. But since then LedgerX has clarified that its platform currently only has bitcoin spot and options trading, and there is no bitcoin futures.

ICE previously said that each future contract of Bakkt contains a BTC, the minimum price fluctuation is 2.5 US dollars per BTC, the trader will execute the contract at 0.01 US dollars per BTC, and the monthly contract has a listing period of up to 12 months. The daily contract has 70 consecutive qualifying contract days. Both types of contracts will be settled and finalized at Bakkt's digital asset warehouse, Bakkt Warehouse, and will be insured.

Bakkt's launch of the Bitcoin contract will be characterized by both leverage and spot. Given Bakkt's market position in the futures trading industry and a broad institutional user base, Bakkt's influence in the global bitcoin trading market is worth looking forward to. More critically, Bakkt provides a way for traditional institutions to enter the bitcoin market. Subsequent global bitcoin spot trading prices will be affected by the price of Bitcoin futures traded by Bakkt daily.

Of course, the US Taxation Office is also pursuing the implementation of Bitcoin (complementary) taxation measures, and taxation is the price of compliance.

The exchanges that have grown up in the currency circle are no matter how good, the internal and external supervision, the security of asset custody are the gray rhinoceros in front of us. The admission of the compliant exchange will make the "speculative coins" as compliant as the stocks. For now, the consensus of Bitcoin as digital gold will quickly spread to the world.

2. Relevant news from governments: Moscow will establish a blockchain system based on Ethereum for urban administrative services

USDC July Audit Report: The issued and outstanding USDC did not exceed the escrow dollar balance. Independent accounting firm Grant Thornton has released a July audit report for the USDC dollar reserve. The report shows: 1. At 23:59 on July 31, Pacific time, the number of issued and outstanding USDC tokens was 435,017,581 USDC; 2. At the same time, the US dollar reserve in the escrow account was US$436,244,741. 3. As of the reporting audit date, the issued and outstanding USDC tokens did not exceed the dollar balance held in the escrow account.

Moscow will establish a blockchain system based on Ethereum for urban administrative services. Moscow, the capital of Russia, is looking for contractors to build a blockchain system to carry the city's administrative services. The Ministry of Information Technology of Moscow announced that it will conduct a tender to develop an electronic system based on Ethereum to carry the electronic services currently provided to Moscow. The estimated development cost is 57 million rubles, or about $860,000.

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3. Industry chain related dynamics: BTC miners' revenue decreased by 10.8%

(The following source website data is updated to August 17)

Last week, BTC added 2.27 million new transactions, a decrease of 3.8% from the previous month; ETH added 4.78 million new transactions, down 0.6% from the previous month.

Last week, the average daily income of BTC miners was US$2016 million, a decrease of 10.8% from the previous quarter; the average daily income of ETH miners was US$2.76 million, a decrease of 10.6% from the previous quarter.

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Last week, BTC's average daily computing power reached 72.8EH/s, down 2.0% from the previous month; ETH's daily average computing power reached 183.6TH/s, an increase of 0.3% from the previous month.

Last week, the difficulty of mining the whole network of BTC was 9.99T, which was 1.5% higher than the previous month. The next difficulty adjustment date was on September 2, the expected difficulty value was 10.40T, and the difficulty increased by 2.13%. The average mining difficulty of ETH whole network last week was 2.31T, an increase of 0.4% from the previous month.

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4. Last week's market review: Chainext CSI 100 fell 8.91%, with the best commercial financial performance in the segment.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. The market continues to adjust this week. As of last Sunday (August 18th), the Chainext CSI 100 index was 911.20, down 8.91% from the previous week, and the total volume of 24 hours on Sunday was 7.941 billion US dollars; among them, the global average price of BTC was 10345.81 US dollars, compared with the previous period. The decrease was 9.63%; the global average price of ETH was US$194.49, a decrease of 9.44% from the previous period.

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From the breakdown of the segment, the payment transaction, commercial finance, and basic enhancements performed slightly better than the Chainext CSI 100 average, which was -6.86%, -0.48%, -4.92%, Internet of Things & Traceability, Social Entertainment, and Basic Chain. The storage & calculation, pure currency, and AI sectors underperformed the Chainext CSI 100 average, -12.54%, -11.81%, -9.35%, -12.88%, -9.55%, -10.46%, respectively.

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risk warning

1. Regulatory policy uncertainty;

2. The technical development and application of the project fell below expectations;

3. Confidential currency related risk events occur.