Blockchain Weekly | A small step in Bakkt, or a big step in the blockchain

Guide

Recently, Bakkt has made a small step forward in the BTC futures market. The BTC seems to be stimulated by this news to rise slightly, breaking the volatility that lasted for several days.

Summary

Topic: Bakkt's BTC futures contract will be tested on July 22nd and a detailed solution for market risk. Bakkt has stricter standards in terms of compliance, security and transparency. Once launched, it will attract global traditional financial capital to enter the market. The launch of Bakkt will become a new milestone in the history of BTC development and a “big step” in the development of blockchain.

Quotes: shock consolidation, ready to go . The total market value of digital passes this week was $272.93 billion, an increase of about $16.2 billion from last week, an increase of about 5.9%. The average daily trading volume of the digital pass market was US$62.89 billion, down 15.0% from last week, and the average daily turnover was 24.4%, down 4.4% from last week. The current price of BTC is $8694, a weekly increase of 8.1%, and a monthly increase of 6.0%. The average daily trading volume of BTC this week was 18.1 billion US dollars, and the average daily turnover rate was 12.6%. The BTC fluctuated within a narrow range a few days ago, and began to accumulate potential energy two days later this week. The current price of ETH is 264.1 US dollars, with a weekly increase of 5.2% and a monthly increase of 6.9%. The average daily trading volume of ETH this week was 8.01 billion US dollars, and the average daily turnover rate was 30.0%. The late ETH probability will link the BTC market. This week, the exchange's BTC balance was 803,800, an increase of 1.51 million from last week. The exchange's ETH balance was 7.96 million, an increase of 60,000 from last week. BTC drove the overall market upward and the market confidence further recovered. In the BICS secondary industry, the market value of project services has further increased, and the growth rate of bank service certificates has led.

Output and heat: BTC, ETH's computing power and mining difficulty have dropped slightly, and public attention has dropped slightly. The difficulty of mining this week is 7.411T, which is 0.049T lower than last week. The average daily calculation power is 54.08EH/s, down 0.48EH/s from last week. The mining difficulty of ETH this week is 2005, which is 114% lower than last week. The average daily power is 161.1TH/S, which is 5.3TH/S lower than last week.

Industry: Giants have made new progress in entering the blockchain. Facebook will release Libra blockchain test network next week; Bakkt's BTC futures contract will be tested on July 22; Bittrex will stop part of the pass for US users, Binance will open Binance US for US users; Chainlink becomes Google Cloud partner.

Risk warning: regulatory policy risk, market trend risk

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Topic: A small step for Bakkt, a big step in the blockchain

1.1 Bakkt born with "Golden Key"

Recently, Bakkt has made a small step forward to the futures market. The BTC may be stimulated by this news to rise slightly, breaking the volatility that lasted for several days. Adam White, Bakkt's chief operating officer, said in Medium that Bakkt's BTC futures contract will be tested on July 22nd, and details of monthly and daily contracts will be published to provide detailed solutions for market risks.

Bakkt is a digital asset trading platform led by the famous Intercontinental Exchange (ICE). ICE is the parent company of the 200-year-old New York Stock Exchange (NYSE). In terms of revenue, NYSE is the second largest financial exchange in the world after the Chicago Mercantile Exchange (CME).

Bakkt's Series A financing received financial technology including Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, M12, Pantera Capital, Payu, Naspers, and Protocol Ventures. The investment of $182 million in 12 well-known institutions within the company was valued at $740 million.

M12 is a venture capital subsidiary of Microsoft. Horizons Ventures is an investment fund of Li Ka-shing. Naspers is the South African media giant and the parent company of Tencent's largest shareholder, MIH. Judging from the lineup of investment institutions, Bakkt has both been supported by traditional secondary market investment funds and supported by the Citation Industry Investment Fund.

1.2 Bakkt's “Apollo Program”

Bakkt writes on the front page of his official website: Building the future of digital asset infrastructure, Bakkt is a regulated ecosystem that provides storage, transactions and other services to institutions, businesses and consumers.

Bakkt Chief Operating Officer Adam White compared Bakkt to the Apollo mission to the moon. "This is not a small step. The official launch of futures contracts will bring new standards to investors entering the encryption market."

CME and CBOT (Chicago Board of Trade) listed BTC futures use cash delivery, while Bakkt will launch BTC futures as a real-time delivery of futures products, real-time delivery requires futures contracts to expire, BTC spot is liquidated.

1.3 Bakkt or an important milestone

Although Bakkt comes with a halo, its road to compliance has been very rough . Bakkt was originally planned to be launched in November 2018, postponed until December 22, and finally extended to January 24, 2019, but until now it has not been able to determine the final launch time.

Bakkt will also face more intense competition. In May 2019, CME announced that BTC futures trading volume and open interest reached new highs. ErisX Exchange will also provide "solid delivery" futures. Erisx has received $47.5 million in Series B financing from 22 investors and is expected to reach out to 11 million retail customers through a partnership with TD Ameritrade. CoinFLEX also offers BTC futures for real delivery. Currently, its futures contract has been operating for two months. CoinFLEX's parent company is the UK's old BTC exchange CoinFloor.

Bakkt has stricter standards in terms of compliance and security. Once it is online, it can attract mainstream institutions to enter the market. The launch of Bakkt Futures will help increase the likelihood of BTC ETF approval, or it will become an important milestone for BTC to be further accepted by the mainstream world.

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Quotes: shock consolidation, ready to go

2.1 Overall market: upswing

The total market value of digital passes this week was $272.93 billion, an increase of about $16.2 billion from last week, an increase of about 5.9%. Following a small correction last week, this week the market shocked and began a new round of upswing.

The average daily trading volume of the digital pass market was US$62.89 billion, down 15.0% from last week, and the average daily turnover was 24.4%, down 4.4% from last week.

This week, the exchange's BTC balance was 803,800, an increase of 1.51 million from last week. The exchange's ETH balance was 7.96 million, an increase of 60,000 from last week. BTC drove the overall market upward and the market confidence further recovered.

The USDT market value was $3.45 billion, an increase of $190 million from last week. At present, the enthusiasm for funds entering the market has dropped, and USDT has only a small premium.

2.2 Core Pass: Breakthrough after shock consolidation

The current price of BTC is $8694, a weekly increase of 8.1%, and a monthly increase of 6.0%. The average daily trading volume of BTC this week was 18.1 billion US dollars, and the average daily turnover rate was 12.6%. The BTC fluctuated within a narrow range in the first half of this week. The second half of this week began to accumulate potential energy, and the rebound trend was obvious.

The current price of ETH is 264.1 US dollars, with a weekly increase of 5.2% and a monthly increase of 6.9%. The average daily trading volume of ETH this week was 8.01 billion US dollars, and the average daily turnover rate was 30.0%. The late ETH probability will link the BTC market.

EOS is currently trading at $6.59, down 1.0% in the week and up 1.7% in the month. The average daily trading volume of EOS this week was 2.20 billion US dollars, and the average daily turnover rate was 37.3%. The late EOS will have a high probability of linking the BTC market.

The current price of XRP is 0.41 US dollars, with a weekly decline of 4.1% and a monthly decline of 11.0%. The average daily trading volume of XRP this week was 1.31 billion US dollars, and the average daily turnover rate was 7.7%. The late XRP will have a high probability of linking the BTC market.

The monthly volatility of the main pass continued to fall this week. The monthly volatility of BTC was 22.4%, down 4.7% from last week. The ethical volatility was 24.0%, down 5.3% from last week. The EOS monthly volatility was 34.8%. It fell by 3.6% from last week; the XRP monthly volatility was 24.7%, down 11.2% from last week. This week, the market's main circulation certificate volatility dropped significantly, mainly based on shock adjustment.

2.3 BICS industry: the proportion of market value of project services has further increased, and the growth rate of bank service certificates has led

In the secondary industry of BICS (Blockchain Industry Classification Standard), the market value of the payment and settlement industry increased from 67.2% to 68.2%. From the perspective of the change rate of market value, the market value of project services, certificate management, information technology, and retail e-commerce industry accounted for a relatively high growth rate, up 14.2%, 13.6%, and 7.2% respectively over the previous week; physical assets, The market share of health care and professional services declined more significantly, down 14.5%, 13.3% and 9.3% from last week.

The BICS secondary industry with more obvious growth in the number of passes this year is banking services and data & storage, up 16% and 13% respectively compared with last week. The BICS secondary industry with a significant decline in the number of passes this week is professional. Services and others have fallen by 14% and 13% respectively compared to last week.

2.4 Market View: Concussion adjustment, ready to go, long-term uptrend has not changed

This week, the main circulation certificate was shocked for a few days before the start of the attack . The main circulation certificate represented by BTC was regularly fluctuated within a narrow range of 7600 to 8000 in the first few days of this week. A new round of offensives was launched in the next two days, and this is also supported by technical indicators. in conclusion.

The upward trend of the general public is more obvious, and the long-term value has a larger imagination . The main circulation certificate of BTC and other stocks rose in April and May, which drove the whole pass market up. In June, the main circulation certificate entered the adjustment period, and other high-quality certificate assets took turns to stage rising prices, such as the mainstream platform. In the long run, the quality pass has a large imagination, and investors can do a good job of asset allocation based on their own situation.

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Output and heat: the calculation power and mining difficulty have dropped slightly, and the public attention has dropped slightly.

BTC computing power and mining difficulty have declined slightly, and ETH is no different . The difficulty of mining this week is 7.411T, which is 0.049T lower than last week. The average daily calculation power is 54.08EH/s, down 0.48EH/s from last week. The mining difficulty of ETH this week is 2005, which is 114% lower than last week. The average daily power is 161.1TH/S, which is 5.3TH/S lower than last week.

This week, Google Trends's Bitcoin entry search heat was 10, a slight decrease compared to last week, and the Ethereum entry search heat was 8, which was the same as last week.

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Industry News: Giants have made new progress in entering the blockchain

4.1 Facebook will release Libra blockchain test network next week

According to the Wall Street Journal, Facebook will release Libra's blockchain test network on June 18 and will be officially launched in Q1 next year. Libra is the official name for Facebook's GlobalCoin program and is currently supported by more than 10 companies including Visa, Mastercard, PayPal and Uber. The Libra Network will be backed by Libra Reserve, a "real asset reserve" that will provide "stability, low inflation, global acceptance and substitutability" for Facebook's encryption pass.

4.2 Bakkt's BTC futures contract will be tested by users on July 22.

According to Adam White, Bakkt's chief operating officer, Bakkt's BTC futures contract will be tested on July 22nd.

4.3 Bittrex Stops Partial Transaction for US Users, Binance Opens Binance US for US Users

Bittrex issued an official announcement that US users will not be able to access some of the encrypted exchange trading markets from June 28, and will remove 42 licenses. This part of the trading market will be transferred to Bittrex International and will not affect non-US users in Bittrex. Continue trading on International. At the same time, Binance also announced that it will stop providing services to US users on Binance.com in September and will establish Binance US in cooperation with a company called BAM Trading Services. Binance US is a new trading platform for US customers that will be operated by BAM using Binance's wallet and matching engine technology.

4.4 Chainlink becomes Google Cloud Partner

According to Coindesk, Chainlink became Google's official cloud partner. Google Cloud's blog post shows that the collaboration uses "Chainlink Oracle Smart Contracts" to place BigQuery data on the blockchain. It is reported that BigQuery is Google's data warehouse and business intelligence management solution. Stimulated by this news, Chainlink's LINK has soared 75% in a short time.

Source: Tongxuntong Research Institute