Bakkt will conduct bitcoin futures trading test in July, and Bitcoin's overall network computing power hit a record high

Summary

This week, the currency market continued to fluctuate at a high level and hit a new high of $9,332. Bitcoin futures exchange Bakkt will conduct user testing on July 22, and traditional capital continues to charge the blockchain market.

Bitcoin futures exchange Bakkt will conduct user testing on July 22, and traditional capital continues to charge the blockchain market. Recently, COO Adam White of Bakkt, the parent company of the NYSE's parent company, posted a blog on Medium, which will launch its user acceptance test for daily and monthly BTC futures on July 22. Each contract contains a BTC with a minimum price fluctuation of $2.50 per BTC. For the significance of the official launch of the Bitcoin futures product, White said, “This is not a small step. This release will bring a new standard to the cryptocurrency market. Compared with other markets, due to market infrastructure and regulation The deterministic and other restrictions, the agency's participation in the cryptocurrency industry is still limited. This leads to the industry's trading volume, liquidity and price transparency is lower than the more mature markets such as the Brent Brent crude oil futures contract. Brent crude oil Futures contracts have earned global trust in setting global crude oil prices.” But he did not disclose the specific date of listing of Bakkt futures.

Since January 2019, Bitcoin's overall network computing power has continued to climb, and reached a record high on June 14th, exceeding 62.2EH/s. From the perspective of computing power, the bitcoin mining industry has almost never been "bear" in the past few years. Even with the decline of Bitcoin over 80% in 2018, the overall network computing power continues to rise. After a brief retracement from November 2018 to January 2019, the computing power continued to climb and hit a record high. Huge computing resources are the barriers to support the security of the Bitcoin bookkeeping system and the cornerstone of the value of Bitcoin.

We believe that with the continuous efforts of mainstream capital, the blockchain is becoming more and more mainstream, and blockchain digital assets will become mainstream assets. The intrinsic development momentum of the industry will, like the continuous increase in computing power, promote the development of the industry, promote the regulation of supervision, and promote the acceleration of the blockchain.

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Nevada will provide temporary legal exemptions for financial products and services through blockchain-related bills. Nevada Governor Steve Sisolak signed Senate Bill 161 (SB 161) on June 13. Part of the Act is described as: requiring the industry and commerce department to establish and manage a product innovation regulatory pilot program; stipulating requirements for the operation of the program; and, in specific cases, providing project participants with temporary exemptions for financial products, services related laws and regulatory requirements.

Last week's market review: Chainext CSI 100 rose 15.62%, and the pure currency in the segment was the best. From the perspective of subdivision, pure currency and basic enhancements are better than Chainext CSI 100 average, +16.72%, +15.89%, basic chain, payment transaction, entertainment social, AI, storage & computing, commercial finance, and things. The networking & traceability segment underperformed the Chainext CSI 100 average, +14.38%, +9.79%, +8.35%, +7.45%, +6.69%, +1.48%, -1.13%.

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

1. Hotspot tracking: Bakkt will conduct bitcoin futures trading test on July 22, and Bitcoin's total network computing power hit a record high

This week, the currency market continued to fluctuate at a high level and hit a new high of $9,332. Bitcoin futures exchange Bakkt will conduct user testing on July 22, and traditional capital continues to charge the blockchain market. Bitcoin futures exchange Bakkt will conduct user testing on July 22, and traditional capital continues to charge the blockchain market. Recently, COO Adam White of Bakkt, the parent company of the NYSE's parent company, posted a blog on Medium, which will launch its user acceptance test for daily and monthly BTC futures on July 22. Each contract contains a BTC with a minimum price fluctuation of $2.50 per BTC. For the significance of the official launch of the Bitcoin futures product, White said, “This is not a small step. This release will bring a new standard to the cryptocurrency market. Compared with other markets, due to market infrastructure and regulation The deterministic and other restrictions, the agency's participation in the cryptocurrency industry is still limited. This leads to the industry's trading volume, liquidity and price transparency is lower than the more mature markets such as the Brent Brent crude oil futures contract. Brent crude oil Futures contracts have earned global trust in setting global crude oil prices.” But he did not disclose the specific date of listing of Bakkt futures. Bakkt's physical delivery of bitcoin futures products was originally planned to be put into use by the end of 2018, but was blocked due to regulatory obstacles. However, White said that Bakkt's solution addresses the market's pain points in other areas of the emerging cryptocurrency market. For example, the company is seeking to become a qualified custodian (through a fiduciary license) with $100 million in insurance coverage to address concerns about the storage of digital assets associated with its products. White also said it will support the ICE US Futures Platform to launch daily and monthly Bitcoin (BTC) futures margin trading by bringing regulated custody to futures contracts. ICE also updated the details of Bakkt's daily and monthly BTC contracts: one BTC per contract, the minimum price fluctuation is $2.50 per BTC, the trader will execute the contract at $0.01 per BTC, and the monthly contract will be listed. The maximum period is 12 months, and the one-day contract has 70 consecutive qualifying contract days. Both types of contracts will be settled and finalized at Bakkt's digital asset warehouse, Bakkt Warehouse.

Since January 2019, Bitcoin's overall network computing power has continued to climb, and reached a record high on June 14th, exceeding 62.2EH/s. From the perspective of computing power, the bitcoin mining industry has almost never been "bear" in the past few years. Even with the decline of Bitcoin over 80% in 2018, the overall network computing power continues to rise. After a brief retracement from November 2018 to January 2019, the computing power continued to climb and hit a record high. Huge computing resources are the barriers to support the security of the Bitcoin bookkeeping system and the cornerstone of the value of Bitcoin.

We believe that with the continuous efforts of mainstream capital, the blockchain is becoming more and more mainstream, and blockchain digital assets will become mainstream assets. The intrinsic development momentum of the industry will, like the continuous increase in computing power, promote the development of the industry, promote the regulation of supervision, and promote the acceleration of the blockchain.

2. Government-related news: Nevada provides temporary legal exemptions for financial products and services through the Blockchain Act

Nevada will provide temporary legal exemptions for financial products and services through blockchain-related bills. Nevada Governor Steve Sisolak signed Senate Bill 161 (SB 161), sponsored by Republican Senator Ben Kieckhefer, on June 13. This is also the fourth blockchain-related bill passed by Nevada this month. The section of the bill is described as: requiring the industry and commerce department to establish and manage a product innovation supervision experiment plan; specifying the requirements for program operation; and in specific cases, participating in the project Provide temporary waivers for financial products, services related laws and regulatory requirements. The Brazilian financial market regulator issued a joint statement: Implementing a “regulatory sandbox” mechanism to respond to the challenges posed by new technologies such as DLT and blockchain. The Brazilian Ministry of Economic Affairs’ Special Finance Secretariat, the Central Bank of Brazil, the Securities and Exchange Commission and the National Private Insurance Regulatory Authority issued a joint statement saying that new technologies are being promoted due to the use of innovative technologies such as distributed ledger technology (DLT), blockchain and artificial intelligence. The emergence of a business model has created challenges for regulators. Brazil will implement a “regulatory sandbox” mechanism that requires regulators to take the necessary flexibility to adapt their regulations to technological change and innovation.

3. Industry chain related dynamics: BTC miners' revenue increased by 2.57% from the previous month

(The following source website data was updated to June 15) Last week, BTC added 2.383 million new transactions, an increase of 1.34% from the previous month; ETH added transactions of 5.984 million, down 1.04% from the previous month. Last week, the average daily income of BTC miners was US$15.936 million, an increase of 2.57% from the previous month; the average daily income of ETH miners was US$3.567 million, an increase of 0.62% from the previous month.

Last week, BTC's average daily computing power reached 55.2EH/s, an increase of 3.88% from the previous month; the average daily computing power of ETH's entire network reached 160.72TH/s, a decrease of 2.96% from the previous month.

Last week, the difficulty of mining the whole network of BTC was 7.45T, which was 0.19% lower than the previous month. The next difficulty adjustment date was on June 28th. The estimated difficulty value was 7.55T and the difficulty increased by 1.95%. The average mining difficulty of ETH whole network last week was 2.02T, the chain ratio decreased by 3.16%.

4. Last week's market review: Chainext CSI 100 rose 15.62%, and the pure currency in the segment was the best.

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 fluctuated this week and trading continued to be active. As of last Sunday (June 16), the Chainext CSI 100 index was 951.77, up 15.62% from the previous week, and the total volume of 24 hours on Sunday was 13.723 billion US dollars; among them, the global average price of BTC was 8994.49 US dollars, compared with the previous period. It rose by 17.05%; the global average price of ETH was US$269.22, up 15.25% from the previous period.

From the perspective of subdivision, pure currency and basic enhancements are better than Chainext CSI 100 average, +16.72%, +15.89%, basic chain, payment transaction, entertainment social, AI, storage & computing, commercial finance, and things. The networking & traceability segment underperformed the Chainext CSI 100 average, +14.38%, +9.79%, +8.35%, +7.45%, +6.69%, +1.48%, -1.13%.

risk warning

1. Regulatory policy uncertainty;

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

3. Encryption currency related risk events occur.

Source: Guosheng District Block Chain Research Institute

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