Bitcoin has seen a significant shift in price level going into the last week of September. Breaking the support at $600, the prices rammed into its support around $595 and rebounded back to higher level. While the support at $595 looks strong, whether the prices will bounce back above $600 again depends on the fundamentals. While currently there are no strong fundamentals to direct the price, let’s look into the latest developments in the market:
Winklevoss Bitcoin Exchange Gemini to Launch Daily Auctions:
Gemini Trading, the bitcoin and ethereum exchange, founded by Winklevoss brothers, is all set to host daily bitcoin auctions. Such auctions are common for New York Stock Exchange or Nasdaq to determine more accurate closing prices for the day. However Gemini is positioning the auction as more than a first for its exchange.
Tyler Winklevoss stated:
“It’s the first ever end-of-day auction on a bitcoin exchange. It’s a pretty standard feature on traditional exchanges that didn’t exist on a bitcoin exchange until now.”
The launch represents the effort by the Winklevoss brothers to create investment mechanisms for mainstream investors. Beginning at 5pm ET every day, Gemini will begin accepting two-sided bids in BTC/USD for the next day’s auction. By concentrating liquidity at a single moment each day, Winklevoss says the auction will increase liquidity. At the same time, this will minimize “slippage” that results from large investors who affect the price with their purchases. After 22 hours and 50 minutes of bidding, Gemini will begin publishing “indicative auction prices” every minute. This gives the bidders a chance to pull out their bids until 3:59pm ET, after which the final bid closes. The closing price is the price at which the greatest aggregate buy and sell demand meets.
Accenture and Microsoft reveal Blockchain plans:
Last week, an executive from Accenture described Bitcoin’s immutability as a weakness. Now, the company has designed a distributed ledger platform to address this alleged fault. Accenture says data is viable for edits on this blockchain, but only under “extraordinary circumstances.” The prototype according to Accenture is immutable to its user base but, if necessary, designated administrators can “edit, rewrite, and remove blocks of information.” The company claims it enables this feature with a new function called “chameleon.”
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While Accenture is ready with a prototype, Microsoft announced the updates on “Bletchley Blockchain Project” during Blockchain week in Shangai. Project Bletchley aims to harness the power of consortium-based blockchains. Bletchley creates a template that enables customers to “spin up” a consortium network using a permissioned version of Ethereum. The Azure initiative also introduces Cryptlets, a primer for “next generation” blockchain applications. Similar to the Hyperledger Project, Bletchley aims to deliver a blockchain application fabric. Microsoft says this initiative will allow enterprises to collaborate with operations differently. With the template and Cryptlets, developers can get the foundations for building distributed ledger apps.
The digital currency businesses and consumers are aware about how Bitcoin is defined and regulated at most places. For example, the IRS (Internal Revenue Service) treats Bitcoin as property, while the CFTC (Commodities Futures Trading Commission) treats it as a commodity. With the EU clearing the VAT on Bitcoin trades, and the commencement of an ETF in South Korea, the global scenario looks positive.
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