TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Goldman Sachs states the dollar might fall as world currency. Open interest on CME BTC futures hits ATH. Telegram CEO criticizes Apple policies. LocalBitcoins partners with Elliptic to automate AML/KYC compliance. Robinhood to scale crypto back crypto offering, and Tetras Capital closes after losing 75% of its value.
Goldman Sachs States Dollar Might Lose Strength as Reserve Currency
Goldman Sachs, one of the most influential financial institutions in the world, stated the dollar is in danger of losing its status as a world reserve currency. In a note presented to investors last Tuesday, Goldman praised gold, calling it “the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies,” referring to the low interest rates offered now, and stated there are “real concerns around the longevity of the U.S. dollar as a reserve currency.”
Open Interest in BTC Futures Reach All Time High
The numbers of BTC CME (Chicago Mercantile Exchange) open interest futures have reached ATH numbers, likely as a result of the latest market movements that have reignited the focus on BTC amidst the pandemic. Open interest reached $724 million, with a spike in trading volume that reached $1.33 billion. CME futures are cash settled regulated contracts focused to institutional investors, so this shows institutions have moved to take advantage of the recent price rally.
Telegram CEO Criticizes Apple “Walled Garden” Policies
Pavel Durov, CEO of Telegram, the privacy friendly messaging platform, criticized the approach Apple has taken when it comes to releasing products in its software store. Durov stated Apple desires to control every mobile app in the world through its 30% commission. This translates in highers prices, censorship, lack of prices, delays in updates for certain apps, fewer apps in the store, and also a rise in ad powered apps to finance this tax. “Few iPhone users realize how the policies of Apple make their lives worse,” Durov concluded.
LocalBitcoins to Screen Users’ Transaction With Elliptic Solutions
LocalBitcoins, one of the biggest P2P exchanges in the world, announced it will start using solutions provided by Elliptic, a crypto asset risk management solution provider, to comply with money laundering and KYC regulations. The exchange will now screen transactions with Elliptic provided software, automating its compliance procedures to save time and reduce operational risks. “LocalBitcoins have demonstrated their commitment to eliminating illicit use of their platform,” declared Elliptic’s co-founder Tom Robinson.
Robinhood to Scale Back Crypto Offering
Robinhood, a fee free trading app, will allegedly scale down its cryptocurrency offering plans amidst the coronavirus crisis and other factors. According to reports, the company planned to expand its crypto offering, with more features, a yield product and support for more currencies, but the recent departure of its cryptocurrency lead executive among other factors will likely delay these developments. Robinhood also recently dropped its UK expansion plans, closing a wait list of customers and shutting down its local website.
Tetras Capital Shuts Down After Losing 75% of Value
Tetras Capital, a cryptocurrency based hedge fund, is reportedly shutting down after incurring losses of 75% of its value. The company, famous for shorting Ethereum when it was priced at $700 dollars, entered shutdown procedures and is now returning the money to investors, according to a report from Coindesk citing a person familiar with the matter. Hedge crypto-based funds have been out of luck lately, with more than 68 of them closing internationally just in the last year.
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