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CitiGroup Plans to Pilot Private Blockchain Services for Institutional Clients
CitiGroup has unveiled a blockchain platform named Citi Token Services, designed to enable institutional clients to engage with digital assets around the clock. This innovation, according to Shahmir Khaliq, the head of global services at Citi, aligns with the aspirations detailed in the Regulated Liability Network whitepaper released in November 2022. It aims to facilitate a financial ecosystem where on-chain transactions, including final settlements in sovereign currencies, are possible 24/7. In collaboration with Maersk, Citi tested the service’s efficiency in offering instantaneous payments to various service providers through smart contracts. The platform seeks to modernize traditional financial guarantees like bank assurances and letters of credit. With Citi seemingly ahead of JPMorgan in this venture, corporate treasurers can anticipate reduced frictions in managing global liquidity in real-time, highlighting the financial industry's gradual shift towards embracing digital asset technologies.
Hut 8 Mining and US Bitcoin Corp Merger Approved by British Columbia Supreme Court
The Supreme Court of British Columbia has approved the merger of Hut 8 Mining and US Bitcoin Corp (USBTC), marking significant progress since the announcement in February 2023. Having secured over 97% approval from Hut 8 shareholders, the onus now shifts to USBTC shareholders for endorsement. While the merged entity will be known as Hut 8 Corp., it will be U.S.-based, and its shares will be featured on both the Nasdaq and Toronto Stock Exchange under the ticker "HUT". Subject to the completion of regulatory formalities, the merger is anticipated to conclude in Q4 2023. This development emerges as a positive trajectory for Hut 8 after witnessing a dip in its revenue and Bitcoin production for Q2 2023, a period during which the company emphasized diversification by partnering with USBTC, a specialist in infrastructure operations.
Nomura's Laser Digital Launches Bitcoin Adoption Fund for Institutional Clients
Nomura's digital asset subsidiary, Laser Digital, has unveiled the Bitcoin Adoption Fund to facilitate long-only Bitcoin exposure to institutional clients, marking the initiation of a series of digital asset investment avenues from the firm. Sebastien Guglietta, the head of Laser Digital Asset Management, highlighted that the endeavor is geared to harness the macroeconomic trend accelerated by technological advancements converting many economic aspects from analog to digital, with Bitcoin being a pivotal player. The new fund will entrust the Komainu, a collaborative venture involving Nomura, Ledger, and CoinShares, with the custody of the client assets. The recent acquisition of operating licenses from Dubai's VARA by both Komainu and Laser Digital has been instrumental in setting the stage for a diversified portfolio of digital asset services and investment instruments.
Trading Desk Insights
Markets pulled back on Tuesday as Wall Street anticipates the Fed's upcoming decision. While the two-day policy meeting kicks off today, the Fed is projected to maintain rates, with futures data from CME Group's FedWatch tool showing a 99% likelihood against a rate hike now and only a 29% chance come November. Key for investors: Wednesday's economic forecasts and insights on inflation and interest rate trajectories.
“Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell said.
“We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”
Bitcoin started to pull back after breaking above the declining trend line that was formed in mid-July, reversing the previous trading range that has capped prices for weeks. As long as 26,200 holds, we expect further upside towards the previous high of 28,100.
ETHBTC continues to trade lower, as expected, and is now trading at its lowest level since July 2022, advocating for BTC to continue to outperform ETH in the near future.
Bitcoin put options (bearish bets) surged this September, marking the highest since February. A rise in implied volatility from its summer lows hints at expected market turbulence. Though Bitcoin option volumes have eased from their August peak, they're notably above summer averages, indicating a bolstered demand in options.
Technical Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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