Into The Deep End

The prolonged low volume consolidation period has claimed her first victim and it’s a big one.

To be fair, Ploloniex has been steadily losing market share for more than a year and being bought out by Goldman Sachs backed Circle in February 2018 (light blue bar) only seems to have made things worse.

Now it seems that Circle is ditching Poloniex, or rather they’ve been trying to offload it for a while and now it’s finally been spun off in a deal that allegedly involves Justin Sun, though Sun denies it.

The crypto market is changing quickly and the dream of a clear path to regulation vis a vis Goldman-Poloniex partnership has now faded into a distant memory. Perhaps it was silly to think that Wall Street would pick up the crypto baton. Or was it…?

Bakkt is onboard. Even though volumes have been dismal, we can’t really blame institutional investors. Volumes have been down across the board lately. So the lack of enthusiasm at the present time is certainly not confined to any specific set of investors.

More than that, recent indications show that an even larger player is now coming online. After getting their toes wet in the shallow end of the pool for about half a year, it seems Fidelity is about to jump headfirst into the deep end of the crypto pool.

According to this article in the Financial Times, the financial giant who has $2.8 trillion assets under management is now beginning a full rollout of their bitcoin service to all their clients. Now, that’s big. Much bigger than a failed exchange going down in a blaze of glory.

Today’s Highlights

  • Brexit Dominates
  • Lots of other stuff
  • Crypto Conditions

Please note: All data, figures & graphs are valid as of October 22nd. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

As Brexit moves down to the wire, proceedings in the UK Parliament continue to painstakingly progress. A 110-page plan has now been proposed by the Prime Minister. At about 19:00 this evening in London, lawmakers will hold a vote on whether to have an extended three-day debate on the bill. Many feel that this simply isn’t enough time.

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