Our AtoZ Crypto weekly summary, comes this week with intriguing news, as the Fed looks to add Bitcoin Crash risks to its stress test and other market-moving news.
March 2, 2019, | AtoZ Markets – The trading week closed with an optimistic stance toward the crypto market, ICOs market.
Also, the forex market was in the spotlight, with decisions of the FCA to onshore the ESMA restrictions until the Brexit story is over. Continue below, and get all the important Crypto and Forex updates in AtoZ Crypto Weekly Recap.
Swiss Bank offers cryptocurrency options to clients
AtoZ Markets started its week reporting that Julius Baer, the third largest, and oldest Swiss private banks, signed a partnership with a cryptocurrency banking startup, SEBA Crypto AG to offer digital asset services later in 2019, as per the official announcement by both the two partners.
The big bank made that advancement as it was “convinced” that the cryptocurrency will be a legitimate sustainable asset class of an investor’s portfolio, as the head of marketing in the bank expressed.
AtoZ Markets' experienced Chief Currency Strategist, Dr. YurySafronau, sees that the move was a good indicator on the anticipated adoption of blockchain, and that “banks see an opportunity to make money from the potential bull market in the near future."
WTO advisor believes in a blockchain revolution
Staying in the blockchain talk, EmmannuelleGanne, Senior Analyst for the Economic Research Department at the World Trade Organisation, was a guest on our AtoZ Market’s pages last week.
The website published the full interview with the WTO Blockchain Advisor when she was hosted recently by the Blockchain Centre in Vilnius. The interview touched upon the importance of adopting the blockchain technology from an official universal financial body’s perspective and how it can revolutionize the overall global trading and business system, with more organisation and better-built structure and transparency.
Russian oil-backed cryptocurrency plans are concrete
It sounds that Russia is seriously considering the cryptocurrency as a solution for the financial crisis that looms in the horizon there, with the escalation between the country and the U.S.A taking a tougher degree under waving more U.S sanctions on Russia.
A voice from the Duma confirms that the process of legislating cryptos in Russia is in its final stage now.
How does the Brexit delay impact Forex trading?
Yet, the Brexit deal still casts a shadow on all the joints the markets in the UK and their EU counterparts intersect with. The forex trading one is here one of the stuck points to deal with today before the UK officially leaves the EU soon as supposed.
Until that happens, the CFDs and binary options will stay under ESMA’s dominance, as the latter confirms.
Get ready for a Facebook Cryptocurrency
Facebook surprised us all, announcing that its own cryptocurrency which will supposedly hit the market in the next half of this year. Yet, there are no many details about the Facebook coin, however, it is under serious studies, as the news confirmed.
The news triggered a heated discussion over various social media platform, the most prominent among those was Twitter, where crypto enthusiasts excluded that Facebook’s coin will be anything like bitcoin, which came in response to an NYT’s article that broke the FB coin’s news, saying that Facebook hopes to succeed with its coin at where bitcoin failed!
Microsoft Azure enters ICO market
Microsoft was in the headlines the last week, with its Azure brand entering the ICO market as officially declared. After a recently-published opinion by one of the celebrities in the cryptocurrency’s world, which read that ICOs were heading to their death, here comes Microsoft to enter the market in an unparalleled bold move by a similar corporation of its size and importance.
The article AtoZ Markets published reads that Microsoft Azure will list Stratis on its cloud-based service, the thing that will allow ICO administrators to leverage the advantages of Azure’s PaaS offerings.
Fed to stress test Bitcoin Crash
The last item on AtoZ Crypto Weekly provides a quick tour about the Fed’s consideration of Bitcoin crash risks. The US Federal Reserve is likely to include cryptocurrency market crash among the other risks to take into consideration while performing supervisory stress tests.
The agency will start considering the “crash of the bitcoin market” as one of the “significant” market risks. Currently, Fed uses three test scenarios — basic, unfavourable, and extremely unfavourable — and takes into account factors such as the firm's balance sheet, risk-weighted assets (RWA), net income, resulting in capital levels after stress, and regulatory capital ratios.