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Of course, we cannot rule that "speculators" are "playing" this market like a game looking for noise patterns in the data like "triangles" and attaching significance to random numbers like "6250" and events like "MT GOX news" using terminology from technical analysis voodoo like "a retest" or even predicting, key word predict, a bounce off 6250.
Can you help answer these questions from other members on NexusFi?
Coinbase Pro was down for much of day and the book reset looks to have been negative for market confidence. Certain quantitative/systematic traders and market makers may get it wrong here. If market jumps, things may go out of bounds for these traders. In event of a rare flash crash, one might anticipate support in the $2500 to $4000 range.
At first glance nothing particularly interesting until I read this paragraph...
Prop Trading
The attorney general also noted that some exchanges engage in proprietary trading, meaning they trade on their own platforms on behalf of themselves. Nearly 20 percent of executed volume on San Francisco-based Coinbase Inc.’s marketplace, for example, came from its own trading, according to the report.
BAKKT BITCOIN (USD) DAILY FUTURES CONTRACT TO BEGIN TRADING ON DECEMBER 12, 2018
ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 20181. The Bakkt Bitcoin (USD) Daily Futures …
“A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of bitcoin is fully collateralized or pre-funded. As such, our new daily bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset,” Bakkt had said at the time, responding to criticisms that the contracts could mask “hidden leverage.”
For every one purchase of a USD/BTC futures contract, there will be a delivery of one bitcoin into the owner’s account at settlement. That contrasts with the bitcoin futures markets on CBOE and CME, which are cash-settled, meaning that no actual cryptocurrency assets exchange hands at expiration.
Investors in Bakkt’s platform include Mike Novogratz‘s Galaxy Digital, Pantera Capital, and others.
