Jeff Sprecher, the Chief Executive Officer of Intercontinental Exchange [ICE] announced that the firm’s digital asset platform, Bakkt will be expecting a launch later in 2019. Sprecher made this announcement during an earnings call on Thursday, reported the Toshi Times.
While discussing ICE’s financial results for Q4 and the year of 2018, Sprecher disclosed that the company spent over $1 billion on strategic initiatives, which also included its launch of the digital asset platform.
ICE is the parent company of the New York Stock Exchange and operates in 23 leading global exchanges. The Chief Financial Officer [CFO] of the company, Scott Hill, further shared his expectations on the investments Bakkt will be bringing in, as per its current financial review.
“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year.”
When Sprecher was asked about the returns or revenue growth expected from the recent investments, including Bakkt, he described the crypto platform as a “moonshot bet” for ICE. He claimed:
“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”
Sprecher clarified that Bakkt is independent of ICE as it has its own team and infrastructure. The CEO further informed that the project has independently garnered the attention of high-profile investors and partners, including Starbucks and Microsoft, reported CoinTelegraph.
The publication reported Hill concluding that Bakkt is more of a long-term project instead of a 2019-focused agenda. Hill said:
“I think Bakkt is really an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline”.
Bakkt was announced in August 2018 by ICE and was set to launch in early 2019. However, the date was postponed due to ongoing deliberations with the United States Commodity Futures and Trading Commission.
ICE had on 9 February announced the finalization of its acquisition of assets in futures commission merchant Rosenthal Collins Group.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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