After 11 years of development, the digital asset industry has slowly entered the general public eye from the niche market. As of June 30, 2020, the full total market value of the provides exceeded US$260 billion. Digital assets displayed by Bitcoin and Ethereum have grown to be alternative assets prioritized by institutional investors and high-net-worth personal investors.
(Previous overview: Grayscale Q2 survey: Trust items such as for example BTC and ETH “doubled” to 905 million US bucks, a single-season high)
(Event background: Dr. Doom’s title “More Light Swans in 2020”: The chance of “L-shaped Melancholy” cannot be ruled out in the next 10 years)
As the epidemic in america, India, Brazil and other places continues to warm up, the global economy is facing huge uncertainties. Government authorities of various countries have introduced recovery measures to avoid the economy from dropping into deflation. The total amount sheets of global central banks displayed by the Federal government Reserve have observed epic development, and the world will usher within the period of post-epidemic inflation.
Since March 31, 2020, Grayscale Bitcoin Trust has increased its holdings by more than 70,000 bitcoins, and its accumulated holdings have exceeded 386,000 bitcoins, accounting for about 2.1% of bitcoin circulation; Grayscale Bitcoin Trust’s supplementary market price is usually higher than the first level The marketplace price has taken care of a premium price of 5%-30% for a long time. This shows that off-market funds possess strong allocation requirements. In the context of global inflation and economic recession, Bitcoin as a digital gold will slowly show the characteristics of hedging and value preservation.
Quantitative trading refers to an investment method that uses data analysis to mine the laws of market procedure, and uses mathematical choices to evaluate investment probability, thereby replacing subjective judgments. Quantitative trading has the advantages of rigorous models, low transaction latency, 7*24 hrs trading, and solid risk aversion abilities.
Quantitative trading can continue to earn Alpha income within the digital asset trading market using the characteristics of decentralized liquidity, different contract types, and many retail investors. With the growth from the digital asset sector, the digital asset quantitative asset management sector will flourish.
Further reading: Ethereum 2.0Short introduction ETH 2.0 economic super model tiffany livingston analysis report
Prolonged reading: DeFi Industry Study Semi-Annual Report (2020)-Code-Driven Long term Fresh Finance (with full report)
Because of the opaque information of digital asset quantitative items, investors’ distrust from the performance of quantitative items is definitely a key point restricting the growth and growth from the digital asset quantitative asset management sector. TokenInsight has created the first ¨quantitative display platform〃 that displays quantitative product efficiency in an open, clear and real-time way, and has invited many outstanding quantitative teams to join the ¨quantitative transparency alliance〃, which significantly enhances sector transparency.
With the continuous improvement from the platform and the continuous growth from the alliance, more outstanding quantitative teams will be discovered by the marketplace, and more investors can find suitable investment targets.
Summary 1. The global epidemic continues to increase. The global epidemic provides ushered in another outbreak. The number of recently diagnosed cases in america, India, Brazil and other countries has repeatedly attained new highs in a single day, and the global epidemic situation is becoming more and more serious. The new crown epidemic could have a deep impact on individual existence, and mankind must be ready for long-term coexistence with the brand new crown epidemic.
- Major capital markets have got into a “structural bull marketplace.” Within the context of a wide foreign currency, the world’s main capital markets possess stepped in to the “structural bull marketplace” in turn, ignoring factors like the continuing epidemic and the decline in economic fundamentals. 3. The characteristics of Bitcoin as digital gold will slowly emerge. Take the United States as an example. Following the subprime mortgage crisis in 2008, the Federal government Reserve released a quantitative easing policy, and the U.S. stock market went out of its ten-year bull. While a lot of additional lawful tenders have already been released, common people’s wallets have shrunk. The poor obtain richer, the wealthy obtain richer, the gap between the wealthy and the poor in American society has been widening, and interpersonal conflicts possess intensified. Within the period of ¨post-epidemic inflation〃, Bitcoin, being a scarce non-sovereign asset, will evolve from the highly volatile option asset to ¨digital platinum〃. 4. Arbitrage and trend quantitative strategies possess complementary advantages. Within the narrowly fluctuating marketplace this 30 days, arbitrage strategies nevertheless achieved steady profits, but the produce has declined; trend/composite strategies possess reversed positions often and continuing to wear out. Arbitrage strategies possess low volatility and stable returns. Craze/composite strategies possess high volatility and high returns. An acceptable allocation of arbitrage and trend/complex strategies within the investment portfolio can successfully reduce the drawdown and raise the price of return. 5. High-frequency techniques are polarized, and the solid ones are often solid. Outstanding high-frequency teams are significantly ahead of ordinary high-frequency teams in terms of IT infrastructure, dealing with fees, versions, etc., and the solid are always solid. Little and medium-sized quantitative teams can obtain even more favorable transaction rates through third-party asset management agencies to boost the competitiveness of their techniques. 6. The digital asset quantification sector enters the next half. As even more professional quantitative money enter the digital asset management industry, competition has become progressively fierce, and the period of high-yield quantitative money has passed. In the foreseeable future, compliant, stable, and complete provider system asset management institutions will be favored by investors. 7. “Credible quantification” will become the mainstream of marketplace investment. In the past 3 years, the assistance between investors and quantitative money has mainly already been maintained by personal credit. In acute cases, the reputable rights and needs of investors cannot be secured and huge deficits in assets possess occurred. The development of the digital asset management sector must take care of the distrust between investors and quantitative teams. Blofin provides risk monitoring, auditing, clearing and settlement/custody services to protect the privileges of investors and quantitative teams.
Prolonged reading: TokenInsightVery first half of 2020 DeFi Industry Study 1Transaction – DEX
Prolonged reading: Analysis from the status quo from the DeFi industry inside the first half of 2020 2Stable coins, lending, and NFT
Section 1 Macroeconomics and Marketplaces Section 1 Macroeconomics and Major Assets Performance In 2020, the global pandemic of the brand new crown epidemic will cause the global economy to stagnate and fall into a huge recession. Recently, the IMF introduced its forecasts around the GDP development rate from the global economies: On the list of major economies in the world, just China’s 2020 GDP development rate is forecasted to be positive; due to inadequate control of the epidemic in america, Europe and other created countries, the economy has restarted Issues, falling into a vicious group from high unemployment to poor consumption. The forecasted GDP development rate of created economies in 2020 will be -8%, and countries such as for example France, Italy and Spain even exceed -12%.
This month, countries like the USA, India, and Brazil ushered in the next counterattack contrary to the epidemic, with new confirmed cases in a single day reaching new highs, and the global epidemic situation is getting worse. Within the context from the substantial release of water, major global capital markets disregarded the continuation from the epidemic, economic fundamentals and other factors, begun to rise in turn, stepping in to the “structural bull marketplace” within the post-epidemic period of excellent inflation.
Alternatively asset with high volatility, Bitcoin will naturally not be absent out of this inflationary feast. Bitcoin will slowly show its scarcity, value preservation, and non-sovereignty characteristics.
Further reading: Fed announced to keep up 0 interest rate! Counter-indicator Ruler Gartman is short on platinum “Rich Dad” echoes: Don’t buy gold to get Bitcoin!
Extended reading: Rich dad Robert Kiyosaki: The last time the price of gold was less than 2,000, figure out how to be smart; gold will become the obsolete item in the struggle for generations
-Graph 1-1 GDP forecast of main global economies, source: IMF, TokenInsight – Graph 1-2 Assessment of major asset market inside 2020, source: option, TokenInsight (information is normalized)-From Graph 1-2 It can be seen that by June 30, Bitcoin and platinum are the two assets with the best performance and the best yield through the year. Compared with other major types of assets, BTC has increased volatility, and price movements are relatively independent more often than not.
However, the marketplace since March also shows that systemic risks within the global economy will have a huge impact on the price of Bitcoin. Bitcoin is still an asset priced in US bucks and cannot be completely in addition to the global financial marketplace.
-Chart 1-3 Assessment from the correlation between Bitcoin price and various types of assets inside 2020 (June 1 to June 30), source: wind, TokenInsight (information is normalized)-With once, from Graph 1-3 It can also be seen that among the main types of assets, Bitcoin has a low correlation with some other assets such as shares, property, crude essential oil, and gold. Consequently, adding a particular percentage of Bitcoin towards the allocation of main types of assets can significantly reduce the volatility of the overall portfolio and diversify the chance of the expense portfolio.
Section 2 Digital Resource Market (1) Level of liquidation inside the entire network
-Graph 1-4 The every day liquidation quantity of the whole network, source: coin, TokenInsight-The every day liquidation quantity of the whole marketplace relates to the leverage degree and the fluctuation selection of the whole marketplace. In the brutal long-short video game, the leverage degree of the whole marketplace increases and the fluctuation range becomes larger, which leads to an increase within the daily liquidation amount.
On June 2nd, the digital currency marketplace fluctuated sharply. The long-short video game was fierce in the mental threshold of $10,000 in Bitcoin, and the full total market liquidation amount was close to $800 million. The liquidation was mainly concentrated around the five exchanges of Bitmex, Binance, OKEX, Huobi and Bybit.
On June 28, the digital currency market fell for a short time, and the every day liquidation amount reached a staged high of 320 thousand U.S. bucks; then the marketplace returned to a volatile market, and the downward trend did not last.
Generally speaking, weighed against historical market, this month’s market activity is lower, and the result of making money is not obvious.
(2) Contract basis
-Chart 1-5 Popular digital asset quarterly contract (OKEX) foundation and spot proportion, source: coin, TokenInsight-As shown inside Physique 1-5, the quarterly contract (OKEX) of 5 mainstream digital assets such as for example BTC, ETH, and BCH ) The foundation and spot proportion show a higher degree of uniformity, which illustrates the solid correlation between digital assets.
In the center of this 30 days, the quarterly contract premium rates of mainstream assets are mostly within the 0%-1% range, and the premium rates within the bull marketplace from March to July 2019 come in the 5%-8% range. This shows that the digital asset marketplace is still volatile and the bullish sentiment is not solid.
At 7 o’clock each day on June 2nd, the digital currency market found a sharp rise. Bitcoin broke with the mental threshold of $10,000, and the quarterly contract basis quickly expanded to 1 1.5%. At 10 o’clock in the evening on June 2, Bitcoin got the business lead and fell by more than 10% in a short time. The quarterly contract basis changed significantly, & most arbitrage techniques reaped considerable income.
On June 28, the overall digital currency marketplace fell. Among them, the BSV spot fell by more than 15% in a short time, and the quarterly contract basis changed significantly; the quarterly contract basis of some other digital assets changed slightly, and there is no apparent arbitrage space. Multi-currency arbitrage techniques can capture even more arbitrage opportunities, and the overall rate of return is higher.
Overall, the marketplace this 30 days is relatively even, there are few arbitrage opportunities for arbitrage strategies, and trend/complex strategies continue to wear.
Further reading: Market Analysis Report | The next quarter of 2020. Research around the Cryptocurrency “Derivatives Trade” Market (Component 1)
(3) Comparison of USDT OTC price and USD trade rate
-Graph 1-6 USDT over-the-counter price and USD trade rate comparison, source: wind flow, coin, TokenInsight-In theory, for each 1 USDT issued, 1 USD or equivalent assets are collateralized, therefore the trade price of USDT to USD ought to be constant Equal to 1. However, because of the convenience of the trade channel between USDT and the U.S. dollar, the restrictions of relevant regulations, and the imbalance of supply and demand, USDT will will have a premium or discount contrary to the U.S. dollar for a long time.
The price cut and premium can reflect the inflow and outflow of funds within the digital asset trading marketplace to a large extent, and is really a key indicator for evaluating whether funds on / off the marketplace are bullish or bearish.
In the several weeks since the “312” plunge, USDT has been at a confident premium for a long time, and the premium rate in addition has been with us 1% for a long time, indicating that over-the-counter funds continue to enter the marketplace, which includes also driven the restoration of BTC and other digital assets for just two several weeks , And prompted BTC to return to more than $10,000.
This month, A shares rose sharply, and the Nasdaq index continued to hit record highs, leading to continued outflow of funds available on the market. USDT provides maintained a negative premium of -0.5% to -1% contrary to the US dollar. It really is undeniable the digital asset sector is still a capital-driven sector. The outflow of money available on the market provides led to shrinking liquidity and relatively flat market conditions.
Further reading: The World Stablecoin Association (WSA) was established inside Switzerland, and really wants to accelerate the participation of USDT and USDC issuers
Extended reading: Well-known scienceThe rise of mStable, a stable currency aggregation protocol: the realization of “zero slippage exchange” among USDT, USDC, DAI and TUSD
Section 2 Quantitative Product Performance Section 1 Average Functionality of Quantitative Methods Blofin has real historical performance information of hundreds of digital asset quantitative funds all over the world. The real and transparent traditional performance eliminates investors’ distrust from the quantitative team and eliminates the lack of information. Symmetry, protect investors at the source. Blofin divides digital asset quantitative items into six technique groups according to the pricing regular (BTC regular, USD/USDT regular) and technique type (trend/composite, arbitrage, high-frequency technique), and builds a BTC regular, USD/USDT regular TI index.
Within the narrowly volatile marketplace in June 2020, arbitrage techniques performed steadily, but yields decreased; trend techniques continued to wear out; high-frequency techniques diverged, with combined fluctuations.
Numerous strategies have low relevance, and the FOF portfolio can effectively reduce risks by configuring several strategies.
(1) BTC-based strategy performance
-Chart 2-1 Assessment of BTC-based arbitrage strategy performance (scale-weighted) and TI index (BTC-based), source: TokenInsight -Popular digital assets fluctuated inside a small range inside June, with low marketplace activity and continued shrinking trading volume; The marketplace lacks hot spots, has no money-making effect, and it is difficult to catch the attention of incremental funds.
Other mainstream digital assets showed a slight unilateral downward trend relative to Bitcoin, and the TI index (BTC regular) fell by 0.74% this month. The BTC regular arbitrage strategy carried out steadily this 30 days, but the trading opportunities decreased and the yield rate reduced.
-Chart 2-2 Assessment of BTC regular trend/composite strategy performance (size weighted) and TI index (BTC regular), source: TokenInsight -Craze/composite strategy frequently reversed positions within the volatile marketplace this 30 days and continued to wear. The trend/composite strategy index has a cumulative loss of 9.9% this month, using a maximum drawdown of 10.5%, significantly underperforming the TI index (BTC standard).
Within the context from the global economic downturn and currency issuance, we expect that BTC will return to a high-volatility increasing channel. Consequently, configuring a particular proportion of trend/combined strategies within the investment portfolio can successfully increase the portfolio yield.
-Chart 2-3 Assessment of BTC-based high-frequency strategy efficiency (size weighted) and TI index (BTC-based), source: TokenInsight-BTC high-frequency strategy index showed the unilateral downward trend this month, using a cumulative loss of 0.6% this month, the largest The retracement attained 1.5%, slightly outperforming the TI index (BTC standard). The high-frequency technique group is usually polarized, and the solid are always solid. Investors should properly understand income and risks, and make fair allocations to their investment portfolios.
(2) USDT Standard Strategy Index
-Graph 2-4 USDT regular arbitrage strategy performance (size weighted) weighed against TI index (USDT regular), source: TokenInsight-TI index (USDT regular) this 30 days showed the unilateral oscillating downward trend, using a cumulative decline of 4.7%. On June 2nd, there is a “decorated door marketplace”, and a short-term arbitrage chance appeared on the market. The arbitrage technique index achieved a cumulative raise of 2.2% in two times, data processing for 66.5% of June’s total revenue.
-Chart 2-5 Assessment of USDT regular trend/composite strategy performance (size weighted) and TI index (BTC regular), source: TokenInsight. At 7 am on June 2nd, Bitcoin noticed a sharp rise around 6%, breaking through 10,000 The US dollar resistance degree, there is a solid bullish signal around the specialized side. Craze/composite strategies usually increased their positions by a huge margin, so that they experienced heavy losses within the dropping market around the night time of June 2nd. Placement management may be the primary of trend/compound techniques, and poor placement management can cause substantial losses.
-Graph 2-6 USDT regular high frequency strategy performance (size weighted) and TI index (USDT regular) assessment, source: TokenInsight-USDT regular high frequency strategy index showed the unilateral downward trend this month, using a cumulative loss of 2.1% this month, The utmost drawdown is 10.5%. USDT regular high-frequency strategy also faces the problem of polarization and the strong will remain strong.
(3) Brief summary of strategic index performance
-Chart 2-7 Assessment of the average performance of different strategies using the standard index inside June, source: TokenInsight-This 30 days, the TI index (BTC regular) and TI index (USDT regular) both showed the unilateral downward trend, and the market’s earning effect was weak.
Trend/substance strategies and high-frequency strategies continue to wear out, and only arbitrage strategies maintain positive profits and outperform the TI index. For investors, analysis and analysis from the relevance of each strategy, and a reasonable configuration of multiple strategies can successfully control portfolio risks and achieve stable asset appreciation.
Prolonged reading: TokenInsight2020 Q2 Cryptocurrency “Spot Exchange” Industry Study Report
Section 2 The system category can make intuitive judgments around the relationship between techniques by calculating the relationship matrix between techniques.
In most cases, a correlation coefficient greater than 0.8 means a strong relationship between techniques; a relationship coefficient less than 0.3 means a weak relationship between techniques; a relationship coefficient less than 0.1 implies that strategies are irrelevant or extremely low.
-Graph 2-8 BTC-based strategy group product correlation matrix, source: TokenInsight-Table 2-8 exhibits the BTC-based arbitrage strategy index, trend/composite strategy index, high-frequency strategy index and TI index correlation matrix. It can be seen the correlation between your arbitrage strategy index and the TI index is extremely low, indicating that the arbitrage technique is less affected by the market; within the narrow selection of the marketplace this 30 days, the arbitrage technique index, trend/composite strategy index, and high rate of recurrence strategy index are negative Relationship shows that the arbitrage technique in the investment portfolio might help smooth the produce curve and reduce the retracement from the portfolio.
-Graph 2-9 USDT regular strategy group product correlation matrix, source: TokenInsight-Table 2-9 exhibits USDT regular arbitrage strategy index, trend/composite strategy index, high frequency strategy index, TI index and BTC/USDT transaction The correlation matrix from the pair. It can be seen the correlation coefficient between your TI index and the BTC/USDT trading pair has reached 0.99, indicating that altcoins and Bitcoin are along at the same time, and the correlation is very strong.
The USDT-based arbitrage strategy has the same performance as the BTC-based arbitrage strategy, is less affected by the market, and has a negative correlation with trend/composite strategies and high-frequency strategies. For investors, fair allocation of arbitrage techniques and trend/composite techniques, or arbitrage techniques and high-frequency techniques, or arbitrage techniques and passive purchasing index techniques can improve the adaptability from the portfolio.
Section 3 Quantifying product efficiency (1) Sharpe proportion distribution
-Graph 2-10 BTC regular product Sharpe proportion and strategy distribution, source: TokenInsight – Graph 2-11 USDT regular product Sharpe proportion and strategy distribution, source: TokenInsight-From the perspective of strategy capability, trend/substance strategy> arbitrage strategy> High-frequency strategy: In the perspective of product quantity, even more quantitative teams prefer high-yield trend/composite strategies. High-frequency techniques are less technically difficult due to their higher numbers.
The Sharpe ratio distributions of the two standard arbitrage products are concentrated within the [2,8) range, and the overall performance is stable; the trend/composite product Sharpe ratio distribution is concentrated within the [-6,0) range; high-frequency products appear bipolar Differentiation, the Sharpe price distribution is targeted in the two intervals of [-6, -2) and [0, 4). There are obvious distinctions between items, and there is a situation where the solid ones are often strong.
(2) Maximum drawdown distribution
-Graph 2-12 BTC regular product optimum drawdown distribution, source: TokenInsight – Graph 2-13 USDT regular product optimum drawdown distribution, source: TokenInsight-Figure 2-12 and Physique 2-13 respectively show the largest BTC standard product The retracement distribution and the USDT standard product maximum retracement distribution.
It can be discovered that market-neutral arbitrage items are stable within the volatile marketplace, and the utmost drawdown is less than 2%; the distribution of the utmost drawdown of trend/composite items and high-frequency items is relatively dispersed, indicating the leverage proportion, There are specific differences in versions and turnover rates.
Prolonged reading: Investment strategy analysisLong-short position ratio (lspr) inside the application of digital asset quantitative trading
Chapter 3 Market Outlook Section 1 2020 Digital Resource Market Outlook-Chart 3-1 Assessment of the efficiency of global asset returns (information for 2020 by June 30, 2020), source: Breeze, TokenInsight-from Graph 3-1. It can be seen that since 2016, Bitcoin provides performed much better than stock assets, commodity assets and property, and may be the asset with the best yield in the world.
As the investment value of Bitcoin is more popular worldwide, high-yield, high-volatility digital assets have gradually entered the mainstream vision, and more and more institutional and individual investors have begun to allocate digital assets displayed by Bitcoin.
Affected by the brand new crown epidemic, the global economy provides stagnated and the unemployment price is high. Central banks of varied countries represented from the Federal government Reserve have released a lot of currencies to deal with the downward stress of the economy. Within the post-epidemic period of excellent inflation, ordinary people are confronted with the expectation of shrinking prosperity, causing the world’s main capital markets to deviate using their fundamentals and step into a “structural bull marketplace.”
As of June 30, the full total marketplace value of Bitcoin was about 170 billion U.S. bucks, and the full total marketplace value of precious metal exceeded 11 trillion U.S. bucks. After the third halving of Bitcoin, the yearly issuance price of Bitcoin fell to 1 1.8%, which was the same as that of gold. Is becoming among the assets with the cheapest inflation price. Bitcoin will slowly evolve from the highly volatile option asset to a “digital platinum” that’s value-preserving and anti-inflation.
Section 2 Quantitative Growth Craze of Digital Assets After eleven years of growth, the digital asset industry offers gradually entered the general public eye from the niche market. As of June 30, 2020, the full total market value of the provides exceeded US$260 billion. Digital assets displayed by Bitcoin and Ethereum have grown to be alternative assets prioritized by institutional investors and high-net-worth personal investors.
After 3 years of rapid growth within the digital asset quantitative trading industry, we estimate that the current amount of global digital asset quantitative teams is approximately 500, and the full total scale is around the order of one billion US dollars. The effect on the entire digital asset market is usually relatively limited.
It really is foreseeable that in the future digital asset market, digital asset quantitative money will become the brand new darling of the days, the quantity and size of funds increase quickly, and several outstanding digital asset management establishments will rise. We believe that for a long period of time in the near future, the digital asset quantitative trading industry will also show the next trends:
- Transparent and compliant digital asset quantitative money will become the mainstream. As the regulatory plans of various countries become clearer, opaque and noncompliant quantitative foundations face lawful litigation and taxation issues, and it is difficult to get the trust of investors.
- The concentration from the digital asset management sector will continue to increase, and the winner will take all. As marketplace competition intensifies and the price of return of quantitative dealings decreases, small and medium quantitative teams are in a disadvantage in all aspects. The top quantitative teams will earn most of the income on the market, and sector concentration continues to increase.
- The risk urge for food of mainstream investors on the market provides shifted from an intense type to a steady type. Since 2017, the digital asset industry provides experienced 2 yrs of high volatility, and different strategies have achieved extremely high yields. Starting from Q4 of 2019, sector competition provides intensified, the marketplace environment provides changed, and investors’ expected profits have decreased, and they prefer stable money.
- A group of professional digital asset management establishments will emerge.
The lack of custody, clearing and settlement, auditing and other services that are appropriate for the quantification of digital assets is definitely a key point restricting the quantitative development of digital assets. With the entrance of professional provider organizations and the establishment of provider standards, the assisting services of digital asset quantitative asset management will become more standardized and more and more important to investors.
“False quantification” will be rapidly eliminated, and “credible quantification” will become a reality.
Appendix: Industrial Events 1. On June 1, the Central Committee from the Communist Celebration of Tiongkok and hawaii Council of Tiongkok released the “Overall Arrange for the Structure of Hainan Free of charge Trade Interface”. The plan proposed to strengthen the application of blockchain technology in intellectual property transactions, deposits and other aspects, and explore suitable for free trade The new model of Hong Kong growth;
- On June 3, MV Catalog Solutions (MVIS), a subsidiary of VanEck, an investment management organization, and CryptoCompare, a digital asset index service provider, reached a partnership to release the hourly “Bitcoin Standard Price Catalog” (code title: MVIBTC), which really is a wish Funds, asset managers and exchanges that build financial loans (such as for example derivatives and ETP) on Bitcoin supply reference exchange rates. The new interest rate summarizes the Bitcoin costs of the top five trading venues within the CryptoCompare trading benchmark, that is tracked every hr;
- On June 9, the full total market value of DeFi tokens exceeded US$2 billion, an increase of 120% before two months;
- Bakkt has established a cooperative connection with Galaxy Digital, a monetary services and investment management organization, and the two celebrations will cooperate to provide institutional investors with bitcoin trading and custody providers; 5. On June 16, according to the Thai media The Nation Thailand, a subordinate from the Thai Ministry of Financing The Public Financial debt Management Office (PDMO) will concern savings bonds to the general public through a blockchain platform. The face value of the bond is usually 1 baht (approximately US$0.030), and a total of 200 million baht (approximately US$6.5 million) will be issued.
- On June 26, Ebon International was officially listed on Nasdaq in america. The final concern price was US$5.23 per talk about, and the full total issuance size was approximately US$107.5 million, becoming the next share of mining machinery after Canaan; 7 On June 26, in accordance with Cointelegraph, the SEC submitted a proposed last judgment proposal towards the court around the Telegram project. The SEC requested the Southern District of NY to fine several defendants in connection with the case. According to the document, Telegram decided to pay back investors $1.2 billion in illegitimate benefits (about 70% of private equity financing) and can pay the SEC a civil okay of $18.5 million. 8. On June 28, Nasdaq introduced the release of industry Services System, which aims to help companies build financial tools based on distributed ledger technology (DLT) technology to allow customers to raised issue , Trade and manage its digital assets and token assets.