– Tom Lee has lowered his year-end bitcoin price target to $15,000 from $25,000
– SIX Swiss Exchange will list the world’s first exchange traded product
– Silver Castle, Israel’s cryptocurrency investment firm, launched two funds this month and expects to have $50 million under management by the end of the year
– Bank of America has won a patent for a system that allows enterprise-level institutions to store cryptocurrencies owned by their customers
Tom Lee, Wall Street analyst and co-founder of Fundstrat Global Advisors, has lowered his year-end bitcoin price target to $15,000 from $25,000.
“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism,” said Lee. “But we believe the negative swing in sentiment is much worse than the fundamental implications.”
According to FT, Switzerland’s main stock exchange SIX Swiss Exchange will list the world’s first exchange traded product (ETP) tracking multiple cryptocurrencies.
The Amun Crypto ETP, which will start trading this week, has been designed to track an index based on the movements of five leading cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Silver Castle, Israel’s first dedicated cryptocurrency investment firm for institutional and accredited investors, launched two funds this month and expects to have $50 million under management by the end of the year.
Bank of America, one of the largest U.S banks, has won a patent for a system that allows enterprise-level institutions to store cryptocurrencies owned by their customers.
The document suggests that a customer account may be credited with an equivalent value to their cryptocurrency deposits, though the funds themselves would be stored in an aggregated enterprise account.
As the patent explains: “Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”
To that end, the bank’s system includes a processor and memory to store a private key associated with some cryptocurrency holdings. The patent goes on to describe how this system would be able to both store the holdings, as well as facilitate transactions when authorized.
This sort of system brings a number of benefits in terms of using less bandwidth and memory, as well as requiring fewer computational and power resources, according to the document.