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BitMEX’s Hayes: Bitfinex’s LEO Sale Sign Of Returning Bitcoin Bull Market

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Weeks ago, Bitcoin exchange giant Bitfinex raised $1 billion worth of capital, purportedly denoted in Tether’s USDT, in an in-house initial exchange offering (IEO). The token being sold was Bitfinex’s own, LEO, and became a popular investment opportunity for whales and other industry insiders.Since the raise finished, news on the subject matter has quieted. Yet, one industry executive recently came out to say that the success of the raise is of more importance that we may realize.Related Reading: Trouble? Bitfinex Posts Record High Net Bitcoin Withdrawals in April 2019Signs Of Returning Bitcoin BullsIn the most recent edition of “Crypto Trader Digest”, penned by BitMEX chief executive Arthur Hayes, it was suggested that the recent IEO boom is a sign of returning Bitcoin bulls. Hayes explained that with IEOs being the spiritual successors of initial coin offerings, which was a massive catalyst behind 2017’s Bitcoin and Ethereum surge, a surge in activity in this subindustry could “cause speculators to pile back” into this industry.The data suggest that IEOs have already seen massive success. As aforementioned, Bitfinex raised $1 billion from a mass of investors, of which many have been purported to be China-based. And Binance has continued to see tens of thousands, maybe more, line up for its IEOs.While Hayes went on to acknowledge that this craze is just feeding into the incessant stream of “s**tcoins” and “SICK GAINZ”, he adds that Bitfinex’s raise confirms that the “community is feeling good about itself”. Or as he put it on Twitter a bit earlier, “the bull market is here, buckle-up buckaroos!!”A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe— Arthur Hayes (@CryptoHayes) May 13, 2019 Funnily enough, however, some have postulated that the sale of LEO tokens may be a detriment to the crypto market. As reported by NewsBTC previously, Tom Lee, Fundstrat’s head of research, explains that $1 billion worth of new tokens will have a negative impact on BTC and other digital assets, as the market needs to “absorb” an influx of LEO tokens. As Lee notes, “Bitcoin miners sell $7mm per day, so a $1 billion IEO is essentially 142 days worth of miner selling taking place in one day.”But, LEO has launched, and the market has actually stagnated, not collapsed.Not The Only SignThis isn’t the only bullish sign that Hayes has seen as of late. In a tweet, the former institutional trader pointed out that the June and September contracts on BitMEX are in contango, when a futures contract trades above the spot price, a sign of longs and bullish speculators.The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah! pic.twitter.com/qknhDQ8i7p— Arthur Hayes (@CryptoHayes) May 19, 2019
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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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