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Bitcoin Futures Trading Testing By Bakkt Officially Starts In July

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Bitcoin futures trading testing by the institutional trading platform Bakkt will start in July according to the latest announcements. We find out more in the latest cryptocurrency news below.

In a blog post, Adam White, the COO of Bakkt and the original employee of the major crypto exchange Coinbase, says that the Bitcoin futures trading testing will start on July 22. He noted:

 “On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.’’

The announcement was expected for a long time now. Bakkt which has named itself as the game-changing crypto ecosystem for all of the institutional investors faced multiple delays in the past. They announced the first testing in August 2018. The biggest issue for Bakkt’s team was the regulatory uncertainty and it still remains the most important problem to solve. Bitcoin futures trading will represent the first of many offerings but it still unknown when a total rollout of the service will be delivered.

Setting the date on the pilot phase is coming in a good period but the coming week the rival provider CME Group announced a new record volume for its product. As previously reported in the coming altcoin news, the CME futures passed more than $500 million in implied USD value. Also, a few days ago the new crypto index Cryptoindex was launched which allows traders using TradingView, Bloomberg and Reuters to access information on Bitcoin and other major digital currencies and tokens.

At the same time, CBOE which is the first bitcoin futures provider in the world will stop all operations later this month. The executives blamed the poor market performance and announced their decision just weeks before the BTC markets went into bull run mode reaching $9,000. White noted:

 “Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology.’’

Bakkt’s effort to help institutional investors and institutions, in general, to launch safely on the market is a very important element for the future. There are currently many new regulations and recommendations coming from the Financial Action Task Force (FATF) which will put stringent new requirements on all the crypto-related businesses.

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The German Government Establishes A Sound Blockchain Strategy

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The latest cryptocurrency news let us focus on blockchain's adoption in Europe. As we can see, the German government has officially set a roadmap of priorities for the technology, announcing it at a recent event. On September 18, the Federal Ministry of Finance and Federal Ministry of Economics and Energy in Germany published a paper named "Blockchain Strategie" (meaning blockchain strategy) which outlines how Germany as a leading economy in Europe and most influential state - will embrace and work within the blockchain ecosystem led by Angela Merkel's administration. The German government and ministries said that they would strive to make the country a hub for blockchain development activities. They said:
“The young and innovative blockchain ecosystem in Germany should be preserved and continue to grow. Germany should be an attractive location for the development of blockchain applications and investments in their scaling. At the same time, large companies, small and medium-sized enterprises and startups, as well as the public sector, countries, civil society organizations, and citizens should be enabled to make informed decisions about the use of technology.”
In order to achieve its newly outlined blockchain goals, the German government said that one effort that it wants to undertake is devising an “investment and growth-oriented regulatory framework” geared to the domestic crypto economy. This way, the markets could “work without state intervention and the principle of sustainability is guaranteed.” Furthermore, the ministries noted that they were going to take a multi-pronged approach towards becoming a blockchain hub. As many best cryptocurrency news sites noted, Germany is looking to promote entrepreneurs, encourage investments, guarantee stability, enable fair competition, support stakeholders and foster international cooperation in the attempt to bring blockchain to the masses. All of these goals were created through consultations with officials of the German government - and more than 150 crypto economy stakeholders over the past few months. The task at hand is now putting everything into action.
“At the European and international level, the Federal Government will work to ensure that stablecoins do not become an alternative to state currencies,” the strategy document read.
The grand question for now is whether other smaller European countries will follow Germany's (and France's) lead in taking a strict stance towards blockchain innovation.
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CJ Korea Develops A Blockchain-Based Music Copyright System

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One of the largest conglomerates in South Korea, CJ Korea, is developing a blockchain-based music copyright management system that uses the AWS' Amazon Managed Blockchain Service as local media outlets show. As the Korean news agency Yonhap said in a report on Thursday which made the altcoin news, the initiative is being led by CJ OliveNetworks which is a subsidiary of the CJ Corp parent company that operates the beauty retail and technology business of the conglomerate. Many best cryptocurrency news sites reported about CJ Korea too, saying that the digital copyright system is unique in many ways. The system will apparently keep a history of the broadcasting of copyrighted songs and store the information on the blockchain. The goal of CJ Korea is to allow the owners and users of the material to share the resulting ledger and arrive at an equitable payment scheme which will be set up for the use of the intellectual property management system.
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders,” said Kim Eung-do, the director of the DT Convergence Research Institute at CJ OliveNetworks in a report which was published in the business outlet Hankyung.
As he also noted, “the blockchain-based copyright management system will greatly contribute to improving the copyright management process.” Meanwhile, CJ Korea is South Korea's 14 largest conglomerate and has 31 trillion won ($25.9 billion) in assets as the latest Fair Trade Commission data report shows. The business lines include everything from food and beverage to logistics, beauty stores, IT, entertainment and a cinema chain. On the other hand, the latest cryptocurrency news show that CJ OliveNetworks operates OliveYoung, who is one of the country's K-beauty leaders. He has an IT division doing everything from Internet of Things (IoT) to cloud computing to Big Data. However, a decision was announced in April to split the two and transfer the IT division to CJ Korea Corp. Meanwhile, Amazon Web Services (AWS) became available in Korea in 2016.  2019 was the year when it started offering the Managed Blockchain to the public, following the introduction of the service back in 2018. So far, AT&T, Nestle and Accenture are among the respected clients of the service.
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Huge Mining Confidence Indicates A Strong Boost For Bitcoin

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Huge mining confidence shows that the bitcoin miners are not giving up and this could be a strong indicator for a boost in the price of bitcoin as per the coming altcoin news below. The last difficulty hike from September 13 made it 10.38% which is less likely for miners to discover a block. In the meantime, the mining pools have been compensated with even power. It is expected soon that another double-digit growth in difficulty will take place during the Bitcoin mining re-evaluation next week if the huge mining confidence keeps up the pace. The data shows that mining has grown exponentially. According to the analyst Hodlonaut, the race for more mining rigs is a sign of confidence. The miners are producing 1,800 new BTC each day which is a number that will be slashed in half in 2020. The halving of the reward could arrive earlier as the block times go down to less than 10 minutes. The growth in mining has led to an increase of 100 quintillion hashing operations which is a unique growth for any industry. Since the mining started with a computer CPUs and moved to multiple generations of specialized machines, it is hard to imagine what the future of Bitcoin mining will look like. Bitcoin is also the network with the highest daily transaction fees but Ethereum took over earlier this week due to the network overload and massive fee increase. The competition between the miners shows that there is a diverse selection of pools which discover the blocks of late. BTC.com still has a leading position but Poolin which a newly arrived pool, gained speed in the past months. The increase in mining shows to the launch of the estimated half a million mining rigs and Bitmain has pledged transparency on the Antminer shipments but it is still very difficult to estimate the number of new mining facilities. The reports show that Bitmain is building a significant fleet of miners in addition to supplying other pools as well. The miners point their machines to the Bitcoin Cash network where the mining has grown massively by 30 percent since the beginning of September to 2.68 EH/s which is about 40 times lower than that of Bitcoin. The hashrate for the other competitor Bitcoin SV remains unchanged. As per the latest cryptocurrency news, the bitcoin price dropped below $10,000 but mining is still viable.
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New Trojan Virus Launched That Steals Passwords From Crypto Wallets

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New Trojan virus was launched by cybercriminals over the past few days which are able to steal data from the crypto wallets. ThreatLabZ, a Zscaler team of security experts identified the malware as a RAT- Remote Access Trojan as we are about to find out more in the latest cryptocurrency news. The malware is using backdoor methods to gain unauthorized access to computers and other e-appliances and poses a huge threat. The Malwarebytes Labs cybersecurity company issued a report in 2019 about the State of Malware which underscored that two major malware categories included crypto miners and Trojans. The report predicted at that time that this year will be very interesting because of the new tricks and threats. Zscaler identified a new threat against the protection of privacy data which was written in the .NET programming language and it was later flagged as a new Trojan virus designed to perform a specific task such as stealing personal information. Among other things, InnfiRAT is written to look for cryptocurrency wallet information such as Litecoin and Bitcoin. InnfiRAT can grab the browser cookies to steal the stored usernames and passwords as well as the session data. The malware uses its screenshot functionality to gather information from the open windows while checking other applications running on the targeted system. According to the researches, the RAT transmits the stolen data to its command center and waits for further instructions. The instructions could direct the RAT to download some additional information from the targeted computer. The new Trojan virus poses a huge threat that involves a backdoor method but it is not new. For example, in 2018 the Director of Mac and Mobile at Malwarebytes, Thomas Reed, reported about the MAC cryptocurrency ‘’ticker app’’ because it is able to infect two open-source broad spectrum backdoors. The goal of the malware is not identified. Reed believes however that the malware was designed to steal digital coins from crypto wallets. The cybercriminals spread most of the computer viruses via email attachments. The ThreatLabZ security team reiterates best practices for email attachments as we found out earlier in the altcoin news.
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