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Modulus to Integrate its Patent-Pending TradeScript Programming Language into Digital Asset Exchange Solution to Enable Social Trading

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This morning, Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges, announced that it would begin integrating its patent-pending TradeScript library into its Digital Asset Exchange Solution. After a revolutionary overhaul, the latest version of TradeScript is now 300 percent times faster than before, and it is a truly interpreted programming language.

“This is groundbreaking because of the host of options to which traders will now have access,” said Richard Gardner, CEO of Modulus. “For traders using exchanges which run the Modulus technology stack, once this implementation is complete, they will see a new menu option which opens a page specifically for TradeScript. From there, they will be able to experiment with trading strategies and even share them with the world, if they so choose.”

The integration will allow traders to write new trading strategies, backtest them (including results with a P&L chart for performance and over 24 statistical outputs such as Sharpe, Calmar, and Sortino ratios), and then, either save it for personal use or publish it for public consumption (social trading). The script will run 24/7 until the user pauses or deletes it.

“What this does is give more power to traders. Information is power, and, especially as Main Street investors are beginning to engage more heavily with cryptocurrencies, it makes sense to give them as much information as possible, so they can digest it, and make good investment decisions. When strategies are made public, other traders can subscribe to them and follow their performance data, so they can choose whether or not they wish to use it as a piece of their own trading strategy moving forward,” said Gardner.

Once subscribed to a signal, users can get alerts sent to their phones via SMS or email. They can additionally enable auto-trading, which will generate new market orders. Once subscribed, the trader would specify how much to trade as a percentage of their account, not to exceed 5%, with new orders limited to one per hour unless there is an open position, in which case an order may be allowed to close an existing open position at any time. Because auto-trading can involve higher than normal levels of risk, users will see a disclaimer which details the risk involved before enabling the auto-trading function.

“With this, we’re hoping to do two things. First, we want to give traders more information from which they may base their decisions. And, we also want to build a community. Traders will be able to create profiles that are linked to accounts, allowing them to create a network of followers. I’ve always believed that technology is the great equalizer. All you need to succeed is to have good ideas which add value. This implementation will allow traders to show others just how good their ideas are — and how much value they create. Cream rises to the top, and, for a handful of traders, they could see significant upside, beyond just the access to industry-leading trading information,” opined Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list that includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“When we saw the groundswell of new traders entering the digital assets and cryptocurrency market, it just made sense to us to make the technology that had long been available to traders in traditional financial markets available to the crypto community. And, while we were at it, we upgraded all the technology components, too. TradeScript always led the industry in terms of its value to traders. Now, we’ve expanded its reach, while simultaneously making it easier to use and increasing its functionality,” said Gardner.

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Coinbase Cofounder Issues Serious Crypto Price Warning As Bitcoin ‘Death Cross’ Fear Spreads

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Bitcoin and cryptocurrency prices have struggled last week with the crypto market’s combined value slipping under $1.5 trillion—down from $2.5 trillion in May.

The bitcoin price, after getting an unexpected boost from Tesla billionaire Elon Musk last weekend, has resumed its decline over the last few days, falling back toward $30,000 per bitcoin.

Now, as bitcoin charts show the price 50-day moving average has fallen below the 200-day moving average—a pattern known as the “death cross”—Coinbase cofounder Fred Ehrsam has warned “most” cryptocurrencies and crypto-assets “won’t work” and “90 percent of NFTs” will have “little to no value in three to five years.”

Bitcoin’s “death cross,” despite its ominous name, appears to be a lagging price indicator. The last time the trading pattern occurred in March 2020, it heralded a huge bitcoin bull run that helped even smaller cryptocurrencies surge to all-time highs.

“People are going to try all sorts of things,” Ehrsam, who has gone on to found the blockchain investment firm Paradigm since leaving Coinbase in 2017, told Bloomberg this week, warning many of those smaller cryptocurrencies won’t survive. “There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work.”

Coinbase, the San Francisco-based bitcoin and cryptocurrency exchange, went public this year at a huge $100 billion valuation but has since seen its market cap plummet, falling by a third amid waning interest among retail traders and global regulatory pressure.

Since bitcoin was created in 2009, thousands of cryptocurrencies have been created with crypto data provider CoinMarketCap currently counting just over 10,000 different coins.

Some, such as ethereum, the second-largest cryptocurrency after bitcoin with a market capitalization of $250 billion compared to bitcoin’s $660 billion, have established themselves as cryptocurrency mainstays—while others including EOS and, more recently internet computer, have made splashy debuts only to fade away over time.

Internet computer’s ICP token is down over 90 percent from its all-time high price set shortly after its launch in May, while EOS, which made headlines when it raised $4.1 billion ahead of its launch in 2018, is trading 80 percent lower.

Ehrsam also warned against investors betting on NFTs (non-fungible tokens). The popularity of NFTs, that use cryptocurrency technology to allow all manner of digital real estate from artwork to tweets, memes and YouTube videos, to be tokenized and sold via a blockchain, has exploded over the last few months—though data suggests the market is already significantly down on its early-May peak.

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Banking Giant BBVA Opens Bitcoin Trading and Custody Service in Switzerland

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Spanish banking giant BBVA’s swiss entity, BBVA Switzerland, has started offering bitcoin trading and custody services.

Announcing the news on Friday, BBVA Switzerland said the services will be available to all of its private banking clients from Monday, June 21. The launch comes six months after the bank began trialing the services in Switzerland.

“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” said Alfonso Gomez, CEO of BBVA Switzerland.

While the bank currently only supports bitcoin, it said the aim is to also offer other cryptocurrencies in the future. As for the launch of the services in other countries, BBVA Switzerland said that would depend on maturity, demand, and regulation in those markets.

BBVA said its bitcoin services are novel as clients can manage their investments alongside traditional assets in the same portfolio. Customers willing to convert their bitcoin into fiat and vice versa can do so “without delays and without the illiquidity that affects other digital wallets or independent brokers,” said BBVA. That’s because the bank operates with several sources for converting cryptocurrencies, it said, without disclosing those sources.

BBVA’s services come as more mega-banks open up to the crypto space. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and other financial institutions have moved to provide crypto services to their clients.

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Goldman Sachs Partners Crypto Management Firm Galaxy Digital, Offers Bitcoin Futures

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Galaxy Digital’s co-president Damien Vanderwilt announced today that his firm has partnered with Goldman Sachs to help provide bitcoin futures products. The partnership marks one of the first occasions where an American multinational investment bank has partnered with a crypto asset service provider.

Galaxy Digital is a financial services and investment management innovator founded by the company’s CEO Mike Novogratz. Vanderwilt explains that Goldman Sachs, the bank with $2.1 trillion assets under management (AUM), may entice other financial incumbents to follow its lead.

“There’s a whole dynamic with the major banks that I’ve seen time and time again: safety in numbers,” Vanderwilt explained during his discussion about the subject. “Once one bank is out there doing this, the other banks will have [fear of missing out] and they’ll get on-boarded because their clients have been asking for it.”

According to Vanderwilt, Goldman depends on Galaxy because regulatory policy stops the multinational investment bank from handling the leading crypto asset directly. Max Minton, head of digital assets for Goldman’s Asia-Pacific region said during the announcement that the bank procures clientele with the assets they demand.

“Our goal is to equip our clients with best-execution pricing and secure access to the assets they want to trade,” Minton remarked. “In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”

The statements from Minton and Vanderwilt follow the report that said Goldman was prepping to offer ether futures and options swaps. At the time, Goldman said “institutional adoption will continue” in the crypto space.

In mid-April Galaxy Digital revealed it had entered the bitcoin exchange-traded fund (ETF) fray when it submitted its Form S-1 registration with the U.S. Securities Exchange Commission (SEC).

Vanderwilt also said that when more institutional players join the crypto ecosystem volatility will grow less and less.

“You’re moving the market participants from being north of 90% retail, a huge chunk of which have access to ridiculous amounts of leverage, into an institutional community, who have proper, tried-and-tested rules and regulations about leverage, asset-liability mismatch, and risk,” Vanderwilt concluded.

“The more activity that moves into the institutional community, the less volatility there will be.

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