1 watch actual coin news with cryptomarket mood rating.

Silicon Valley Can Accelerate Social Impact Globally

TechCrunch, 1/1/0001 12:00 AM PST

10147539996_aae6fc5ae6_k (1) Editor’s Note: Doug Galen is the chief executive and co-founder of the non-profit organization RippleWorks, which aims to connect Silicon Valley-based entrepreneurs with startup founders in developing countries. He previously served as the chief revenue officer at shopkick. Silicon Valley’s influence is undeniable but its global impact has always been a passive byproduct of success… Read More

Bitcoin Price Falling Near $210 Support Floor

CryptoCoins News, 1/1/0001 12:00 AM PST

During weekend trade price returned to the level where this wave originated from at $218 and 1340 CNY. Sunday trade has seen price systematically approach the support floor at $210. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 […]

The post Bitcoin Price Falling Near $210 Support Floor appeared first on CryptoCoinsNews.

Liberland Calling for (Bitcoin) Donations

CryptoCoins News, 1/1/0001 12:00 AM PST

The Free Republic of Liberland, which will be developing its own cryptocurrency and is currently using Bitcoin as its national currency, has put out a call for donations to help fund its operations. Running a country is an expensive endeavor. To Live and Let Live The country whose motto is “to live and let live” […]

The post Liberland Calling for (Bitcoin) Donations appeared first on CryptoCoinsNews.

5 Ways to Spend Bitcoin in Amsterdam

CoinDesk, 1/1/0001 12:00 AM PST

CoinDesk takes a look at five different ways in which you can fund a trip to Amsterdam.

The market is growing increasingly concerned about something it can't define

Business Insider, 1/1/0001 12:00 AM PST

water storm drain dry droughtRight now, people in markets are worried about one big thing: liquidity.

But there's a problem: no one is exactly sure how to define or measure it.

This week, Peter Hooper and his team at Deutsche Bank wrote a big report dissecting the subject of liquidity and defined it — or tried to — as follows:

What do we mean by market liquidity? Although there are potentially many different definitions of market liquidity, in its simplest form we think of a liquid market as one in which trades can be executed with some immediacy at low transaction costs. But even within this short and simple definition there are many uncertainties: Does this refer to all trades, regardless of size, or only trades of a "normal" size? What constitutes a low transaction cost, and how do we best measure this? Because of these uncertainties, there is no single best metric for the level of liquidity in a market.

Since the bond market's "flash crash" back in October — when US 10-year Treasury yields fell 34 basis points, or 0.34% in one morning — concerns regarding liquidity and how resilient the bond market might be to shocks have lingered around the market. In the Minutes from the Fed's January policy meeting, we noted that the Fed was clearly starting to worry about liquidity. 

In late March, Oaktree Capital's Howard Marks captured the zeitgeist when he wrote a note to clients dissecting the topic. Marks arrived at more or less the same definition of liquidity as Hooper, writing that the way to think about liquidity isn't to ask if there is a market for an asset, but whether you can quickly sell that an asset without taking a huge loss on it. 

"It's often a mistake to say a particular asset is either liquid or illiquid," Marks wrote. "Usually an asset isn’t 'liquid' or 'illiquid' by its nature. Liquidity is ephemeral: it can come and go."

How liquidity disappeared

Earlier this month, Hooper's colleague Torsten Sløk sent around a chartbook all about the topic of liquidity, and many of Slok's charts appeared in Hooper's note published this week.

Near the top of Sløk's book was this chart showing bond market volatility rising while the number of bond market transactions has only ticked up modestly. This, in short, illustrates the problem that low liquidity environments can create for market participants: each transaction causes a bigger and bigger ripple in the market.

Slok chart 1


As for why liquidity seems to have dried up so much, Deutsche Bank has a few theories.

For one there are regulatory changes. Deutsche Bank notes that, "since the crisis related to banks' capital and liquidity have affected the size and composition of banks' balance sheets. One net result of these reforms — and there are certainly many others — has thus far been for banks to hold less Treasury securities and corporate bonds." And so if banks are holding fewer bonds, they have fewer ways to post collateral and potentially fewer ways to finance transactions.

Screen Shot 2015 03 30 at 5.56.11 PM

The firm also notes that a recent report from the New York Fed, which we wrote about here, discusses the role that electronic and automated trading could be playing in the bond market, particularly how these dynamics may have exacerbated the bond "flash crash," an event JPMorgan CEO Jamie Dimon said is the kind of thing that happens "once every 3 billion years or so." 

But these are what we would call "exogenous" factors, or things outside the bond market's direct purview that influence the market’s behavior.

Deutsche Bank also thinks there are also potentially endogenous factors, or factors directly inside the market, weighing on the bond market’s behavior.

From Deutsche Bank:

Shifts in liquidity might not only be the result of exogenous factors but may also be an endogenous response to the macroeconomic environment. The asymmetry of prospective rate moves in different parts of the curve with short rates at the zero lower bound, explicit forward guidance about future policy decisions and massive asset purchase programs may result in a higher likelihood of one-sided markets, which may in turn impair liquidity, or at least lead one to conclude from liquidity indicators that markets have become more illiquid.

Measuring the decline of liquidity

The problem with liquidity isn't just that we have a hard time pinning down a definition, but also have a hard time measuring its presence or absence in the market. 

This chart from Deutsche Bank is the firm's best effort at capturing how we can measure liquidity. The chart shows the number of transactions in Treasury bonds divided by the MOVE index, or Merrill Lynch Option Volatility Estimate which measures Treasury market volatility.

Again, if lower volume creates a bigger change in the market, this is reflecting a decrease in market liquidity. 

MOVE

Still, Deutsche Bank finds this chart unsatisfying. 

"We emphasize, however, that it is unclear the direction of causality in this metric," Hopper and his team note.

"Is it that lower liquidity is causing volatility to be higher for any given amount of trading activity? Or is it the case that spikes in volatility cause reductions in trading volume? Regardless, the fact that this metric has fallen into the lower range of readings over the past ten years – outside of the very low readings during the crisis – suggests that recent movements in volatility have come amid relatively subdued trading volumes."

It seems that now, it takes less to do more in the bond market. 

Why liquidity matters

In his March note to investors, Marks admits that when he set out to write about liquidity, he didn't believe the topic was all that interesting or profound; in the month since Marks wrote the piece, it has been the market's chief concern.

Howard MarksThe ghosts of the financial crisis are a reminder that liquidity may be the kind of thing that seems mundane during times of financial calm, but is in fact the crux of what panics and crises are all about.

Here's Marks:

I started this memo by saying liquidity might not be a profound topic. But when I ran a draft by our CEO Jay Wintrob, who came to us in November from AIG, he took issue. I’ll give him the last word:

In September 2008, AIG experienced serious liquidity issues (despite its $1 trillion balance sheet) when it couldn’t post $20-25 billion of liquid collateral related to credit default swap contracts written by one of its subsidiaries. The U.S. government stepped in as a result, lending support that eventually reached $182.3 billion, massively diluting AIG shareholders in the process. When you can’t meet a margin call because you have insufficient liquidity, that’s profound.

And so of course no one is sure how the market will react when the Fed raises rates, or what happens if there is another event that causes credit markets to seize up. But there is growing concern that markets look fragile and that there is an increasing risk that something — whatever that is — goes wrong. 

SEE ALSO: How Warren Buffett sees the stock market

Join the conversation about this story »

NOW WATCH: Watch these giant container ships collide near the Suez Canal

The market is growing increasingly concerned about something it can't define

Business Insider, 1/1/0001 12:00 AM PST

water storm drain dry droughtRight now, people in markets are worried about one big thing: liquidity.

But there's a problem: no one is exactly sure how to define or measure it.

This week, Peter Hooper and his team at Deutsche Bank wrote a big report dissecting the subject of liquidity and defined it — or tried to — as follows:

What do we mean by market liquidity? Although there are potentially many different definitions of market liquidity, in its simplest form we think of a liquid market as one in which trades can be executed with some immediacy at low transaction costs. But even within this short and simple definition there are many uncertainties: Does this refer to all trades, regardless of size, or only trades of a "normal" size? What constitutes a low transaction cost, and how do we best measure this? Because of these uncertainties, there is no single best metric for the level of liquidity in a market.

Since the bond market's "flash crash" back in October — when US 10-year Treasury yields fell 34 basis points, or 0.34% in one morning — concerns regarding liquidity and how resilient the bond market might be to shocks have lingered around the market. In the Minutes from the Fed's January policy meeting, we noted that the Fed was clearly starting to worry about liquidity. 

In late March, Oaktree Capital's Howard Marks captured the zeitgeist when he wrote a note to clients dissecting the topic. Marks arrived at more or less the same definition of liquidity as Hooper, writing that the way to think about liquidity isn't to ask if there is a market for an asset, but whether you can quickly sell that an asset without taking a huge loss on it. 

"It's often a mistake to say a particular asset is either liquid or illiquid," Marks wrote. "Usually an asset isn’t 'liquid' or 'illiquid' by its nature. Liquidity is ephemeral: it can come and go."

How liquidity disappeared

Earlier this month, Hooper's colleague Torsten Sløk sent around a chartbook all about the topic of liquidity, and many of Slok's charts appeared in Hooper's note published this week.

Near the top of Sløk's book was this chart showing bond market volatility rising while the number of bond market transactions has only ticked up modestly. This, in short, illustrates the problem that low liquidity environments can create for market participants: each transaction causes a bigger and bigger ripple in the market.

Slok chart 1


As for why liquidity seems to have dried up so much, Deutsche Bank has a few theories.

For one there are regulatory changes. Deutsche Bank notes that, "since the crisis related to banks' capital and liquidity have affected the size and composition of banks' balance sheets. One net result of these reforms — and there are certainly many others — has thus far been for banks to hold less Treasury securities and corporate bonds." And so if banks are holding fewer bonds, they have fewer ways to post collateral and potentially fewer ways to finance transactions.

Screen Shot 2015 03 30 at 5.56.11 PM

The firm also notes that a recent report from the New York Fed, which we wrote about here, discusses the role that electronic and automated trading could be playing in the bond market, particularly how these dynamics may have exacerbated the bond "flash crash," an event JPMorgan CEO Jamie Dimon said is the kind of thing that happens "once every 3 billion years or so." 

But these are what we would call "exogenous" factors, or things outside the bond market's direct purview that influence the market’s behavior.

Deutsche Bank also thinks there are also potentially endogenous factors, or factors directly inside the market, weighing on the bond market’s behavior.

From Deutsche Bank:

Shifts in liquidity might not only be the result of exogenous factors but may also be an endogenous response to the macroeconomic environment. The asymmetry of prospective rate moves in different parts of the curve with short rates at the zero lower bound, explicit forward guidance about future policy decisions and massive asset purchase programs may result in a higher likelihood of one-sided markets, which may in turn impair liquidity, or at least lead one to conclude from liquidity indicators that markets have become more illiquid.

Measuring the decline of liquidity

The problem with liquidity isn't just that we have a hard time pinning down a definition, but also have a hard time measuring its presence or absence in the market. 

This chart from Deutsche Bank is the firm's best effort at capturing how we can measure liquidity. The chart shows the number of transactions in Treasury bonds divided by the MOVE index, or Merrill Lynch Option Volatility Estimate which measures Treasury market volatility.

Again, if lower volume creates a bigger change in the market, this is reflecting a decrease in market liquidity. 

MOVE

Still, Deutsche Bank finds this chart unsatisfying. 

"We emphasize, however, that it is unclear the direction of causality in this metric," Hopper and his team note.

"Is it that lower liquidity is causing volatility to be higher for any given amount of trading activity? Or is it the case that spikes in volatility cause reductions in trading volume? Regardless, the fact that this metric has fallen into the lower range of readings over the past ten years – outside of the very low readings during the crisis – suggests that recent movements in volatility have come amid relatively subdued trading volumes."

It seems that now, it takes less to do more in the bond market. 

Why liquidity matters

In his March note to investors, Marks admits that when he set out to write about liquidity, he didn't believe the topic was all that interesting or profound; in the month since Marks wrote the piece, it has been the market's chief concern.

Howard MarksThe ghosts of the financial crisis are a reminder that liquidity may be the kind of thing that seems mundane during times of financial calm, but is in fact the crux of what panics and crises are all about.

Here's Marks:

I started this memo by saying liquidity might not be a profound topic. But when I ran a draft by our CEO Jay Wintrob, who came to us in November from AIG, he took issue. I’ll give him the last word:

In September 2008, AIG experienced serious liquidity issues (despite its $1 trillion balance sheet) when it couldn’t post $20-25 billion of liquid collateral related to credit default swap contracts written by one of its subsidiaries. The U.S. government stepped in as a result, lending support that eventually reached $182.3 billion, massively diluting AIG shareholders in the process. When you can’t meet a margin call because you have insufficient liquidity, that’s profound.

And so of course no one is sure how the market will react when the Fed raises rates, or what happens if there is another event that causes credit markets to seize up. But there is growing concern that markets look fragile and that there is an increasing risk that something — whatever that is — goes wrong. 

SEE ALSO: How Warren Buffett sees the stock market

Join the conversation about this story »

NOW WATCH: Watch these giant container ships collide near the Suez Canal

(Audio) OneBit App to Revolutionize the Bitcoin Market: Interview with OneBit CEO Toby Hoenisch

CryptoCoins News, 1/1/0001 12:00 AM PST

OneBit is an app for smartphones which promises to revolutionize the Bitcoin market in the near future. As previously reported here, the app will allow its users to use their Bitcoin anywhere that Mastercard PayPass is accepted. PayPass is the NFC (near-field communication) version of Mastercard, which doesn’t require the user to swipe the card. […]

The post (Audio) OneBit App to Revolutionize the Bitcoin Market: Interview with OneBit CEO Toby Hoenisch appeared first on CryptoCoinsNews.

Robocoin Rolls Out Romit Global Bitcoin Remittance Service

CryptoCoins News, 1/1/0001 12:00 AM PST

Robocoin, a pioneer in bitcoin ATMs, has announced the rollout of Romit, which it bills as the cheapest and fastest money-transfer service in the world. The new cash remittance application leverages the bitcoin block chain. Any web-enabled kiosk, ATM or cashier can offer Romit KYC (know your customer)-compliant money transfer services. The service can send […]

The post Robocoin Rolls Out Romit Global Bitcoin Remittance Service appeared first on CryptoCoinsNews.

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