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Tuesday, October 31, 2017

Crypto News: Does Bitcoin Really Need Wall Street?

Does Bitcoin Really Need Wall Street?

The expectation that Bitcoin's price will increase rapidly once institutional money starts flowing into the cryptocurrency, has resulted in a lot of Bitcoin holders eagerly awaiting Wall Street's formal entry in the crypto-markets. But does Bitcoin really need Wall Street?

Global banks have paid over $10 bln in penalties to settle allegations that they defrauded their clients while engaging in foreign currency trades on their behalf. The banks typically shortchanged their customers by front-running - a process of executing trades for the bank's proprietary trading desk before executing trades on their client's behalf.

They used their knowledge of the client's impending trade to make profits for their bank. The list of banks who have settled include Bank of America, Citi, HSBC and Barclays. The penalties paid by the banks may not be the end of the story - a former HSBC FX trader, Mark Johnson, has been convicted on nine charges of fraud for front-running a $3.5 bln order of Cairn Energy to convert dollars to pounds.

Big banks have come to play a large role both in the physical commodities space as well as the market in commodity derivatives. After Goldman Sachs entered the aluminum business in a big way, it led to an increase in prices.

Full story at

Source: CoinTelegraph

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