Detecting Roles of Money Laundering in Bitcoin Mixing Transactions: a Goal Modeling and Mining Framework
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Optimal Execution in Cryptocurrency Markets
Claremont Colleges Scholarship @ Claremont CMC Senior Theses CMC Student Scholarship 2020 Optimal Execution in Cryptocurrency Markets Ethan Kurz Follow this and additional works at: https://scholarship.claremont.edu/cmc_theses Part of the Finance Commons, and the Mathematics Commons Recommended Citation Kurz, Ethan, "Optimal Execution in Cryptocurrency Markets" (2020). CMC Senior Theses. 2387. https://scholarship.claremont.edu/cmc_theses/2387 This Open Access Senior Thesis is brought to you by Scholarship@Claremont. It has been accepted for inclusion in this collection by an authorized administrator. For more information, please contact [email protected]. Claremont McKenna College Optimal Execution in Cryptocurrency Markets submitted to Professor Benjamin Gillen and Professor Chiu-Yen Kao written by Ethan Kurz Senior Thesis Spring 2020 May 11, 2020 Acknowledgements I would like to thank my family and friends for keeping my spirits up and being a great support system. I would also like to extend my deepest gratitude towards my thesis readers, Professor Benjamin Gillen and Professor Chiu-Yen Kao for their patience and thoughtful guidance throughout this process. Contents 1 Abstract 1 2 Introduction 2 3 Literature Review 6 3.1 Stock Market Microstructure . .6 3.2 Cryptocurrency Market Microstructure . .8 3.3 Microstructure in Almgren-Chriss . 11 4 Almgren-Chriss model 14 4.1 The “Efficient Frontier" . 14 4.2 Optimal Strategies . 14 4.3 Comparative Statics . 15 4.4 NYSE Stock Parameters and Models . 18 5 Empirical Analysis of Cryptocurrency Markets 23 5.1 Choosing Parameters and Modeling . 23 5.2 Comparison of the Markets . 25 5.2.1 Consumer Value Provided by Coinbase . -
Pwc I 2Nd Global Crypto M&A and Fundraising Report
2nd Global Crypto M&A and Fundraising Report April 2020 2 PwC I 2nd Global Crypto M&A and Fundraising Report Dear Clients and Friends, We are proud to launch the 2nd edition of our Global Crypto M&A and Fundraising Report. We hope that the market colour and insights from this report will be useful data points. We will continue to publish this report twice a year to enable you to monitor the ongoing trends in the crypto ecosystem. PwC has put together a “one stop shop” offering, focused on crypto services across our various lines of services in over 25 jurisdictions, including the most active crypto jurisdictions. Our goal is to service your needs in the best possible way leveraging the PwC network and allowing you to make your project a success. Our crypto clients include crypto exchanges, crypto investors, crypto asset managers, ICOs/IEOs/STOs/stable and asset backed tokens, traditional financial institutions entering the crypto space as well as governments, central banks, regulators and other policy makers looking at the crypto ecosystem. As part of our “one stop shop” offering, we provide an entire range of services to the crypto ecosystem including strategy, legal, regulatory, accounting, tax, governance, risk assurance, audit, cybersecurity, M&A advisory as well as capital raising. More details are available on our global crypto page as well as at the back of this report. 2nd Global Crypto M&A and Fundraising Report April 2020 PwC 2 3 PwC I 2nd Global Crypto M&A and Fundraising Report 5 Key takeaways when comparing 2018 vs 2019 There -
The Bitcoin Trading Ecosystem
ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation. -
Binance Is Blitzscaling
MULTICOIN CAPITAL BINANCE IS BLITZSCALING By Spencer Applebaum, Tushar Jain, & Kyle Samani Multicoin Capital is a thesis-driven cryptofund that invests in tokens reshaping entire sectors of the global economy. We rigorously research blockchain protocols, teams, and market opportunities to deliver venture capital economics with public market liquidity. 0 Table of Contents 1. Introduction 2. Binance’s Execution a. Dominance in Core Spot Trading b. Rapid Product Expansion c. The Power of Cross-Selling d. Putting Traders First 3. The Emergence of the Challenger Exchange (Token) a. Binance’s Willingness to Copy Competitors b. Competitive Landscape 4. The Equation of Exchange Tokens a. BNB’s Eciency of Token Value Capture b. Why Value Created by Exchange Is More Important Than Eciency of Token Value Capture 5. Conclusion Disclosure Multicoin has established, maintains and enforces written policies and procedures reasonably designed to identify and eectively manage conflicts of interest related to its investment activities. Multicoin Capital owns BNB tokens. Multicoin Capital abides by a “No Trade Policy” for the assets listed in this report for 3 days (“No Trade Period”) following its public release. 1 Introduction Binance’s native token, Binance Coin (“BNB”), was created in July 2017 through an ICO by Binance, which has since become the largest spot exchange in the world. Multicoin initiated a long position in BNB in Q4 2018. We published our original B NB investment thesis in February, 2019. The price of BNB at the time of publication was $10.06. We then j oined Laura Shin on the Unchained podcast in March, 2019 to expand on the thesis and discuss the achievements of Binance and and the intrinsic value of Binance Chain. -
Bitwise Asset Management, Inc., NYSE Arca, Inc., and Vedder Price P.C
MEMORANDUM TO: File No. SR-NYSEArca-2019-01 FROM: Lauren Yates Office of Market Supervision, Division of Trading and Markets DATE: March 20, 2019 SUBJECT: Meeting with Bitwise Asset Management, Inc., NYSE Arca, Inc., and Vedder Price P.C. __________________________________________________________________________ On March 19, 2019, Elizabeth Baird, Christian Sabella, Natasha Greiner, Michael Coe, Edward Cho, Neel Maitra, David Remus (by phone), and Lauren Yates from the Division of Trading and Markets; Charles Garrison, Johnathan Ingram, Cindy Oh, Andrew Schoeffler (by phone), Amy Starr (by phone), Sara Von Althann, and David Walz (by phone) from the Division of Corporation Finance; and David Lisitza (by phone) from the Office of General Counsel, met with the following individuals: Teddy Fusaro, Bitwise Asset Management, Inc. Matt Hougan, Bitwise Asset Management, Inc. Hope Jarkowski, NYSE Arca, Inc. Jamie Patturelli, NYSE Arca, Inc. David DeGregorio, NYSE Arca, Inc. (by phone) Tom Conner, Vedder Price P.C. John Sanders, Vedder Price P.C. The discussion concerned NYSE Arca, Inc.’s proposed rule change to list and trade, pursuant to NYSE Arca Rule 8.201-E, shares of the Bitwise Bitcoin ETF Trust. Bitwise Asset Management, Inc. also provided the attached presentation to the Commission Staff. Bitwise Asset Management Presentation to the U.S. Securities and Exchange Commission March 19, 2019 About Bitwise 01 VENTURE INVESTORS Pioneer: Created the world’s first crypto index fund. 02 TEAM BACKGROUNDS Specialist: The only asset we invest in is crypto. 03 Experienced: Deep expertise in crypto, asset management and ETFs. 2 Today’s Speakers Teddy Fusaro Matt Hougan Chief Operating Officer Global Head of Research Previously Senior Vice President and Senior Previously CEO of Inside ETFs. -
Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
UNLV Theses, Dissertations, Professional Papers, and Capstones May 2019 Analysis of Bitcoin Cryptocurrency and Its Mining Techniques Suman Ghimire Follow this and additional works at: https://digitalscholarship.unlv.edu/thesesdissertations Part of the Computer Engineering Commons, Computer Sciences Commons, and the Electrical and Computer Engineering Commons Repository Citation Ghimire, Suman, "Analysis of Bitcoin Cryptocurrency and Its Mining Techniques" (2019). UNLV Theses, Dissertations, Professional Papers, and Capstones. 3603. http://dx.doi.org/10.34917/15778438 This Thesis is protected by copyright and/or related rights. It has been brought to you by Digital Scholarship@UNLV with permission from the rights-holder(s). You are free to use this Thesis in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Thesis has been accepted for inclusion in UNLV Theses, Dissertations, Professional Papers, and Capstones by an authorized administrator of Digital Scholarship@UNLV. For more information, please contact [email protected]. ANALYSIS OF BITCOIN CRYPTOCURRENCY AND ITS MINING TECHNIQUES By Suman Ghimire Bachelor of Electronics and Communication Engineering Tribhuvan University, Nepal 2016 A thesis submitted in partial fulfillment of the requirement for the Master of Science in Engineering-Electrical -
MEMORANDUM TO: File No. SR-Cboebzx-2021-019 FROM
MEMORANDUM TO: File No. SR-CboeBZX-2021-019 FROM: David Remus Office of Market Supervision, Division of Trading and Markets DATE: June 10, 2021 SUBJECT: Materials from VanEck Digital Assets, LLC __________________________________________________________________________ On May 27, 2021, Gabor Gurbacs of VanEck Digital Assets, LLC, transmitted to Commission Staff the following materials in connection with Cboe BZX Exchange, Inc.’s proposed rule change to list and trade shares of the VanEck Bitcoin Trust under Cboe BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. April 2021 Exchange Review EXCHANGE REVIEW April 2021 0 April 2021 Exchange Review About CryptoCompare CryptoCompare is a global leader in digital asset data providing institutional and retail investors with high- quality real-time and historical data. Leveraging its track record of success in data expertise, CryptoCompare’s thought-leadership reports and analytics offer objective insights into the digital asset industry. About This Report CryptoCompare’s Exchange Review aims to capture the key developments within the cryptocurrency exchange market. Our review focuses on analyses that relate to exchange volumes, which include those related to crypto derivatives trading, market segmentation by exchange fee models, and crypto to crypto vs fiat to crypto volumes. We also conduct an analysis of bitcoin trading into various fiats and stablecoins, an additional overview of top crypto exchange rankings by spot trading volume, as well as a focus on how volumes have developed historically for the top trans-fee mining and decentralized exchanges. CryptoCompare’s Exchange Review is conducted on a monthly basis and caters to both the crypto- enthusiast interested in a broad overview of the crypto exchange market, as well as investors, analysts and regulators interested in more specific analyses. -
HUOBI TOKEN ($HT) Analysis and Valuation
MULTICOIN CAPITAL HUOBI TOKEN ($HT) Analysis and Valuation By Mable Jiang & Spencer Applebaum Multicoin Capital is a thesis-driven cryptofund that invests in tokens reshaping entire sectors of the global economy. We rigorously research blockchain protocols, teams, and market opportunities to deliver venture capital economics with public market liquidity. Report Disclosures Disclosures: Multicoin Capital owns HT tokens. For ethical reasons, Multicoin Capital abides by a “No Trade Policy” for the assets listed in this report for 3 days (“No Trade Period”) following its public release. No officer, director or employee shall purchase or sell any of the aforementioned assets during the No Trade Period. As of the publication date of this report, Multicoin Capital Management LLC and its affiliates (collectively “Multicoin”), others that contributed research to this report and others that we have shared our research with (collectively, the “Investors”) own tokens of the project covered herein and stand to realize gains in the event that the price of the token increases or decreases. Following publication of the report, the Investors may transact in the tokens of the project covered herein. All content in this report represents the opinions of Multicoin. Multicoin has obtained all information herein from sources they believe to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind – whether express or implied. This document is for informational purposes only and is not intended as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy, are based upon selected public market data, and reflect prevailing conditions and Multicoin’s views as of this date, all of which are accordingly subject to change without notice. -
2020 Cryptocurrency Spot Trading Annual Report
2020 Cryptocurrency Spot Trading Annual Report Jan 2021 TokenInsight Research [email protected] TokenInsight.com [email protected] Find, Create, and Spread Value in Blockchain. RESEARCH Industry Voice The crypto contract market The exchanges-provided service is soaring in 2020, while should be high-quality, fast, and the contract provides an comprehensive, but the pursuit of indispensable hedging asset differentiation is going tools and liquidity for the astray. The "compliant" market is entire market. As the very restricted in terms of current trading volume of cryptocurrency listing and trading the cryptocurrency methods. The compliance and derivatives market has just legitimacy of the exchanges will begun, there is still a lot of be very important in the future. room for development in the trading volume and trading categories of the Haipo Yang entire derivatives industry. I believe that there will be Founder a 10 times breakthrough in the future. The next opportunity for the blockchain lies on its deep integration Yi He with the traditional industry, just like Co-founder & CMO the early Internet do. Everything can be work together with blockchain, and the points recorded in traditional A lot of money fow in Internet companies can be converted from traditional into points supported by blockchain technology to protect the interests of institutions, increased users and form a new spot and the funds contained in derivatives trading market. Because the industry. At present, of the integration with mainstream there are many market business, the conceptual boundary of makers doing hedging cryptos is broken. on different platforms, and it is hard for the Henry Wu plunge caused by the VP liquidity crisis on March 12 to reoccur. -
TI-2020 Q1 Cryptocurrency Mining Industry Report EN
2020 Q1 Cryptocurrency Mining Industry Research Report May 2020 ANALYSTS Johnson Xu, Harper Li, Cecilia Jiang, Fanger Chou [email protected] TI Research TokenInsight.com [email protected] Find, Create, and Spread Value in Blockchain. RESEARCH Content Executive Summary 3 Industry Dynamic 4 Industry Updates Global Policies Market Overview 5 Bitcoin Market and Network Hashrate Miner’s Profit Margin Mining Hardware 10 Mining Chips Hardware Manufacturer Mining Machine ROI Analysis Cloud Mining 14 Cloud Mining Profitability Analysis Cloud Mining Algorithms Mining Pool 17 Mining Pool Hashrate Distribution Mining Farms 19 Financial Products 20 Standardised Financial Products Structured Financial Products Altcoin Mining 22 tokeninsight.com 2 RESEARCH ACKNOWLEDGEMENT MEDIASUPPORT tokeninsight.com 3 RESEARCH Executive Summary ① Extremely volatile session: 2020 Q1 was an extremely volatile session for bitcoin, hashrate ranged at 100 EH/s, and briefy touched ~70 EH/s. ② Older generation ASICs are phasing-out: Older generation ASICs’ proft margin such as Antminer S9s are being squeezed out by the newer generation miners, its proft margin maintained positively at roughly 35% before March, quickly turned into negative territory during the March market crash and recovered partially to average of 20% during April 2020. ③ ASIC is dominating the market, Bitmain is still leading: As a specially customized chip to meet a specifc demand, ASIC is far superior to FPGA and GPU in performance, volume, and power consumption. TokenInsight believes ASIC will keep grasping its overall share in the mining market. ④ Market volatility is expected: in the near future while the bitcoin network experiences a chaotic period in the short term to adjust itself back to an equilibrium state post-halving, and ultimately achieving a more effcient blockchain network. -
Proof of Work VS Proof of Stake: Which One Is Better?
Proof of Work vs Proof of Stake: What's The Difference? 5/28/21, 5:07 AM " Coupons & Deals # Tutorials $ Review Process % About & Contact Proof of Work VS Proof of Stake: Which One Is Better? Proof of Work VS Proof of Stake: not sure what's the difference between the two? Learn what's the difference between Proof of Work VS Proof of Stake. See BEST-RATED Exchanges ! By Laura M. - Senior Editor ✓ Fact Checked Last Updated: May 19, 2021 Are you interested in the Proof of Work VS Proof of Stake https://www.bitdegree.org/crypto/tutorials/proof-of-work-vs-proof-of-stake Page 1 of 24 Proof of Work vs Proof of Stake: What's The Difference? 5/28/21, 5:07 AM argument? Or maybe you just want to know a little more about the process of how to mine Ethereum, Bitcoin, Dash and other popular blockchains that use Proof of Work? Either way, you've come to the right place. Both of these models are called 'consensus mechanisms', and they are a current requirement to confirm transactions that take place on a blockchain, without the need for a third party. We'll get more into this soon though. Anyway, in this Proof of Work VS Proof of Stake guide, I am going to start by explaining the basics of each model, followed by which popular blockchains have adopted them. Following that, I am then going to give a really simple explanation about how the technology works and how they allow people to earn extra cryptocurrency by becoming a miner! Finally, I will then explain why I believe Proof of Stake is a much better model than Proof of Work, as well as giving some real-world examples of each model. -
PRESS RELEASE Caspian Partners with Gemini to Increase Crypto
PRESS RELEASE Caspian Partners With Gemini To Increase Crypto Exchange Connectivity For Institutional and Sophisticated Investors Partnership between full-stack crypto platform and digital asset exchange will enable institutions and individuals to interact with multiple exchanges from one place Hong Kong - 4 May 2018 - Caspian, the full-stack crypto trading and risk management platform for institutional and sophisticated investors, has partnered with Gemini, the licensed digital asset exchange, as part of its strategy to connect institutional investors and active traders with multiple exchanges from a single interface. This partnership comes as Caspian - which is a joint venture between Tora, the leading global provider of advanced investment management technologies, and Kenetic, the blockchain firm committed to expanding the development and adoption of blockchain platforms - implements its strategy of adding 40 trading platforms by the end of June to its existing exchange connections. “Our aim at Caspian is to drive exponential growth in crypto-trading participation amongst institutional and sophisticated investors. Our new partnership with Gemini will help us to not only increase our user base but also provide sophisticated connectivity and interoperability across various cryptocurrency exchanges,” said Robert Dykes, CEO of Caspian. Caspian provides professional-grade trade order, execution, compliance and risk management features to meet investors’ regulatory and operational needs. It currently connects to over 10 major crypto-exchanges, including Gemini (FIX), BitMEX, GDAX (FIX), Bitfinex, Poloniex, BitFlyer and Binance. “The fragmented landscape that exists at present means you have the same assets trading on a whole variety of different exchanges, which makes price discovery inefficient. Our partnership with Gemini - which is part of our ongoing strategy to add 40 exchanges by the end of June - allows institutional and sophisticated investors to trade more effectively and efficiently,” said Ben Roth, Global Head of Trading at Kenetic.