Crypto Update: Withdrawals, updates, additions Crypto Update: Withdrawals, updates, additions Crypto Update: Withdrawals, updates, additions

Crypto Update: Withdrawals, updates, additions

Cryptocurrencies 4 minutes to read
Jacob Pouncey

Cryptocurrency analyst, Saxo Bank Group

Summary:  The crypto slump is being felt across the board as the CBoE prepares to stop listing Bitcoin futures.

This week saw the entire crypto market cap rise by 5% to around $140 billion. Bitcoin and Ethereum both increased by 4%, while Bitcoin trading is down for the first two months compared to the same period last year but up compared to the same period in 2017. Exchanges are feeling the pressure from the market downturn and the recent period of low volatility. 

Cboe to delist BTC futures

The Chicago Board and Options Exchange announced that it would not list Bitcoin futures in March. The firm highlighted the need to review its approach to offering cryptocurrency derivatives. However, investors can still trade futures up to June 2019 on the exchange. The delisting could be due to the lack of volume, considering that rival CME is trading at multiples to Cboe volumes. CME is clearly the winner for regulated exchange trading volume. However, BitMEX is the leading futures exchange for crypto futures, and a similar futures exchange Crypto Facitilities has experienced a 5x increase in volume after being acquired by the crypto exchange Kraken. 

Tether updates policy 

Tether, the company behind USDT, recently updated its reserve policy, stating that the stable coin is not backed 1:1 with USD but instead backed with “traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans.” This change highlights the fact that USDT is not backed exactly 1:1 with US dollars. However, USDT still trades at parity despite the potential credit risk from the loans made by Tether to third parties. The market barely moved on the news. In the past the market often faced increased volatility around Tether speculation. 

Facebook coin

Sources close to Facebook’s blockchain division stated that the firm was close to launching its own coin within the coming months. The sources stated that the coin would be used to transfer value between users and will be backed by a basket of fiat currencies. Additionally, it is rumoured that Facebook has been shopping the coin around to exchanges to be listed. Barclays analysts estimated the initiative could generate anywhere between $3-19 billion for Facebook. Facebook could wind up launching the most widely used cryptocurrency, and this will prove bullish for Bitcoin and cryptocurrencies as FBcoin will increase awareness and access to the ecosystem. The addition of a Facebook coin will almost certainly increase regulatory scrutiny for the social media giant.


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

©   since 1992