November 19 – 25, 2018 | Bitcoin Indices, European Union & More Crypto News

North iQ Weekly Newsletter is curated to provide insights on digital asset industry developments, market announcements, and performance analysis.

Three Major Factors Behind the Crypto Selloff

November 21 – Chris Burniske, a Placeholder Management partner and co-author of “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond”, notes that the US stock market retracement, ICO fears, and the Bitcoin Cash hard fork were the three leading factors behind the selloff in cryptocurrencies this past week. Burniske believes that the sharp drop in equities prices over the last two months has led investors to de-risk their portfolios and eliminate exposure to cryptocurrencies. “First, there is a broader risk off environment throughout the markets. Your riskiest assets tend to get sold off most in a risk off environment. That’s definitely happening with crypto,” said Burniske.

Burniske also thinks that the declining ICO market this year and the “hash war” between Bitcoin Cash and Bitcoin Cash SV had caused uncertainties in the market. “Ethereum has been through a broader deleveraging from the ICO boom from last year where funds were raised and those funds were used to raise and it’s kind of a cyclical deleveraging. The third thing is Bitcoin was forming support at $6,000 for about 3 to 4 months and there’s a lot of turbulence around a child of Bitcoin called Bitcoin Cash, which has also forked and that has perturbed the markets and broken that technical indicator and so we are searching for a new bottom in crypto land.”

Read the full article here.

VanEck Subsidiary MVIS Releases Bitcoin OTC Index

November 22 – VanEck’s subsidiary MV Index Solutions has released a bitcoin price index that is based on three major over-the-counter (OTC) desks. MV Index Solutions is a firm that builds, monitors, and licenses MVIS Indices. The indices cover a number of asset classes, ranging from fixed income markets to digital assets. The new index is called the “MVIS Bitcoin U.S. OTC Spot Index”, and is based on U.S. price feeds from large OTC desks, which include Goldman-backed Circle Trade, Cumberland, and Genesis Trading.

Gabor Gurbacs, the Director of Digital Asset Strategies at VanEck/MVIS, notes that “the index may pave the way for institutionally oriented products, such as ETFs as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.”

Read the full article here.

KPMG Report: Institutional Investment Key for Cryptoasset Growth

November 19 – The major auditing and professional services firm KPMG has recently released a report titled “Institutionalization of Cryptoassets”. The 42-page report identifies key challenges to the adoption of crypto in the global financial services industry and introduces “KPMG’s Cryptoasset Framework” to help address the challenges. The report was created with contributions from the major crypto company Coinbase, as well as insights and guidance from Fundstrat Global Advisors and Morgan Creek Digital. KPMG believes that cryptoassets will realize their potential, but more institutionalization will be needed.

While KPMG believes that there are still problems in the global financial services industry that cryptoassets can address, there is still a gap between use cases and development execution. According to KPMG, there are over 2,000 significant cryptoassets, yet many of them still don’t have a functional product associated with them. KPMG lists a number of functioning cryptoassets and their use-cases, such as Bitcoin as a digital store of value, Ethereum as a means to raise funds, and Litecoin as a cheap but fast peer-to-peer medium of exchange. The report also delved into the rise of the tokenization of real assets.

Read the full article here.

Crypto Friendly Silvergate Bank Files for $50 Million USD IPO

November 21 – The crypto-friendly Silvergate Bank is planning a $50 million USD initial public offering (IPO), according to documents filed at the US Securities and Exchange Commission (SEC). According to the filings, the bank’s shares will be listed on the NYSE with the ticker symbol “SI”. Silvergate says that it will use the IPO funds to continue the bank’s growth as well as to oversee “general corporate purposes,” which include long-term debt repayments, future acquisitions, and other growth initiatives. The bank has helped provide banking services to cryptocurrency exchanges and other crypto companies that have found difficulty building relationships with traditional financial institutions.

Some existing financial institutions have been reluctant to offer banking services to crypto businesses because of regulatory concerns and fears of crypto being used in illicit activities. However, Silvergate remains focused on being crypto-friendly, noting that a vast majority of their total deposits come from digital currency customers. In the filing, the bank noted “As of September 30, 2018, approximately $1.7 billion, or 88.2%, of our total deposits were noninterest-bearing demand accounts[…] Substantially all of these noninterest-bearing demand accounts are deposits from our customers in the digital currency industry”. Silvergate also estimates that the market for cryptocurrency banking services is between $30 billion and $40 billion USD.

Read the full article here.

The EU Invites Major Banks to Join Blockchain Association

November 23 – The executive body of the European Union (EU), the European Commission (EC), is looking to invite more major banks to sign up for their new blockchain association, dubbed the “International Association for Trusted Blockchain Applications” (IATBA). The EC and has already secured several leading banks to its new association. IATBA aims to bring together major banks that are interested in exploring the potential of blockchain and distributed ledger technology (DLT). The major Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) was one of the first major banks asked to participate, due to their previous experience with developing blockchain technology and DLT. The Spanish business magazine Expansión has reported Santander may be another bank looking to join the association.

“Blockchain will transform digital services. This is a major opportunity to increase trust and to improve services in a wide range of industries and sectors. Many governments and companies are already exploring the potential of this technology, across sectors such as energy, healthcare, financial services, supply chain management, manufacturing, transport, education, creative industries and public services. These are just some of the sectors that will be transformed by blockchain,” said the association.

Read the full article here.

3iQ Global Cryptoasset Fund: Price as at November 23, 2018

3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.

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This Weekly Cryptoasset Newsletter is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by 3iQ Corp (“3iQ”). Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. All content is original and has been researched and produced by 3iQ unless otherwise stated therein. No part of the content may be reproduced in any form, or referred to in any other publication, without the express written permission of 3iQ. All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. By visiting and/or otherwise using the 3iQ website in any way, you indicate that you understand and accept the terms of use as set forth on the website and agree to be bound by them. If you do not agree to the terms of use of the website, please do no access the website or any pages thereof. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize.

Fred Pye

Frederick T. Pye


Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.