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Scholz said nobody would have expected that it would still be unclear what sort of Brexit deal there will be just two months before Britain is due to leave the bloc. “In the end we have to find a solution,” Scholz said. Many of the banks that use London as their EU hub have opened or expanded units in Frankfurt, Paris and elsewhere to avoid disruption from any hard Brexit or limited access to the single market in future. “It’s obvious there will be a lot of business that moves to the EU,” Scholz said of the financial services sector, adding that Germany was prepared for a no-deal Brexit.
NEW YORK (Reuters) - Cryptocurrencies may be facing a prolonged bear market, Companies that silver cufflinks issued tokens, or digital currencies, over the last two years through initial coin offerings (ICOs) may have to sell more of these assets to finance their operations, There’s just one problem: There are very few takers, After the blockbuster success of ICOs in 2017, with funds raised at more than $6 billion, cryptocurrencies nosedived, wiping out about 85 percent of their total market value since hitting a peak of more than $800 billion in early 2018..
Bitcoin, the original cryptocurrency, has dropped more than 80 percent since hitting an all-time high of nearly $20,000 in December 2017. A global regulatory crackdown led by the U.S. Securities and Exchange Commission has created fear about greater oversight and acceptance of the currencies for payments among the companies issuing the tokens and the investors that bought them, taking the wind out of the once red-hot digital assets. Data from Dead Coins, which tracks crypto startups, showed that around 1,000 of these companies either failed in the last year or their projects have now been abandoned.
For digital silver cufflinks currencies still in the market, the prospect of incoming supply - some with a predetermined schedule - could pose a challenge to their businesses given the current downturn in the market, “Many people don’t fully understand the impact of new supply on this market particularly when there’s low liquidity,” said Ryan Selkis, co-founder of Messari, a crypto data platform in New York, “I don’t think anyone has any idea how much hidden inflation there is in the form of token reserves that are going to be unwound gradually.”..
Data from Messari showed that 71 coins of the more than 400 tokens on its database have issued less than 50 percent of their targeted total supply, which means there is a flood of these assets that could be sold to the market or distributed in some shape or form. (Graphic: Token Glut - tmsnrt.rs/2Bp78zw). ZCash, a more than two-year-old digital currency with strong privacy features, has 28.05 percent of its total supply issued so far, according to Messari data. That means its token holders could see the supply mushroom more than three-fold in the years ahead, which would pressure coin values unless outweighed by demand.
The supply pressure is not just coming from companies that need to sell tokens to finance their operations, but also from early investors in ICOs who were given investment contracts that give them the right to future tokens, The terms of those contracts are at the discretion of the company raising the funds, or the issuer of the token, Those tokens have liquidity provisions that allow investors to silver cufflinks sell them, but have found it difficult to do so because the coins are now under water, analysts said..
“I think a lot of these tokens have been issued on the assumption of a very bullish crypto market on all fronts,” said Kyle R. Chapman, a partner at Boston-based COSIMO Ventures, a private equity and venture capital firm focused on early-stage technology companies. Although a cap on the total number of any one token was designed as a measure to help preserve value, that has not prevented a supply glut as demand has plunged. The total number of bitcoins that could ever be created, for instance, is around 21 million, of which around 17.5 million, or 83 percent, have already been minted.
By contrast, the governments and central banks silver cufflinks that control so-called fiat currencies like the U.S, dollar can issue more at will, diminishing their value over time, Some digital currency issuers have tried to minimize the impact of price declines by undertaking measures to reduce token supply, with varying degrees of success, Less than a year after crypto inheritance startup DigiPulse sold its token to the public in October 2017, the company moved to detokenize its business by accepting fiat currencies, with the aim of eliminating speculation on its currency, The company eventually shut down..