Category Archives: events

Does the Crypto Price Plummet Tell the Whole Story?

“Looking for Liquidity” is taking place at The Princeton Club of New York, December 4th, 4.30-7.30pm. Open to investors and trading firms only, to RSVP email gina@profit-loss.com

At the start of 2018, the total market capitalisation of cryptocurrencies was above $828 billion, with many predicting that it would only rise further. Now, that market capitalisation is below $130 billion and continues to fall. Meanwhile, the price of bitcoin is down to $3,688, a 42% month-on-month drop and 65% year-on-year.

But does the price action of cryptos tell the whole story in this space right now? And what are the implications of this bear market on liquidity?

After all, the Intercontinental Exchange (ICE) and Nasdaq both plan to launch new crypto trading platforms next year, while Fidelity is also set to launch an asset custody service in 2019. Trading volumes on the CME and CBOE bitcoin futures have ticked up even as (because?) the market price has trended down and there are still ETF proposals sitting on US regulators’ desks that could still be approved.

Could it be that even as retail liquidity is drying up, more institutional liquidity is edging closer?

These are among the key questions that will be addressed at the upcoming OnTheBlock event, “Looking for Liquidity” taking place on December 4th at the Princeton Club of New York. This event, which is open only to investors and trading firms and is sponsored by Genesis Trading, will begin with a fireside chat featuring Daniel Gorfine, Chief Innovation Officer and Director of LabCFTC, who will provide a unique insight into how the US regulator is approaching the crypto space.

This will be followed by a panel discussion featuring crypto-experts that are active in the markets today on the evolving nature of liquidity within the crypto space and then an audience-led Q&A session:

Moderator: Galen Stops, Editor, Profit & Loss

Speakers:

“Looking for Liquidity”

“OnTheBlock: Looking for Liquidity” takes place on Tuesday, December 4th, at the Princeton Club of New York, featuring an opening interview with Daniel Gorfine, Chief Innovation Officer, Lab CFTC. The afternoon event, which is open to buy side/institutional investors is sponsored by Genesis Global Trading.

OnTheBlock is an exclusive series of Cryptoasset and Blockchain-focused events for institutional investors hosted by Profit & Loss. This seriesof intimate, invitation-only events for buy side attendees (max of 50 attendees) is designed to discuss the opportunities in cryptocurrencies and blockchain technologies for institutional investors and traders.

Tuesday, December 4, 2018

The Princeton Club of New York


Genesis-logo-small

Sponsored by Genesis Global Trading


Agenda

4:30-4:45pm – Registration

4:45-5:15pm – Fireside Chat with Daniel Gorfine, LabCFTC

5:15-6:00pm – Panel Discussion: “Looking for Liquidity”

Martin Garcia, Managing Director, Genesis Trading
Peter Kambolin, CEO, Systematic Alpha Management
Gabriel Burstein, Head of Cryptoasset Strategy, KryptoIndex

6:00-6:30pm – Audience Q&A

6:30-7:30pm – Networking Reception

Since the start of 2017 cryptocurrency trading volumes have exploded, and yet despite the astronomical growth of crypto markets the overall market cap of these assets is still relatively small compared to the types of markets that institutional investors are typically used to trading. Will these investors really take the plunge into the crypto space when volumes remain comparatively small?

In addition, there are big questions about where and how institutional investors should access this liquidity. For example, with so many providers now claiming to offer an “institutional grade” service, how should firms differentiate between them? Will consolidation amongst trading venues occur and what will the future liquidity environment look like in the crypto space?

This panel will also discuss:

  • The impact of bitcoin derivatives and the evolving OTC/exchange traded relationship.
  • What are the continuing operational challenges for institutional market participants accessing crypto liquidity?
  • Is the OTC market too opaque for institutional investors?
  • How will regulatory concerns and developments drive the liquidity landscape going forward?
  • What happens to liquidity in stressed market conditions?

Seating is limited, please request an invitation by emailing gina@profit-loss.com

“Crypto 3.0”

Monday, September 24, 2018 @2:30-7:30pm – Westin Chicago River North
Profit & Loss presents “OnTheBlock” – an exclusive series of Cryptoasset and Blockchain-focused events for institutional investors – this event is by invitation.
Contact jros@profit-loss.com for details.

“Crypto 3.0”

2:30-3:00                 Registration
3:00-3:30                 Fireside Chat with Peter Johnson, VP, Jump Capital
3:30-4:15                 Panel 1: What Goes Up…

In 2017, the beta tailwinds for cryptoassets were so strong that it was relatively easy to make money trading them, but 2018 has seen trickier trading conditions as the value of these assets has come way down from last year’s highs. If there was a lot of money to be made on the way up, is the same true on the way down?

  • What factors have depressed the price of cryptos and will they continue to do so?
  • Turning market fragmentation into arbitrage opportunities
  • Implementing effective risk management in volatile markets
  • Building a basket of cryptoassets
  • What new products – from ETFs to new futures contracts – should market participants be looking at?

Speakers:
Daniel Gunsberg, Co-Founder, Gordian Block Capital
Peter Kambolin, Co-Founder & CEO, Systematic Alpha Management
Francisco Portillejo Hoyos, CEO, CRYPTALGO

4:15-4:30                 Coffee Break

4:30-5:15                 Panel 2: Liquidity is King

With all the excitement and press surrounding the explosion of cryptocurrency trading, it can be easy to forget how comparatively small the total capitalization of this market still is. With the market cap of bitcoin at $114bn at the time of writing, liquidity can quickly become scarce, especially when it is as fragmented across venues and geographies as it is now. As a result, the vast majority of institutional liquidity is being forced to trade OTC. Liquidity is king, as the saying goes, but how will it evolve within the crypto space?

  • Bitcoin futures: what has been the impact on the broader market, and what are the limitations of these products?
  • Can new credit solutions open up the crypto markets to more institutional liquidity?
  • What are the key liquidity risks when trading in the crypto markets
  • How are settlement concerns driving liquidity trends?

Speakers:
Brad Koeppen, Head of Crypto Trading, CMT Digital
Brian Peterson, Managing Director, Hehmeyer Trading + Investments
Maxime Bucaille, Analyst, AirSwap
Scott Weatherill, Chief Risk Officer, B2C2

5:15-6:00                 Panel 3: Consolidation and the Birth of Crypto 3.0

If Crypto 1.0 was fuelled by miners and early bitcoin adopters, and Crypto 2.0 was driven by the massive wave of retail flow into the cryptocurrency space, what factors will push this market to institutionalize and reach Crypto 3.0?

  • How much longer will the current fragmentation of the liquidity landscape prove sustainable?
  • Will the crypto space ever coalesce around one custody model?
  • Where is M&A activity most likely to occur, and how will it drive institutional activity?
  • Will traditional finance and crypto-focused firms prove to be partners or competitors?

Speakers:
James Radecki, Global Head of Business Development, Cumberland
Alex Zeltser, Partner, Walden Bridge Capital
Rumi Morales, Partner, Outlier Ventures

6:00-7:00         Reception

Contact jros@profit-loss.com for details.

P&L’s “On The Block”: Guarding Your “Digital Gold”

Date: June 27th

Venue: Princeton Club of New York, 15 W 43rd St, New York, NY 10036

One of the big factors keeping much of the institutional money away from the crypto space is the lack of trusted, safe, fully insured, fully audited custody solutions for storing their crypto assets.

But what do the custody options currently available for market participants look like, and, as the industry works feverishly to improve the custody options available, what sort of questions should firms be asking service providers?

This panel will also discuss:

  • Are crypto-exchanges effectively a “honey pot” for potential hackers?
  • Is self-custody a dream or a danger?
  • The varying temperatures of “cold” storage
  • Will custody challenges drive institutional players towards the derivatives markets?
  • How to balance the safety and accessibility of cryptoassets

 

Agenda:

4.30-4.45pm Registration

4.45-5.15pm Introduction

5.15-6.00pm Panel Discussion

6.00-6.30pm Audience Q&A

6.30-7.30pm Drinks Reception