CNBC Fast Money Trader giving 35% rise to Stellar

Brian Kelly, a Bitcoin “televangelist” from CNBC business channel, released a TV report about Stellar cryptocurrency having said that it was worth buying, which gave rise to Stellar price
12 January 2018   947

Brian Kelly, CNBC Fast Money Trader, the founder and CEO of BKCM LLC, an investment firm focused on digital currencies, and the author of “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World”, is promoting cryptocurrency again.

Following the December episode about Litecoin, Brian Kelly said that he had bought Stellar in CNBC’s Fast Money program January episode entitled "The next coin to surge". The price of Stellar currency jumped immediately after the episode was released.

The main advantages of Stellar according to Brian Kelly:

  • Created by founder of Ripple
  • Working with IBM on cross border payments
  • Faster and cheaper than Bitcoin

So now who do I look for? Someone who is very similar to Ripple, that has a deal with IBM, and I can make more money like Moneygram wants to do. Partnership with IBM, I think, is very important, as IBM doesn't get enough credit for what they are doing. I think that it [Stellar] is going to have another jump right there, as more news start to come out and people start to look to use this technology.

Brian Kelly

CNBC Fast Money Trader

Brian Kelly stated that Stellar is worth buying because the Moneygram deal with Ripple is a "watershed event" for the industry, and it is difficult to compete against Moneygram, as they are going to get their margins lower.

The price of Stellar started growing following the release of CNBC episode, having shown the increase of 35% within past 24 hours and currently continues to grow. Cryptocoin rose from $0,43 to $0,69 within one day, and the market capitalization of the coin increased from $7,8 billion to $12,3 during the same amount of time.

Stellar charts january 2018Stellar Charts

At the moment of press, these are main market parameters of Stellar:

  • Average price: $0,66
  • Marketcap: $11 898 593 050
  • 24h volume: $413 712 000

New Morgan Creek Fund to Exclude Pre-Mined Crypto

Ripple and Lumen won't be included to Morgan Creek Digital Asset Index Fund
28 August 2018   365

Morgan Creek, which manages $ 1.5 billion in assets, launched its own crypto fund, the Morgan Creek Digital Asset Index Fund, but refused to include some large crypto-currencies. This is reported by Forbes.

For example, in the new fund, which was managed by the American company Bitwise Asset Management, such cryptocurrencies as XRP, developed by the Ripple, and Lumen (XLM) of the Stellar project, are not represented, as their release was carried out through the so-called pre-goal.

If there’s a central party that owns 30% or more of supply then we withhold those from the index. Because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network.

Anthony Pompliano
Partner, Morgan Creek Digital 

The index fund includes a set of 10 major cryptocurrencies weighted by market capitalization, which is rebalanced monthly. There are some other requirements, such as the presence of custodial solutions and a restriction on the concentration of trade.

When forming the fund, the risks of centralization of crypto assets were taken into account because of the increased probability of manipulating their prices and possible issues of regulators if such assets were recognized as securities.

We’re fully prepared and feel we’ve built something that institutional investors will find attractive regardless of how the assets are categorized. Whether they’re securities or not.

Anthony Pompliano
Partner, Morgan Creek Digital 

According to the co-founder of Bitwise co-founder Hunter Hosley, the main difference between the Morgan Creek Digital Asset Index Fund and the HOLD 10 fund launched by his company is the availability of the first inspection committee, which included Morgan Creek CEO Mark Yusko, Pompliano and Bitwise Research Department head Matt Hogan.

Hosley said that the decision of the committee to limit cryptocurrencies with pre-currency is caused by two main factors: fears about the opportunities for fraud, which are possessed by large holders of assets, and the doubts of regulators for which a high degree of centralization is an additional basis that allows to recognize crypto currency as a security.

The Morgan Creek Digital Asset Index Fund is already available for institutional and accredited investors. Hosley promised that the fund will be audited by Cohen & Company from this fall, the results of which will be published on an annual basis. The first report will be submitted in early 2019