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CryptoCann™ Report: Report finds 80% of Bitcoin trading pairs wash traded; John Wayne’s ranch may be the perfect spot to grow cannabis

A Blockchain Transparency Institute report found that 80% of CoinMarketCap’s top 25 Bitcoin trading pairs are wash traded, a practice in which traders buy and sell their own assets to inflate trading volume
John Wayne memorabilia on a shelf
John Wayne’s California ranch is being touted as prime real estate for growing cannabis

The Crypto Report

The Blockchain Transparency Institute took a look into pair trading in the crypto world, a trading strategy in which a long position is matched with a short position.

Its report found that 80% of CoinMarketCap’s top 25 Bitcoin trading pairs are wash traded, a sometimes illegal practice in which traders buy and sell their own orders at the same time to make it look like an asset has higher trading volumes than it actually does.

READ: CryptoCann™ Report: Bitmain faces an IPO obstacle; Ontario to limit number of private dispensaries

The report identified at least four bot strategies that were being used to inflate exchange volume numbers, as per The Block.

Only two of the top 25 pairs, Binance and Bitfinex, were found to be the exception.

In other crypto data news, start-up Nomics has raised US$3 million in funding in its Series A investment round, as per a CoinDesk report.

The data-driven company provides access to historical and real-time financial data on digital assets, including price quotes and trading indicators, accounting for different time zones, ticker symbols and other parameters.

“While it’s a fairly trivial task to price (and have listings for) 95 [percent] of all cryptoassets, getting raw ticks/trades, all on-chain data, and orderbook data (including historical order book) for these assets can prove to be quite an engineering challenge,” said CEO Clay Collins.

Investors included Coinbase Ventures, CoVenture Crypto, Digital Currency Group and BitGo co-founder Ben Davenport.

The Cann Report

John Wayne’s California ranch, Rancho Pavoreal, is on the market for $8 million and the listing states it may be just the spot for growing cannabis, as per an Inman report.

The 2,000-acre property is said to have ample farming space, three wells and its own creek. To the north of the property sits a ranch once owned by Walt Disney.

READ: Tilray inks medical marijuana supply deal with division of Big Pharma giant Novartis

Located 20 minutes from Temecula Wine country, the listing is also being touted as perfect for vineyards as well as equestrian use, a cattle ranch, or a sports camp.

A Facebook post from Coldwell Banker’s Tatiana Novick notes the potential for cannabis cultivation, but the realty company’s official site omits that information.

On the East Coast, New Jersey is doubling the number of medical marijuana dispensaries permitted to operate in the state to 12 from 6, as per a Marijuana Business Daily report.

Green Thumb Industries Inc (CSE:GTII) (OTCQX:GTBIF) was one of initial six companies to be awarded a vertically integrated license by the New Jersey Department of Health, granting the cannabis company cultivation, processing and retail rights.

“We look forward to serving the people of New Jersey who deserve access to the highest quality products and patient care available as they seek relief with medical marijuana,” said GTI CEO Ben Kovler in the company’s press release.

Green Thumb’s cultivation and processing facility, as well as its retail store RISE, will be located in Paterson, the largest city in Passaic County.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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