CME Records Over 20x Growth in Total Bitcoin Options Open Interest Since May

Institutional grade Bitcoin derivatives platform, CME, is experiencing a superficial growth in options interest from its clients. The total open interest is on a skyrocketing path, witnessing a 2500% increase, from the May 1 at $13 million to over $360 million as of Monday, June 15, 2020.

However, the total daily volume of BTC options traded has dropped significantly during the past week as price levels faltered below the $9,000 mark.

Institutional Interest in BTC Options Explodes

CME Bitcoin options launched in early January this year, starting on a slow note before the market exploded about five months later in May. Across the past six weeks, CME Bitcoin options open interest increased from $13 million on May 1 to an all-time high of $373 million recorded on June 10, 2020.

Source: Skew Markets

Despite the slight retrace to $368 million on Monday, the 2000%+ growth signals a growing interest in institutional investment interest into trading regulated crypto derivatives. CME now holds over 23 percent of the total global OI on Bitcoin options, surpassing the OKEx and LedgerX markets.

A spokesperson of the company, however, said the company “has no plans to introduce additional cryptocurrency products” despite the demand.

A one-Sided Battle in Institutional Investment

According to Matt Kaye, a managing partner at Blockhead Capital, a crypto hedge fund, the increasing open interest gives a “strong signal that regulated institutions are exposing their books to bitcoin.” Investing in regulated BTC products comes at a higher cost, but it seems the institution is ready to pay it, Kaye said.

“CME has a higher cost of capital and is closed on weekends, so anyone trading there is likely making those sacrifices because they have to.”

However, CME’s largest competitor, Intercontinental Exchange’s Bakkt, is not experiencing similar fortunes despite institutional demand growth. Since launching in December 2019, the total OI on Bakkt BTC options has only crossed the $1 million mark thrice (from January 9 to 11th), currently languishing at $66,000 as of June 15.

Skew Markets BTC Open Interest
Source: Skew Markets

Bitcoin options interest has also ballooned in retail markets, given the extremely volatile prices of the top crypto so far. Deribit, the largest exchange dealing in BTC options, has recorded a 300% increase in total open interest since the start of the year. Deribit crossed the billion-dollar mark in the final week of May, setting an all-time high on June 12 at $1.2 billion.

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Author: Lujan Odera

New Institutional Money in CME Bitcoin Futures Hits Peak Since Launch

The open interest on Bitcoin futures has hit an all-time since they were launched during the peak of the 2017 bull run.

On May 14th, OI jumped to 10,792, coming at a total of 53,960 BTC, a new peak. This OI is more than double the 2019 high of 26,260 BTC in July.

According to Investopedia, open interest is the total number of outstanding derivatives contracts, not settled. Increasing open interest meanwhile represents new money coming into the market.

The open interest on CME bitcoin futures has been increasing for over the past month and made a new ATH on May 19 at $532 million.

Trading volume has also jumped in May, the average daily volume is keeping around $500 million, hitting $914 million on May 11, the day of halving.

A year back, in May 2019, the average trading volume climbed to 68020 BTC contracts and jumped $1 billion in notional volume as well, the month that saw the price of bitcoin jumping over 45%.

“Bitcoin adoption continues,” tweeted Gabor Gurbaccs, digital asset strategist at VanEck. “More regulated ways to go long for institutions that otherwise can’t get exposure.”

May is expected to be a record month because of the ongoing surge in activity the regulated platform is seeing after macro investor Paul Tudor Jones bought bitcoin via CME.

The billionaire hedge fund investor called bitcoin the “fastest horse” and the best bet to win “The Great Monetary Inflation.” Tudor Jones also revealed that 1 to 2% of his assets are in the “inflation hedge.”

CME’s “Exchange for Physical” BTC options

Recently, CME global head of index and alternative investment products, Tim McCourt shared that traders prefer cash-settled bitcoin products over physical-settled ones.

“So far, clients have expressed a clear preference and priority for a cash-settled product,” McCourt told Cointelegraph.

The introduction of CME bitcoin futures just about a year and a half ago helped investors better manage the price risk. Currently, the platform is seeing an average of 42,500 BTC traded per day, he said.

However, options that allow one to settle long positions with actual bitcoin is also gaining interest from traders, highlighted Jeff Dorman, CIO at Arca.

CME’s little known “Exchange for Physical” option makes it possible to settle in actual bitcoin and ahead of the April 2020 expiry, 284 bitcoin contracts were interested in this trade type.

Interestingly, the OI on CME’s bitcoin options is also making records, hitting $174 million on May 19, as per Skew Markets. But it is nowhere near Deribit, the leader in the options market whose open interest touched $1bln for the first time.

CME launched its bitcoin options product in January this year and since then it has traded 5,000 of these contracts, 25,000 BTC in total.

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Author: AnTy

Crypto Lender Dharma Becomes First App to Submit A Compound Improvement Proposal

Dharma, one of the leading Decentralized Finance platform has proposed new upgrades to its cDai interest rate model under its Compound improvement model for better user experience.

In a blog post published on 27th April, Dharma claimed that the new changes would ease the burden on capital suppliers without impacting the interest of borrowers.

In its blog post, Dharma claimed that its existing Dai interest model at the time of development did not take into consideration several factors like the Stability Fee (SF) and Dai Savings Rate (DSR) in the existing MakerDAO’s Multi-Collateral Dai (MCD) system for a prolonged period of time.

Thus, the current zero interest rate model is causing a lot of issues and does not offer a good user experience for the capital suppliers when SF and DSR are kept at zero.

As a result, capital suppliers make zero profits until capital utilization is above 90%. Even when capital utilization is above 90% these rates fluctuate widely.

How Does The Decentralized Collateral Model Works?

Decentralized Finances work on top of the Ethereum blockchain, where DAI (non-asset backed stablecoin) is the primary fuel. A user can put their ETH in a smart contract as collateral and draw an equivalent amount in Dai.

Now the user can utilize Dai as per their wish and whenever they want to withdraw their collateralized ETH, all they need to do is pay back the loaned Dai along with the interest rate.

This mechanism also helps in keeping the value of Dai at $1 despite not backed by the actual US Dollar itself. This is done through the dynamic interest rate system created by MakerDao called Target Rate Feedback Mechanism (TRFM) where, if the inflation leads to an increase in the value of Dai above $1, the interest rate is lowered and vice versa. This system aims to keep the value of Dai stable at all the times and equivalent to $1 USD.

How Do These Proposed Changes Benefit Capital Supplier

The proposed changes to the cDai interest system offer a modest interest rate to capital suppliers when the interest rates are below 90%, and as the interest rates are greater than 90%, the interest volatility slightly decreases.

When the Dai saving rates were set to zero, the plotted graph looked like the following chart:

While the proposed changes to the rates would make the graph look something like the following chart:

Decentralized Finance has been seen as a revolutionary use case for decentralized cryptocurrency financial system and also achieved the milestone of $1 billion locked in collectivized assets.

However, 2020 turned out to be a nightmare not just for the mainstream crypto space, but even for the Defi ecosystem which suffered from numerous hacks in recent times, the most recent being DForce.

DForce, in particular saw the loss of $25 million locked in collateralized assets. However, it later turned out that the hacker was trolling the network as they returned all of $25 million stolen assets the very next day.

Similarly, the black Thursday crypto market crash also exposed several flaws of the De-Fi ecosystem when the price of major crypto assets fell by 50%, which led to several thousand Colleralized debt Position (CDP) being partially or fully liquidated.

This caused investors to lose millions and they were miffed since MakerDao has advertised that if the value of the collateral fall by 13%, the collateralized asset would be returned to the investor with a max 13% penalty cut.

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Author: Rebecca Asseh

Banks’ 1Q Earning Report Reveals They Are Stockpiling Cash in Anticipation of a “Severe Recession”

With interest rates plummeting below zero and the central banks printing money like crazy, it is believed bitcoin is finding new users in those looking to escape the uncertain financial system.

These new investors are apparently using BTC as a safe haven as their confidence in the traditional market wavers. With money continuing to lose its value, it makes sense, bitcoin is being looked at as a safe place to store wealth and hedge against central banks.

This week, all the major US banks also released their earnings report. The Q1 of 2020 saw heightened volatility which brought in good revenues from trading. The titans of the banking system have been overall profitable in Q1.

The earnings gave the first glimpse at the extent of the damage of the coronavirus pandemic on the banks. It also showed the prevalent theme in the sector which is stockpiling cash. Usually, banks don’t set aside cash, but rather lend it out to make more money from it, but not this time. Analyst Mati Greenspan said,

“In the fractional reserve banking system, banks are required to hold a minimum amount of cash on their balance sheets. Despite the Fed removing this requirement completely last month, banks are now raising their cash buffer quite substantially.”

Focus on Building More Reserves

The earnings report of JPMorgan Chase this week revealed that its first-quarter profit plunged 69% to the lowest in over six years. The bank also set aside $8.29 billion, the biggest provision in at least a decade. Chief Executive Officer Jamie Dimon said,

“Given the likelihood of a fairly severe recession, it was necessary to build credit reserves.”

Wells Fargo’s reported the revenue of $17.7 billion while its net income dropped 89% to $653 million for the quarter. Wells Fargo’s chief executive, Charles W. Scharf said,

“The actual level of losses we incur will be driven by how long this period lasts and the level of support the government provides.”

The bank’s CFO John Shrewsberry said that the bank always sets aside more than it charges and “If things play out substantially worse, it’s certainly possible that we end up building more reserves.”

Citigroup also increased its loan reserve $4.9 billion in preparation for a US recession due to the coronavirus pandemic. The bank’s revenue jumped 12% unlike Goldman Sachs’ whose revenue was 10% lower from a year earlier while the trading division exceeded expectations.

Goldman set aside $937 million for loan losses in the first quarter, smaller in comparison to its peers.

Bank of America posted $4.8 billion in provisions and its revenue was slightly more than expected. CEO Brian Moynihan said,

“Despite increasing our loan loss reserves, we earned $4 billion this quarter, maintained a significant buffer against our most stringent capital requirement, and ended the quarter with more liquidity than when we began.”

This flight is also seen in the crypto market, with the issuance of stablecoins surpassing $8 billion. But as hedge fund king Ray Dalio emphasizes “cash is trash” and with central banks printing money relentlessly, this money parked in stablecoins is expected to finally make its way into Bitcoin.

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Author: AnTy

BlockFi Boosts Interest Rates For Crypto Lenders Holding BTC And ETH; Starting April 1st

The crypto lender BlockFi made the announcement that it will raise interest rates on holdings in Bitcoin (BTC) and Ether (ETH), starting with April 1.

Users that hold as much as 5 BTC are going to earn an annual percentage yield (APY) of 6%, a solid boost from the 3.6% that it is at the moment. On the other hand, ETH holders will get 4.5% APY bump for as much as 500 ETH, which is quite more than the 2-3.6% APY they can get now. The USD Coin (USDC) and Gemini Dollar (GUSD) will remain at the 8.6% APY.

2 Key Factors In Determining the Rise in Interest Rates

It can be said the move is rather unusual seeing interest rates in all traditional markets went down as a result of the risks brought on by the coronavirus (COVID-19). BlockFi’s CEO and founder, Zac Prince, had this to say about the factors that influence his firm to raise its interest rates:

“Supply constraint as other market participants have pulled back on their lending activities, and ample opportunities for market-making and arbitrage coming out of the extreme volatility that we experienced last week.”

He added that the balance sheet at BlockFi is very strong and the company’s margin has extended as a result of the shifts currently happening in the institutional lending markets.

BlockFi Also Had Fewer Loan Liquidations

During the BTC crash from last week, BlockFi had fewer loan liquidations and no loss in the lending book. It said its USD loan collateral wasn’t liquidated below approximately $4,500, in spite of the market having lows of about $3,800.

BlockFi crypto lending company was created back in 2018 and developed significantly in only 2 years. It had its revenues growing more than 20 times back in 2019, at the moment holding over $650 million in assets. Last week, it added cash transfers support for non-crypto users to buy crypto worth of $10 for the first time and to get interest on their investment. BlockFi is backed by Morgan Creek Digital and Valar Ventures. It raised more than $100 million in funding until now.

You can start using BlockFi by going to their official website.

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Author: Oana Ularu

What’s the Point of an Insurance Fund if It Wasn’t Used on the Worst Day In BTC’s History

  • No one to blame for the debacle but ourselves because BitMEX has “no interest in actually providing a functioning platform”
  • “Is this really what we set out to build? A speculative playground where traders and exchanges are the ones controlling our world” – Melody He, crypto hedge fund founder

One of the worst days of Bitcoin resulted in crypto derivatives exchange BitMEX recording one of its highest liquidations ever.

Once the Bitcoin price broke below $4,800, it was dominated by “cascading liquidations,” becoming its “own monster,” said Ari Paul. This widened the spread between the Bitcoin price on BitMEX, where it found the low at nearly $3,600 and spot exchange where it was around $3,700-$3,850.

As we reported, Sam Bankman-Fried, founder and CEO of competitor exchange FTX accused BitMEX of being responsible for Bitcoin’s violent sell-off. He said the price of bitcoin would have gone to zero if BitMEX hadn’t halted its platform under the pretense of “hardware issue.”

This “hardware issue” was the ”kill switch” like the circuit breaker in the traditional stock markets. “I think it was because their market was out of control. I think they made the right decision,” said pseudonymous trader Lowsrtife.

After they halted trading, the bitcoin price bounced 35% in under 25 minutes.

BitMEX then took over the manual control of the engine to make more “profit” from it and “became very reluctant to sell until the market bounced over 1000 points.”

It’s Our Own Doing

Lowstrife believes BitMEX didn’t cause the dump as such a fall would have happened anyway. But what’s clear is that “the market ceased to operate rationally below $5000.” Because of the panic that began from the broader economic turmoil in a run to cash and liquidity, BitMEX got overloaded but their liquidation engine wasn’t prepared to handle 90% of the long-side getting REKT.

For all of this, the trader said there was no one to blame but yourself because BitMEX has “no interest in actually providing a functioning platform.”

“BitMEX was undoubtedly the biggest bull (not by choice) due to the sheer amount of Long Swaps they inherited from traders who had been liquidated,” said trader with pseudonym Flood (BitMEX).

This move on BitMEX saw the liquidity in options market evaporating and 5% spread on spot markets.

Lowstrife also points out how the insurance fund of BitMEX had 35,508 XBT on March 11, 2020, and 35,210 XBT on March 14 questioning,

“What is the point of the insurance fund if, after the worst & most violent day ever in crypto, none of it was used?”

Now, the industry believes, this is not only the time for the crypto exchanges to look for circuit breakers but also as Melody He, co-founder of the crypto hedge fund, The Spartan Group said,

“After this, we should rethink the crypto financial system – is this really what we set out to build? A speculative playground where traders and exchanges are the ones controlling our world.”

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Author: AnTy

Bitcoin Sells Off Like Stock Market Even After The Fed Cuts Rates by 50bp; Trump Wants More

Today, in a surprise move, the US Federal Reserve cut its benchmark interest rate by a half-percentage point to help mitigate the impact of the coronavirus on the market and economy.

The officials were in unanimous agreement for an emergency cut to a range of 1% to 1.25%. The Fed also said the “fundamentals of the U.S. economy remain strong,” but added that Fed policymakers “don’t think we have all the answers.”

On Monday, the promise of the interest rate cut had the stock market surging, the Dow Jones Industrial Average jumped a record 1,294-points. Today, the Dow initially added to the gains after the Fed announced the rate cut but soon went down.

The Dow was down more than 700 points, or 2.7% after rising nearly 400 points at one point in the day. The S&P 500 was down 2.5% while the Nasdaq Composite dropped 2.5%.

According to investors, the Fed’s rate cut was bad news. This also means the market had already priced in a rate cut, aggressively.

The market was expecting an interest cut from the Fed in the March 18 meeting and even though the Fed officials spoke out against the cut right away last week, they made the first such emergency cut since the financial crisis.

However, President Donald Trump, who called for a rate cut today early in the day after Australia’s central bank did, pushing its rates to a record low, yet again called out for another cut.

“The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to the USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!,” Tweeted Trump.

The crypto market is reacting the same way as the stock market. Bitcoin also jumped to about $8,870 but soon after followed stocks and dropped below $8,700. However, the volume is extremely low, only $400 million exchanged hands on the top ten exchanges in the past 24 hours.

Source: Coin360

However, stock markets are more volatile than bitcoin today and trader Crypto Micheal notes, “BTC is stabilizing, while some alts are gaining momentum already.”

However, traditional safe-haven assets like gold and silver are surging. Gold prices rose sharply, with April futures were last up $51.20 an ounce.

Lower Fed rates also have investors paying attention to treasury yields, with the 10-bond yield hovering above 1% near an all-time low.

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Author: AnTy

CME February Bitcoin Futures Expire Today, Trader “Expecting Shenanigans”

  • Open interest on Bitcoin futures contracts on regulated platform CME hits its peak this month
  • CME gap is fully closed at $8,500 and a potential bullish divergence has started to show up which means a bounce could be seen
  • The market is already very volatile and it is further expected to be even more so as bitcoin futures on the regulated platform CME expires today.

Bearish traders have a stronghold within the crypto market with Bitcoin’s (BTC) price down from above $10,000 earlier this week to $8,421. Shorts, meanwhile, are feeling the pain amidst this bloodbath.

Interestingly, on Bitfinex, the longs still dominate the market, making up to 95%. This majority contrasts sharply with the shorts on the Binance, which makes up 65% of its market.

Now, CME Bitcoin futures contracts for February are set to expire. Launched in Dec. 2017 during the market peak, CME recorded considerable growth over the last two years.

After the crypto-winter of 2018, 2019 brought a revival of volume: with prices climbing before dropping towards the second half of the year. However, in Feb. 2020, CME’s platform registered the highest average daily open interest (OI) on Bitcoin futures.

This month marked the highest ever OI on CME bitcoin futures, breaking $1 billion in trading volume for the third time.

However, since hitting $1.1 billion in daily volume on Feb. 18, according to the data provider – Skew Market – the volume on the exchange took a hit. During these two weeks, the daily volume hit lows of $118 million. This week, however, it’s been moving between $270 million and $450 million. OI also hit a low of $220 million down from $338 million on Feb. 14, before reaching a peak at $338 million.

This increased activity means the futures expiry will have a greater impact on BTC prices. In addition, CME has been accused of market manipulation, due to its involvement in the 2017 crash from the $20,000 ATH.

For the moment, Bitcoin is hovering around $8,600 and, according to the trader Crypto Michael said,

“We could see a bounce up to $9,000 from $8,300-8,400.”

“Futures expiring today, as well as current BTC prices, show that the gap is fully closed at $8,500 + a potential bullish divergence is starting to show.”

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Author: AnTy

Is A Fed-Controlled Digital Dollar A ‘Win’ For the Public; Will it Pave Way For Faster Payments?

  • A digital dollar means Fed will be “free to impose negative nominal interest rates on all dollar-holders,” and privacy concerns – Lawrence H. White, a professor of economics
  • Fed-issued digital currency would need to be carefully designed, implemented, and regulated for faster, cheaper and more secure payments – Neha Narula, the director of the Digital Currency Initiative at MIT

Central banks around the world are assessing the benefits of issuing a state-controlled digital currency after China announced that it is close to launching its digital yuan and Facebook launching Libra. Just last week, there have been reports that Riksbank has started testing e-krona.

Even the Federal Reserve chairman Jerome Powell came forward to share that Facebook’s so-called cryptocurrency has been a wakeup call for them to start researching the concept of a digital dollar.

However, there has been much debate about Fed-controlled digital currency where proponents say it would facilitate faster and cheaper payments while protecting the Fed’s ability to conduct monetary policy, opponents say it would be costly and less efficient and could harm the government’s privacy.

Digital Dollar a “No Win” for the Public

The US government issuing a digital currency may not be a no-brainer but “it won’t be a “win” for the public,” said Lawrence H. White, a professor of economics at George Mason University.

According to the Wall Street Journal, White argues that most proponents of central bank digital currency are envisioning a currency that would give the government the

“ability to track all payments and eliminating the anonymity provided by physical cash today.”

And the claims of the national digital currency making retail payments costless, secure, and almost instantaneous are “dubious”. A central bank retail-system he said would require the Fed to match the level of services provided by commercial banks today which means investing in ATMs, branch offices, phone apps, tellers, and much more. Also, the payments system needs to be continually improved through innovation. White said,

“Given the government’s poor record on efficiency, the likely outcome would be a system that falls short on customer service or loses money at taxpayers’ expense — or both.”

This would also mean, the Fed will be “free to impose negative nominal interest rates on all dollar-holders,” and further raising serious concerns about privacy because the government will be able to track every single dollar spent.

Fed’s Involvement would make Payments Easier

On the other hand, Neha Narula, the director of the Digital Currency Initiative at the Massachusetts Institute of Technology’s Media Lab, makes the case for digitizing the U.S. dollar which she said would make payments easier.

The current cashless payments systems rely on financial intermediaries and aren’t much different from paper checks that means their fees are higher, slow settlement, and micropayments are almost impossible.

“The U.S. could help pave the way for faster, cheaper and more secure payments by allowing consumers to hold central-bank-issued digital currency outside of commercial banks.”

As for the Fed-issued digital currency, it could coexist with physical cash or Fed could provide accounts directly to consumers and businesses, said Narula. She went on to say,

“A Fed-issued digital currency would need to be carefully designed, implemented and regulated to reduce the risk of fraud, protect privacy and ensure that commercial banks aren’t drained of the funds they need to make loans.”

According to her, if the US does not embrace this opportunity someone else will. There is already exciting experimentation happening with cryptocurrencies, leaving innovation to private companies could mean a small number of large companies dominate and control payments, stifle competitors, and “undermine the Fed’s ability to set monetary policy and regulate financial flows.”

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Author: AnTy

Bitcoin Makes a Positive Difficulty Adjustment Hat-Trick Ensuring its Co-Integration with S2F

  • Bitcoin moves above the S2F model value
  • Bitcoin options market seeing “explosion in interest,” from both retail traders and institutional players
  • Open interest in global bitcoin futures increase of 60% in 2020 & BitMEX’s crosses $1 billion
  • “Network is getting stronger,” and next adjustment just like the past three will also be positive

Bitcoin price remains strong as it stays above $9,000 with volume also hovering around $1 billion.

With just 3 months left in the bitcoin reward halving, the market is excited about what this event will bring in for BTC in terms of price. While some remain skeptical about a potential move up, Google search for the term “Bitcoin halving” has been gaining traction since the start of this year.

Already, Bitcoin is above the S2F model value, which sees the price somewhere between $50k to $100k by 2021 end.

Options Market Seeing Lots of Action

In the meantime, Bitcoin options market seeing “explosion in interest,” from both retail traders and institutional players. In the past year, options market volume increased steadily with Deribit continuing to rule the market.

On Jan. 13, 2020, CME launched bitcoin options contracts to rival the products at Bakkt and LedgerX but outpaced its competitors.

Open interest on BitMEX Jumps above $1 Billion

Open interest in global bitcoin futures is also registering a similar explosion, recording an increase of 60% since the start of the year and surpassing $4 billion.

OI, in margin trading, is the total sum of long and short contracts open in the market. Whenever OI reached $1 billion on the popular crypto derivatives platform, BitMEX, the market tends to see extreme volatility.

For the past several days, it has been over $1 billion, which typically happens after an extended rally. However, it also leads to a drop.

“Current Bitmex Open Interest is $1.03B & 111k BTC. $1B OI has always been the barrier. I expect fireworks to start soon (cascading margin calls). I wouldn’t buy here unless we get a clean break above the previous resistance. Stay safe,” said trader CryptoSqueeze.

BitMEX has also recorded $2 trillion since its launch shared BitMEX CEO Arthur Hayes on Twitter.

“The XBTUSD swap just crossed $2 Trillion in total volume traded since it launched in 2016. I’ll drink to that!,” he wrote.

Meanwhile, Network Getting Stronger

Moving onto the fundamentals, the USD volumes processed on the Bitcoin blockchain recorded its highest level since the 2017 bull run at $3.5 billion.

However, about half of these volumes were because of a single exchange. Bitfinex was responsible for $1.7 billion of it, which was done in parts to reorganize their finances as Paulo Ardoino, CTO of the crypto exchange Bitfinex and Tether shared with the community.

Another positive development has been in difficulty adjustment. Popular analyst PlanB notes that the last difficulty adjustment on Jan. 29 of 4.7% was the third positive adjustment of the year after +6.6% on Jan. 2 and +4.7% on Jan. 16.

Difficulty adjustments are made in relation to the hash rate. They are trying to keep with a lot of hash power being added by miners to the network as seen in the regular all-time highs (ATH) made by hash rate.

“Network is getting stronger,” said PlanB adding, “Next adjustment will also be positive.”

“Without this level of security bitcoin price would not be cointegrated with stock to flow. This level of security is needed to protect bitcoin against state level attacks, which is needed because states will destroy our money (Zimbabwe, Venezuela, US/EUR/JPN: QE & NIRP),” explained PlanB about Bitcoin needing this extra security.

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Author: AnTy