Bitcoin Again on the Move Amidst “Increasing Market Demand”

Bitcoin is back on the move today. Volatility has been expected as options for 67,700 Bitcoin worth $745 million are expiring today.

Currently, the largest cryptocurrency is trading just under $11,400, up more than 3%, with over $2 billion in trading volume. In the past ten days, BTC has surged 24.5% that has resulted in the number of bitcoin addresses holding 1 million USD spiking by 38% to about 18,000.

Also, a whopping 93% of bitcoin’s supply is at a profit with the price at $11k.

Interestingly, BTC deposits at major exchanges continue to drop, which has been falling since March after the digital asset crashed along with the other asset classes. The deposits have currently reached the low-levels, last seen in May 2019, which suggests users prefer to store their BTC in private wallets. Moreover, it “may lead to a lower selling pressure the upcoming months.”

“Despite BTC’s recent surge to $11k, there are currently no signs of weak hands from long-term investors,” noted Glassnode. “Hodler Net Position Change remains positive since the end of March, with hodlers currently accumulating more than 50k BTC each month.”

However, Ki Young-ju, the CEO of on-chain analysis firm CryptoQuant, said whales have started to send Bitcoin and stablecoins to exchanges. He said,

“BTC whales are sending Bitcoins to exchanges. Stablecoin whales are sending stablecoins to exchanges as well. This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures.”

So Much HODling & Accumulation

Bitcoin gains are recorded amidst the amount of USDT flowing into exchanges spiking to yearly high. All the while, Tether continues to mint millions more USDT that “hints at increasing market demand and could potentially support further Bitcoin price appreciation,” states OKEx.

The exchange’s one-month futures annualized basis has also surged to as high as 27.67%, its highest level since late February. “Values above 20% indicate that traders are paying a very high premium on spots and using high leverage,” OKEx said.

Just this week, Bakkt recorded peak volume twice in a row while CME saw its open interest making new highs. Regarding the slow adoption of its bitcoin options product, CME Group continues to “work with both brokers and platforms to get them connected and up and running to facilitate trades with customers.”

Another bullish development seen in the market is the 1-year HODL wave, which has been unmoved on the blockchain over the last 365 days.

Additionally, this Bitcoin 1-year HODL wave has hit a new all-time high of 63%, up 1% since the start of July.

The fact that an increasing number of bitcoin investors are HODLing with no pressure from any sell-side in the form of deposits to exchanges speaks well for the world’s leading digital currency.

At this point, if bitcoin closes above ~$14,300 on the 12 Monthly charts, that would be one of the most bullish developments in this new cycle, said analyst Rekt Capital.

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Author: AnTy

Binance Opens Fiat-to-Crypto Trading Platform for the Australian Market

Binance has launched a new fiat-to-crypto platform for the Australian market, a move that will enable its users from the down south to be able to buy digital assets as well as trade them against the local currency, AUD. The crypto exchange announced the milestone in a blog post on July 28, noting that Australians will now have access to a broader range of digital assets compared to the portfolio under Binance Lite Australia, a crypto brokerage initiative launched for this market back in March 2019.

Binance touted the new platform as ‘fast, secure and reliable’ given its underlying value proposition to the Aussies. With this new initiative, users operating in the Australian market will be able to make AUD deposits on Binance from their bank accounts through PayID. As for withdrawals, users only have to link their bank accounts with Binance Australia to initiate such a request. Currently, Binance Australia’s services are available on mobile web and desktop, with the app set to be integrated later.

Binance Founder and CEO, known as CZ in the crypto space, has since noted this underlying potential in Australia and an opportunity for Binance to flex muscles down south as well,

“Australia has been at the forefront of blockchain innovation with favorable policies. By providing a secure and regulated platform for trading digital currencies with AUD, Binance Australia aims to make crypto more accessible among Australian users, furthering our mission to provide crypto access and drive freedom of money worldwide.”

Binance Global Expansion Streak

This top crypto exchange has been making inroads to a number of markets in recent months as more stakeholders demand crypto services in their local jurisdictions. One strategy that the firm appears to have mastered is running local subsidiaries through affiliate partners. Binance Australia, for instance, is run by a locally registered crypto exchange dubbed ‘InvestbyBit, Pty,’ which is closely related to crypto payment service provider, TravelbyBit.

Some of the markets that the exchange has recently expanded to include the U.S, South Korea, Jersey, and Uganda. In addition to this, Binance has also signaled that it will soon launch its service in the U.K as it looks to scale its market position even further. Apart from expanding its trading services, the CZ led crypto exchange has been aggressively listing new digital currencies to its P2P trading ecosystem.

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Author: Edwin Munyui

Switzerland’s Six Stock Exchange Lists FiCAS Actively Managed Bitcoin ETP (BTCA)

Switzerland’s leading stock exchange, SIX, is listing an active crypto exchange-traded product (ETP) in a move that will increase digital asset exposure in the Zurich headquartered market. This new product will go by index ‘BTCA’ which derives from its full name, Bitcoin Capital Active ETP. Notably, the BTCA ETP will be issued by Bitcoin Capital AG while FiCAS, the Swiss-domiciled crypto investment firm, acts as the manager.

Ideally, this crypto ETP is meant to create more portfolio balancing positions in a world where digital assets account for over $300 billion in market cap as of press time. Built to be regulatory compliant, the BTCA ETP will expose investors to the top 15 digital assets, giving them an opportunity to actively rebalance their pool and exit positions through fiat.

Consequently, product managers will be able to execute these moves by exchanging BTC for other digital currencies including TRX, XTZ, LTC, EOS, BCH, XRP, and ETH. The main exit fiat currencies will be the U.S dollar, Euro, and Swiss Franc.

The BTCA ETP has been touted to be particularly different since it is not pegged on a single asset’s movement or basket of crypto indexes. Instead, this crypto-based ETP comprises of the digital assets highlighted above and can, therefore, be actively managed based on market fundamentals and technical price action. Some of the fundamental factors that FiCAS noted it would pay attention to are investor sentiment and issues such as a token’s liquidity or the value an underlying blockchain.

As for the technical price action, Ali Mizani Oskui, the founder of FiCAS, is confident of a trusted strategy that he has beaten the market since 2013,

“Personally, I have built my expertise in crypto trading since 2013, with a strong track record in outperforming the market. I look forward to bringing my trading experience to global and institutional markets with this pioneering product.”

This latest crypto-based listing on Six stock exchange adds to the likes of the Wisdom Tree Bitcoin ETP which launched back in December. Switzerland has generally been very progressive in the crypto space, making it an attractive destination for Security Token Offerings (STO’) and now crypto ETP’s are gradually following pace.

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Author: Edwin Munyui

Ethereum Now Leading Bitcoin as ETH Breaks a 2-Year Downtrend

This week, Bitcoin continues to move upwards though at a slow pace, currently trading above $9,600. The leading digital currency might have kickstarted the greens into action, but it is carried forward by Ethereum.

Bitcoin still needs to break $9,700, says trader Josh Rager adding, “Bitcoin will get its time to shine. ETH is leading now, so pay attention to Ethereum price.”

The second-largest cryptocurrency is yet again outperforming Bitcoin by increasing 22% this week compared to just 5.4% gains recorded by BTC.

In 2020 so far, while Bitcoin registered just about 31% gains, Ether has gone up by 117%.

The fact that this week, Bitcoin is “being dragged by ETH instead of SPY is a bullish development,” said analyst Ceteris Paribus.

As we reported, this opposite direction bitcoin is going towards the equities market has the one-month correlation of Bitcoin and S&P 500 falling by over 50% to 36.5% from an all-time of 78.8% set on July 8, 2020.

And this might be just the beginning as trader Jonny Moe said, “ETH making its play on $290 now. I’ve got to say, the way the ETH and BTC low timeframes are shaping up, I don’t think it stops here.”

Interestingly, the market seems to think the same as ETH longs continue to hit new peaks. With yet another ATH in notional value, ETH longs on Bitfinex has hit $510 million, a jump of 65.5% since mid-May.

This isn’t the first time Ether has led bitcoin; it’s happened before. During the last bull market as well, Ether recorded an over 9,150% increase in its price in the year 2017 versus Bitcoin’s 1,318% jump.

This year, this growth in ETH is the result of rapid growth in demand for stablecoins and DeFi, which is expected to push ETH price further and higher in the long term.

This increased demand, as we reported, has pushed fees on the Ethereum Network to skyrocket, which now has miner revenue from fees surging to an all-time high.

“On the hourly chart, we’re seeing that currently more than a third of the ETH miner revenue comes from fees rather than block subsidy – up from less than 5% in April,” noted Glassnode.

Ethereum network is working at its capacity with active address count, the number of unique addresses that either send or received ETH on a given day, also topping 500,000, which was last seen at the “backend of the 2017-18 ICO craze.”

Ethereum’s daily address count has doubled YTD, now outpacing Bitcoin by a good margin.

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Author: AnTy

XRP Bagholders Search For Hopium, Did they Find it?

After making a move before the weekend that gave hope to the bagholders, XRP took a dive yet again.

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in red like the majority of the market. In the past week, it has dropped by over 6% and 12.5% in the past year.

In the USD market, XRP is able to hold off some losses but in the BTC market, it has dropped to a new low. On June 27th, XRP/BTC dropped to 0.000019 which was last seen in December 2017 just before it exploded to an all-time high of $3.92.

Just like XRP, Bitcoin Cash (BCH) is another cryptocurrency that fell to a new low of $0.0240 against BTC.

The situation of XRP prices is so dire that XRP bagholders are going to great lengths to make bizarre connections.

Ripple CTO David Schwartz today took to Twitter to question the 900 years old horse “trough” and XRP investors where Schwartz was indirectly talking about the end of XRP’s declining period.

Not so bizarre for the bagholders, apparently!

Schwartz may not have been giving the investors hope but trader DonAlt is surely providing the much-needed ‘hopium’ to the XRP community.

DonAlt posted a chart where he pointed to about a 500% increase in XRP price. But it’s not all bull talk as he also painted another 38.5% drop from the new low. Or it could very well fall into oblivion.

Another dose of hopium was in the form of SBI Holdings’ crypto fund. Reportedly, the Japanese financial conglomerate SBI Holdings has announced the launch of the country’s first cryptocurrency fund with 50% of its assets to be in the XRP and 30% in Bitcoin (BTC) and 20% in Ethereum (ETH).

A long-term Ripple partner, SBI is also planning to roll out its Security Token Offerings (STO) exchange by this year end and has started working on products that it would offer on the exchange’s release. It has already launched a crypto exchange called SBI VC Trade.

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Author: AnTy

Goodbye Stellar, Kin Project Approves Switch To Solana Blockchain Due To Scalability Issues

In a move to increase the scalability and speed of its platform, Kin Foundation, the lead development team of the Kin crypto, voted to move from its Stellar blockchain fork to Solana blockchain.

The Kin Foundation lead team voted on the proposal to move to Solana blockchain to solve the scalability constraints on the Stellar blockchain. According to a the KIN community, the company has been exploring the possibility of the move for the past month, raising the proposed move to Solana.

The proposal on GitHub, raised by Kik Interactive Inc., was overwhelmingly supported by the board and community of the project set off plans to start the move in the coming weeks.

The journey of Kin crypto started in mid-2018, with the founder of the Kik messaging app, Ted Livingstone, building it on the Ethereum network. Scalability issues on ETH caused Kin to move its transactions to Stellar’s blockchain and successively create its fork on the blockchain.

The trouble with Stellar

Stellar’s latency times of five seconds and the scalability constraint of only 100 transactions per second is “not great consumer experience,” the report on GitHub reads. With a growing customer base, currently, at 3 million and over 50+ partnering applications, Kin Foundation turned to Solana for solutions.

Solana’s co-founder, Anatoly Yakovenko, says the platform can settle over 6000 times more transactions per second and 400ms block times. This will boost the overall transaction speeds while reducing latency times on the Kin platform. Anatoly further said,

“In addition to speed, Solana’s natural ability to scale turned out to be a major determining factor in their (Kin’s) decision.”

Despite the progress of the Kin crypto project, the U.S. Securities Exchange Commission (SEC) is on the company’s neck challenging its ICO process. These recent troubles with the SEC are causing a slow growth to Kin’s project, one analyst argued.

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Author: Lujan Odera

‘Big Buys’ on Bitfinex Exchange has Bitcoin Trading at a Premium

The world’s leading cryptocurrency shot past $10,000 yesterday in a strong move only to fall to $9,150 on Bitfinex and $8,600 on BitMEX in a sudden drop.

Bitcoin has officially failed at yet another attempt to take over $10,000. Currently, BTC/USD is trading just under $9,500 with 1.21% loss.

Following the spike in bitcoin price earlier in the day, a ”very strange” movement occurred on cryptocurrency exchange Bitfinex that has BTC trading at a $40 premium to the rest of the market.

This “peculiar price action” was accompanied by more than 3,500 BTC, $35 million volume in the 10 minutes candle, observed Coin Metrics.

“We’ve seen some big buys on Finex since the spike. Especially the second green candle is only on us (some users entered hard in the market…) Spreads super tight,” said Paolo Ardoino, CTO at Bitfinex and Tether.

“Felt a bit like “let me fkn enter now!,” said Ardoino about over a million dollar worth of bitcoin buy orders on the exchange

This premium has now almost completely disappeared with bitcoin now trading on Bitfinex at $9,490, $9,480 on Bitstamp, $9,477 on Coinbase, and $9,470 on BitMEX, at the time of writing.

Founded in 2012, Bitfinex offers both a spot trading exchange and an OTC market.

Bitfinex is a sister company of Tether that issues the stablecoin USDT which has been accused of manipulating BTC price in the past and is fighting a lawsuit over that.

Both Bitfinex and Tether are also being probed by the New York Attorney General (NYAG) over an alleged $850 million fraud.

It is also the exchange that has seen the biggest exodus of bitcoin from its platform. Since the March sell-off, a whopping 66.6%, 133,000 BTC has been moved out of Bitfinex.

Crypto derivatives platform BitMEX comes second at 35.6%, 105 BTC, and then Huobi with 24.6% decline in BTC balance.

This could be because investors are choosing to hold their bitcoin but in the case of Bitfinex, it’s BTC balance has been dropping long before the Black Thursday. As a matter of fact, when the March sell-off occurred, the amount of bitcoin stored on the exchange had already dropped more than 47% from its highest point in December 2018.

Besides BTC balance, Bitfinex’s web traffic has also declined by 23% in April.

The exchange, however, is the third-largest exchange in terms of US dollar volume at $0.086 billion following Coinbase and Bitstamp.

Source: CoinMetrics

Coin Metrics found that 90% of the dollar quoted spot market volume is concentrated in the top four exchanges, Coinbase, Bitstamp, Bitfinex, and Kraken.

However, unlike Coinbase that goes off online repeatedly even on 5% moves as it did yesterday, Bitfinex hasn’t reported any such behavior.

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Author: AnTy

Decisively Bullish’ Bitcoin Breaks Into A New 6-Week High, Rising Above $7,750

In a sudden and strong move today, the world’s leading digital asset surged as high as $7,756 on Bitstamp. Currently, BTC/USD is trading above $7,500, up 2.55% YTD. Following bitcoin, altcoins surge higher as well, with Stellar in the lead with nearly 18% gains. DigiByte (14.60%), Cardano (9.31%), Tezos (8.13%), and Engine Coin (7.11%) also recorded significant gains.

Source: Coin360

Tuesday morning stock markets also extended gains with S&P 500 up 1.34% and Dow rose 1.42% only to pare after a hopeful coronavirus treatment from Gilead (GILD) failed in a trial.

Today, the Labor Department also reported that the number of Americans applying for state unemployment totaled 4.4 million last week, bringing the total tally over the last five weeks at 26.45 million, far exceeding the 22.442 million jobs added to payrolls since November 2009, when the US economy began to add back jobs after the recession.

Gold also went up 1.06% to $1,756.80 per ounce.

Most Buy Liquidated in a Month

Now, today as the price of bitcoin went up to the level just before the March 12 crash, shorts got heavily liquidated. As a matter of fact, BitMEX XBT/USD had the most buy liquidations in a month as the Bitcoin price went through $7,500.

The popular derivatives exchange which lost some of its market share to Binance since Black Thursday also has its Bitcoin balance down nearly 32% since the March top. But now that bitcoin has broken up to a new six-week high ahead of halving, the market is getting excited.

According to trader Josh Rager, “$7373 is still the level to close above on higher time frames to lead to more upside.” Neutral at the moment, Rager said,

“currently stuck under the Point of control (price with highest volume) over the past 6 months. A lower-high would form if Bitcoin doesn’t close above the POC at $7177.”

Meanwhile, trader Crypto ISO says,

“BTC reclaiming the 50 MA was a good signal. SPX en route to do the same. 61.8 fib on BTC is the barrier for now. SPX likely tests it and maybe 200 MA. 200 MA’s untouched. Equities seem strong. Will be looking for sustained pos funding, green delta, 70.5 fib. 84-8500.”

“Unlimited QE” Everyone

Keeping the price movement aside, there are various reasons to be bullish about the crypto market. With the number of addresses holding Bitcoin for over a year at their all-time high, long-term investors accumulating BTC, and new money flowing in stablecoins, the market is seeing constant growth.

Also, Weiss Cryptocurrency Rating shares its “decisively bullish” long-term outlook because of a favorable risk/reward ratio, the Federal Reserve creating a new surge in demand for crypto assets by printing fiat money at the fastest pace in history and supply shock coming in Bitcoin.

After the US, today, the Bank of Japan also announced “unlimited QE” and doubled its corporate bond purchases while maintaining a negative rate at -0.1%.

While the central banks are printing money to inject liquidity into the market, announce stimulus measures, and bailouts to fight the fallout from the coronavirus pandemic, millions of Americans are still struggling to pay rent and buy groceries but the wealth of billionaires only surged to “new heights.”

A latest report found that American billionaires actually got $280 billion richer since the start of the COVID-19 pandemic while millions are getting out of work.

This disparity amidst the macro backdrop of coronavirus, negative interest rates, money printing, banks using the average American’s stimulus money to pay off debt are all working in favor of the unseizable hard asset Bitcoin.

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Author: AnTy

Ethereum 2.0 Testnet Underway With Genesis Block Mined and Over 18,000 Validators

Ethereum 2.0, is the ambitious move by the Ethereum network from a Proof-of-Work based mining consensus to a Proof-of-stake based network in order to enhance the scalability and lower the congestion on the platform. The move from current PoW to PoS has been divided into phases and the final hard fork is scheduled to take place in different phases, the final phase of which would commence in the upcoming year.

The Ethereum network has taken one more step towards the launch of PoS based network as Prysmatic Labs launched a testnet for the Ethereum 2.0. The testnet launch was deemed successful as the test net managed to mine the genesis block as well as validate it.

Many in the decentralized space believe that the Proof-of-Work mining consensus is not well suited for a complex network like Ethereum which not only processes normal crypto transactions but also does a plethora of other computational tasks associated with different functionalities of the platform. This makes PoW quite incompetent to manage the load and thus the move towards PoS is being seen as quite progressive.

In PoS instead of every miner putting in their resources to mine the block, the network selects the miner with the best on-chain activity to mine the block. This makes it easier for the network to concentrate only on the necessary resources towards mining. Ethereum proponents believe this change in mining consensus would make the network much faster and efficient. The new blockchain scheduled to debut in July would also support sharding which would divide the network into several smaller nodes making it possible to process exponentially more transactions than it does as of now.

The Topaz Testnet Gains 18,000+ Validators Just Days After The Launch

The new testnet called Topaz was launched on April 16th, replacing the previously active Sapphire testnet. The genesis block for the new testnet was mined on April 18th and since then the testnet has acquired over 18,600 validators in a matter of a couple of days.

Ethereum-2.0-Beacon-Chain-Explorer

A testnet is the pilot version of the mainnet and the only aim behind is to check the validity and stability of the network so that the mainent is launched without any fault.

In order to become a validator on the testnet, one must stake at least 32 ETH which will be the same as required for the mainent. After the successful testnet of Topaz, the final testnet called Diamond will be launched which will mimic the launch version of Prysmatic’s Ethereum consensus client. Vitalik Buterin, the co-founder of Ethereum said,

“Note that this is likely not quite yet ‘THE Multiclient Testnet™,’ as we are likely going to do one or two restarts soon to have more chances to test the genesis mechanism. But still, huge progress and excellent work by @prylabs.”

He also tweeted after the testnet gained a lot of traction from validators saying,

The mainent launch is yet premature, however, each successful testnet launch would be a right step in that direction.

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Author: James W

Coinbase Custody Moves Tezos (XTZ) Staking Bakery From US to Ireland For Regulatory Reasons

Coinbase has managed to move the Tezos Staking Bakery, the largest validator since its launch in 2019 which the exchange has been operating since launch, from the United States to Ireland in less than 60 seconds on March 31. The move of staking Bakery was done in the light of regulatory requirements of the Swiss digital asset product provider, Amun.

Coinbase has been offering its custody and baking service to Amun ever since they launched their Tezos-based exchange-traded product on Swiss exchange, SIX. The regulatory changes in the Amun were the sole reason behind the recent move, which required all its staking products and services to be operational within the European Union.

Coinbase Cites Two Prominent Strategies Which They Took Under Consideration Behind the Move to Ireland

Coinbase noted that they pondered over two strategies before deciding to move the Tezos Bakery from the United States to Ireland. The first one was to stop any activity of its US-based validators before deploying the Irish validators. Although the process required nearly an hour in downtime, it ensured that the security risks were minimal.

The second strategy was to initiate the Irish validators before shutting down the US validators and stop the US validators when the Irish validators were completely in control. However, this move would have exposed the validator network to significant security risks. In the end it was decided that the way to go about it was to decouple the validator’s endorser from the node which eventually helped in making the migration process to complete in under 60 seconds.

As a result of decoupling, the exchange found that voting on blocks was being done from Ireland while new blocks were being produced from the United States. Coinbase finally saw a couple hour window suitable for moving the baker to Ireland and eventually completed the migration. Coinbase explained,

“A Tezos validator has two main components: the baker, which produces new blocks that include transactions in the digital ledger, and the endorser, which votes on blocks that other validators produce […] Large Tezos validators typically only produce or bake new blocks every few minutes or hours, but they need to vote or endorse almost every minute.”

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Author: James W