Tether Announces Support for McCormack against Craig Wright Libel Suit

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Tether Announces Support for McCormack against Craig Wright Libel Suit
Tether has announced that it will fully support Peter McCormack in defending a libel suit brought by self-proclaimed Satoshi, Craig Wright.
Tether Announces Support for McCormack against Craig Wright Libel Suit

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Source: CoinSpeaker

Constant’s Customized P2P Lending Terms and Rates Fuel Platform’s Impressive Growth

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Constant’s Customized P2P Lending Terms and Rates Fuel Platform’s Impressive Growth
The increasing competition among borrowing/lending platforms, stablecoins, derivatives, and cross-chain CDPs indicates a new era in fintech innovation.
Constant’s Customized P2P Lending Terms and Rates Fuel Platform’s Impressive Growth

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Source: CoinSpeaker

‘China is Active’, says Binance CEO Overwhelmed by Statistics on Bitcoin Transfers

Binance CEO, Changpeng Zhao, gets excited on twitter as he shares competitive winning statistics for his firm.
‘Come to Papa,’ says Zhao as the statistic from TokenAnalyst depicts that a large amount of crypto volume has shifted from Huobi to Binance. The platform analyses the flow of Bitcoin among exchanges. The analytics still looks in the building phases and hasn’t included other important exchanges like Coinbase and Okex.
Moreover, the flow of high-volume BTC transfers via OTC exchanges and other institutional platforms are beyond scope at the moment.
Graphic Visualization of BTC transfers across Crypto Exchanges (Source)
Competition between Huobi and Binance
According to the Bitcoin Flow Chart between exchanges, Huobi seems to have lost considerable share. It tweeted,
Huobi wallets sent the most $BTC to Binance wallets in 2019 – Total of 259K BTC was sent – Total # of txns: 48K – Avg txn value: 5.4 BTC
Nevertheless, some of the Binance users have moved their assets to Huobi as well. It looks like these many of these people might be operating accounts on both exchanges.
Binance made immense growth this year. The IEO wing of Binance, the Launchpad, issued ten cryptocurrencies on the exchange this year. Binance [BNB] Coin also grew exponentially as it attains the top ten positions according to market capitalization.
Huobi also made significant announcements in the OTC markets, IEO space and even large scale adoption with smartphones.
Moreover, in the derivatives space as well, Huobi’s Derivative Market (Huobi DM) has made significant progress since launch. It reports a $4.45 billion trading volume in the last 24 hours. The separation of the futures market with the spot on Huobi could also account for the difference with Binance. Binance Futures contracts are supported on Binance itself.
The Chinese Picture
Apart from an advantage over Huobi, CZ also suggests that contrary to popular belief, Chinese retail markets are active. With cryptocurrency exchanges banned in China, the investors have limited options when it comes to global exchanges. Okex, Huobi, Bitfinex are other prominent exchanges in the region.
However, the data from Okex was excluded from the mix. Its addition could add further clarity to the Chinese scenario.
The country has made significant advancements in the space since last month. Following the President’s announcement to lead the ‘blockchain space,’ its citizens are moving fast into the game.
Furthermore, the state authorities in China also removed Bitcoin mining from its list of restricted activities in China. The restriction created an immense stir in the market as a ban could effectively disrupt more than 60% of the total Bitcoin mining globally.
The move is bullish for Bitcoin as well as China continues to grow cutting edge hardware and efficient mining farm.
Do you think that the retail volume of cryptocurrency investment in China could increase further? Please share your views with us. 
The post ‘China is Active’, says Binance CEO Overwhelmed by Statistics on Bitcoin Transfers appeared first on Coingape.
Source: CoinGape

Leading OTC Desk Applies for Cryptocurrency Exchange License in Hong Kong

Octagon Strategy Limited (“OSL”), a Hong-Kong based digital asset brokerage firm, applies for a digital asset exchange license from the Securities & Futures Commission (SFC). The financial watchdog introduced changes to start issuing trade licenses to crypto exchange platforms.
Wayne Trench, CEO of OSL told the media,
“We congratulate the SFC on announcing its digital asset licensing regime and are proud to be the first applicant,”
OSL Application for Crypto Exchange in HK (Source)
Binance, Huobi, OKex have all obtained registration from countries like Malta. However, their main operational hubs are located in Hong Kong. The easing of regulations in Hong-Kong will likely motivate these exchanged to register there.
However, there is a catch in the licensing process
According to the SFC, the licenses will be issued to exchanges providing services to institutional investors only. Something that even the US authorities have permitted as well.
Moreover, the exchanges need to arrange for insurance of the funds. It must also be careful in the choice of cryptocurrency it adds on the platform. In all likelihood, it will allow not more than 5-6 cryptocurrencies in the beginning.
OKEX, one of the most prominent exchanges globally and in Hong Kong noted,
“We believe that a handful of exchanges will take the invitation to opt-in into SFC’s regulation plan, however, we do not expect to see a large number of exchanges rushing into the regulation net,”
The SFC’s hands are tied as well, as they cannot force regulation in the absence of laws for digital assets. They have begun by providing an option for registration.
While mainstream crypto exchanges might avoid regulation, institutional service providers will rush on to things to build trust among its customers.  This is evident in the application filed by OSL, an OTC market looking to expand its presence. OTC desk usually serves high-volume clients only.
The provision of insurance and compliance of state rules removes a lot of the risk from investment.
Do you think that this move will bring a lot of OTC desks into the mainstream? Please share your views with us. 
The post Leading OTC Desk Applies for Cryptocurrency Exchange License in Hong Kong appeared first on Coingape.
Source: CoinGape

Binance Enables Ruble Deposits With Advcash, Might Add Support for UAH and KZT

Leading exchange Binance has partnered with Advcash to offer deposits and withdrawals of Ruble (RUB) via the Advcash service. Subsequently, users can deposit RUB to their Binance wallet using their Advcash wallet, debit and credit cards. 
No Transfer Fees For RUB Deposits
Source- Twitter
The service will further allow users to buy and sell crypto with RUB directly on Binance’s buy/Sell crypto page with a one-click buy/sell service. Users can buy Bitcoin (BTC), Ethereum(ETH) and Ripple(XRP) with Binance’s RUB wallet. Also, there will be no transfer fees when depositing RUB using Advcash Wallet.
Binance May Add Support for Ukrainian Hryvnia (UAH) and Kazakhstani Tenge (KZT)
Cryptocurrency exchange Binance could soon add support for Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT) for its direct fiat-to-crypto trading facility. Last month, Binance added support for Nigerian Naira (NGN) on Oct. 24 and Russian ruble (RUB) on Oct. 31.
The support for NGN was enabled with a partnership with U.S.-based payments tech firm Flutterwave. On the other hand, RUB has been integrated through AdvCash. Furthermore, it added these two currencies on its API on Sept. 24 and Oct. 29, respectively.
The third-party service which Binance would choose for UAH and KZT if they are added next is in close wraps. Binance continues to expand its fiat-gateway channel. Presently, it has six-channels- Koinal, Simplex, Paxos, TrustToken, Flutterwave, and AdvCash.
In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is of prime importance for lowering the entry barriers. He also said that users can expect more pairs very soon. Also, Binance enabled BNB P2P trading for Chinese crypto holders recently.
What will be Binance’s next initiative? Will the leading exchange soon add support for UAH and KZT? Let us know, what you think in the comments below!
The post Binance Enables Ruble Deposits With Advcash, Might Add Support for UAH and KZT appeared first on Coingape.
Source: CoinGape

ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments

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ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments
ARPA’s CCV is scheduled to begin on 5 November and is to incorporate Binance’s new rules for the Community Coin Voting.
ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments

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Source: CoinSpeaker

Binance Set to Open Beijing Branch as China Goes Pro-Blockchain

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Binance Set to Open Beijing Branch as China Goes Pro-Blockchain
Reports currently have it that the Binance exchange is making plans to open a new office in Beijing but the information is not officially confirmed yet.
Binance Set to Open Beijing Branch as China Goes Pro-Blockchain

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Source: CoinSpeaker

BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake

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BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake
Cryptocurrency derivatives exchange BitMEX today sent a mass email to its users with their email addresses in the “To” field, affecting their privacy.”
BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake

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Source: CoinSpeaker

Stellar [XLM] Gains 13% After Changes Imposed to its Supply Characteristics

Stellar [XLM] price gained 13% in a bullish breakout late on Thursday. XLM price recorded a high of $0.072.
The price of  XLM at 5: 00 Hours UTC on 1st November 2019 is $0.069. It is trading 9% higher on a daily scale.
 
XLM/USD 4-Hour chart on Kraken (TradingView)
There are a couple of reasons and catalyst to the move. The most important among them is the end of the inflation program in Stellar. Stellar announced a new update to its protocol to increase the viability of cross-border payments using XLM.
The earlier model added 1% to XLM supply every year, the XLM was distributed to the stakeholders weekly after a voting process.
However, the Stellar Organization observed that the model was reaching an impasse. The new XLM was simply being stacked and the voting was also insignificant. Hence, instead of distributing the fees, it will begin burning the fees paid for conduction transactions on Stellar.
While this weakens the economic model as stakeholders are left with no earning opportunity, it curbs the supply of XLM. From November, the supply of XLM will remain constant which until now was increasing at a rate of 1% annually. During bearish altcoin sentiments, inflation acts as a strong force of devaluation.
The amount circulation supply of Stellar is 20,054,779,554 XLM, while the total supply of Stellar is at 105,443,902,087 XLM. About 80% supply of pre-mined XLM is yet to release. Moreover, the update which disabled inflation can be switched back on. Hence, after considerable growth of the network, the stakeholders can expect inflation to resume.
For now, Binance has ended the XLM staking support on its Exchange from November. Recently, Travala.com, the crypto-focused travel, and hotel booking website also added support for Stellar and Cardano.
Do you think Stellar Organization made the right decision? Please share your views with us. 
The post Stellar [XLM] Gains 13% After Changes Imposed to its Supply Characteristics appeared first on Coingape.
Source: CoinGape

QTUM Gets Support For Margin Trading On Binance; Launches Android Wallet

Popular cryptocurrency exchange, Binance has announced the addition of support for QTUM cryptocurrency for margin trading on the platform. QTUM also recently announced the release of QTUM Android wallet on Google play store.
QTUM Now Available For Binance Margin Trading
Earlier today, leading cryptocurrency exchange, Binance made an official announcement to inform the community that it had added support for QTUM on its margin trading platform. The announcement had also been made on Twitter following a blog post which explained the development.

#Binance Adds Margin Trading for @QtumOfficial $QTUMhttps://t.co/H83oKQPzaM pic.twitter.com/gkPNhX5fjG
— Binance (@binance) October 31, 2019

According to the official announcement, Binance has added QTUM as a margin asset and as a borrowable asset. This new development allows Binance customers to trade margin up to 125 times leverage with QTUM. The Margin data that accompanied the official blog post listed QTUM/BTC and QTUM/USDT as the margin pairs available on the Binance Margin trading platform.
Quantum Releases Andriod Wallet On Google Play Store
During the course of the week, Qtum Foundation release an official statement in which it listed a few developments that has been achieved recently. Among those was the release of an QTUM Android wallet on Google Play Store. According to the official statement, the App has been launched on Google Play Store and further modifications are underway. Although the announcement added that the complete documentation of the complete user guide was in process, it confirmed that all documents relating to the description of the app had been released.

Check out last week’s development report. We launched a few new updates:⁰
– Qtum Android Wallet released on Google Play Store⁰- Qtum base image updated to v0.18.1 on AWS– Qtum base image updated to v0.18.1 on Google Cloudhttps://t.co/p1tSHyvXIi
— QtumOfficial (@QtumOfficial) October 29, 2019

QTUM is trading at $2.20 at the time of writing this article, down 0.38% in the last 24 hours.
 
The post QTUM Gets Support For Margin Trading On Binance; Launches Android Wallet appeared first on Coingape.
Source: CoinGape

Why the Market Needs so Many Crypto Exchanges

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Why the Market Needs so Many Crypto Exchanges
Anton Vasin, CBDO of the Serenity project, talked about his experience at Blockchain Life 2019, and explained why there can’t be too many crypto exchanges on the market.
Why the Market Needs so Many Crypto Exchanges

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Source: CoinSpeaker

Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings

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Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings
China’s state-backed tech workgroup has released its fourteenth crypto rankings report, with Bitcoin ranked 11th, Tron – 2nd, and EOS (EOS) retaining the top spot
Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings

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Source: CoinSpeaker

Bitcoin’s price dictates BTC derivatives market and not vice-versa

The Futures market of crypto-assets has been on a rollercoaster ride in 2019. After a tremendous price rally during the April-June period, the Futures market exploded in terms of trading volume in July. BitMEX registered daily aggregated volumes of over $5 billion in July. Binance Futures platform was also launched in early September, and the […]
The post Bitcoin’s price dictates BTC derivatives market and not vice-versa appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Derivatives Volume Has Grown 10 to 18 Times Bigger Than Bitcoin Spot Volume

As Bitcoin struggles to cross $8,000, derivatives trading is on an explosion. The amount of derivatives traded globally exceeds Bitcoin spot volume by 10 to 18 times says a Bloomberg report. 
Crypto Market Derivatives Continues To Flourish
The third quarter of 2019 saw the crypto market lose nearly $100 B in market cap and noted a sharp reduction of 42% in overall trading volume. Bitcoin lost 24% of its volume in the third quarter and even top -5 coins registered heavy losses with Litecoin shedding 54% of its value, going from $123 to $56.
Source- CoinGecko Q3 Report
Bitcoin price managed to surface around $10,000 until late September. It was followed by a sharp dip in Bitcoin’s price on the 24th of September. At press time, Bitcoin is trading at $7,495.
Source- CoinGecko Q3 Report
A surge has been noted in the crypto derivatives trading. While the high level of volatility in digital assets can be risky, high risk comes with high rewards.  CoinFLEX CEO Mark Lamb forecasted that the derivatives market will be 20 times the size of the underlying spot BTC market by the end of 2020.
“More and more hedge funds and more and more financial experts realize that there is an opportunity in this space. That means more volume going through the derivatives exchanges, and more liquidity coming into the overall ecosystem. So it is an interesting feedback loop.”
says Phillip Gillespie, CEO of B2C2 Japan, a cryptocurrency liquidity provider in Tokyo.
Leading the baton of derivatives trading Binance and BitMEX stand tall and offer futures contracts for Bitcoin and other crypto-assets with a leverage of more than 100 times. Subsequently, it has been a major factor in enthralling traders after Bitcoin’s decline since late 2017. Moreover, the thin liquidity is also a cause in the loss of interest as buy and hold Bitcoin whales control more than 33% of the total Bitcoin. Traders have been looking for new ways to profit as Bitcoin’s volatility has dropped to less than 2%. 
“That’s where the money is to be made in crypto. It’s the biggest casino ever.”
said Sid Shekhar, co-founder of London-based tracker TokenAnalyst.
“When trading with leverage, traders don’t have to tie up as much capital as you would trading spot. “This makes trading futures cheaper. This is the reason why futures trading in traditional markets is higher than spot trading.”
said Zhao Changpeng, CEO of Binance. 
A Look At The Volume of Futures
Binance Futures on the 15th of October recorded a volume of $700 M. Furthermore, Binance Futures recorded its 100K BTC on the same day.  
Source- Skew Markets
Needless to say, Binance Futures managed to climb the 3rd highest position. Moreover, in a span of 5 days, it managed to claim the 2nd spot in terms of 24-hour volume. 
Source- Twitter
Bakkt, which was being touted as a flop show also recorded an All-Time High(ATH) on its first monthiversary yesterday. It achieved 363 BTC on its Bitcoin Monthly Futures. 
Source- Bakkt Bot
Also, institutional interest on the long positions of CME BTC futures has risen by 450% in October. Furthermore, leading exchange OKEX makes up for 33.7% of the market share of crypto derivatives with a daily derivatives volume trading of $3.0 Bln. Also,  Andy Cheung, the exchange’s head of operations in Hong Kong, revealed that twice as many people have been trading derivatives than actual coins this year
Source- Skew Markets
Huobi was a  close second with a market share of  31.6% and 2.83 Bln. BitMEX perpetual BTC futures recorded a volume of $41.7 Bln. Interestingly, BTC futures products by Huobi and OKEx saw a healthy trading volume of $23.3 Bn and $17.4 Bn respectively.
BitMEX Has the Largest Share of Crypto Derivatives
Crypto futures started getting traction and went high gear in 2018. It was when BitMEX U.S. Commodity Futures Trading Commission, pioneered perpetual Bitcoin futures, which were easier for individual investors to understand than other derivatives
“BitMEX is probably at the center of the whole ecosystem right now,”
Shekhar said. 
He further said that BitMEX holds the largest share of crypto derivatives in the world and is estimated to be making at least $700,000 in fees from derivatives trading a day.
Will crypto derivatives continue to enjoy the same attention and volume in 2020? Let us know what do you think in the comments below!
The post Bitcoin Derivatives Volume Has Grown 10 to 18 Times Bigger Than Bitcoin Spot Volume appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] and Crypto Market Volatility Threatens Altcoin Dominance Again

Bitcoin [BTC] price flash rise from $7500 to $10,350 came to the cooldown on Saturday, witnessing massive volatility. The daily correction in price from the high is about $1350, as the price tested daily lows near $9010.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The total market capitalization of the cryptocurrency market increased by over $50 million at the peak. Bitcoin contributed more than 80% to the rise on Friday and early Saturday.
The affirmative price action in Bitcoin fared well for most altcoins, as well. However, the altcoins lost value w.r.t. BTC as the move was driven primarily by Bitcoin. The dominance of Bitcoin [BTC] over the cryptocurrency market increased from 66% to 68% overnight.
Top Gainers among Top Altcoins
While Bitcoin recorded about 25% gains on the daily, major altcoins showcased double digital gains.
The top gainers among large-cap altcoins included Bitcoin Cash [BCH], Bitcoin SV, EOS, and Litecoin. The coupling of altcoins and Bitcoin gains can expect to take to begin an alt-season, or the extreme selling pressure w.r.t Bitcoin could lead to adversity for altcoins as well.
BCH/USD 4-Hour Chart on Bitstamp (TradingView)
Bitcoin [BCH] recorded highs at $285. Moreover, Ethereum [ETH] too attempted to break towards $200.
Trading Volume
Furthermore, the volume of trading on spot exchanges and futures increased drastically. While Bakkt volume recorded new ATHs, the CME futures contract ended on Friday. Trading on CME will begin again late on Sunday.
The futures trading volume on Binance surpassed $1 billion as traders look to cash in on the increased volatility. Moreover, the volume of the Binance spot exchange surged past $3.5 billion. The trading volume of Coinbase pro reached $1 billion as well.
Do you think that the cryptocurrency markets have more steam left in the short term? Please share your views with us. 
The post Bitcoin [BTC] and Crypto Market Volatility Threatens Altcoin Dominance Again appeared first on Coingape.
Source: CoinGape