CME retains its supremacy in derivatives market beating Grayscale

Digital asset data provider, CryptoCompare releases a report every month, that encapsulates progress of cryptocurrency exchange market. The report reveals a series of charts citing different segments of the crypto market. The cryptocurrency data provider recently released a report for the month of August. The report revealed that the derivatives marketplace, Chicago Mercantile Exchange [CME] […]
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Source: AMB Crypto

Binance’s monthly volumes continue to dominate despite 41% fall in July figures

CryptoCompare, a cryptocurrency data provider, launched digital asset exchange review guidelines a while back, a review that ranks exchanges every month. CryptoCompare released its first report in August, revealing the performances of exchanges for the month of July, a month where Binance led the board with a whopping $42.1 billion monthly volume. The data provider […]
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Source: AMB Crypto

Ripple Sold Over $250 Million Worth of XRP in Q2 2019 Amid Spike in Institutional Involvement

Ripple Sold Over $250 Million Worth of XRP in Q2 2019 Amid Spike in Institutional Involvement
Amidst the current increase in the involvement of institutional corporations with cryptocurrency, Ripple reportedly sold out an excess of $250 million in XRP with about 40% of these sales been in favor of the institutional investors.
Ripple Sold Over $250 Million Worth of XRP in Q2 2019 Amid Spike in Institutional Involvement

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Source: CoinSpeaker

Cryptocurrency Exchanges with ‘Lower Quality’ amassed significant market share in 2018

Cryptocurrency exchanges often pose a significant conundrum to the larger industry. On one hand, formally established exchanges are the best medium of acquiring digital assets with ease, on the other, several cases have emerged over their dubious use as a means to inflate volume thereby presenting an unclear picture.
A recent report by CryptoCompare sought to detail cryptocurrency exchanges’ credibility on more than just the volumes they tout, as several reports have questioned the reported figures. With the use of “wash trading,” and order book manipulation, reported volumes should not be taken at face value and the recent report by the data aggregator has curated a new set of metrics to judge these exchanges.
On an overarching analysis of Geography, Trade Surveillance, Regulatory Assessment and the quality of the company, data, and market, CryptoCompare imparted a host of exchanges with grades ranging from AA to F. Taking the top spot on the exchange rankings is Coinbase with only five other exchanges recording an AA rating.
Charting out a historical analysis of the graded exchanges in terms of volume with the recorded BTC price over the past year, the report stated that the exchanges with “lower quality,” in terms of the grade awarded, performed better by market share in 2018.
Source: CryptoCompare
The report read,
“By applying our current exchange grading system to historical volumes, we can show that lower quality exchanges have gained market share in the last year.”
CryptoCompare deemed this an ill-effect of the prolonged bear market of 2018, infamously referred to as the “crypto-winter.” As a result of the declining prices, the “organic trading volume,” decreased leading to exchanges opting for “new strategies,” to compete with the existing exchange fold.
The report cited two key factors which presumably acted as catalysts for this trend. Firstly, because of the “dwindling customer base,” in reference to customers who viewed cryptocurrencies as investment avenues leaving the space in search of greener pasture. Secondly, due to “chronic over supply,” arising out of the number of altcoins birthed out of the 2017-ICO boom.
Additionally, “incentivized trading schemes,” like Trans-Fee Mining [TFM] offered exchanges the chance to boost “volumes,” “status,” and allow increased fees to “list their tokens.”
The CryptoCompare report concluded,
“The ‘Fake Volume’ narrative has become a growing trend and in recent months research has been conducted to better understand the digital asset exchange market.”
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Source: AMB Crypto

BitMEX partners with CryptoCompare to provide real-time crypto futures dataset to investors

BitMEX, the cryptocurrency derivatives trading platform, has collaborated with CryptoCompare, a platform for cryptocurrency data and indices, according to latest reports. The press release stated that the latest partnership will essentially provide professional investors with real-time cryptocurrency futures information on the Refinitiv Eikon terminal, a financial information platform.
Arthur Hayes, CEO of the Seychelles-registered crypto-derivative exchange, remarked,
“When it comes to investing, good decision-making depends on access to solid data insights. We are pleased to deliver a new wealth of data on cryptocurrency futures for institutional investors that can contribute to their overall confidence throughout their decision-making process.”
Hayes hopes that the collaboration will potentially attract more institutional investors in the space by bringing more “transparency and confidence” in the cryptocurrency space, which has been riddled with controversies of fake volumes lately.
Bitcoin Mercantile Exchange or BitMEX, had recently released a report stating that users do not use the maximum 100x leverage that the platform offers. The digital currency trading platform also recorded a 24-hour trading volume that climbed an all-time high of over $10 billion. Hayes attributed the spike to the volatility of the cryptocurrency space and the traders.
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Source: AMB Crypto

Bitcoin [BTC] to fiat trading is dominated by US Dollar as JP yen loses prominence, claims report

Bitcoin [BTC], the most dominant cryptocurrency in the market, and the US dollar, together, is the most popular crypto-fiat pair in the market. The turn of the year saw the Dollar step-up its fight against the Japanese yen [JPY], following the latter’s December 2018 dominance.
CryptoCompare, the virtual currency analysis firm, released its exchange review for March 2019 which looked at the trading volume of Bitcoin to Fiat. Studying the exchange volumes in seven prominent crypto-fiat trading pairs for the first quarter of the year, some telling signs were observed.
Although USD holds over 46 percent of all BTC trading into fiat for February and March, all signs are not positive. The BTC to USD volume was in continuous decline, dropping from over 1.4 million BTC in January to under 1.24 million BTC in February. Further, March saw a significant 26.2 percent decline to 0.92 million BTC.
Source: CryptoCompare
The Japanese Yen, trailing the USD as the most dominant fiat currency in the market, held less than one-fourth of the total Bitcoin-to-fiat volume in the month of March, despite the growing cryptocurrency market in the country. From January to February, the JPY held its share of the market, which was soon wiped clean in the following month.
Absolute volume of the yen saw a drop from 0.9 million BTC to 0.48 million BTC in March. Given the yen’s decline, the Korean won [KRW] rose by 41 percent in March, cruising to 0.21 million BTC from a February low of 0.15 million.
Other dominant fiat currencies in the list were the Euro [EUR], the Polish Złoty [PLN], the British Pound [GBP], and the Russian Ruble [RUB]. However, CryptoCompare clarified that 95 percent of the total trading from BTC to fiat were made in four sovereign currencies, namely, the USD, JPY, EUR, and the KRW.
Source: CryptoCompare
The US Dollar’s overtake of the Japanese yen in 2019 is an indication of the larger community’s fiat trading preference change and the performance of the respective fiat currencies. In December 2018, Coinhills reported that the JPY surged ahead of the US Dollar in the Bitcoin to fiat market.
Based on the aforementioned analysis, the JPY took 48.34 percent of the market while the US dollar took 43.77 percent. Corresponding to the current fiat preference, the Euro and the Korean won took the third and fourth spots, respectively.
A slew of regulatory changes by Japan’s Financial Services Agency [FSA,] coupled with the reinforcement of security measures by the country’s exchanges, saw their native currency rise in the BTC-fiat chart, albeit briefly, in December 2018. The country’s concern towards the digital assets industry, coupled with the USD slump towards the close of the year, resulted in the JPY taking the top spot.
However, since the re-opening of the US government, the Dollar has seen two cycles of upward movements. The initial few days of February and March saw the US Dollar rising, which allowed it to overtake the Japanese yen and take back its spot on the BTC-fiat ladder.
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Source: AMB Crypto

43% Rise in Bitcoin to USDT Volumes Signal That Investors Are Coming Back: CryptoCompare report

Like every month, CryptoCompare released its Exchange Review report which aims to capture the key developments within the cryptocurrency exchange market. But this time the report was much awaited as the report captured the month of March 2019 which was a stepping month. And like always the report handsome startling revelations.
Total Spot Volumes increased by 47.5% as the majority of the volumes came from Malta
Exchanges are a critical part of the crypto ecosystem as they drive the trades and determine the prices of any coin. Hence any analysis around them gives out a somewhat accurate picture as to how the crypto industry is shaping up. This is where the CryptoCompare report on exchanges becomes really important as it provides a perspective into various aspects of trading and investing.
The recent report, that covered the month of March 2019, gives a great insight into the built up that led to the rise of crypto markets in the first week of April 2019. One standout point was that “BTC trading into USDT totaled 8.9 million BTC in March, an increase of 43% since the previous month. In March, it represented 81.7% of total BTC volume (traded into fiat or stablecoin), while last month the pair represented 70%. “ which signified that USDT still dominated the most popular stablecoin and a lot of investors managed volatility using USDT. This rise here also meant that a lot of investors were switching their holdings between stablecoin and BTC and would inch towards Bitcoin as they found opportunities.
The report also covered some other points which gave a glimpse of how things were shaping up. These included

Malta-registered exchanges represented the majority (56%) of trading volume, followed by those legally registered in Hong Kong and South Korea which were at 54% and 21 %
Exchanges that charge taker fees represented 84% of total exchange volume in March, while those that implement trans-fee mining (TFM) represented 14%.
OKEx traded the highest average daily derivatives volume in March at a figure of USD 1.5 billion which included both futures and swaps. This was followed by Bitflyer Lighting at 1.14 billion USD and BitMEX at 645 million
Regulated bitcoin derivatives product volumes are still dominated by CME. This was followed by Grayscale’s GBTC product traded on the OTC (over the counter) markets, and CBOE’s bitcoin futures.
March also saw a sharp increase in volume from crypto to crypto exchanges. Crypto to crypto exchanges saw a rise 70% in trading volumes while those offered fiat pairs decreased 8%

One other point that clearly showed investors were returning to cryptos was that s, total exchange web traffic increased 32% in March, in conjunction with a total spot volume increase of 47.5%.
These figures give a fair bit of indication that why the prices of cryptocurrencies shot up in early April. If these trends continue on can expect the prices of most coin go further up.
Will we see a further rise in crypto prices based on the exchange activity that was put forward by crypto compare? Do let us know your views on the same.
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Source: CoinGape

Top 10 Crypto Exchanges Represent More Than 60% Of Spot Market Volume – CyptoCompare Research

Cryptocurrency exchanges are a very important element of the cryptocurrency industry as they not only facilitate the sale and purchase of crypto assets but also provide critical insights on how the industry is moving forward. While there are hundreds of exchanges across the globe providing various functionalities and products, CryptoCompare’s recent report gives a consolidated account on how these exchanges are playing out.
Kraken, Bitfinex, and Bitstamp continue to remain the most stable exchanges
As part of its monthly exercise,  CyptoCompare, recently released its report on Cryptocurrency Exchange for the month of December 2018 with an aim to review and capture the key developments within the cryptocurrency exchange market. The research conducted, tried to focus on analyses that related to exchange volumes, and included an overview of current exchange market concentration, an analysis of the highest volume producing jurisdictions, as well as market segmentation by exchange fee model. The findings of their report provided some great conclusion which could play a huge part in shaping the future of cryptocurrencies.
According to the report, the market for cryptocurrencies exchanges is fairly concentrated and nearly 60% of the spot market volumes come from these top 10 exchanges.

Geographically, most of these volumes come from Malta, the small island nation that is home to some of the great exchanges such as Binance and OKEx.  Malta is followed by Hong Kong and Samoa which drive the global crypto volumes. The report interestingly finds out that, in recent months, the monthly trading volume from Malta has fallen by 9% while from there has been a rise of 2% and 3% from Hong Kong and Samoa respectively.

Exchanges that offered fiat pairs represented only 25% of spot volume in December 2018 while 57% of all the fiat trading was done in USD.
With respect to future trading, the exchange mentioned that
“The proportion of futures trading volume increased from 22% in November to 28% in December. BitMex XBT perpetual futures volumes increased 17.7% in December while XBTUSD futures of CME and CBOE decreased 45.5% and 48.0% respectively since November. Regulated exchanges (CME and CBOE) represented only 2.88% of the total crypto futures market in December.”
The report also gave an insight about stablecoins which stated that Tether (USDT) continues to represent the majority of Bitcoin trading into fiat or stable coins at 65% of the total monthly volume in December.

Among the rankings, the top three exchanges that held the Top exchange volumes were, Binance followed by OKEX and ZB. Amongst Trans-fee Mining Exchanges CoinBene was the largest TFM exchange in December followed by ZBG and EXX.
Bitfinex, Kraken, and Bitstamp maintained the most stable markets in December while exchanges CoinBene, Bitforex, IDAX continued their tabletop positions for DEX’s by volume. Among other parameters Ethermium, WavesDEX and IDEX occupied the top spot to provide most volumes by a DEX.
The analysis and result provided by CryptoCompare’s research bring out some exciting facts which may be critical in shaping the future of the crypto industry.
Will Centralized exchanges continue to rule the roast or will DEX’s soon take over? Do let us know your views on the same.
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Source: CoinGape

Centralized Cryptocurrencies Dominate Market, But What About Bitcoin?

A new report reveals that the majority of cryptocurrency and blockchain projects are centralized.
Majority of Cryptocurrencies Can Be Classified as Centralized, Securities
Cryptocurrency research firm CryptoCompare released its annual Cryptoasset Taxonomy Report, and their findings reveal that only 16% of cryptocurrencies are fully decentralized. The remaining cryptocurrencies reviewed are either centralized, or only semi-decentralized, suggesting that the development team behind the projects have some leverage to influence the protocol underlying the asset.
While the original cryptocurrency that started it all, Bitcoin, was designed by the mysterious Satoshi Nakamoto to focus on decentralization and removing the control governments have over existing fiat currencies, the industry he or she created is increasingly trending toward centralization.
The report outlines how the trend is largely driven by the rapid growth of new utility tokens running on private servers. Only 9% of all utility tokens were found to be sufficiently decentralized. Cryptocurrencies that function primarily as a means of payment, such as Bitcoin, Litecoin, Stellar, and others are among the most decentralized types of crypto assets.
Financial assets such as those born from initial coin offerings (ICOs) are only 7% decentralized, and are more often than not classified as securities, according to the report. CryptoCompare classified the assets using guidelines set forth by the Swiss Financial Market Supervisory Authority (FINMA).
But What About Bitcoin, Ethereum, and XRP?
Which crypto assets are properly decentralized or what assets can be deemed as securities are a hot button issue for cryptocurrency investors.
Bitcoin was recently ruled a commodity by a U.S. district court judge, and Jay Clayton, chair of the U.S. Securities and Exchange Commission (SEC), has gone on record stating that Ethereum is no longer a security, even though it may have started its existence as one.
XRP, the native crypto token of the Ripple protocol is often used as an example of a crypto asset that claims to be decentralized, but is arguably not. Investors fear that Ripple Labs’ ownership of the bulk of the XRP supply puts the token at risk for being deemed a security.
Ripple executives have repeatedly refuted claims that XRP is centralized, and often point to China’s dominance over Bitcoin mining as a way the number one cryptocurrency by market cap has become increasingly centralized. Recent reports conclude that as much as 74 percent of Bitcoin’s hashpower is derived from Chinese mining pools like Bitmain. However, given the fact that the mining pools controlling much of Bitcoin’s hashpower are separate entities, Bitcoin remains sufficiently decentralized.
Bitcoin was created by Satoshi Nakamoto in 2008 in the wake of the global financial crisis. Nakamoto designed Bitcoin to be decentralized in an attempt to remove the control over the world’s finance that banks and governments have long enjoyed.
Featured image from Shutterstock.
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Source: New

CryptoCompare Partners with Thomson Reuters to Provide Data on Crypto Markets

A respected cryptocurrency market data website has partnered with Thomson Reuters. Going forward, CryptoCompare will provide data for the media and information firm’s market analysis platform Eikon.
Partnership Brings More Functionality to Eikon Market Data Platform
The partnership between CryptoCompare and Thomson Reuters will see the former providing market data for 50 of the top cryptocurrencies.
This will include order book and other trade data that will be sourced from a number of trusted exchange platforms. The data will then be fed directly into the Thomson Reuters’ market analysis platform Eikon.
It is currently being used by financial professionals and institutional players alike to inform strategies about the various markets supported. Using the extensive real-time data sets provided, it’s possible for such market traders to make more efficient investment decisions.
Previously, the service only extended to more traditional asset classes and instruments. These included commodities, equities, foreign exchange, and others. However, the partnership with CryptoCompare announced today will expand upon the already extensive Eikon service by including market data on digital assets. This will allow users to more accurately identify buying and selling opportunities in these markets.
According to a report in Finextra, the decision to partner with CryptoCompare was made due to the platform’s role as “gatekeeper for reliable accurate and clean data.” The publication also noted CryptoCompare’s “rigorous standards to safeguard data integrity, normalising global data sources to ensure consistency and confidence in the market.”
The Eikon platform itself has been widely celebrated for its user-friendly news and analytics tools. The service is fully open and customisable. This allows maximum control for the user. Its utility for those involved in the buying and selling of different financial products has seen the platform named the LinkedIn Editor’s Choice Award for Top Professional Market Data Software in 2017. The professional and employment-focused social platform said the following about Eikon:
“Eikon stands out for its wealth of content and more affordable price point.”
The founder and CEO of CryptoCompare, Charles Hayter, spoke to Finextra about the partnership. He told the publication that there was an increased demand for better market data for cryptocurrencies.
According to Hayter, much of this demand is coming from the institutional investor community. The CEO also noted that the company was excited to extend their knowledge and insight into the cryptocurrency space to this class of investors.
Meanwhile, Thompson Reuters’s director of strategy in innovation and blockchain supported this. Sam Chadwick told Finextra:
“Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names.”
He went on to state that there had been a working relationship between the two services since 2016 and that CryptoCompare had suitably impressed Thompson Reuters with their coverage of the digital currency space. Ultimately, Chadwick noted that the partnership gives their customers “a more comprehensive trading view in Eikon.”
Featured image from Shutterstock.
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Source: New