‘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

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

BitMEX Exposes the Email Addresses of Thousands of Users in its Email Announcement

In a blog post published today, BitMEX announced that it will revamp its indices across all products to ensure that the reference prices “more closely reflect the market consensus price of underlying assets”. While the news is a good one, it made a blunder in updating its users. 
BitMEX’s Blunder – It CC’ed the Email Instead of BCC’ing it
BitMEX, for updating its users about revamping its indices, sent an email to its users. However, instead of sending a Blind Carbon Copy (BCC), it sent a Carbon Copy (CC), thereby exposing the email addresses of thousands of its users.
Source: Twitter
The exchange acknowledged its mistake and also apologized to users. It also said that it is taking steps to understand the extent of the impact. Furthermore, it will be in touch with any users affected by the issue.
Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.
Update to Come Into Effect From November 22
The good news is that BitMEX is revamping its indices for offering fairer and more accurate reference prices to its users. The indices which will be updated are .BXBT, .BETH, .BETHXBT, .BXRPXBT, .BBCHXBT, .BLTCXBT, .BEOSXBT, .BADAXBT and .BTRXXBT, and the updates will come into effect from November 22. The new indices will be calculated with trading volume data across the constituent exchanges. This data will be gathered directly from the concerned exchanges using API connections.
To help users understand any differences before the changes applied to BitMEX’s indices on November 22, BitMEX will be publishing “BitMEX NEXT”. BitMEX NEXT is a family of indices that will run parallel to the existing indices and reflect the changes after the switchover. BitMEX NEXT, however, will not be used for valuation or settlement.
BitMEX, with its new indices, aims to achieve fairness, robustness, and accuracy in its reference prices. It believes that the new indices are going to be more representative because they will include data from more exchanges, have more constituents per index, and include higher weight from exchanges with higher trading volume.
The new indices will be calculated as “a weighted average of the Last Price for each constituent exchange”. Index prices will be updated every 5 seconds.
Old Indices Vs New Indices
Source: BitMEX
As can be seen in the table above, the existing indices do not include data from Gemini, Huobi and Itbit. The new indices include data from these exchanges as well, particularly Huobi, whose data will be included in calculating the reference prices of a majority of BitMEX’s products.
Source: BitMEX
In the new indices, Both Itbit and Gemini will contribute data to .BXBT_NEXT and .BETH_NEXT. Huobi will share data for .BETHXBT_NEXT, .BXRPXBT_NEXT, .BBCHXBT_NEXT, .BLTCXBT_NEXT, .BEOSXBT_NEXT, .BADAXBT_NEXT. and .BTRXXBT_NEXT.
Binance’s share in the .BETHXBT_NEXT, .BXRPXBT_NEXT, .BBCHXBT_NEXT, .BLTCXBT_NEXT, .BEOSXBT_NEXT, .BADAXBT_NEXT. and .BTRXXBT_NEXT indices has increased considerably, while Bitstamp will be sharing data for 3 more indices. While Bittrex’s weightage for .BADAXBT_NEXT has reduced significantly, it will be sharing data for 3 more indices. Coinbase will be sharing data for 4 more indices. Kraken and Poloniex’s weightage towards indices has reduced significantly. Also, Poloniex, whose data was earlier being used for calculating 5 indices, will now have a small weightage in only 2 indices.
 
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Source: CoinGape

This Crypto Related Stock Surged 67% after Xi Jinping’s Blockchain Push

Hong Kong investors increased their exposure in a blockchain firm after China’s premier Xi Jinping endorsed the technology in his Friday speech.
The stock value of Pantronics Holdings Limited (1611:HK), a Hong Kong-based electronic product manufacturing firm, climbed by up to 67.10 percent on Monday. The company did not display any concrete fundamentals that could push its stock price exponentially except its relationship with a cryptocurrency exchange.
Singapore-based Huobi Global, in August 2018, had acquired 74 percent of stakes in Pantronics in a reverse takeover. The exchange, at the time of the acquisition, hinted that it would utilize Pantronics to create equipment for a new blockchain-enabled phone targeting cryptocurrency traders created by the Whole Network, a startup which attracted investment from Huobi’s venture capital arm in 2018.
Pump and Dump on HKEX
The cross-connections between Pantronics and Huobi helped the former attract bulls during the early morning trade. Its stock price surged to as high as 6.50 points on Monday from Friday’s close of 3.89 points. Most notably, the rate opened on Monday at a much higher level than Friday’s close of 5.80, showing that investors had already processed Xi Jinping’s favorable comments on the blockchain technology before the Hong Kong Exchange opened after the weekend.
Huobi’s relative gains from China’s President Xi Jinping’s favorable comments on blockchain | Image credits: TradingView.com
Nevertheless, the Pantronics stock failed to hold up to the enormous profits for too long. Its price started slipping shortly after the HKEX market open – from about 0940 Local Time. The move eventually led Pantronics to establish a Session low down 29.23 percent from its Session high, indicating that the hype was fading.
The company’s overall daily gains were, however, up by 20.82 percent at the time of this writing.
Selfie with Xi Jinping
The same pump-and-dump scenario was visible in the share prices of Meitu (1357:HK). The Chinese photo editor firm, which is creating a blockchain-based facial recognition system, registered a 31 percent spike after the HKEX open; but, its gain began negating in the after hours. As of 1530 Local Time, the price had plunged by 18.06 percent from its intraday peak.
“It’s all because of Xi,” said Pan Shaochang of Dongwu Securities, “but the talk around blockchain is all conceptual. There’s still a long way to go to actually bring it to fruition at an individual and enterprise level.”
“Still, the growth potential is huge”, the equity analyst said.
The post This Crypto Related Stock Surged 67% after Xi Jinping’s Blockchain Push appeared first on NewsBTC.
Source: New feedNewsBTC.com

Coinbase, Poloniex and Other AA-Graded Crypto Exchanges Saw a 31% Plunge in Trading Volume in Sept – Report

Cryptocurrency information website CryptoCompare recently released its September report, and it has some surprising data about cryptocurrency trading in the month of September. According to the report, AA-rated exchanges, that is Coinbase, Poloniex, Bitstamp, bitFlyer, Liquid and itBit, have witnessed a 31.6% plunge in their trading in a month, while D and E grade exchanges have made over 71% of the spot trading volume.
Lower Tier Exchanges Getting More Trade Than the Top Tier Exchanges
As per the report, lower-tier exchanges have beat top tier exchanges at trading volume. AA-graded exchanges only made up 3% ($14.87 Bn) of the aggregate cryptocurrency trading volume in September, whereas A and B grade exchanges traded 14.3% )($71.98 Bn) and 4.7% ($4.7 Bn) of the total volume respectively. Grade D and E exchanges did have a trading volume of a whopping $347.2 Bn in September.
Coinsbit, LBank, and P2PB2B were among exchanges that enjoyed a relatively bigger trade size than many higher graded exchanges. Their average trade sizes stood at 8.7, 2.1 and 1.2 BTC respectively. In terms of trade count, the top tier exchanges scored higher. Grade D exchange Coinsbit only had an average of 2.526 trades per day, while Digifinex, Binance, OKEx and Bitstamp had an average of over 400K, 300K, 226K and 14K trades per day respectively.
Among fiat exchanges, Liquid was a clear winner with an average of 575K daily trades.
CME Rules Institutional BTC Products
When it came to institutional bitcoin products, CME was the top player with a total trading volume of $4.82 Bn. This figure, however, was 18.3% lower than its August figure of $5.9 Bn. Grayscale’s Bitcoin Trust (GBTC) also plunged 37.5% from its August figures to $713.6 MM in September.
Most Traded Derivative – BitMEX’s Perpetual BTC Futures
In the crypto derivatives segment, OKEx displayed exceptional performance with a daily derivatives volume trading of $3.0 Bn and a 33.7% market share. Huobi came second with a volume of 2.82Bn and a 31.6% market share and BitMEX third with a volume of $1.88 Bn and a market share of 21.1%. BitFlyer, Deribit and CryptoFacilities followed with the daily trading volume of $797 MM, $334 MM and $74 MM respectively.
BitMEX’s perpetual BTC futures were the most derivatives product by trading volume. A total of $41.7 Bn BitMEX perpetual BTC futures were traded in the month of September. BTC futures products by Huobi and OKEx with expiry on 27 September also saw a healthy trading volume of $23.3 Bn and $17.4 Bn respectively.
What do you think of the crypto market’s September performance? Share your views with us in the comments below!
The post Coinbase, Poloniex and Other AA-Graded Crypto Exchanges Saw a 31% Plunge in Trading Volume in Sept – Report appeared first on Coingape.
Source: CoinGape

Trade Wars: Huobi Adds Support for TRC20 Tether with offer; Will it Pump Up the Volume?

There’s never a quiet week in TRONland, from where TRON CEO Justin Sun oversees an ever-expanding digital network. When he’s not making announcements about making announcements, the TRON founder is toasting tangible new successes that are slowly cementing the network’s infiltration into every last recess of the cryptosphere. Huobi and Binance’s decision to support TRC20-USDT, aka TRON Tether, is the latest manifestation of this.
In military circles, the term “mission creep” describes an operation that strays far beyond the remit of its original brief. It’s a description that could aptly be applied to the TRON network which, through a series of acquisitions, pivots, and integrations, has evolved into something greater than the “open-source protocol for the global digital entertainment industry” that was first proffered, back in the mists of 2017. Today, TRON is a multi-purpose dApp network, payment protocol, and scalable blockchain whose utility has been greatly boosted by the addition of Tether and the ongoing support of exchange giants Huobi and Binance.
Huobi Welcomes a New Taste of Tether
Huobi, just like Binance before them, have announced support for TR20-USDT. Until November 1, Huobi users will benefit from trading TRON-based Tether on the exchange, to the tune of 30% APR in the case of those boasting net deposits of over 100 TRC20-USDT, vastly exceeding the sort of returns typically available from crypto lending platforms. The top 20 traders, meanwhile, will take a share of 320,000 TRC20-USDT, distributed among six user tiers.
An integrated digital asset trading hub, Huobi has made over $1.2 trillion in transactions since entering the scene in 2013, allowing users to trade over 200 tokens across spot, margin, contracts and fiat quickly and cost-effectively. At one stage, it enjoyed a 50% share of the global digital asset market, making it by far the biggest crypto exchange in the world. Today, Huobi remains one of the go-to platforms for high-volume traders in particular.
The addition of the USDT stablecoin to the TRON network, which was first announced in March, coupled with a Huobi tie-in to mark its introduction, might not seem like a big deal, but its significance becomes apparent once Tether’s dominance is taken into account. On any given day, it is the most traded digital asset in the cryptosphere by some distance, with $16 billion swapped in the last 24 hours alone, $3 billion more than BTC.
Pump Up the Volume
TRON’s implementation of the ubiquitous stablecoin has propelled TRC20-USDT into the top give stablecoins by volume already. Huobi’s willingness to embrace TRON Tether has also helped in that respect: the exchange is active in over 130 countries, including Turkey where it’s just announced a Lira-USDT gateway. Binance became the largest TRX holder when it introduced staking for TRON’s native token last month. Should Huobi follow suit, there’s every chance that it could oust Binance to become the largest TRON super representative.
Given that the CZ’s exchange holds one sixth of all TRX in circulation, having locked up 12 billion tokens in September, there’s no doubting Binance’s commitment to TRON moving forwards. Nor is there reason to doubt Huobi’s; the exchange has released as many major announcements as Justin Sun lately, demonstrating that its leadership has no desire to be seen resting on its laurels. In today’s hyper-competitive crypto industry, the winning exchanges and blockchains are the ones that don’t stop innovating, partnering, and integrating. Justin Sun learned this a long time ago. So too did Changpeng Zhao and his Huobi counterpart Leon Li.
Never one for understatement, Sun promised his Twitter followers on October 15 that “Soon TRC20 $USDT will be the largest stablecoin in the world!” Should that occur, he’ll partly have Binance and Huobi to thank.
The post Trade Wars: Huobi Adds Support for TRC20 Tether with offer; Will it Pump Up the Volume? appeared first on Coingape.
Source: CoinGape

New Defi Project Kava to Launch its Token on Binance Launchpad

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New Defi Project Kava to Launch its Token on Binance Launchpad
The Kava defi project is set to launch from the Binance Launchpad on October 23rd.
New Defi Project Kava to Launch its Token on Binance Launchpad

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Source: CoinSpeaker

Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?
Research and analysis reveal that Tether could be the world’s most used cryptocurrency for months now because its daily and monthly trading volumes surpass those of Bitcoin by far.
Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Source: CoinSpeaker

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] […]
The post CME retains its supremacy in derivatives market beating Grayscale appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase May Soon Launch Its Own IEO Platform and a New Token

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Coinbase May Soon Launch Its Own IEO Platform and a New Token
Coinbase may launch an IEO platform and issue a proprietary exchange token. Such information has been provided by Kayvon Pirestani, Coinbase’s head of institutional sales in Asia, during Invest: Asia conference on Wednesday.
Coinbase May Soon Launch Its Own IEO Platform and a New Token

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Source: CoinSpeaker

IEO: the Replacement for ICO Raised a Total of 262 Million in 2019

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IEO: the Replacement for ICO Raised a Total of 262 Million in 2019
Though only half of the projects that participated in IEO in 2019 were profitable, the research indicates that the cumulative returns to be garnered over the span of 6 months could amount to 44% ROI.
IEO: the Replacement for ICO Raised a Total of 262 Million in 2019

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Source: CoinSpeaker

Binance Jersey List Their Own GBP-Backed Stablecoin

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Binance Jersey List Their Own GBP-Backed Stablecoin
Binance Jersey has listed a proprietary GBP-backed stablecoin that confirmed that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound.
Binance Jersey List Their Own GBP-Backed Stablecoin

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Source: CoinSpeaker

Former EXMO Analyst Pavel Lerner About His Kidnapping, Security, and New Job

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Former EXMO Analyst Pavel Lerner About His Kidnapping, Security, and New Job
After keeping silence for more than a year after kidnapping, former EXMO analyst Pavel Lerner has given his first interview to the media.
Former EXMO Analyst Pavel Lerner About His Kidnapping, Security, and New Job

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Source: CoinSpeaker