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CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike

March 19, 2019 |

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike

Back in January 2017, China’s financial authorities initiated their first crackdowns against domestic bitcoin exchanges, with a ban on mainland exchanges cryptocurrencies against the yuan coming shortly thereafter. Now, close to two years and three months later, a surge of CNY has been flowing back into the digital currency economy after the Shanghai Composite posting a 24 percent gain this week.

Also read: BTCC Founder Positive the PBOC Will Remove China’s Exchange Ban

The Steady Rise of CNY Trade Volumes on Paxful and Localbitcoins

Since the increase in cryptocurrency volumes and some solid gains across the board, digital currency supporters have noticed a resurgence of Chinese yuan (CNY) pour into the cryptocurrency ecosystem. On March 17, the avid BTC trader Anton Pagi tweeted to his followers that the latest rally has been fueled by CNY. “Something to watch during this bull run, Chinese profits from their roaring stock market in recent weeks flowing into bitcoin,” Pagi detailed while explaining that exchanges dealing with CNY have “more than doubled in volume in the past week.” Moreover, the Shanghai Composite has spiked more than 24 percent and speculators believe investors are moving into alternative markets.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
Paxful volumes 3/16/2019.

In addition to the statements from Pagi, data from a few different cryptocurrency data collection sites draw the same conclusions. For instance, Localbitcoins volumes have been steadily climbing since the second week of February’s low of 12.9 million yuan ($ 1.9 million). This week CNY volumes touched a high of 25.4 million yuan ($ 3.7 million) in trades during the 2-week period on March 16. Similarly, the peer-to-peer trading platform Paxful show a significant increase in CNY/BTC trade volumes as well after the lows last month. In addition to the Shanghai Composite stock pump in China, the country’s Premier Li Keqiang has also pledged to cut taxes and deregulate the tech industry in order to boost China’s slowing economy. This has given speculators reason to believe Chinese investors are being less frugal with regard to digital currency and blockchain investments.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
Localbitcoins volumes 3/16/2019.

Over $ 250 Million in CNY-Crypto Pairs in the Last 24 Hours

In parallel with the peer-to-peer exchange volumes, the data and price website Coingecko also displays a jump in CNY/BTC volumes over the last 24 hours. Further, the statistical website Coinlib.io shows some considerable CNY inflows into a few different cryptocurrencies. At the moment Coinlib’s data shows $ 161.3 million worth of CNY flowing into BTC markets. This is followed by $ 74.1 million into CNY/ETH and $ 19.7 million worth of CNY/XLM trades as well. With tether (USDT) fueling the current rally, as far as the top pair traded with all the dominant cryptocurrency markets, CNY has still managed to find its way just below the U.S. dollar for a short period.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
At the time of writing according to Coinlib.io, there’s roughly $ 255 million worth of CNY-crypto pairs in the last 24 hours.

There are between roughly 12 and 15 prominent exchanges that Chinese investors can still flock to for cryptocurrencies but they are all located offshore. Current exchanges fueling the renminbi and crypto flames right now include popular platforms like Hitbtc, Zb.com, Binance, and Fatbtc. Moreover, these specific exchanges started seeing more CNY volume since March 11 when the exchange Coinex revealed it would no longer serve customers from mainland China. The day before the Coinex announcement, Chinese legislative delegates called for a strict and clear approach to cryptocurrency regulations in the country, according to Securities Daily.

What do you think about the CNY inflows into crypto markets after the stock market rise and Premier Li Keqiang’s comments? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Coin.dance, and Coinlib.io


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The post CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike appeared first on Bitcoin News.

Bitcoin News

Up and Down: RVN Plateaus, ENJ and COSM Surge

March 10, 2019 |

Up and Down: RVN Plateaus, ENJ and COSM Surge

RVN currently comprises the 23rd top gaining asset of the past week following a dramatic rally to test resistance at the prior all-time high (ATH). In other market action, a dramatic influx of volume has propelled COSM and ENJ to top of the gainers list. Meanwhile, the week’s top losers appear to predominantly comprise illiquid altcoins, suggesting that the leading crypto assets will continue to extend their market dominance.

Also Read: Market Maker Sues Lawyer Over $ 4 Million BTC Transaction Gone Awry

RVN Plateaus Following Test of ATH Resistance

Following a 200% rally in roughly two weeks, RVN price action appears to be starting to plateau following a test of the market’s all-time high resistance area of approximately 1,000 satoshis.

After posting a local high of 977 satoshis two days ago, RVN has since retraced by 17%, ranking it as the 23rd strongest gaining crypto asset of the last seven days with a weekly gain of 69%.

Up and Down: RVN Plateaus, ENJ and COSM Surge
RVN/BTC – Bittrex – 4H

RVN currently comprises the 54th largest cryptocurrency with a market capitalization of nearly $ 99.18 million and is trading for 808 satoshis or $ 0.032. In the past 24 hours, $ 30.23 million worth of RVN has changed hands.

Record Volume Drives New Price Highs for COSM

COSM is currently the third top gaining asset of the past week, post a seven day gain of 179% as of this writing. The gains have been driven by record volume, which propelled COSM to post a new all-time price high of 1,859 satoshis or $ 0.073 earlier today.

Up and Down: RVN Plateaus, ENJ and COSM Surge

COSM is the 98th-largest crypto asset with a capitalization of $ 42 million, and is trading for 1,591 satoshis or $ 0.062 as of this writing. Approximately $ 457.65 million worth of COSM was traded during the previous 24 hours.

ENJ Posts Record Market Capitalization

ENJ currently ranks as the fourth-top gaining crypto asset of the past seven days, currently posting a weekly gain of 196%. All-time volume highs have driven ENJ to currently post a record market cap of $ 164.75 million, placing ENJ as the 36th-largest crypto asset by capitalization.

Up and Down: RVN Plateaus, ENJ and COSM Surge

ENJ is trading for 5,482 satoshis or nearly $ 0.22 as of this writing. Nearly $ 160 million worth of ENJ has changed hand during the last 24 hours.

Do you think RVN will break into to new all-time highs when measured against BTC? Share your thoughts in the comments section below!

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images courtesy of Shutterstock, Tradingview, Coinmarketcap


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Up and Down: RVN Plateaus, ENJ and COSM Surge appeared first on Bitcoin News.

Bitcoin News

Onchain Stablecoin Transactions Remain Low Despite Surge in Trade Volume

March 6, 2019 |

Stablecoins See Few On-Chain Transactions Despite Recent Surge in Exchange Volume

Despite many stablecoins ranking among the top 20 most traded crypto assets by monthly volume, a recent report has shown that there are few onchain transactions conducted using these fiat-pegged tokens.

Also Read: Swiss Stock Exchange Launches Trading for ETH ETP

DAI Sees Significant Onchain Usage

Of the established stablecoins, DAI has recorded the largest number of on-chain transactions, despite comprising one of the smallest stablecoins by market capitalization, with $ 78.27 million. Over the five-day period sampled by Tradeblock, 10,079 onchain DAI transactions were conducted.

Tradeblock attributes DAI’s relatively large onchain volume to its widespread adoption among decentralized exchanges (DEXs). The report estimates that 350 transactions take place onchain daily, adding that “the Makerdao team behind the DAI token estimates that 50% of the total daily DAI value transferred is occurring on DEXs.”

Offchain Transactions Minimal for USDC, PAX and GUSD

By contrast, despite USDC’s $ 257.58 million market cap, only 5,041 onchain transactions occurred during the same five-day period. Similarly, only 2,200 transactions were recorded using PAX, in spite of the crypto asset’s nearly $ 116.35 million capitalization.

Onchain Stablecoin Transactions Remain Low Despite Surge in Trade Volume

GUSD also saw a modest number of onchain transactions during the sample period, despite an $ 81.95 million market cap. Just 1,170 transfers were transferred using the GUSD blockchain.

Stablecoins Saw Significant Decline in Trade Volume Across US Exchanges in 2018

Tradeblock identifies a dramatic decline in year-over-year notional trade volume of BTC pairings with USDC, TUSD, USDT, and PAX across United States-based cryptocurrency exchanges.

While January saw notional year-over-year volume fluctuate between $ 150 and $ 250 million, the combined trade activity of stablecoins on U.S. exchanges has been less than $ 50 million since May 2018, with XBT/USD volume falling by 85 percent from January 2018’s within 10 months.

Onchain Stablecoin Transactions Remain Low Despite Surge in Trade Volume

Despite the enormous decline in volume during 2018, recent market action has driven a significant gain in notional year-over-year trade volume since bottoming out below $ 5 million at the end of Oct. 2018, with the combined trade activity for stablecoins on U.S. exchanges gaining more than 600 percent between Nov. 12 and Nov. 26 of last year.

However, stablecoin trade has since receded, with combined notional year-over-year volume again approaching $ 5 million towards the end of January 2019.

Do you think that the popularity of stablecoins will diminish or grow with time? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Onchain Stablecoin Transactions Remain Low Despite Surge in Trade Volume appeared first on Bitcoin News.

Bitcoin News

Debate over retiring the $100 bill resurfaces with a surge in circulation

March 5, 2019 |

A puzzling surge in the number of $ 100 bills in circulation and the planned demise of the 500-euro bank note have resurrected debate on the need for three-digit currency at all, given their favor with criminals around the globe.

A decade ago, the number of $ 100 bills lagged well behind $ 1 and $ 20…


L.A. Times – Business

CME Group’s Bitcoin Futures See a Surge of Institutional Interest

February 21, 2019 |

CME Group's Bitcoin Futures Sees a Surge of Institutional Interest in 2019

The Chicago Mercantile Exchange (CME Group) has seen a big spike in bitcoin futures volumes according to an internal investors email sent to clients on Feb. 19. CME Group’s note explains that last Tuesday’s BTC-based futures volumes touched a new record with 18,338 contracts traded and the firm says increased volumes may be due to gradually rising institutional interest.

Also Read: This ‘Faketoshi’ Signature Tool Lets Anyone Become Satoshi Nakamoto

Bitcoin Futures Volumes Spike in 2019

Cryptocurrency derivatives kicked into high gear in 2017 when two of the largest FX exchanges in the world, Cboe and CME Group, launched their bitcoin futures products. Initially, interest in these markets was high, but a few months later crypto derivatives volumes on these exchanges started to wane. Then in the summer of 2018, futures contracts from the two regulated exchanges began to rise again and interest in these products started to increase significantly. Last December, futures volumes were lower and spectators saw some signs of backwardation which means the derivatives predictions on the price of BTC are significantly lower than the prices on global spot exchanges. However, there was a shift in 2019 as prices returned to normalcy between both futures and spot values and volumes increased in January.

“Futures products from traditionally regulated exchanges (CME and CBOE) represented 11.7% of the Bitcoin to USD futures market in January, up from 6.36% in December,” explains Cryptocompare’s January exchange research.

CME Group's Bitcoin Futures Sees a Surge of Institutional Interest
Perpetual Bitcoin swaps (extended bets with leverage) still outshine regulated Bitcoin futures markets on Cboe and CME Group’s platforms.

Cryptocompare’s data shows that CME Group has seen more volume than Cboe in January but non-traditional futures trading platforms stole the show last month. Research reveals that Bitflyer FX traded the most BTC derivatives products in January with a daily average transactional value of $ 1.13 billion. The analysis also highlights the perpetual futures volume last month offered by Bitmex which was roughly $ 665 million. Now, as February comes to an end, CME Group’s recent internal email to investors indicates this month has seen an appreciable jump in interest.

“Yesterday [Feb 19] set a new record with 18,338 contracts traded,” the executive’s note explained. “This is equivalent to 91,690 bitcoin or $ 360 million.”

The note continued:

Q1 2019 is off to a strong start, average daily volume (ADV) has improved to 4,630 contracts (23,150 equivalent bitcoin), up ~13% from Q4 2018 while open interest rose to 4,076 contracts, an improvement of 21.5% over Q4 2018.

CME Group's Bitcoin Futures Sees a Surge of Institutional Interest
CME Group is seeing interest from large open interest holders (LOIHs).

Large Open Interest Holders Seek Bitcoin Futures

CME Group’s volume statistics show a gradual rise in the last two months compared to the slight slump in Q4 2018. Moreover, last Tuesday’s futures spike also took place on Cboe’s exchange as the XBT futures daily market statistics show a higher than usual 4,945 contracts. The spike is a big jump from the typical daily average of 700-1500 Cboe-based XBT contract volumes. CME Group’s investors note details that the February rise in volume stems from large open interest holders (LOIHs).

“Institutional interest has gradually risen and the number of LOIHs has been holding steady around 43 holders since November,” the CME Group representative detailed. “A LOIH is an entity that holds at least 25 BTC contracts.”

Over the last year, derivatives and perpetual bitcoin swaps have continued to show growth and spontaneous surges in trading activity. Traditional bitcoin futures products seem to be gaining interest from institutional buyers while leveraged bets with no specific expiration dates continue to see swathes of retail investors playing the market. Even though CME Group, Cboe, and Ledger X products are doing well, they are a long way from matching the volumes executed through perpetual bitcoin swap markets managed by Bitmex, Bitflyer, Bitfinex, Deribit, Crypto Facilities, and Okex.

What do you think about the rise in CME Group’s Bitcoin futures volumes? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, CME Group, Pixabay, and Crypto Compare. 


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The post CME Group’s Bitcoin Futures See a Surge of Institutional Interest appeared first on Bitcoin News.

Bitcoin News

Late Surge Helps Markets Avoid a Rough Day

February 8, 2019 |

A late-day recovery erased much of the early losses on Wall Street, leaving major indexes mixed at the close. The burst of buying Friday brought the S&P 500 barely higher for the week, marking its second weekly gain in a row. The S&P 500 edged up 1 point to 2,…
Newser

Stock Surge Erases Christmas Eve Plunge

December 27, 2018 |

Stocks surged on Wall Street on Wednesday, with the Dow Jones Industrial Average vaulting more than 1,000 points, the AP reports, its biggest one-day point-gain ever. Investors recouped all their losses from Wall Street’s Christmas Eve plunge as stocks rallied across all sectors, giving markets their best single-day percentage…
Newser

November Volume Rankings: Bearish Momentum Drives Surge in Trade

December 4, 2018 |

The significant bearish momentum experienced across cryptocurrencies throughout November drove a significant increase in monthly trade volume among the leading markets.

Also Read: Japan Unveils Plans to Regulate Initial Coin Offerings

BTC Posts Strongest Volume Since May

November Volume Rankings: Bearish Momentum Drives Surge in TradeAccording to Coinmarketcap, BTC saw an increase in monthly trade activity of 43 percent in November. Nearly $ 156.5 billion worth of BTC changed hands  the strongest monthly volume for the currency since $ 185 billion in May.

The second most-traded cryptocurrency, USDT, also saw a dramatic increase in trade volume, with $ 106.5 billion worth of the stablecoin changing hands. November has been the strongest month for USDT trade in the second half of 2018, with volume up more than 53 percent from October.

ETH also posted its strongest 30-day trade volume since May, with over $ 58.8 billion worth of the currency changing hands in November. ETH saw a 42.7 percent gain in trade activity month over month.

Ripple Retains Top 5 Ranking

November Volume Rankings: Bearish Momentum Drives Surge in TradeEOS has continued to maintain its position as the fourth most-traded cryptocurrency, a distinction it recaptured in October after briefly dropping to fifth place in September. EOS pairings produced $ 24.2 billion in trade in November, up 73.6 percent month over month, to finish with their strongest monthly volumes since June.

XRP held its rank as the fifth most-traded cryptocurrency in November, reaching a 30-day trade volume of roughly $ 21 billion. Monthly trade volume increased 54.4 percent from October, marking one of the strongest months for XRP in 2018. However, its 30-day trade volume failed to match the $ 24.7 billion in trade activity recorded for XRP pairings during September.

Monthly BCH Volume Rises by 43%

November Volume Rankings: Bearish Momentum Drives Surge in TradeBCH continued to rank as the sixth most-traded cryptocurrency, with approximately $ 13.6 billion in total monthly trade in November. Trade volume increased 43 percent from the preceding month, making it the currency’s strongest 30-day period for trade volume since July.

LTC ranked as the seventh most-traded cryptocurrency in November for the third month in a row. When compared with October, the LTC markets saw a 42.4 percent increase in trade activity. By trade volume, November was the strongest month for LTC pairings in the second half of 2018.

ETC climbed two spots in the monthly volume rankings to eighth place, with almost $ 5.27 billion in volume. Despite posting a 25 percent increase in monthly trade activity, ETC pairings recorded their third-weakest monthly volumes this year.

Strong Second Half for Leading Markets

November Volume Rankings: Bearish Momentum Drives Surge in TradeNovember saw little change in trading of dash, with month-over-month volume increasing by just 0.4 percent. The 30-day trade volume for dash pairings was $ 5.18 billion, bumping it down one place to rank as the ninth most-traded cryptocurrency in November.

NEO had its strongest month in the second half of 2018, with trade activity hitting roughly $ 5.57 billion. Trading rose 21 percent month over month, pushing it down one position to rank as the 10th most-traded cryptocurrency.

CKUSD also hit its strongest monthly volume level for the second half thus far, with nearly $ 4.5 billion in trade. November saw a month-over-month increase in trade activity of more than 32 percent, driving CKUSD up one position to finish as the 11th most-traded cryptocurrency.

BSV Ranks as 14th Most-Traded Crypto

November Volume Rankings: Bearish Momentum Drives Surge in TradeQTUM gained one position to rank as the 12th most-traded cryptocurrency after posting nearly $ 4.4 billion in volume. November was the currency’s strongest month for volume since July, with trading up 18 percent month over month.

ZEC produced its strongest 30-day trade volume for the second half of 2018, at $ 4.07 billion. ZEC recorded a month-over-month volume increase of 16.3 percent, pushing it up one rank to become the 13th most-traded cryptocurrency in November.

Although it only traded for two weeks in November, BSV posted $ 3.27 billion in trade volume to rank as the 14th most-traded cryptocurrency.

TRX Trade Volume Tumbles

November Volume Rankings: Bearish Momentum Drives Surge in TradeXLM saw an increase in trade activity of 106 percent in November, with 30-day trade volume of approximately $ 2.74 billion. Despite recording its strongest monthly volume for XLM in the second half of 2018, Stellar rose just one place to rank as the 15th most-traded cryptocurrency.

TRX was the only leading currency to post a drop in month-over-month volume. TRX pairings produced $ 2.42 billion in trade volume in November, down 34 percent from October. It lost five positions to rank as the 16th most-traded cryptocurrency.

Stablecoins PAX and TUSD Climb Into Top 20

November Volume Rankings: Bearish Momentum Drives Surge in TradeNovember saw two new entries into the top 20 cryptocurrencies by trade volume from two stablecoins, Paxos Standard Token (PAX) and TrueUSD (TUSD). PAX posted 30-day trade volume of $ 1.54 billion to rank as the 17th most-traded cryptocurrency. TUSD pairings, meanwhile, generated $ 995.5 million in trade activity in November, making it the 18th most-traded cryptocurrency.

ADA and ONT Regain Top 20 Rankings

November Volume Rankings: Bearish Momentum Drives Surge in TradeAfter slipping five places from September to rank as the 21st most-traded cryptocurrency in October, ADA climbed back into the top 20 to rank 19th in November. Monthly trade volume hit roughly $ 952 million, pushing the currency up two places and comprising a 12.6 percent increase in month-over-month volume.

ONT also re-entered the top 20, gaining eight positions to rank as the 20th most-traded cryptocurrency. ONT posted $ 946 million in 30-day trade volume, up 50 percent month over month.

Do you think that trade volume will continue to increase in the coming months? Share your thoughts in the comments section below.


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post November Volume Rankings: Bearish Momentum Drives Surge in Trade appeared first on Bitcoin News.

Bitcoin News

UPS’s Holiday Wish: Handling the Delivery Surge

November 30, 2018 |

UPS is hoping that billions of dollars in system improvements this year will help it avoid shipping problems during the online shopping surge of the holiday season.
WSJ.com: US Business

Dow jumps 617 points: Stocks surge on hopes the Fed will slow its interest rate hikes

November 28, 2018 |

U.S. stocks rocketed to their biggest gain in eight months Wednesday after Federal Reserve Chairman Jerome H. Powell hinted that the Fed might not raise interest rates much further. The Dow Jones industrial average surged 617 points.

Powell’s remarks relieved investors who feel the 9-year-old bull…


L.A. Times – Business