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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…
The significant bearish momentum experienced across cryptocurrencies throughout November drove a significant increase in monthly trade volume among the leading markets.
BTC Posts Strongest Volume Since May
According 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
EOS 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%
BCH 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 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
QTUM 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
XLM 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 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
After 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.
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The post November Volume Rankings: Bearish Momentum Drives Surge in Trade appeared first on Bitcoin News.
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.
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Stocks surged on Wall Street, powering a 600-point gain in the Dow Jones Industrial Average, after the head of the Federal Reserve hinted at slower interest rate increases . The market snapped higher shortly after noon Wednesday after Federal Reserve Chairman Jerome Powell suggested the central bank might consider a pause…
Uganda will seek to regulate crypto assets to prevent criminals from exploiting digital currencies to scam citizens. This comes as thousands of Ugandans have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in bitcoin. Minister of State for Finance (Planning) David Bahati said the government has now finalized a bill on national payments, which will be tabled in parliament for approval in December.
Legislators Call for Regulation
“In October, Cabinet approved the National Payment System Bill. We intend to bring it to parliament next month so that it caters for all these forms of digital financial transactions,” Bahati told the Ugandan parliament on Nov. 21. He was responding to concerns by lawmakers over the lack of regulation in the eastern African country’s growing cryptocurrency industry, which has spawned several counterfeit bitcoin schemes.
Bahati did not provide specific details about how the proposed law will be applied. Earlier, Mathias Mpuuga, a member of parliament (MP), took the finance minister to task, demanding an explanation about the existence of unregulated cryptocurrency dealers, such as one Telex Free, a pyramid scheme accused of allegedly fleecing Ugandans out of hundreds of thousands of dollars. He alleges that the scheme defrauded some Ugandan legislators as well.
“There are several agencies posing as cryptocurrency dealers such as ripcoin, namecoin and bitcoin. The challenge is that while this is taking place, there is no legal framework for supervising these players,” Kampala-based daily The Independent quoted Mpuuga as saying.
He exhorted the government to see unregulated virtual currency brokers as “a potential bomb” that warrants state intervention to help protect individual investors.
If there is no law but you are aware there are agencies operating in the country, who must answer should a problem arise? Can government at least tell the country (who) the cryptocurrency dealers operating (are).
Pyramid Schemes Rising
In Uganda, the adoption of cryptocurrencies and blockchain technology continues to grow. In October, Binance — the world’s biggest digital asset exchange — opened its first fiat-to-crypto trading platform in the country, reportedly amassing 40,000 sign-ups during its first week of operation.
That’s despite warnings by the Bank of Uganda against the use of unregulated digital currencies such as bitcoin. The country of 44 million people hosts blockchain conferences and is home to a number of associations, ostensibly with support at Cabinet level.
But Bahati said the government has not “officially approved” cryptocurrencies. He told parliament:
The central bank issued a statement that bitcoin and all related currencies are not under their control. We are cautioning the public to be aware that government has not officially approved such currencies. Government will next month present a bill to this effect.
His statement will be of little comfort to those who have lost money in shady bitcoin schemes such as the D9 Club. The Ponzi scheme, now collapsed, posed as a sports trading company, promising members hefty weekly payouts in bitcoin on initial investment of between $ 250 and $ 2,000.
For many Ugandans, joining cost an arm and a leg, as MP and lawyer Odonga Otto knows all too well. “I am currently privy to a case in court of one of the pyramid schemes called D9 that has defrauded many Ugandans, including some MPs, yet there is no legal regime in which people can claim their money,” Otto said.
It is unclear how much money Ugandans have lost in the scheme.
What do you think about the plan to regulate cryptocurrencies in Uganda? Let us know in the comments section below.
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The post Uganda to Regulate Cryptocurrency as Fake Bitcoin Schemes Surge appeared first on Bitcoin News.
Shares of PG&E opened sharply higher on investor hopes that California officials would move to rescue the utility from wildfire-related liabilities that threaten to plunge it into bankruptcy.
WSJ.com: US Business
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