Day: July 29, 2020

BTC Futures Volume Hit Over $40B, Highest Since March Market Crash

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The recent surge in the price of Bitcoin has caused a corresponding boost in the BTC futures market which has an open interest at the $5 billion mark. Following the latest surge in the price of Bitcoin (BTC), the entire futures market has seen consistent growth as data from data analytics company Skew revealed. There are currently about $5 billion aggregate open interest across the Bitcoin futures market representing the total value of outstanding trades held by investors, the highest recorded since BTC price crashed in the March 12 market…

Bitcoin Looks Overbought But Analysts Play Down Drop Fears

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With bitcoin rising to its highest level in 11 months this week, some investors are beginning to worry that the cryptocurrency is overbought and may be due for notable price drop.  But analysts suggest that’s an overreaction. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Original

Cardano Mainnet Goes Live Today, Here’s What to Expect

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After five years of development, Cardano will launch the Shelley mainnet today at 21:45 UTC. The weekend saw a frenzy of activity from developers, IOHK, who were busy performing last-minute checks and tests to ensure a smooth transition from the Byron chain. “The current Cardano Byron mainnet will become the Cardano Shelley mainnet on Wednesday 29th July 2020 at 21:44:51 UTC, starting at epoch 208.” According to their blog post, which they posted on Monday, the final versions of critical software components are complete. However, minor tasks related to the…

Cryptojacking Almost 5 Times More Prevalent in India Than Global Average

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Cryptojackers are hitting pay dirt in India, according to Microsoft’s newly released Security Endpoint Threat Report 2019. The report states that web users in India encounter crypto mining malware attacks at a rate 4.6 times higher than the regional and global average. India experiences the second-largest number of cryptocurrency mining attacks in the Asia Pacific region, lagging only behind Sri Lanka. A cryptocurrency mining attack, commonly called cryptojacking, is an attack where hackers secretly install cryptocurrency mining malware on someone else’s computer to use its computing power to mine cryptocurrencies.…

Bakkt Bitcoin Futures Surge from Zero to an ATH of 11,509 Contracts

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Bakkt, the physically-settled Bitcoin Futures trading platform for institutional investors took to Twitter to announce that its trading volume has hit a new all-time high of 11,509 contracts after over a month of zero activity on the platform. The surge is attributed to the rise in the price of bitcoin (BTC). Bakkt Sees Green Again  After more than one month of inactivity on Intercontinental Exchange (ICE) subsidiary Bakkt, the latest surge in the price of bitcoin has brought in a breath of fresh air to the platform as the firm…

Cambodians Still Waiting on Central Bank Digital Currency

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At the start of the year, Cambodia made headlines when the central bank announced it would be launching a national blockchain-based digital currency in the first quarter of 2020. Called “Bakong,” a month into the third quarter the currency hasn’t yet become fully operational.  Speaking to reporters on July 27, the director-general of the National Bank of Cambodia, Chea Serey, indicated that the Bakong had been launched this month on a trial basis and is now expected to be operational this quarter — presumably, then, before Q3 ends on September…

Why Blockchain Exchanges Are Now Using Traditional Exchange Technology

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Typically, blockchain exchanges and traditional exchanges, such as the Nasdaq or London Stock Exchange, have been seen as polar opposites where blockchain exchanges are seen as a more open, community-focused option, whereas traditional exchanges are seen as relics of the old financial system — stuffy and opposed to blockchain technology and crypto. This now seems to be changing, as blockchain exchanges have finally begun to form strategic partnerships with traditional stock exchanges, which allow the blockchain exchanges to utilize their technology in their operations. Is this the future of blockchain…

Tel Aviv Stock Exchange To Launch Blockchain Based Securities Lending Platform

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The Tel Aviv Stock Exchange (TASE) has announced it will be launching a blockchain-based platform that will enhance digital securities transactions and sharing. TASE, the only stock exchange in Israel said that it began testing the blockchain-based solution in March and it is on course to be officially launched in November. The blockchain platform is a centralized solution that uses Decentralized Ledger Technology (DLT) of Hyperledger Sawtooth. The platform will facilitate peer-to-peer sharing of data among financial organizations which will help remove the need for further transaction reconciliation. The TASE blockchain…

Why DeFi on Ethereum Is Like Algorithmic Trading in the ‘90s

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Mona El Isa would never go back to traditional finance.  The former Goldman Sachs vice president developed the Melon protocol, a vehicle for creating Ethereum-based hedge funds without having to spend the tens of thousands of dollars it would take to launch a fund in traditional markets. “Managers who are used to a fund custodian and fund administrator are starting to experiment with automating technology,” El Isa said. El Isa admits that not many founders in the decentralized finance (DeFi) space have her background in traditional capital markets. In the…

Why Bitcoin May Be In For a Fall Towards $6,000

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Bitcoin risks plunging back towards $6,000 purely based on a historical technical setup. The analogy appears after switching a BTC/USD chart from normal to a more precise logarithmic scale. It shows that the cryptocurrency has not precisely broken above its long-term descending trendline resistance. There is an extreme possibility that Bitcoin plunges towards $6,000 in the coming sessions, according to a historically accurate technical setup. On a BTC/USD weekly chart, the pair continues to trend inside a large triangle pattern. It has been fluctuating between its two converging trendlines, unable…