Tag: Billion

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

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Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. Among major new customers this past year, BitPay named Dish Networks, HackerOne, and the State of Ohio. BitPay also reported that its B2B business has grown by almost 255 percent from 2017. Despite a massive crypto decline in 2018, BitPay’s CEO and co-founder Stephen Pair argued that the firm…

US Investors That Sold BTC Lost $1.7 Billion, Many Don’t Intend to Deduct Losses

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Crypto investors in the United States who sold their Bitcoin (BTC) holdings lost $1.7 billion, but many do not plan to deduct the losses, a survey conducted by personal finance company Credit Karma published on Jan. 15. The survey was conducted by research firm Qualtrics for Credit Karma, and surveyed 1,009 American BTC investors over the age of 18 in November 2018. According to the aforementioned survey, a slight majority of Americans — 53 percent — plan to report their Bitcoin gains and losses for their taxes, while 19 percent…

HSBC Completed $250 Billion in Blockchain-Processed Transactions in 2018

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HSBC. Image Shutterstock. According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology. The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its blockchain platform, “FX Everywhere,” the bank says it has processed 150,000 payments since the platform launched in February 2018. HSBC completed its first blockchain trade finance transaction in May…

Russia Will Not Buy $10 Billion Worth of Bitcoin, and Here’s Why

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Recent news that “Russia will buy $10 billion in Bitcoin and ditch the U.S. dollar” is backed by the publications such as The Telegraph, Bitcoinist, Daily Hodl and even The Fortune. However it seems that they all took the bait. Be it as it may, on January 6th, economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy and Public Administration, posted to Twitter that he believes Russia has no choice besides Bitcoin as a hedge against economic losses taken as a result of the US…

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

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International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14. Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February. The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying. “FX…

Following $5 Billion Drop in Crypto, Traders See Weakness in Bitcoin

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On January 13, the crypto market initiated an intense sell-off as the Bitcoin price fell below the $3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop. Where is Bitcoin Headed? Generally, both analysts and traders expect Bitcoin to fall to the low $3,000 region in the days to come. Some have suggested that a strong buy wall below…

Crypto Market Stable at $137 Billion as TRON Surges 7%, Still Bear-Biased?

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While the crypto market maintained stability in the $135 billion to $137 billion range, TRON and NEO recorded seven and ten percent gains respectively as the two best performing major digital assets on the day. Bitcoin has shown decent volume at around $5 billion throughout the past two weeks but has struggled to show signs of a major breakout above key resistance levels. Is the Market Up For a Boring Year in 2019? In the last several weeks, a few crypto assets in the likes of Ethereum (ETH) and TRON…

Circle Executed $24 Billion in OTC Trades in 2018

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The over-the-counter (OTC) trading desk at cryptocurrency finance firm Circle had a notional volume of $24 billion in 2018, according to an official Medium blog post on Jan. 3.   Per the statement, Circle executed 10,000 OTC trades with 600 different counterparties, at $24 billion in volume. As such, the company claims to have become a “core liquidity provider to the entire crypto ecosystem.” According to Circle, the firm now partners with over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers, and other global endowments. Circle…

Daily Traded Volume on Huobi’s Crypto Derivatives Platform Breaks $1 Billion

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Daily traded volume of cryptocurrency contracts on the Huobi Derivatives Market (DM) has broken past $1 billion, according to a press release shared with Cointelegraph on Dec. 27. Huobi Global — which operates the world’s third-largest largest crypto spot market trading platform — launched Huobi DM last month. The new platform allows traders to trade Bitcoin (BTC) and Ethereum (ETH) contracts that aim to allow for arbitrage, speculation, and hedging. Having reportedly broken past $1 billion in daily trades on Dec. 25, Huobi DM is today expanding its crypto contracts…

Daily Traded Volume on Huobi’s Crypto Derivatives Platform Breaks $1 Billion

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Daily traded volume of cryptocurrency contracts on the Huobi Derivatives Market (DM) has broken past $1 billion, according to a press release shared with Cointelegraph on Dec. 27. Huobi Global — which operates the world’s third-largest largest crypto spot market trading platform — launched Huobi DM last month. The new platform allows traders to trade Bitcoin (BTC) and Ethereum (ETH) contracts that aim to allow for arbitrage, speculation, and hedging. Having reportedly broken past $1 billion in daily trades on Dec. 25, Huobi DM is today expanding its crypto contracts…