Report: Binance Futures Surpasses Bitmex in 24hr Bitcoin (BTC) Trade Volume

The Binance Futures platform is less than a year old but has managed to eclipse BitMex in 24 hour trade volume.

In Brief:

• According to a new report, the Binance futures platform has eclipsed BitMex in 24-hour trade volume.
• At its peak, Binance Futures managed an all-time-high of $9 Billion in Bitcoin (BTC) futures contracts in a day.
• Binance has continually kept building and being a few steps ahead of the competition.

In a tweet a few days ago, the Vice President of the Binance Futures platform, Aaron Gong, announced that the platform was now leading in terms of the volume of Bitcoin (BTC) contracts traded in a 24 hour period. Mr. Gong went on to thank users of the platform who have made this feat possible.

$2.3 Billion in 24hr Trade Volume, Eclipsing Bitmex

The exchange went on to release a full report explaining that the platform's BTC perpetual contract was averaging $2.343 Billion in 24-hour trade volume compared to Bitmex's $2.121 Billion in a similar time frame. At one point, Binance successfully handled $9 Billion worth of Bitcoin contracts in a day.

Rapid Growth of the Binance Futures Platform

Launched in September 2019, the Binance futures platform currently has 24 USDT contracts covering major digital assets such as BTC, Ethereum, XRP, Litecoin, Dash, Link and more. Such a variety has allowed the exchange to host half of all the top 10 most liquid altcoin contracts. (Also to note, is that in September 2019, the exchange acquired JEX: a crypto derivatives trading platform.) Mr. Gong is quoted as explaining that the trustworthiness of Binance is the reason for its accelerated growth.

Since our inception, it has been an exciting time for traders as crypto markets displayed stronger demand and volatility. Therefore, choosing a reliable and trustworthy exchange for risk-hedging has never been more critical than before. Hopefully, Binance Futures emerge as the market-standard choice for traders as we continue to expand our ecosystem throughout 2020.

Additionally, Binance has one of the lowest trading fee structure available in the crypto-verse as well as a considerably stable and quick matching engine.

(Feature image courtesy of Sheri Hooley on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Gains After US Federal Announces Unlimited Stimulus

By RTTNews Staff Writer | Published: 3/24/2020 2:15 PM ET

Cryptocurrency rose over $14 billion in 24 hours as the most popular digital currency Bitcoin is up 5%.

Bitcoin is trading at $6,628, up 5.19% from previous day and 35.08% from last week, according to data from Cointelegrah. Ethereum is up nearly 5% at $137, while Litecoin rose 4% to $39.93 and XRP recorded a more than 3% jump.

According to CNBC, the market capitalization, or entire value of the cryptocurrency market, rose over $14 billion to reach $182.62 billion.

The increase in Bitcoin's price came after the US federal government announced $700 billion of direct capital injection through the purchase of Treasury securities and mortgage-backed debt. The Fed said that they will purchase bonds by as much as needed to help the economy absorb shocks arising from the coronavirus pandemic.

In an interview with CBS on March 22, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis said, "There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there's enough cash in the banking system."

Bitcoin is currently on course to reach $7,000 levels.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Report: Bitcoin’s (BTC) Correlation With the S&P 500 at a 2 Year High

The last 2 weeks has seen the price of Bitcoin follow that of traditional stock markets.

In brief:

• Since news broke of the extensive spread of the Coronavirus, Bitcoin (BTC) has had an uncanny correlation to the traditional stock markets.
• A recent report by the team at Santiment shows that Bitcoin's correlation to the S&P 500 is at a 2 year high.
• The report went on to predict a faster Crypto recovery compared to the stock market.

Ever since the traditional markets took a nose dive due to the global economic effect of the Coronavirus, Bitcoin traders have noticed an uncanny correlation between BTC and the major stock market indices of the Dow Jones Industrial Average (DJI) and the S&P 500 (SPX). All three assets have followed a similar downward trajectory as seen in the Tradingview screenshot below.

Bitcoin's Correlation with the S&P 500 at a 2 Year High

The team at Santiment recently released a report proving that BTC's correlation with the S&P 500 is at a 2 year high. They too were inspired to do the research when both the crypto and stock markets took a massive hit by the impact of the Coronavirus. In the report, the team explained the correlation as follows:

Within the last week, Bitcoin’s correlation with the S&P 500 index ballooned to a 2-year high, and is currently hovering at 0.6…

They further explained the value of 0.6 as follows:

• 1 -> BTC and S&P move identically
• 0 -> BTC and S&P move completely independent from each other
• -1 -> BTC and S&P move in opposite directions

Prediction that Bitcoin Will Recover Faster than Traditional Markets

At the end of the report, the team suggested that Bitcoin and crypto will recover faster than the stock markets. They explained that the crypto market is a new type of economy that is yet to be bogged down by the complexities of the traditional markets.

Crypto is a new type of economy, one that facilitates the production of digital value designed to be distributed in a pure, peer-to-peer way. These and correlated factors have contributed to swift recovery of the crypto market in the past, and will no doubt do the same again.

On the other side of the coin, the traditional markets remain overburdened with too many moving parts. The Wall Street machinery is partially digital (notably the part responsible for the most growth in recent years) but the vast majority remains carpal, physical in nature.

(Feature image courtesy of Pineapple Supply Co. on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Two Canadians Sentenced To Federal Prison For Bitcoin Fraud

By RTTNews Staff Writer | Published: 3/20/2020 10:36 AM ET

Two Canadian nationals have been indicted and sentenced to two years in the U.S. federal prison and three years' supervised release for committing Bitcoin fraud in a Twitter scam, according to a statement by the U.S. Department of Justice (DoJ).

Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, conspired to commit wire fraud and money laundering to steal bitcoin from an Oregon resident. The Khatkars are residents of the city of Surrey in British Columbia, Canada.

Karanjit Khatkar was arrested on July 18, 2019 upon arrival at the McCarran International Airport in Las Vegas and was detained pending trial. Jagroop Khatkar appeared voluntarily in the court on December 16, 2019.

Both the Khatkars pleaded guilty. They also paid $142,349 as a prepayment of restitution to their victim.

The two defendants used a Twitter account with the name @HitBTCAssist between October 2017 and August 2018 to trick victims into thinking they were communicating with a customer service representative from Hong Kong-based crypto currency exchange HitBTC.

In the process, the defendants responded to the Oregon victim's query about cryptocurrency withdrawal process from her HitBTC account. They hoodwinked her to extract information and managed to log in and take over her email and HitBTC accounts as well as her account at U.S.-based crypto exchange Kraken.

They then transferred 23.2 bitcoins from the victim's HitBTC account to Karanjit Khatkar's Kraken account, with Karanjit Khatkar in turn transferring about 11.6 bitcoins to Jagroop Khatkar's Kraken account.

Two days after, Karanjit Khatkar used the amount to buy a Mercedes-Benz with C$56,598 and Karanjit Khatkar used tens of thousands of dollars for gambling while staying at high-end casinos in Las Vegas.

Apart from the restitution prepayment, the Khatkars were ordered to pay an additional $42,162 to the victim for a total of $184,511. This case was investigated by FBI and prosecuted by Assistant U.S. Attorneys for the District of Oregon.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Price Spikes to $7K as Fed Balance Sheet Nears $5 Trillion

Image courtesy of CoinTelegraph

            MARCH 20, 2020

Bitcoin (BTC) was gearing up to crack $7,000 on March 20 as the cryptocurrency's miraculous turnaround produced almost 90% weekly gains.

Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD trading at around $6,600 on Friday, having risen by more than 20% in the preceding 24 hours alone.

Exchange spreads were wide — on Bitstamp, for example, an unusual one-minute candle briefly took Bitcoin to $7,140.

Bitcoin 1-day price chart. Source: Coin360

Bullish momentum intensified in the second half of the week, following fresh announcements of liquidity printing by central banks on a historically unprecedented scale.

As Cointelegraph reported, in-house analyst Keith Wareing predicted that BTC/USD would top out at around $7,200. For this, $6,400 should remain as support, he said.

Fed balance sheet hits record

The events place Bitcoin firmly at odds with stocks and the wider traditional market. In the United States, where markets failed to react to monetary stimulus promises, the Federal Reserve's balance sheet hit record highs of $4.66 trillion.

Over the past week, the balance sheet increased by $356 billion, claiming the title of the largest such increase ever since 2008 — the height of the global financial crisis.

Analysts had increasingly argued that the coronavirus pandemic's side effects had become worse than 2008, while Bitcoin appeared to weather its first global financial meltdown.

Other safe-haven assets, notably gold, were yet to stage a similar recovery on Friday. At press time, XAU/USD was still down 5.6% for the week, after a modest 3.4% rebound.

Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50%

By RTTNews Staff Writer | Published: 3/17/2020 10:33 AM ET

US-based cryptocurrency exchange Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Each Bitcoin transaction requested by a Coinbase customer is broadcasted a single on-chain transaction. Starting today, Coinbase will be bundling multiple sends into a single transaction. The new update requires no action from customers, who will immediately see reduced network fees.

A single transaction that fulfills requests sent by multiple users occupies less space in each block than each being processed individually.

Bitcoin transaction batching will be applied to both Coinbase and Coinbase Pro platforms. However, Coinbase Pro customers will see no noticeable changes to the experience as 100% of network fees are already covered.

The new feature will lead to a small delay in a transaction being broadcast to the network, but will not impact the time it takes for transactions to be confirmed at the normal rate for customers.

This is expected to improve usability of Bitcoin's open protocol, as a major obstacle for Bitcoin usability is scalability, or the rate at which the network is capable of processing transactions.

All Bitcoin transactions are required to pay a network fee, or a processing fee. However, users pay an average network fee for a single transaction of over $30 during periods of high activity on the network as Bitcoin users compete to outbid each other via network transaction fees.

Currently, daily median network fees on the Bitcoin network are approximately $0.30 for a transaction. Batching will help make Bitcoin more usable by lowering overall network fees and freeing up space on the blockchain, which will in turn increase transaction throughput, and helps to increase scalability.

Coinbase recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses. Every Coinbase Wallet user has a small and simple username.

Coinbase also recently became the first pure-play crypto company to be approved as a Visa principal member. This membership will enable Coinbase to issue Visa debit cards known as "Coinbase Card" directly without depending on third-party issuers. This will enable customers to spend their crypto balances direct from their Coinbase account.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Internet Users Can Now Feed a Sheep in Real-Time Using Crypto

By Zachary   Posted on 15/03/2020   3 Min read

• For just 50 cents worth of crypto internet users can now feed a sheep in real-time

Twitch user Tanglesheep has launched an ingenious crypto business, where Twitch viewers can send USD 0.50 of cryptocurrency, which will then instantly dispense alfalfa pellets to a sheep in real-time, which can be watched on a video stream. The sheep can be fed 100 times per day maximum, so Tanglesheep may be earning USD 50 per day from this enterprise, in addition to the sheep being very well fed.

Tanglesheep accepts Bitcoin, Ethereum, Ripple, Litecoin, IOTA, and Bitcoin Cash. Although this concept seems really simple, it actually really exemplifies the power of cryptocurrency. Internet users can send crypto to instantly feed a sheep, even if they are on the other side of the world, and then watch that sheep eat in real-time.

This sheep crypto experiment can be thought of as a proof of concept. It is clear that other clever crypto businesses could be launched, where internet users will pay a small amount of crypto to see actions in real-time on video feeds.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Image Courtesy: Pixabay

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The original article written by Zachary and posted on BitcoinNews.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin (BTC) Finds Steady Support Above $5,000, Is it Time to Go Long?

Bitcoin (BTC) experienced a free-fall in price on the 12th and 13th of March. Its value has since held steady above $5,000.

In brief:

• The spread of the Coronavirus in Europe, N. America and the Asia Pacific region, has had a disatrous effects on the traditional markets as well as the crypto markets.
• Bitcoin (BTC) had been on a slow tumble in February before its major dip in March.
• Between the 12th and 13th of this month, BTC fell from $7,300 to $3,700 on some exchanges.
• It has since found some support above $5,000 and is currently trading at $5,370 at the time of writing this.
• It might be a while before it is safe to go long on the King of Crypto.

The past week has been a tumultuous one for Bitcoin (BTC) and the entire crypto market. The King of Crypto got a serious knockdown on the 12th and 13th of this month. BTC fell by 49% in value from $7,300 to $3,700 in a matter of a few hours. Some crypto exchanges, such as Bitmex, saw it dip to as low as $3,561. All its woes in the crypto markets have been brought about by the global economic effects of the Coronavirus. Some traders have even gone as far as to state that Technical Analysis no longer works with Bitcoin suggesting that only positive news about the Coronavirus will provide relief to both the stock and crypto markets.

Brief Technical Analysis of Bitcoin (BTC)

Further checking Tradingview, we find that Bitcoin has currently found a footing above the crucial $5,000 support level. It is currently ranging between $4,750 and $5,600 and is valued at $5,370 at the time of writing this. However, the 50 (white) and 100 (yellow) daily moving averages indicate that it is still in bear territory. If this environment prevails over the weekend and into the new week, it might retest its recent low of $3,700. Hopefully, this area will hold as major governments such as the United States, Italy and France, announce measures to combat the spread of the Coronavirus pandemic.

Sentiment Analysis of Bitcoin (BTC)

Further checking the crypto fear and greed index, we find that it is extremely low at a value of 8. The last time it was this low, was February 6th 2018. Checking the charts again, Bitcoin experienced a dip to $5,900 on this date and would then go on a two-week push up to reach a value of $11,800 on the 20th of February, 2018.

Best to Wait Till There is More Positive News About the Coronavirus

However, when we compare February 2018 to the current global economic environment witnessed this March 2020, we can conclude that times are extremely different. The world as we know it is coping with the global pandemic of the Coronavirus and global economies are in turmoil. It might be best to wait for good news with respect to winning the war against the global pandemic.

On the bright side, yesterday's speech by President Donald Trump declaring the Coronavirus a national emergency brought back some confidence in the stock market as well as in crypto. In the speech, he outlined measures his government will undertake to control the spread of the virus in the United States. As a result, the Dow jumped a good $2,000 and Bitcoin has since maintained its value above the crucial support zone above $5,000.

(Feature image courtesy of Christophe Hautier on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Recovers Partially After Crash

By Joji Xavier | Published: 3/13/2020 11:25 AM ET

With market turmoil gripping the stock, gold, and oil due to coronavirus concerns, cryptocurrency was the worst affected in the past week.

Friday early morning , Bitcoin crashed to the lowest level since March 25, 2019, before making a quick recovery.

Friday, the US market bounced back from the bruises it suffered on Thursday.

The most popular cryptocurrency went as low as $3,867 at one point, and is currently changing hands at $5,415.

Bitcon, which was trading at above $9000 last Friday, lost around 60 percent in the next seven days.

The virtual currency stayed strong for a few days even when the equity markets across the world crashed over the COVID-19 outbreak on Monday. However, prices slipped down by more than $2,000 from levels near $8,000 seen on Thursday amid sell-off in risk assets.

The second most popular cryptocurrency also was hit hard by the latest market trend.

From $240 last Friday, Ether (ETH) lost its value by more than $100, and is currently trading at $137.

On Friday, Bitcoin has a market capitalization of $105.48 billion, and a 24 hour trade volume of $73 billion, according to CoinMarketCap.

Ether has a market capitalization of $14.89 billion, and a 24 hour trade volume of $28 billion.

For comments and feedback contact: editorial@rttnews.com

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Article written by Joji Xavier, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe