Executive Summary 13 March Market Crash Saw Highest Daily Volumes Ever The massive market crash on March 12-13 saw daily volumes hit $75.9bn in a single day (13 March) – the single greatest daily volume recorded in cryptoasset history. Most of this figure came from lower-tier exchanges ($54.3bn), with volume from Top Tier exchanges totalling $21.6bn (28.5%) – one...Read More
Abstract: We evaluate the impact the block reward halving, which is due to take place in a few weeks’ time, may have on the Bitcoin mining industry. Assuming a constant Bitcoin price and excluding the impact of transaction fees, mining industry revenue should fall by around 50%. However, this is not necessarily the case for...Read More
HDR Global Trading Limited (‘HDR’) is delighted to announce that we have decided to provide a further, increased Bitcoin development grant to Bitcoin Core maintainer Michael Ford (AKA fanquake). In July 2019 we provided Michael with a US$60,000 grant, payable over 12 months. We have now ended the old grant early and provided him with...Read More
In brief: In the last week, two prominent crypto exchanges have launched Bitcoin USDT perpetual contracts. They include Bybit and KuMex (KuCoin’s derivatives platform.) Tether (USDT) is ranked 4th according to market cap. Its website states the company has $6.229 Billion in assets. Trading of Bitcoin futures contracts has become more popular as crypto traders...Read More
Abstract: We compile a list of the main organisations and individuals funding open source Bitcoin and Lightning development. Based on the data we have compiled, Blockstream and Lightning Labs are the largest contributors to open source development in the space, while as far as contributors to Bitcoin Core goes, Chaincode Labs is currently the largest...Read More
We’ve had a number of questions from our traders over the past week about the role and performance of the Insurance Fund on 12 and 13 March. In this update, we explain more about how the Fund works, and what it’s used for. We also address questions including how we calculate an appropriate size for...Read More
Recent Updates The CryptoBridge DEX exchange has ceased its operations since Nov 15, 2019. The exchange posted an announcement on its website intimating the users. The company claims market conditions, increasingly strict regulation and lack of funds as reasons for its decision to close and not pursue further development. Cryptocurrencys have evolved a lot over...Read More
Abstract: We analyse the idea of Central Bank Digital Currency (CBDC). We divide the concept into two distinct ideas: i) Banning physical cash, and, ii) Allowing retail customers to have deposits directly with the central bank. We conclude that although in some ways the two policies complement each other, they have vastly different economic consequences....Read More
Abstract: We evaluate the impact of Coronavirus on the economy and financial markets. The response to the virus will mark a significant economic regime change, from monetary policy to central bank funded fiscal expansion. Eventually, there will be one clear winner under this new regime: inflation. Economic circumstances could look like the 1970s, with volatile...Read More
Last Friday, 13 March, the BitMEX platform was subject to two distributed denial-of-service (DDoS) attacks at 02:16 UTC and 12:56 UTC. These attacks delayed or prevented requests going to and from the BitMEX platform, causing direct disruption to our users. Following these incidents, we have been working around the clock to gather the facts and...Read More
Bananas in Pyjamas (Source: Australian Broadcasting Corp) Tuesday, March 3rd I’m in my jammies at an urban ryokan in Tokyo about to PTFO. Before I descend into dreamscape, I must call my banker and attempt to place an investment grade index CDS (credit default swap) trade. Unlike crypto, I can only trade this index during...Read More
This past Friday, top cryptocurrency trading platforms Bitfinex and OKEx were both subjected to malicious Distributed Denial-of-Service attacks (DDoS) aimed at disrupting the platforms’ operational efficiency by overwhelming the targeted servers with a flood of fraudulent traffic. Although both platforms successfully thwarted the attacks and have since re-established normal performance, the OKEx CEO is now...Read More
Abstract: For the second time, we present CryptoCompare’s in-depth report into the cryptocurrency exchange ecosystem. The review focuses on spot exchange volumes, crypto derivatives trading data, market segmentation by exchange fee models and crypto to crypto vs fiat to crypto volumes. There is also an analysis of bitcoin trading into various fiats and stablecoins, an...Read More
In the next few years, Blockchain will disrupt many industries like banking, healthcare to supply chains. So keeping up the pace in the digital currency world, Token Pay has come with an eFIN exchange platform. Here let’s dive deep into the review of the eFIN Exchange – What is eFIN? How to get eFIN coins...Read More
The above image has nothing to do with options. But it’s deep into ski season, and I’m loving the powder. I already spent a few thousand words talking about the crypto derivatives market structure. Now, let’s talk about 2020. Crypto Derivatives 2020 Roadmap While speculators’ needs are well met via the crypto delta one products...Read More
Abstract: Following on from our January 2020 piece on our database of at least 60,000 non-cooperative lightning network channel closures, we were asked how many of these were public channels vs private ones. We have used the 1ml.com database of public lightning channels and cross referenced it with our dataset of non-cooperative channel closures. We...Read More
Abstract: In this report we analyse and discuss the average level of precision (round numbers) in Bitcoin transaction output values. We evaluated almost 1.3 billion Bitcoin outputs with non-zero values since the network was launched, representing a total value of over 5.4 billion bitcoin of spend, worth over US$12 trillion. We then placed these transaction...Read More
These are the three questions any self-respecting crypto punter asks themselves: When moon? When Lambo? When liquid options? If I knew the answers to questions 1 and 2, HDR Long Term Capital Management would not be a figment of my imagination, but a fee-guzzling hedge fund posting returns that rival Renaissance Technologies. By the way,...Read More
Abstract: In our sixth piece on the lightning network, we provide new data about its growth and size. We reveal statistics about private channels, often produced by mobile wallets, which are not normally included in traditional network metrics. We primarily focus on non-cooperative channel closures and a database we have constructed, which we believe contains...Read More
India’s former Finance Secretary Subhash Chandra Garg has shared his views on the future of cryptocurrency, both in India and worldwide. He headed the committee responsible for drafting the infamous bill to ban cryptocurrencies, which the crypto community calls flawed in many regards. Also read: Regulatory Roundup – China Blockchain ETF, New French Crypto Rules,...Read More
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to...Read More
Users can now purchase cryptocurrency with a credit or debit card on Bitcoin.com’s premier trading platform via a new partnership with Moonpay. The Bicoin.com Exchange has been rapidly expanding its offerings by adding new SLP tokens. Also Read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange Bitcoin.com Exchange Offers New Fiat Gateway Bitcoin.com Exchange has...Read More
This year will see the second annual Proof of Keys event take place. Those involved will be attempting to demonstrate the monetary sovereignty Bitcoin affords, as well as the solvency (or lack there of it) of cryptocurrency exchange platforms.If you’re new to the Bitcoin space, you might not have heard of Proof of Keys before....Read More
Every year, Bitcoin faces a new foe intent on crippling it by undermining the foundations it was built upon. From mining cartels to developer disputes, Bitcoin has faced a barrage of threats over the past decade. When it’s not internecine conflict taking its toll, it’s external forces including politicians and regulators seeking to exert control....Read More
Banking services platform Cashaa has seen significant growth in crypto trading volume in India since it began offering INR deposits and withdrawals. The platform has cut its fees by more than 50% and is getting ready to add five more cryptocurrencies for users in India, Cashaa has shared with news.Bitcoin.com. Also read: Regulatory Roundup –...Read More
Utorg.io is a digital asset exchange based in the U.K. that allows users in Europe and around the world to trade cryptocurrencies with stablecoins and fiat money. What sets the new platform apart from many incumbents is the simplified verification procedure for traders who don’t exceed а daily limit of $1,000. Its decision to provide...Read More
Coinbase is shutting down the startup Earn.com which it acquired for an estimated $100 million last year. The email service allowed senders to pay users in digital currency for replying to commercial messages or completing tasks. Also Read: Coinbase Acquires Earn.com for an Estimated $100 Million Coinbase Says Goodbye to Earn.com San Francisco-based cryptocurrency trading...Read More
In this roundup, we cover a wide range of regulatory developments in the crypto space. Much has transpired in the U.S., including a new crypto bill, SEC’s proposal, lawmakers seeking answers from the IRS, and the state of Michigan signing several crypto bills into law. We also cover France’s first-approved initial coin offering, a proposal...Read More
Abstract: Back in May 2019 we looked at Initial Exchange Offerings (IEOs), in this very brief report, we provide an update on the investment performance of the projects we looked at. It does not look good, all 11 projects which were trading at the time of our May 2019 piece, have seen significant declines in price....Read More
In times of mounting pressure on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step in the opposite direction. The exchange is lifting restrictions that applied to unverified users in response to customer demand. New and current accounts will enjoy access to unlimited trading and deposits. Also read: P2P Crypto...Read More
