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As the economic crisis in Venezuela worsens leading to a growing exodus of citizens out of the country, the demand for bitcoin and other cryptocurrencies has exploded. According to Coin Dance, Venezuelans traded bitcoins worth nearly 300 million bolivars last week and the record could be broken again as so far this week bitcoin worth
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The valuation of the crypto market has dropped from $ 205 billion to $ 199 billion, as Bitcoin dropped below the $ 6,500 mark once again. In the past three hours, the crypto market has rebounded by $ 2 billion to $ 201.5 billion, demonstrating some resilience in the $ 200 billion region. ETH, the native cryptocurrency of the Ethereum blockchain
The post Dropping Bitcoin Volumes Brings Minor Market Retreat, Where Next? appeared first on CCN
It’s been reported that both Litecoin and Dogecoin have seen some huge spikes in transaction volume today. Of course, it’s not uncommon for the two to be correlated since Dogecoin is mined alongside Litecoin. The transaction levels recorded earlier today for both of these cryptocurrencies are the highest seen since the 2018 cryptocurrency boom and since the transaction volume heights of February 2018.
According to Cryptovest:
“Over 24 hours, the Litecoin network carried more than 77,000 transactions, way above the typical levels of 25,000 to 30,000.
This month the Blockchain Transparency Institute (BTI) published a research report that claims quite a few of the top cryptocurrency exchanges are overstating their trade volumes or participating in wash trades. BTI explains that out of 130 of the top cryptocurrency trading platforms researched, the organization estimates that every 24-hours over $ 6B worth of digital asset trade volumes are faked.
Also Read: Lloyd’s of London Insures Cryptocurrency Custody Service Kingdom Trust
Tokens have recorded massive 20 to 40 percent gains on August 26 while major cryptocurrencies like Bitcoin and Ethereum maintained their low price range. Bitcoin has remained relatively stable in the $ 6,700 region in the past 24 hours as Ethereum, Bitcoin Cash, Ripple, EOS, and Stellar all recorded slight losses in the range of 0.5
The post ICON, and WanChain Record Massive Gains Despite Low Bitcoin Volumes appeared first on CCN
This past April, news.Bitcoin.com reported on the Bitcoin futures markets offered by the two derivatives giants Cboe and CME Group and how contract volumes were steadily rising. This month, while BTC-spot prices slide to significant lows, both futures products from these two companies are still seeing increased demand for contracts.
Also Read: A New Cryptocurrency Radio Broadcast Launches on Boston’s FM 104.9
Over the past few months, the Chicago Board of Exchange (Cboe) and the Chicago Mercantile Exchange (CME Group) have been selling bitcoin-based futures products. Predictions have been dull as most forecasts are around the $ 9-9.4K USD range for bitcoin derivatives using both firms’ futures data. On the other hand, crypto-derivatives trade volumes have been increasing.
Also Read: Nasdaq-Listed Marathon Begins Bitcoin Mining Operations, Stock Up 32%
On March 10 a cryptocurrency trader and researcher published a report on how he believes $ 3 billion worth of cryptocurrency trade volumes, primarily from a couple of exchanges, are concocted. The author of the study, Sylvain Ribes, alleges that the exchange Okcoin has been fabricating up to 93 percent of its trade volumes.
Also read: Thailand Dodges Extreme Cryptocurrency Regulations
Sylvain Ribes has published a study that reveals some interesting information about trade volumes stemming from exchanges like Okcoin (Okex) and Huobi, which may be falsifying their trade volumes. Ribes calculated his data from order books across all major exchanges to “measure how badly market selling $ 50k USD worth of each cryptocurrency would crash the price.”
