Bitcoin Daily Trading Volume Reaches a Record $99 Billion

The daily volume of Bitcoin reached an all-time high along with its price before taking a big step in the opposite direction. What caused it?

According to CoinMarketCap data, Bitcoin today reached $99 billion in daily trading volume after reaching a new high in valuation. But what happened next?

Bitcoin’s price at $146,000 is possible, says JP Morgan

Bitcoin sets new highs, retreats and collapses Altcoins

CoinMarketCap data shows that, during the day, the leading crypto set a new high at USD 41,823. Meanwhile, Bitcoin’s daily trading volume reached its own peak at USD 99.3 billion, with only Tether exceeding it in terms of daily volume.

However, the crypto market today suffered a small setback that sunk the price of most Altcoins by as much as 12%.

After reaching a new high, the price of Bitcoin withdrew to USD 39,300, a drop of approximately 6%. And although the leading crypto was able to recover to $39,683, some Altcoins didn’t have the same luck.
Current condition of the crypto market in which most Altcoins are in the red. Source: CoinMarketCapCurrent condition of the crypto market in which most Altcoins are in red.

Specifically, the main Altcoins: Ethereum, XRP, Litecoin and Cardano have fallen by 4.55%, 9.71%, 1.74% and 7.14% during the last 24 hours, respectively.

Likewise, according to CoinMarketCap, the worst fall is taken by NEO with 13%.

Bitcoin whales mobilize more than 95,000 BTC in 24 hours

Are we inside a giant crypto bubble?

Michael Hartnett, Bank of America’s chief investment strategist, warned investors in his „Flow Show“ that Bitcoin’s current bull run is the „mother of all bubbles,“ according to Reuters.

Specifically, Hartnett said that the current Bitcoin bubble is far superior to any other sight in history, even superior to the dotcom bubble.

Bitcoin Breaks All Historical Highs with Twice the Actual Volume

Pension funds could be entering the crypto market

Contrary to the previous news, Michael Sonnenshein, Grayscale’s CEO, assured Bloomberg that the pension funds are, in fact, actively investing in the various crypto products offered by the company.

So, according to Grayscale, the institutional influx into the crypto market, and specifically into Bitcoin, has only intensified. Are these institutions risking a bubble? Or, on the contrary, will they believe in Bitcoin’s potential?

Bitcoin is continuing its historic career, what has driven it?

Bakkt joins the crypto firms that want to go public

According to a Bloomberg report, the crypto custodian Bakkt will be made public if a merger with VPC Impact Acquisition Holdings (VPC) takes place.

In essence, Bakkt is skipping the traditional route of an initial public offering (IPO) and will instead trade directly on a public exchange.

In a few lines…

The UK government believes that Stablecoins crypto has clear benefits over the current monetary system.
The open interest in Bitcoin options has reached over $10 billion, according to Unfolded.
Ethereum searches in Google reach a historical record of crypto.
Changpeng Zhao, CEO of Binance, recommends having a plan before investing in the crypto market.

Analyst sees Ethereum „flying“, believes movement towards $ 800 is possible

Ethereum has seen lackluster price action in the past few days as Bitcoin leads the crypto market into a consolidation phase.

ETH will likely continue to move sideways until Bitcoin Circuit finds a clear direction.

The critical level for ETH seems to be around $ 600 right now, as the selling pressure here has proven to be significant in the past.

Any break above this level was short-lived and followed by strong rejection

It is therefore imperative that Ethereum make a swift and decisive breakthrough above this level in the coming days.
A trader believes a rebound is imminent as he is now looking at $ 780 as a short term upturn target.

Ethereum and the entire cryptocurrency market have been hit by an intense consolidation surge in the past few days.

It did so amid Bitcoin’s efforts to hit new all-time highs – despite the fact that the asset has been hovering just below it for a good week.

ETH’s price action was strikingly similar to Bitcoin’s, but what happens in the near future will largely depend on the reaction to the $ 600 mark.

One trader believes that a break above this level could be imminent – followed by a parabolic rise that will take ETH towards $ 800.

Ethereum is struggling for momentum amid consolidation

Ethereum is currently listed (buy now? Click here for instructions) at a price of $ 597. For the past few days, ETH has stayed below $ 600, with any break above that level being temporary.

This price action did little to provide investors with insight into Ethereum’s medium-term outlook. And until Bitcoin can hit new all-time highs above $ 19,800, there is a good chance the entire market will remain relatively calm.

Trader sees ETH move towards $ 800

A trader wrote in a tweet that a move towards $ 800 is possible in the near future: over $ 700 and specifically even $ 780.

He suggests that $ 620, which has not yet been broken firmly, is the key level that could trigger this move higher.

“Another good week that ETH is close to the upward trend. The $ 620 is still the area above which price has to break to the upside if ETH can break that level – it can really fly. With next goals over $ 700 and $ 780 a week. “

In the medium term, the entire market development depends on Bitcoin, although this bullish Ethereum rally will probably only come into play when BTC sets new highs.

The main pools for bitcoin miners

Doing bitcoin mining alone is risky and often unprofitable.

In fact, mining is a competition in which the winner is whoever manages to mine a block first. Because the competition is fierce and has enormous amounts of hashpower, it is very difficult for a single miner to compete. It would take so much hashpower that it would require millions of dollars in investment, with no real guarantee of success.

Mining pools are platforms that combine the computing power of many miners and distribute any income from mining in proportion to the amount of hashpower made available to the pool by the individual miners.

Most of the new Bitcoin blocks are currently being mined by mining pools.

These pools bring together huge amounts of hashpower from a large number of different miners and are therefore extremely competitive. This also affects the choice of the pool to which a miner can affiliate, because the most powerful ones are also the ones that are able to mine more blocks, but on the other hand they are also the ones with the greatest competition from other miners, and therefore lower revenue distribution percentages.

Being a Bitcoin miner: the pools
Currently the one with the highest hashrate is F2Pool. This is a long-standing Chinese mining pool that was founded in 2013. It alone owns almost 20% of all Bitcoin hashrate, and in addition to BTC it is also mining another 40 cryptocurrency pools.

As far as Bitcoin is concerned, the pool keeps 2.5% of its revenue as commission costs and pays out daily.

In second place is Poolin, with over 12% of Bitcoin’s hashrate. It is a more recent pool, established in 2017, and in addition to BTC also undermines ETH, BCH, BSV, LTC and other cryptocurrency.

Poolin also holds 2.5% of BTC’s mining commission.

In third place among Bitcoin’s largest hashrate holders is Binance, which is not a pool but a single miner, while in fourth place is Huobi, another exchange that mines on its own.

In fifth place, with almost 10% of the hashrate, is BTC.com’s mining pool, owned by the well-known ASIC manufacturer Bitmain. Like F2Pool it is Chinese and has existed since 2013.

It also mines other cryptocurrency, in addition Bitcoin Era to bitcoin, and has a 4% commission on BTC’s mining.

In sixth place, and last of the large mining pools, is AntPool, with 9.9% of the hashrate. It is the second mining pool controlled by Bitmain, which therefore in total controls almost 20% of Bitcoin’s total hashrate. However, until a few months ago this percentage was higher.

So AntPool is also Chinese, was founded in 2014, and undermines seven other cryptocurrency pools, including Dash and Monero (XMR).

In reality there are many other mining pools, and these are only the main ones. It should be noted that adding the hashrate of F2Pool, Poolin, BTC.com, and AntPool is more than 50% of Bitcoin’s total hashrate, and adding the two major single miners, Binance and Huobi, is almost three-quarters.

So all the other pools, put together with the other single miners, barely make up 25% of the total hashrate, but in some cases can offer better conditions than the first four.

The individual miner who wants to join a pool must compare the various parameters of the various offers in order to choose the one that best suits his or her business.

Largest bank in Belarus introduces cryptocurrencies

Another big bank is entering the crypto market.

Belarusbank, the largest financial institution in Belarus, wants to introduce cryptocurrencies

According to a report by the Belarusian news agency Prime Press on November 12, Belarusbank wants to enable its customers to buy cryptocurrencies using a Visa card in the future. As part of the offer, Bitcoin Superstar can be purchased in exchange for national currencies such as the US dollar, the euro and the Belarusian ruble.

The bank’s management states that the adoption of cryptocurrencies is part of the financial institution’s digitization program that started a few years ago.

The new service will be available to both Belarusian and Russian citizens.

Other countries are to follow at a later date, and the number of available crypto currencies is to be expanded

As stated in the media report, the new service is the result of cooperation between Belarusbank and the Belarusian payment service provider Whitebird. Even before the most recent collaboration, the two companies had already worked on a joint crypto project in 2018.

Belarusbank is one of the first banks in Belarus to show great interest in the crypto market. In 2019, she disclosed that she was planning her own crypto exchange.

The enthusiasm for cryptocurrencies in Belarus is due to crypto-conducive legislation. As previously reported , President Alexander Lukashenko had legalized digital currencies in late 2017.

CBDC’s zullen privé-stabielmunt Tether vervangen

CBDC’s zullen privé-stabielmunt Tether vervangen, zeggen de Centrale Bankiers

De hoofden van de centrale banken van de Verenigde Staten, het Verenigd Koninkrijk en Europa hebben gezamenlijk hun optimisme over digitale valuta uitgesproken, maar het zou twee tot vier jaar kunnen duren voor de lancering.

De president van de ECB, Christine Lagarde, is positief over de lancering van een digitale munt Bitcoin Code van de centrale bank (CBDC), maar over een paar jaar.
De Amerikaanse Fed-voorzitter en de gouverneur van de BoE zeiden dat ze ook de kosten en baten van een dergelijk betalingssysteem analyseren.

Tijdens het jaarlijkse ECB-forum over centrale banken zeiden de hoofden van de drie centrale banken dat ze het idee van een CBDC actief aan het onderzoeken zijn. Sommigen voorspellen dat het een einde zal maken aan private stablecoins, zoals Tether’s USDT.

Alle leiders van de centrale banken in één frame

De voorzitter van de Amerikaanse Federal Reserve Jerome Powell zei dat het belangrijker was om „het [CBDC] goed te doen, in tegenstelling tot de eerste te zijn.“ Toch merkte Powell dat op:

„We hebben actief deelgenomen met Andrew en Christine, en andere centrale banken in de BIS om te kijken naar de voordelen van CBDC.

De leiders van alle drie de centrale banken erkenden een stijging van de digitale betalingen in het laatste decennium en de versnelling ervan als gevolg van de pandemie. Lagarde zei:

„Veel digitale betalingen versnellen, waardoor we in de richting gaan van het onderzoeken van alternatieve betalingswijzen, en er zal een transformatie plaatsvinden die gunstig zal zijn.“

Lagarde leek gemotiveerd om een CBDC te lanceren om „snellere, goedkopere en veilige“ grensoverschrijdende betalingen te faciliteren, die volgens haar „vrij moeizaam“ zijn op dit moment.

Aan de andere kant is Powell’s primaire focus het handhaven van de Amerikaanse dollarpositie als de reservevaluta van de wereld. Daarom beveelt hij een voorzichtige aanpak aan om de monetaire en fiscale veranderingen van een CBDC-lancering te evalueren.

Andrew Bailey, de gouverneur van de Bank of England, zei dat een CBDC de plaats zou innemen van privé-startmunten zoals Tether, Libra, en anderen, omdat de mensen meer vertrouwen zouden hebben in het opslaan en uitgeven van CBDCs.

Op dit moment is de ECB een van de drie banken die vooroploopt in hun CBDC-inspanningen. Lagarde kwam terug op haar verklaring uit het verleden dat CBDC „het geld zal aanvullen, niet vervangen“. Vanaf oktober heeft de ECB ook gevraagd om openbaar commentaar op haar CBDC-plannen, waarvan de deadline half januari is.

Lagarde is optimistisch dat „CBDC zal komen“, maar het zou „twee, drie of zelfs vier jaar kunnen duren“.

Ze haalde het voorbeeld aan van China en Facebook, die er respectievelijk vijf en vier jaar over deden om hun stablecoins te ontwikkelen.

Institutionelle Anleger wählen Bitcoin und nicht Gold, sagt JP Morgan

Bitcoin ist führend bei Gold-ETFs als Anlageform für wohlhabende Anleger.

Der jährliche Zufluss von Investitionen in Grayscales Digital Asset Fund beläuft sich seit Jahresbeginn auf knapp 3 Milliarden Dollar.
JP Morgan berichtete, dass seit Januar 2019 der Zufluss in Grayscales Bitcoin Trust größer ist als die kombinierten Zuflüsse in Gold-ETFs.

Ein Auszug aus einem Finanzbericht von JP Morgan stellt fest, dass der Bitcoin Trust von Grayscale erheblich größere Investitionsströme verzeichnet hat als alle Gold-ETFs zusammen.

Die #dropgold-Kampagne von Grayscale, die im Mai 2019 begann, erweist sich als großer Erfolg.

Akkreditierte Anleger wenden sich an Bitcoin, nicht an Gold

Akkreditierte Investoren sind natürliche oder juristische Personen mit einem Nettovermögen von mehr als 1 Mio. USD bzw. 5 Mio. USD. Zu diesen Investoren gehören hoch bezahlte Fachleute, Gesellschaften mit beschränkter Haftung, Family Offices, Stiftungsfonds und andere Hedge-Fonds.

JP Morgan, die nach verwaltetem Vermögen größte Investmentbank in den USA, berichtet, dass diese Investoren seit 2019 den GBTC von Grayscale gegenüber Gold-ETFs bevorzugt haben.

Ein ETF oder börsengehandelter Fonds ist ein Finanzderivat, dessen Wert von dem zugrunde liegenden Vermögenswert abhängt, den er unterstützt. Der GBTC von Grayscale bietet Anlegern somit ein Engagement in den Preis von Bitcoin, ohne dass die Anleger den tatsächlichen BTC verwahren müssen. Dieses Produkt ist für Privatanleger nicht verfügbar.

Zum Vergleich: Dies ist das erste Mal, dass Gold und Bitcoin unter gleichen Wettbewerbsbedingungen aufeinander treffen. Und dank Grayscale haben akkreditierte Anleger jetzt die Freiheit, zwischen beiden zu wählen. Heutzutage entscheiden sie sich für Bitcoin.
Grayscale Bitcoin Trust (blau, links) vs. Gold ETF im Umlauf (schwarz, rechts)

Der GBTC hat nicht nur die Gold-ETFs angeführt, sondern frisst auch langsam den Marktanteil des Edelmetalls auf, so Michael Sonnenshein, der Geschäftsführer von Grayscale.

In der letzten Oktoberwoche verzeichnete Grayscale die bisher größten Zuflüsse in den Bitcoin- und Ethereum-Trust, und der Trend hat sich bis in den November hinein fortgesetzt.

Der Bericht erscheint innerhalb weniger Wochen nach einem Investor-Update von JP Morgan, in dem festgestellt wird, dass Bitcoin im Vergleich zu Gold ein Potenzial für eine 10-fache Preissteigerung hat. Das Interesse an Bitcoin stieg ab April 2020 steil an, was auf ein steigendes Interesse nach dem COVID-induzierten Marktcrash hindeutet.

Bitcoin-pris bryter mot 15 000 USD, Google Trends Data visar tecken på FOMO

Bitcoin-priset handlas igen över $ 15.000.

FOMO har uppenbarligen träffat BTC-marknaden, med Google Trends som visar en uppgång i sökningar efter bitcoin de senaste dagarna.

Tecken på mainstream-adoption verkar nära förestående

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Trust Project är ett internationellt konsortium av nyhetsorganisationer som bygger standarder för transparens.

Bitcoin-priset har brutit mot 15 000 dollar även på toppen av all osäkerhet i USA. Google Trends-data tyder på att The News Spy har väckt mainstreams intresse.

En våg av rädsla för att missa (FOMO) verkar ha träffat bitcoinmarknaden . BTC-priset är högre än 100% hittills eftersom investerare som Paul Tudor Jones, Square och MicroStrategy köper doppet och kastar den ledande kryptovalutan i rampljuset.

Under tiden sätter JPMorgan äntligen sin digitala valuta JPM Coin i drift, enligt Bloomberg , och har slutfört sin jungfruliga transaktion, som sannolikt lovar bra för mainstream-antagande

En stigande tidvatten verkar lyfta alla båtar, med den bredare kryptovalutamarknaden som till stor del handlas i green tillsammans med bitcoin.

Spencer Noon of DTC Capital twittrade att nya aktörer i kryptovalutautrymmet ofta väljer att köpa altcoins istället för bitcoin mitt i en preferens att äga ett helt mynt kontra staplingsats.

Under tiden har Binance-koncernchef Changpeng Zhao tagit tillfället i akt att höja sina BTC-prisutsikter och rekommenderat att bitcoin nu tappar $ 20 000, där det skulle överträffa sin heltidsnivå vid årsskiftet 2017.

Cryptomorphs are booming, says OAB

Brazilian Bar Association in Rio Grande do Sul next week on technology.

The market for cryptomorphs has been on the rise in recent years, but by 2020 the time is special. According to the OAB of Rio Grande do Sul, „cryptomaps are booming.

With the advent of blockchain technology, many businesses are looking for innovations in the sector. In the area of law, especially digital law, there are numerous opportunities for professionals.

This training has been encouraged and lawyers in Brazil are already seeking to understand the concepts. In addition, magistrates of the country’s courts are qualified to understand more about the blockchain.

Next week an OAB event will discuss more details of the many current innovations.

OAB states that cryptomoedas are booming and full of opportunities for professionals

The Brazilian Bar Association, also known as OAB, is the highest entity in the country to represent lawyers. In its list of activities, even training is offered to professionals.

In a recent guide on digital law, conducted by the OAB/RS, seven questions and answers on digital law were published. In one point, the entity answered the question about what are the main areas of digital law today.

One of the areas professionals could then focus on would be criminal law applied to technologies. With several scams happening over the Internet, the professional could handle these cases.

In addition, the professional could assist in consulting for startups and fintechs, technology-based companies. Finally, the OAB stated that the professionals could work with blockchain and cryptomoeda, a sector that is expanding rapidly.

„It is also possible to specialise in issues involving cryptomotic and business via blockchain, a heated and booming segment,“ the OAB/RS said.

Next week’s event will give you the opportunity to learn more about the subject

On November 5, the OAB/RS will hold the II OAB Digital Summit, in an online version. Registration costs R$ 50 and will be reverted to charities.

The event will provide an opportunity for professionals in the sector to learn more about the technologies and opportunities. Cryptomoeda technology will also be the theme of one of the lectures on November 6.

The so-called smart contracts, famous in cryptomaps like Bitcoin Supersplit, for example, will be the subject of a lecture by Alexandre Atheniense, an expert in digital law.

Another participation in the event that may have the blockchain’s presence is by Fausto Vanin, co-founder of One Percent. This company, which made the first official STO in Brazil, works with the creation of blockchain solutions for the market.

The Brazilian judiciary is going through a challenging time to understand the various technologies and adapt to them. As announced by Livecoins, a course for judges in São Paulo recently spoke about Bitcoin technology.

These basic concept trainings can help professionals act at a time when digitalization is becoming fundamental in the world. The OAB/RJ also talked about cryptomorphs in an event in July, that is, the national market is in search of these concepts.

Stable Coin USDCoin finds a new blockchain home

USDCoin will also be available on the Stellar Blockchain from next year. This makes the stable coin more independent of Ethereum.

The Stellar Blockchain will support the stable coin USDCoin from the first quarter of 2021

The Center Consortium, consisting of Circle and Coinbase, have this messageMade on October 15th. Stellar will become the third blockchain on which the stable coin that represents the US dollar can be traded. The aim of the consortium is to expand its reach.

With the Arbismart wallet and arbitrage trading platform, thousands of investors earn passive income (10.8-45% per year). The fully automated crypto arbitrage platform offers low risk, high return investments. ArbiSmart is EU licensed and regulated.

The market capitalization of USDCoin is currently $ 2.76 billion. This makes it the second largest stable coin after the $ 15.8 billion tether. The cryptocurrency, which is mainly traded on the Ethereum blockchain, has also been at home on the Algorand blockchain since September. By turning away from Ethereum to other blockchains, the coin should become more independent.

Stable Coin USDCoin aims high

In addition, both Stellar and the Center Consortium stated that they have grown significantly in the recent past. Together they want to compete with the “old elites”. They have a long way to go. Not only do investors trade the stable coin tether significantly more. Ethereum also has a significantly higher trading volume than Stellar: With a market capitalization of 42 billion US dollars, the blockchain is 28 times the size of the challenger . On the other hand, the smaller blockchain is more efficient, so that it can process transactions faster and cheaper – an advantage that should not be underestimated.

Traders now have to be careful when handling USDCoin that the recipient and sender of the stable coin use the same blockchain. However, programming interfaces (API) should soon provide a remedy: If enough developers use them, the choice of blockchain is less relevant for end users. Circle has already presented this solution.

Eis como o Bitcoin spot, derivados, após a expiração

As Bitcoin Options estão se mantendo estáveis, apesar dos expiries de sexta-feira que totalizaram mais de $1B. Como previsto há uma semana, o evento de expiração foi uma cortina de fumaça. Na verdade, o resultado foi o oposto da queda prevista na CME, com Interesse Aberto e Volumes permanecendo consistentes.

De acordo com dados da Skew, os contratos no valor de $7B expiraram no mês passado em 28 de agosto de 2020, com o Open Interest caindo em 32% em menos de uma semana. No entanto, a recuperação ainda não estava completa e o preço das trocas à vista logo caiu 10% dentro de uma semana após a expiração.

Desta vez, até agora não houve queda no preço das bolsas à vista. Na verdade, o preço da Bitcoin ganhou US$ 400 desde 24 de setembro. Esta expiração em questão não teve impacto negativo sobre o preço, apesar do fato de que as métricas na cadeia continuam projetando o atual mercado de Bitcoin como um mercado em baixa.

Os juros abertos e o volume de negociação nas bolsas de derivativos ainda não se recuperaram, e o sentimento de baixa é evidente. Como não há queda no preço nas bolsas à vista, haverá uma recuperação completa até o nível de meados de agosto?

Embora isso possa parecer improvável, pode acontecer se a oferta de Bitcoin para bolsas à vista se recuperar. No momento em que escrevemos, os influxos estavam no seu ponto mais baixo em um mês. De fato, o dia 26 de setembro testemunhou uma queda enorme nos influxos, uma queda de 59% – a maior queda em 99 dias.

A queda nos influxos manterá a oferta sob controle, mas a demanda precisa aumentar nas trocas à vista. O bitcoin está sendo retirado das carteiras de câmbio, e a demanda está ficando mais sufocada. No entanto, o preço não é muito responsivo, pois a volatilidade e o volume sendo negociado é baixo, comparado a outros ativos no mercado como os projetos DeFi e Ethereum.

Mais de 5000 BTC foram transferidos para fora das bolsas de câmbio para carteiras desconhecidas após o evento de expiração em três transações, com base nas atualizações do Whale Alert. Embora 82% dos HODLers continuem lucrativos, eles não registraram lucros não realizados nas bolsas. Em vez disso, as baleias estão movimentando fundos fora das trocas.

A participação dos investidores institucionais caiu 7-8% no valor total, desde sua última compra, e parece faltar aqui uma peça do quebra-cabeças.

Apesar do sentimento de baixa, os calções em BitMEX estão alimentando contratos longos e a diferença é de quase 2,5x.

Enquanto estas inconsistências no sentimento de baixa nas bolsas à vista e de derivativos podem apontar para um retorno aos níveis de meados de agosto, outros fatores como o baixo volume de negociação tanto nas bolsas à vista quanto nas de derivativos indicam o oposto. Na verdade, de acordo com o Gráfico de Volatilidade de Bitcoin de Willy Woo, a volatilidade de 60 dias está em 5,55, com a mesma queda de mais de 50% desde meados de agosto.

A volatilidade da rede é baixa, e a menos que ela se recupere em mais de 50% nas próximas semanas, atingir os níveis de meados de agosto nas bolsas à vista e de derivativos de Bitcoin parece muito improvável.