Who considers crypto a desirable investment opportunity?

What's new? A new crypto survey conducted by Germany, Weiss Ratings talks about the benefits and dangers of EOS, 1/3 of all Bitcoins is in only 1,600 wallets, the ETH developer gives a hint, EOS is finally launched & other news.

  • 29% of Germans consider crypto a good investment. The survey was conducted by Germany's Postbank. People between 18 and 34 are the most interested in crypto, and many of them think of buying it or mining in the next 12 months.
  • Weiss Ratings gives EOS a pretty good review, but warns about a possible downgrade. The cause of this downgrade could be the lack of decentralization. In its current state, the EOS network is highly centralized, with a few block producers validating transactions. However, it still has its 'B-' grade by Weiss Ratings and still has time to solve its problems.
  • The SEC of Thailand approves using 7 cryptocurrencies for ICOs and trading. These currencies are BTC, ETH, LTC, ETC, XLM, XRP, and BCH. There’s also a set timeframe until the 14th of August for all exchanges located in Thailand to register for getting the license.
  • Nearly 1/3 of all Bitcoins is stored on 1,600 wallet addresses. That number is published by a research firm Chainalysis. The report says that each address contains at least 1,000 Bitcoins with a total sum of about 5 million Bitcoins.
  • Canada came up with the regulations for crypto-related businesses. They will be regulated in the same way as Money Services Businesses. Hence such companies are required to verify their clients according to know-your-customer (KYC) policy.
  • A hint by Ethereum developer: Ethereum may skip the stage of Casper FFG. It should have been some sort of a bridge between PoW and PoS versions of Ethereum, but now it seems unnecessary, and it could move on to sharding in a few months.
  • EOS was finally launched on June 10. There were some difficulties related to a complete lack of tools for voting, which was crucial for selecting block producers. Now the blockchain is up and running.
  • One of the biggest Bitcoin whales transferred a part of his funds onto Huobi. This unknown whale still has 86,000 Bitcoins stored on one address, and additional 8,000 BTC that he may sell on the exchange.
  • The South Korean investigation on Bithumb is over. All suspicions and accusations of one of the largest exchanges in the country were dropped. All money made by Bithumb in 2017 are white and legal.


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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.

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