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Crypto Trading Volumes in Exchanges Sank by Over 40% in June

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The ripple effect of the recent crypto market crash continued as trading volumes at major exchanges nosedived by more than 40% in June. The crypto space found itself on the receiving end after Chinese authorities’ intensified mining crackdown implementation.

Low volatility witnessed

According to London-based researcher CryptoCompare:

“Spot trading volumes fell 42.7% to $2.7 trillion, with derivative volumes down 40.7% to $3.2 trillion.”

The crypto analytic firm added:

“In June, spot volume from the 15 largest TopTier exchanges decreased 51.6% on average (vs. May).”

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Binance remained the largest Top-Tier spot exchange on volume. However, its trading volume still plummeted a huge 56% to $668 billion in the wake of China’s crypto mining ban. The decrease in spot volume is linked to headwinds triggered by China’s restrictions, which prompted lower prices and volatility in the crypto market.

Over 90% of BTC mining capacity lost in China

Since China intensified law enforcement against domestic Bitcoin mining activities led to the massive disconnection of many sites in the country, more than 90% of China’s BTC mining capacity was shut down. 

Bitcoin has nosedived by over 6% in June, whereby it touched lows of $28K not seen since January. Moreover, BTC’s average trader returns plummeted to a 14-month low as FOMO (fear of missing out) factors became prevalent. Many traders had resulted in bottom-selling and top-buying, which is the opposite of profitable traders because they usually buy the low and sell the high. 

Nevertheless, some bullish signs are popping up because Bitcoin on exchanges recently witnessed a sharp 50-day drop, suggesting diminishing sell-side pressure. With some analysts expecting Bitcoin’s volatility to go through the roof soon, it remains to be seen whether this will jumpstart the crypto market back to winning ways. 

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Source: https://Blockchain.News/news/crypto-trading-volumes-exchanges-sank-more-than-40-percent-june

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The Listing of Clean Energy Crypto-Mining & Semiconductor ETF on NYSE Launches

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The clean energy encrypted mining and semiconductor exchange-traded fund (ETF), created by a registered investment advisor and emerging fund manager Viridi, was officially traded on the New York Stock Exchange on July 20 under the code name RIGZ.

This is the first active management ETF focusing on clean energy encryption mining and the mining infrastructure industry in the United States. The fund also includes semiconductor and professional computer chip manufacturers such as Samsung Electronics, Nvidia, and Advanced Micro Devices.

Viridi Fund stated that the purpose of establishing this ETF is in the hope that more investors can understand the emerging field of the cryptocurrency better through regulated investment tools.

The environmental, social, and governance (ESG) issues caused by cryptocurrency mining have always received intense attention from individual investors and institutional investors. But Viridi said that Bitcoin mining is still a particularly suitable investment industry because more than half of Bitcoin mining in North America can be done by using renewable energy.

The cryptocurrency mining industry has also been committed to providing environmentally-focused products to achieve resource sustainability.

The Chief Executive Officer of Viridi Funds, Wes Fulford, said that:

“Bitcoin and cryptocurrencies continue to grow in importance, and we are witnessing a new wave of institutional support for this emerging asset class. We launched RIGZ to provide investors with an ETF that attempts to align purpose and profit by investing in the infrastructure that underpins the entire ecosystem with sustainability in mind.”

Due to China intensified law enforcement against domestic Bitcoin mining activities. Most Bitcoin mining sites in China were reportedly massively disconnected by losing power supply and abilities for further BTC mining operations. Therefore, many mining industries decided to migrate out of China to North America.

The cryptocurrency miner BIT Mining Limited, a Shenzhen-based company that announced that it would raise $50 million through private placement to expand its crypto mining business to overseas markets, as reported by Blockchain.News on July 14.

Wes Fulford believes that this is a wise decision as the old inefficient machines will be shut down in China. Operations will be moved to more environmentally friendly locations and use a new generation of more energy-efficient rigs. Therefore, Bitcoin mining is becoming less harmful to the environment compared to the previous damages.

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Source: https://Blockchain.News/news/the-listing-clean-energy-crypto-mining-semiconductor-etf-nyse-launches

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6.2 Million Bitcoins are Being Held at a Loss, Representing 33% of BTC Supply

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Ever since Bitcoin (BTC) nosedived from an all-time high (ATH) price of $64.8K recorded in mid-April, 6.2 million coins are being held at a loss, representing 33% of supply. 

Market analyst Lark Davis explained

“According to Glassnode, an incredible 6.2 million Bitcoins are sitting in a position of unrealized losses right now.”

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Unrealized loss entails the decline in the value of an asset that has not yet been sold. Therefore, 6.2 million BTC continue being held by investors at a price lower than they were bought.

Low volatility has been one of the primary factors making Bitcoin not go back to its ATH levels as institutional investment has dried up. Furthermore, an intensified crackdown on BTC mining by Chinese authorities has negatively impacted this market. 

Nevertheless, a recent Fidelity study showed that 70% of institutional investors were still eyeing the crypto market in the future, which offers hope for the leading cryptocurrency. 

Bitcoin’s illiquid supply change shows more accumulation

Davis also noted that BTC’s illiquid supply change was firmly showing that investors were accumulating.

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Bitcoin, therefore, is lying at a critical support level because 10.5% of its supply was transacted between $31K and $34K. 

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If this level is lost, the top cryptocurrency could be sold in a panic, ending with a cascading effect as more panic sellers could create.

Bitcoin collapse?

BTC has dropped below the psychological price of $30K on Tuesday, Jul 20, for the second time since mid-May. The entire crypto market found itself on the receiving end because nearly $98 billion was lost. 

However, some analysts are convinced that is not surprising. Ulrik K.Lykke, executive director at Crypto/Digital Assets Hedge Fund ARK36, said:

“A drop below the $30K level isn’t surprising or overly concerning as BTC has traded in the $30-34K level for more than 8 weeks now, struggling to gain support above that barrier. In such market conditions, some investors may grow a little restless, especially that Bitcoin and the general digital asset markets are facing increased regulatory scrutiny.

Yet, Bitcoin had regained some momentum in the last 24 hours when it was up by 3.36% and rebounded above $30,816 during intraday trading, according to CoinMarketCap

Ruud Feltkamp, CEO of automated trading bot platform Cryptohopper, said it would be interesting to see if the rebound can support and keep its strength. If it tests the support again, ” it would probably not see such a bounce and face a sell-off to $23K.” 

“As expected, Bitcoin bounced back up after falling below $30k. The support at $30k is so strong that going below this now almost magic threshold would almost always respond in a bounce.”

 

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Source: https://Blockchain.News/analysis/6.2-million-bitcoins-are-being-held-at-a-loss-representing-33-percent-btc-supply

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NFT Trading Platform Giant OpenSea Raises $100 M in Series B Funding, Becoming Next Crypto Unicorn

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The well-known NFT trading platform giant OpenSea announced the completion of a $100 million Series B financing and officially joined the crypto unicorn track.

Reportedly, the financing was led by venture capital firm Andreessen Horowitz (a16z). Other investors include hedge funds and private equity firm Coatue, former Disney president Michael Ovitz, Co-Founder and Chairman of Eventbrite Kevin Hartz, CEO & Co-founder of Figma Dylan Field, famous NBA star Kevin Durant, American actor Ashton Kutcher, and the founder and CEO of Shopify Tobi Lutke.

The financing did not disclose the specific purpose of use. However, the company stated that its direct mission is to provide the best market for the creation and establishment of NFTs and to help establish systems and standards that can transform all types of digital wealth into a truly possessive and freely exchangeable form, stating that:

“OpenSea’s broader mission is to turn the internet from an information transfer machine into a value transfer machine.”

According to a Forbes report, the funds raised this time will be used to develop the team and establish multi-chain support and provide customers with a smoother experience.

The OpeaSea team said that in the announcement:

“we’re officially announcing cross-blockchain support, starting with a gas-free marketplace on the Polygon blockchain. Buyers no longer have to pay blockchain fees when making trades on OpenSea, and creators can fully earn their way into crypto for the first time.”

The B round of financing is the largest financing. The peer-to-peer (P2P) marketplace for crypto collectables and non-fungible tokens (NFT) OpeaSea is valued at about $1.5 billion, becoming the latest crypto unicorn-referring to the establishment of fewer than 10 years valuation of $1 billion technology startups that are not listed on the stock market.

The well-known cryptocurrency mining giant Bitmain in the United States and the recently completed $900M round of financing of the cryptocurrency exchange FTX, etc., are currently well-known cryptocurrency unicorn companies.

This is not the first time Andreessen Horowitz has invested in OpenSea. On March 18, OpenSea, a notable digital marketplace for crypto collectables, completed an investment led by a16z with a total value of $23 Million.

So far, OpenSea has raised $127.2M in funding over 5 rounds, including this round of financing.

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Source: https://Blockchain.News/news/nft-trading-platform-giant-opensea-raises-100m-series-b-funding-becoming-next-crypto-unicorn

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Mastercard Enhances Crypto Wallet and Exchange Business

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Payment giant Mastercard announced Tuesday to enhance its function and experiment for cryptocurrency wallets and exchanges to their clients. The card issuer cooperates with multiple crypto enterprises to make conversion of crypto and traditional fiat money easier.

In a statement, Mastercard reveals its ambition of enhancement to the existing crypto card program with multiple partners. The card issuer considers Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, i2c Inc., Apto Payments and Galileo Financial Technologies to support processing and program management.

Meanwhile, Paxos and Circle will use their platforms to convert crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets.

Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, welcomed the partnership and said:

“Not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency and we’re making it easier…Mastercard expects to deliver on our the promise of consumer choice to provide options to people around the world on how and when to pay,”

This is “a critical step in expanding the ecosystem and safely, securely and compliantly setting the stage for the future of crypto payments,” the statement added. 

Mastercard understands the growing demand for digital payment from its customers. More than 93% of clients considered adopting innovative payment methods, such as biometrics, digital currencies, and QR codes. Therefore, the payment platform has announced in February to support direct crypto payments by allowing cardholders to transact crypto on its network this year directly. 

Meanwhile, Visa, one of the major competitors to Mastercard, their visa cardholders has spent more than $1 billion worth of crypto in the first six months this year by consumers globally. Recently, Visa expanded its business in Australia by approving an Australian startup CryptoSpend to issue debit cards for its customers to consume through cryptocurrencies.

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Source: https://Blockchain.News/news/mastercard-enhances-crypto-wallet-and-exchange-business

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