ICE-Owned Crypto Trading Exchange Bakkt Is Going Public
- Crypto exchange bitlaynch.com Reduced commissions for futures and spot trading
- Huobi Now Supports RUB Deposits and Withdrawals, Announces Crypto Purchase Campaign
- Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?
- Crypto Long & Short: Traditional and Crypto Markets Are Starting to Converge
- Traders Complain About Exchange Issues and Downtime During Bitcoin’s Volatile Price Swings
Crypto exchange bitlaynch.com Reduced commissions for futures and spot trading
Cryptocurrency exchange bitlaynch.com has reduced commissions for futures and spot trading. In addition, the trading platform has launched a futures trading tournament with prizes up to 9000 USDT. This was reported to ForkLog magazine by representatives of bitlaynch.com.
Since July, new commissions are available on bitlaynch.com:
-0.01% for market makers and 0.01% for market takers in futures trading;
0% for market makers and 0.1% for market takers in spot trading.
“At the moment, we have some of the lowest commissions on the market. For example, on Binance, the commission rate for market takers is 0.1%, and for Bitfinex and BitMEX-0.075%. bitlaynch.com low commissions make futures trading profitable for all traders: beginners and experienced, ” the exchange’s representatives noted.
The trading platform also launched a tournament for trading perpetual futures. On it, traders can win up to 9000 USDT. Participants are users who will make a deal with futures on bitlaynch.com before August 8.
Each week, the TOP 10 participants receive from 1000 to 200 USDT. At the end of the tournament, the top ten will receive between 5,000 and 2,000 USDT.
Users will receive additional prizes for trading with the largest leverage or deposit, the largest or smallest number of trades, the fastest profit and the biggest loss.
bitlaynch.com is a European cryptocurrency exchange with Russian language support and a simple trading interface. The exchange trades futures for BTC, ETH, BCH, XRP, EOS, LTC, TRX, XLM and ZEC with a leverage of up to 100x.
To trade futures on bitlaynch.com, you do not need to pass KYC. Users can top up their deposit with cryptocurrency or bank card without commission, and withdraw their profits in cryptocurrency.
Earlier, bitlaynch.com announced the expansion of the list of futures contracts.
Huobi Now Supports RUB Deposits and Withdrawals, Announces Crypto Purchase Campaign
The global crypto exchange leader, Huobi has announced support for the Russian ruble (RUB) allowing users to deposit and withdraw the new fiat currency on their platform. The new feature is introduced in collaboration with also enables users to purchase popular cryptocurrencies like BTC, ETH, LTC, USDT, EOS, BCH, ETC, BSV, DASH, HT and HPT with ruble, and works in collaboration with AdvCash — a leading fiat and crypto payment solutions provider.
Welcoming the new addition, Huobi Global is also offering RUB deposits and crypto purchases using the said fiat currency through AdvCash wallet. However, the minimum deposit and withdrawal limits for RUB is 200 RUB while the maximum stands at 100,000 RUB and 50,000 RUB, respectively.
The whole process of conducting RUB transactions on Huobi through AdvCash is quite simple and straightforward, requiring users to submit necessary identity details for verification on AdvCash before completion. To fund their account with RUB, users will have to just log into their Huobi Global account, navigate to “Deposit-Exchange” option under “Balances” and select RUB from the list of supported currencies to deposit.
At this stage, users will have to complete and verify their KYC in case it wasn’t already done, and upon completion, they will have to select “AdvCash Balance” as the payment method followed by the amount they wish to deposit. After selecting “Pay” the user will be redirected to the AdvCash platform where they can create an account/login and complete the payment process using any of the options provided by AdvCash wallet.
After successful completion of the payment, the platform will redirect the user back to the “Deposit” page, from where they can go ahead conducting business as usual. All transactions made into and from the user’s account on the platform are recorded and made easily accessible to the respective account holder.
Using RUB during the promotion period allows users to save 0.99% and 2.49% on deposit and withdrawal fees, respectively.
Following the inclusion of the ruble, Huobi Global is expected to extend support for other fiat currencies in the near future.
Image by Сергей Корчанов from Pixabay
Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?
January 12, 2021January 12, 2021
Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets.
The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows.
Stellar primarily benefited from its accessible upside fundamentals. The open-source blockchain project lately emerged as a viable alternative to its top rival Ripple Labs. Ripple, a San Francisco-based payment firm, landed in a legal controversy with the US Securities and Exchange Commission (SEC) over the alleged illegal sale of its native token XRP.
$XLM will absorb all of $XRP bagholders soon
— IncomeSharks (@IncomeSharks) January 12, 2021
Meanwhile, traders assessed Stellar entering a high-profile partnership with the Ukrainian government to digitize their national currency.
“We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem,” Denelle Dixon, CEO and executive director of the Stellar Development Foundation, said in an accompanying press release.
The prospects of greater Stellar integration into a country’s digital finance ecosystem partially allowed XLM to absorb the sell-off pressure during the weekend and Monday session. That may have helped the token log an attractive recovery rally on Tuesday.
The XLM/USD exchange rate on a four-hour chart showed the pair in a short-term corrective downtrend following its 274 percent rally from the December 23 low of $0.11.
In doing so, it appeared to have formed a Bullish Flag, a small continuation pattern that appears when an asset consolidates before resuming its move to the upside. The price typically breaks out by as much as the length of the previous rally, otherwise known as “Flagpole.”
Stellar logs the best recovery rally in the last 24 hours among top-cap coins. Source: XLMUSD on TradingView.com
That puts XLM/USD’s breakout target near $0.535.
Author: by admin
Crypto Long & Short: Traditional and Crypto Markets Are Starting to Converge
One of the fun things about jigsaw puzzles, for those of you that haven’t tried them, is the satisfying snap of pieces fitting together to reveal part of a picture. Another is watching the whole picture emerge as more pieces are joined.
In July of last year, the U.S. Office of the Comptroller of the Currency (OCC) said national banks could custody crypto assets. That was a pretty big deal because, should national banks start to offer this service, investors could in theory ask their habitual institution to custody all their holdings, be they stocks, bonds or crypto. So much easier. A major barrier to crypto investment removed.
In September, the OCC said banks could provide services to stablecoin issuers, such as holding reserves. Banks had been doing this for some time, but in an uncertain regulatory environment. Now they had official approval to do so. Stablecoins backed one-to-one by fiat held in bank reserves are not deemed a risk in one of the most regulated industries in the U.S.
And then this week the federal banking regulator published an interpretive letter saying that national banks and federal savings associations can use public blockchains to store and validate payments. It effectively awards blockchains the status of “payment network.”
Do you see the picture emerging? It’s not just about expanding the range of products banks can offer clients. It’s not just about offering better payment services. It’s about the convergence between traditional and crypto markets. It’s also about the role of the dollar in the economies of tomorrow.
Let’s look at why this emerging picture is worth your attention:
The jigsaw puzzle metaphor I introduced at the beginning reminds me of one of my favorite philosophies: “Just when you think you have life’s puzzle all figured out, someone hands you another piece.”
The crypto markets are like that. Just when you think you understand the potential impact of bitcoin and other decentralized value tokens, you find out that this story is not just about a new type of market. It’s also about traditional markets and how they evolve.
While there are many hurdles yet to overcome, and many more pieces of legislation and regulatory guidance needed, we are getting a glimpse of what the finance of tomorrow could look like. And blockchains and crypto assets play a meaningful role in the emerging picture, which depicts so much more than rising prices and portfolio allocations. It sketches a new way of transacting, something that eventually will affect all of us.
Everyone knows that all bubbles pop when a needle appears on the scene. It’s hard to imagine anything as messy and noisy as an insurrection being compared to something as small and sharp as a needle, so let’s mix metaphors and go with the sudden appearance of a “bump in the road.”
But that didn’t happen – the main U.S. stock markets continued to go up, and call options saw their fourth-highest volume day on record. So, either traditional U.S. markets are not in a bubble or we have not yet had that bump.
Yet, if it’s not 10-year yields edging over 1% for the first time since March … If it’s not a greater likelihood of corporate tax increases or antitrust legislation … If it’s not, heck, the realization that political polarization has pushed faith in the democratic process to a generational low, then what will that bump look like? I shudder to think.
The optimist in me likes to think that the strength of the market in the face of greater political turmoil than I’ve ever seen, demonstrates unbending trust that the U.S. democratic institutions will hold, no matter what. That’s touching. But it doesn’t feel true.
To confuse things further, crypto assets also had an extraordinary week, with BTC and ETH throwing up returns of over 34% and 60%, respectively.
(Yes, I know that all three columns in the above chart are the same – it’s the way the dates worked out. This coincidence is just yet another detail that makes this week particularly weird.)
What makes this confusing from a traditional investment point of view is that bitcoin is a good hedge against “crazy,” and things were definitely crazy this week. But the stock market is telling us that everything is fine.
And it’s not that crypto assets and stocks are becoming more correlated. The 30-day correlation (not useful from an investment point of view, but a handy narrative device) between BTC and the S&P 500 has turned negative for the first time since last February.
As I type, the BTC price is again flirting with $40,000, double what it was three weeks ago. Could this also be a bubble?
The difference between the movements in BTC and ETH is that they have strong fundamental drivers behind them. These include the multiple “bumps in the road” that we referred to above, and the growing awareness from institutional investors that these assets were designed to operate separately from the traditional economy, with different incentives and accounting mechanisms.
That said, a short-term correction from these levels would not be surprising (although demand may be such that it doesn’t happen). And if traditional markets crash, it is likely we will see crypto assets head down as well in the rush to liquidity. But, looking further ahead, the underlying fundamentals have never been stronger.
(Now is a good time to remind you that nothing in this newsletter is ever investment advice.)
· The Stone Ridge investor letter is a must-read – one of the most eloquent and insightful (not to mention amusing and moving) pieces I’ve read in a long time, on the nature of money and why bitcoin matters.
· Investor Bill Miller, whose flagship mutual fund in 2020 beat the S&P 500 Index for the straight second year, said he believes bitcoin could replace cash and markets are underpricing inflation risk. And then there’s this: “Warren Buffett famously called bitcoin rat poison. He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
· He also pointed out, in a separate interview, that bitcoin “gets less risky the higher it goes.”
· Skybridge Capital, the hedge-fund investing firm headed by Anthony Scaramucci, confirmed its launch of a new bitcoin fund Monday and said its exposure to bitcoin has already reached $310 million.
· This is the best quote I’ve seen on why even skeptics should be investing in bitcoin, via Lionel Laurent and Mark Gilbert in Bloomberg: “Bitcoin is the perfect vehicle for exploiting mankind’s infinite stupidity,” says Julian Rimmer, a sales trader at Investec Plc. “A small percentage of one’s portfolio must be held in this ‘asset’ because gullibility never goes out of fashion.”
· JPMorgan’s Global Markets Strategy team has published a note that puts a long-term theoretical price target on BTC of $146,000, assuming BTC’s volatility converges to that of gold.
· Merryn Somerset Webb, editor-in-chief of MoneyWeek, said in an op-ed for the Financial Times that she will put some money into bitcoin, but confesses that her “go-to inflation hedge will remain gold for the simple reason that it isn’t new.”
The CFA Institute Research Foundation, part of the global association for investment professionals, has published a 64-page guide to crypto asset investing. “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” was written by Matt Hougan and David Lawant, respectively CIO and analyst at crypto fund manager Bitwise. TAKEAWAY: This publication is significant since the CFA Institute is a respected source of continuing fund management education. Their promotion of a guide not only validates cryptocurrencies and tokens as worth considering for portfolios; it also puts a well-written and thorough information document in front of the association’s almost 200,000 members.
Cryptocurrency exchange Bakkt, backed by NYSE parent Intercontinental Exchange (ICE), is in advanced talks to go public via a merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings, according to Bloomberg. TAKEAWAY: That the first large crypto SPAC is an infrastructure play highlights the difference between now and 2017. Back then it was about shiny new tokens and “decentralized protocols.” Now infrastructure dominates new funding.
The Chicago Mercantile Exchange (CME) is now the largest bitcoin futures exchange in terms of open interest in the world. TAKEAWAY: This is indicative of the growth of institutional interest in crypto markets – the CME is one of the few U.S.-regulated crypto derivatives exchanges, and is therefore the venue for most U.S. institutional activity in bitcoin futures. The growth is spectacular, given that the exchange started Q4 in fifth place (see our Quarterly Review for more on this.)
Bitwise Asset Management revealed that its AUM has increased five-fold to $500 million, up from $100 million reported in late Octobers. TAKEAWAY: More evidence, if any was needed, of growing institutional interest. Most of the increase came from the multi-asset fund, which shows that investors are starting to think beyond bitcoin.
Crypto custodian BitGo has expanded its Wrapped Bitcoin (WBTC) project, which converts bitcoin into an Ethereum-based token, to the Tron network. Previously only available on the Ethereum network, WBTC converts bitcoin into a bitcoin-backed token on a different blockchain. BitGo has also enabled Wrapped Ether (WETH) on Tron. TAKEAWAY: This expands the yield potential of BTC, as well as its potential attractiveness to professional investors. WBTC tracks the value of BTC, but can also be used in decentralized finance applications, some of which offer yields of over 10%.
The ban announced in October by the U.K’s Financial Conduct Authority (FCA) on the sale of derivatives and exchange-traded notes (ETNs) to retail investors went into effect this week. TAKEAWAY: This is unlikely to have a material impact initially as professional investors can still access these products, and retail investors can still buy crypto assets. It is a clear indication, however, of how much investment independence the FCA thinks retail investors should have, even with ample information.
The spread between the six-month implied volatility for ETH and BTC has risen to a record high of 46%. TAKEAWAY: This tells us that the market is expecting higher volatility for ETH relative to BTC, which in a bull market implies higher returns.
Author: By TeamMMG
Traders Complain About Exchange Issues and Downtime During Bitcoin’s Volatile Price Swings
As bitcoin and a number of digital assets saw deep losses on Monday, a few crypto-asset exchanges had difficulties. Traders have been complaining about issues with exchanges like Coinbase, Kraken, and other trading platforms during the volatile price swings.
Bitcoin (BTC) and many other cryptocurrencies have suffered a dip in value during the course of the day on Monday. While all the action happened, members of the crypto community and traders started complaining about exchange issues.
“Coinbase couldn’t really couldn’t be performing any worse during these high volatility situations,” The Block analyst Larry Cermak tweeted on Monday morning (EST). Digital currency exchanges also had issues keeping up with demand and traffic this past Sunday (Jan. 10) and on Friday (Jan. 8) as well.
This is crazy! Exchanges are having issues trying to cope up with #Bitcoin and other cryptos demands. I guess some are not ready with this overwhelming traffic of demand and supply in the #crypto world. 🚀📈📉
— 𝒜𝓃𝒿 𝒟𝒞🥀 (@twitgel) January 8, 2021
In another instance on Monday, the analyst Willy Woo tweeted about the San Francisco exchange Coinbase and stated that “buys on Coinbase are not completing. In the midst of the bitcoin (BTC) price drop on Monday at around 11:37 a.m. (EST), Woo added:
Coinbase is $350 lower than other exchanges right now, it’s throwing off derivative indexes and likely impacting trade algos.
At the time of publication, Coinbase doesn’t seem to be suffering from any issues today, according to the company’s status page. However, during the last two days, the San Francisco trading platform had an issue with “delayed transfers,” and the day prior it suffered from “delayed transfers and elevated error rate.”
ATH system traffic again. Systems holding up so far, not perfect, slightly higher latency in some regions. https://t.co/Jo4UIPQaL8
— CZ 🔶 Binance (@cz_binance) January 11, 2021
The Twitter account representing Coinbase support also tweeted about the incident on Monday.
“We’re investigating an issue impacting transactions on Coinbase.com and the mobile apps,” the company wrote. “The record of a recently initiated transaction may be delayed in showing up in your Coinbase account. There may also be some issues with some buys completing on the platform. Please do not re-submit your transaction – it will result in duplicate activity.”
An hour later, Coinbase said that a fix was released and the issue was resolved. Coinbase was not the only exchange to have issues during Monday’s trading sessions. Cryptocurrency traders also complained about Kraken going offline for a temporary amount of time as well.
As far as Woo’s opinion goes, when he said that the price discrepancies would throw off trading algorithms, a few crypto proponents said that the industry would do better with oracle-based price feeds and that exchanges like Coinbase should consider adding protocols like Chainlink.
What do you think about exchanges having issues during volatile price swings? Let us know what you think about this subject in the comments section below.