The volume of the top-tier crypto exchanges has surged to reach $334 billion in July as the price of Bitcoin increased by 30%. Bitcoin’s price increased from $9,088 to $11,800 since July 1 translating to a surge of over 30%. With that, the volume of the top-tier crypto exchanges also surged to a mind-blowing $334 billion.
A CryptoCompare report released by Bitcoin futures exchange BitMEX states:
“In July, Top-Tier volumes increased 42.1% to $334bn while Lower-Tier volumes decreased 38.1% to $224bn. Top-Tier exchanges now represent 60% of total spot volume.”
The $334 billion amount does not account for the ‘lower-tier’ exchanges as described by these researchers.
Based on that data, the crypto derivatives market is growing at a faster rate compared to the spot market. Last month, the derivatives volume spiked by 13.2% while simultaneously the spot volume declined. The report states:
“Derivatives volumes increased by 13.2% in July to $445bn. Meanwhile, total spot volumes have decreased by 0.5% to $639.1bn. As a result, derivatives have continued to gain market share and represented 41% of the market in July (vs 38% in June).”
This trend demonstrates the increasing demand for crypto futures and options contracts, which are normally sought out by the full-time and professional traders. The data may be analyzed in two contrasting ways.
That means that there might be an overall increase in demand for Bitcoin from traders or the markets which are reaching an overheated territory. Whenever the futures market becomes the primary catalyst of the Bitcoin space, it can significantly increase the probability of a major spike in volatility.
Because the futures contracts are leveraged, and the top-tier exchanges offer up to 100X leverage, the probability of a long squeeze may increase if the spot market is not sufficiently complementing the futures volume. Currently, the researchers said that the spot market volume is increasing simultaneously although at a gradual rate. The researchers said:
“Spot volumes have picked up again towards the end of July amid the current market bull run. Following the July update to CryptoCompare’s Exchange Benchmark Ranking, the data shows that higher risk exchanges have generally dwindled in volumes, as users begin shifting to lower risk (Top-Tier) exchanges.”
Whether the spot volume and general mainstream awareness are adequately high to catalyze a Bitcoin price breakout heading above the major psychological resistance level that has formed around $12,500 remains uncertain.
TradingView revealed on August 14 that Tesla was the most viewed asset in the US on the platform. Bitcoin came in a close second gaining around 60% since January. TradingView said:
“Tesla stock is the most viewed asset in America. Our data shows that throughout July, Tesla was the most viewed stock in 31 states. Bitcoin was not far behind. Since the start of the year, Tesla’s stock has almost tripled in price. Meanwhile, Bitcoin is up 60% year-to-date.”
While the spot volume lags behind, futures volume and the popularity of Bitcoin among the retail traders are seemingly rising.
Chromia Price Tops $0.0717 on Top Exchanges (CHR)
Chromia (CURRENCY:CHR) traded 4.8% lower against the U.S. dollar during the 24-hour period ending at 16:00 PM ET on August 17th. One Chromia token can currently be purchased for $0.0717 or 0.00000583 BTC on cryptocurrency exchanges. Over the last seven days, Chromia has traded 7.2% lower against the U.S. dollar. Chromia has a total market cap of $29.25 million and $10.33 million worth of Chromia was traded on exchanges in the last 24 hours.
Here’s how similar cryptocurrencies have performed over the last 24 hours:
Chromia Token Trading
Chromia can be bought or sold on these cryptocurrency exchanges: KuCoin. It is usually not currently possible to buy alternative cryptocurrencies such as Chromia directly using US dollars. Investors seeking to acquire Chromia should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Chromia using one of the aforementioned exchanges.
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Author: ABMN Staff
Pascal (PASC) Price Tops $0.0673 on Top Exchanges
Pascal (CURRENCY:PASC) traded up 1.4% against the U.S. dollar during the twenty-four hour period ending at 16:00 PM ET on August 17th. One Pascal coin can currently be purchased for about $0.0673 or 0.00000547 BTC on major cryptocurrency exchanges including CHAOEX, TOKOK and Poloniex. Pascal has a market cap of $2.18 million and approximately $45,645.00 worth of Pascal was traded on exchanges in the last 24 hours. During the last week, Pascal has traded up 1.6% against the U.S. dollar.
Here is how related cryptocurrencies have performed during the last 24 hours:
According to CryptoCompare, “Average block time – 5 minutes 288 blocks per day105,120 blocks per yearNote: Average is an estimation, due to internal adjusting mechanism, real average time is a value between 4 and 5 minutes, having a range of 288-360 blocks/day or 105,120-131,400 blocks/yearPascal Coin use’s 4 decimal values: ex. 15.1234 (15.12345 is not a valid value) Initial reward per mined block is 100.0000 Pascal Coins per block.This value will be divided by 2 every 420,480 blocks (average 4 years), so the next cycle reward will be 50.0000, 25.0000, etc. … until reaching 1.0000 Pascal Coin per block.The minimum reward will be 1.0000 Pascal Coin. After block 2,943,360 (avg 32 years) the block reward will remain a constant 1.0000Pascal Coin uses self-creating accounts. Each block produces 5 accounts3 operation types can be done with Pascal Coin: Transaction 1 to 1: A single and simple transaction, from one account to another account.Change Account key: Change Public/Private key of an account.Recover funds: Explained on the White Paper. This is to prevent lost keys/lost coins inside the Pascal Coin blockchain. This operation can only be done by miners when mining.Recover funds can only be executed after 420,480 blocks when no operations occur in an account (approx 4 years)In order to easily operate with Accounts, each account has 2 extra verification numbers. Account “0” -> “0-10″Account “1” -> “1-22″Account “12345” -> “12345-54″Cryptographic keys (elliptic curve keys) used by Pascal Coin can be one of: secp256k1 (like bitcoin)secp384r1secp283k1secp521r1See “SEC 2: Recommended Elliptic Curve Domain Parameters:” [http://www.secg.org/SEC2-Ver-1.0.pdf]Genesis block was created on August 11 2016 This coin has NO PREMINE. All coins have been distributed to miners from block 0.Note: Current blockchain version is 1. The Pascal technical’s can only change with a blockchain version upgrade”
Buying and Selling Pascal
Pascal can be traded on the following cryptocurrency exchanges: Poloniex, CHAOEX and TOKOK. It is usually not currently possible to buy alternative cryptocurrencies such as Pascal directly using US dollars. Investors seeking to acquire Pascal should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Pascal using one of the aforementioned exchanges.
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Author: ABMN Staff
Helium Chain Price Reaches $0.0148 on Exchanges (HLM)
Helium Chain (CURRENCY:HLM) traded 1.5% lower against the dollar during the 24 hour period ending at 0:00 AM E.T. on August 16th. One Helium Chain coin can now be purchased for $0.0148 or 0.00000125 BTC on cryptocurrency exchanges. Helium Chain has a market capitalization of $201,192.91 and $1.00 worth of Helium Chain was traded on exchanges in the last 24 hours. Over the last seven days, Helium Chain has traded 0% higher against the dollar.
Here’s how related cryptocurrencies have performed over the last 24 hours:
Helium Chain Coin Profile
Helium Chain uses the hashing algorithm. It was first traded on March 1st, 2017. Helium Chain’s total supply is 13,961,783 coins and its circulating supply is 13,613,403 coins. The official website for Helium Chain is heliumchain.org. Helium Chain’s official Twitter account is @HeliumChain and its Facebook page is accessible here.
Helium Chain Coin Trading
Helium Chain can be traded on these cryptocurrency exchanges: . It is usually not currently possible to buy alternative cryptocurrencies such as Helium Chain directly using US dollars. Investors seeking to trade Helium Chain should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Helium Chain using one of the exchanges listed above.
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Author: Kylie Carson
How the Ethereum Classic hacker stole $5.6 million from OKEx
Crypto exchange OKEx published a new report on Saturday, detailing how the perpetrator of the recent 51% attacks on Ethereum Classic (ETC) managed to steal $5.6 million of cryptocurrency using its platform.
As Decrypt reported, Ethereum Classic’s blockchain was recently hit by two consecutive 51% attacks on August 1 and August 6. Gaining control over 51% or more of the network’s hash power, the hacker—or a group—snatched around $5.6 million worth of cryptocurrencies during the first strike. Here’s how it went down.
According to OKEx, the hacker began preparing for the attacks as far back as June 26, creating five phony accounts on the platform. Notably, all of them also passed the second and third levels of know-your-customer (KYC) procedures and got their withdrawal limits increased.
Starting on July 30, these accounts deposited around 68,230 ZEC privacy coins on OKEx combined. Simultaneously, the hacker had been building a “shadow chain” of the ETC blockchain—an alternative record of transaction history hidden from other miners.
On July 31, the attacker’s accounts traded all of their ZEC for ETC, receiving a total of 807,260 coins that were worth around $5.6 million at the time. ETC were then transferred to the hacker’s external addresses.
Later that day, the hacker launched a 51% attack on Ethereum Classic, initiating his shadow chain. At this point, both the legit and malicious transaction histories contained the records of 807,260 ETC being transferred from OKEx to the hacker’s external addresses.
During the attack, the hacker sent all of the previously received Ethereum Classic coins back to OKEx and traded them for around 78,900 ZEC, which he immediately withdrew.
Because over 51% of the blockchain’s hash power was under the hacker’s control at this point, he was able to mine new blocks faster than other nodes, making the shadow chain longer than the original ETC history. Combined with inefficient communication between exchanges, wallets and miners, this confused the Ethereum community and prompted nodes to start mining the malicious shadow chain from now on.
However, the hacker had manipulated his version of the transaction history—which now became the main one. In it, the 807,260 ETC were recorded as being sent not to OKEx, but to the attacker’s other addresses, making it so that the coins were never sent back to the exchange.
This way, the hacker had convinced OKEx that it had deposited funds—before making it so that the funds were never deposited in the first place. This is how OKEx lost its money.
OKEx blacklisted the addresses that were allegedly used by the hacker and suspended his five accounts. In the future, the platform also plans to increase confirmation times for ETC deposits and withdrawals. And, if the network can’t become more secure, the exchange might even delist it altogether.
Author: News Bureau