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Bitcoin Futures Trading Indicates Historically Low Volatility in October as Cryptocurrencies are Rising through the Day

Nov 06, 2018

 

Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6421.56 -0.18% -0.35% 1.36% USD$111,495,268,418 USD$4,576,176,424
Ethereum ETH USD$213.32 0.17% 1.68% 8.17% USD$21,979,387,504 USD$1,761,697,282
XRP XRP USD$0.53 0.81% 13.94% 19.32% USD$21,310,515,859 USD$1,401,928,937
Bitcoin Cash BCH USD$595.71 -0.18% 4.32% 42.72% USD$10,391,110,867 USD$929,163,256
EOS EOS USD$5.65 -0.09% 2.97% 10.06% USD$5,116,667,704 USD$795,649,051

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
XRP XRP USD$0.53 0.81% 13.94% 19.32% USD$21,310,515,859 USD$1,401,928,937
Stellar XLM USD$0.25 0.84% 4.74% 13.27% USD$4,808,600,816 USD$81,277,268
Bitcoin Cash BCH USD$595.71 -0.18% 4.32% 42.72% USD$10,391,110,867 USD$929,163,256
Cardano ADA USD$0.08 0.8% 3.16% 12.61% USD$2,032,201,814 USD$51,797,864
EOS EOS USD$5.65 -0.09% 2.97% 10.06% USD$5,116,667,704 USD$795,649,051

 

Crypto News

  • Augur, a decentralized application (DApp) where users can stake cryptocurrency on the outcome of future events, is seeing an influx of wagers on the outcome of today’s US election. In total, 3,517 Ether (ETH), or USD$727,000, are wagered on the question, “Which party will control the House after 2018 US Midterm Election?” In total, nearly USD$2 million worth of ETH is wagered across the platform, the largest amount since the DApp initially launched in July 2018.  
  • Bitfury, a large Bitcoin mining provider, has closed a fund raising round that generated USD$80 million of capital, according to a Bitfury press release on Tuesday. The fund raising round was led by European venture capital fund, Korelya Capital, and generated interest from other notables, including Galaxy Digital Asset Management, Macquarie Capital, and Dentsu Japan. According to Bitfury Executive Vice Chairman, George Kikvadze, the new capital will broaden the company’s strategic financial options and ideally position Bitfury for its next phase of growth.  
  • Bitmain, one of the world’s largest Bitcoin mining companies, announced in a tweet that it is releasing two new 7nm (nanometer) “Antminer” cryptocurrency mining devices. The two new 7nm Antminer machines are the next line of Application-Specific Integrated Circuit (ASIC) chips from Bitmain. This announcement comes after Bitmain made headlines last week, when the company announced it would soon roll out its “Overt AsicBoost” update to all of its mining machines, which supposedly increases the mining effectiveness of Bitmain’s mining devices.  
  • Bitstamp, a large European cryptocurrency exchange, is entering a partnership to implement Cinnober’s TRADExpress Trading System, a trade matching engine that will increase matching speed by 1,250x and increase throughput by 400x. According to Bitstamp CTO David Osojnik, the new technology will allow Bitstamp to develop an institutional trading service. Cinnober, the trading solution company that developed TRADExpress Trading System, was acquired by Nasdaq in September 2018.  
  • Chicago Board Options Exchange (CBOE) analysts are reporting that Bitcoin (BTC) futures trading on the exchange hit record low volatility levels in October, directly contrasting with global equity markets. Kevin Davitt, senior instructor for The Options Institute at CBOE Global Markets, discussed that average weekly volatility for the week ending October 26th, 2018 for XBT-CBOE Bitcoin Futures was just 3%, the lowest level since CBOE launched Bitcoin futures trading on December 10th, 2017. On a broader scale, the entire month of October saw average volatility levels of 6.6% in XBT-CBOE Bitcoin Futures trading.  
  • PricewaterhouseCoopers (PwC), the global consulting and accounting firm, is exploring the best use cases and practices for issuing stablecoins, as part of an initiative with non-profit Loopring Foundation. William Gee, PwC’s leader for risk assurance in emerging technology in China and Hong Kong, discussed the studying, saying, “There’s a need for enhanced trust, so we are asking how things would look inside a regulated context; what are the standards, protocols, best practices, and how would they fit?” Last week, PwC announced of a partnership with decentralized lending platform, Cred, to advise the company in their creation of a US dollar-pegged stablecoin.  
  • The People’s Bank of China, the country’s central bank, is calling on Chinese government officials to strengthen supervision into “speculative” financing and investments in the blockchain sector.  In its working paper published on Tuesday titled, “What can a blockchain do and cannot do?”, The Research Bureau of the People’s Bank of China called on Chinese government agencies to enhance supervision of financing into the sector, saying, “Currently, the bubble in the blockchain investment and financing sector is obvious. Speculation, market manipulation, and even violations of laws and regulations are common, especially for token projects involving public offering transactions. Relevant government departments should strengthen supervision and prevent finical risks.” 
  • The Thai Revenue Department is planning to leverage blockchain technology and machine-learning in order to track tax payments. Ekniti Nitithanprapas, director-general of the Revenue Department, discussed with reporters that blockchain technology will be used to verify the validity of paid taxes and to speed up the tax refund process while machine learning technology will be used to uncover tax fraud and establish more transparency. The Thai Revenue Department did not disclose a timetable to begin testing blockchain and machine learning technology. 

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://www.coindesk.com/us-election-pushes-total-augur-bets-over-2-million/ 
https://cointelegraph.com/news/mining-giant-bitfury-raises-80-million-in-closed-funding-round-as-mining-market-matures 
https://cointelegraph.com/news/china-bitcoin-mining-behemoth-bitmain-releases-new-7nm-antminer-hardware 
https://www.ccn.com/bitcoin-appetite-nasdaq-is-acquiring-crypto-friendly-swedish-fintech-firm-cinnober/ 
https://www.coindesk.com/crypto-exchange-bitstamp-aims-to-get-1250-times-faster-with-tech-upgrade/ 
https://cointelegraph.com/news/cboe-analysts-crypto-seas-are-calm-with-record-low-bitcoin-futures-volatility 
https://www.coindesk.com/pwc-is-advising-not-auditing-another-stablecoin-project/ 
https://www.ccn.com/newsflash-chinas-central-bank-slams-blockchain-investment-bubble/ 
https://cointelegraph.com/news/thai-revenue-department-to-track-tax-payments-using-blockchain 
https://www.ccn.com/thailands-tax-authority-taps-blockchain-to-fight-tax-evasion/