Cryptocurrencies Trade Broadly Mixed After Robust 7-Day Rally, CME Group BTC Futures Trading Volume Hits All-Time High
May 14, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
On Mobile/Tablet scroll to the right
Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
On Mobile/Tablet scroll to the right
Crypto Market Recap
- Cryptocurrencies are trading broadly mixed this afternoon after rallying since the middle of last week through the weekend as the price of Bitcoin (BTC) is lower by 26 basis points over the last 24 hours to $7,842.54. Ripple (XRP) is leading the broad crypto market in gains, soaring more than 20% over the last 24 hours to $0.396187. Other top performing coins include Stellar (XLM) and Ontology (ONT), both of which are up by more than 9%. Bitcoin Cash (BCH), meanwhile, is the worst performing major coin in today’s trading, falling 4.14% over the last 24 hours to $375.91.
- CME Group, the operator of the world’s largest options and futures exchange, announced record trading volume for Bitcoin (BTC) futures contracts on Monday, May 13th, 2019. According to CME Group, the exchange observed the equivalent of 168,000 BTC traded through futures contracts, worth $1.35 billion -- the previous all-time high of 22,500 contracts worth 112,7000 BTC (currently about $909.2 million) was recorded on April 4th, 2019.
Crypto Developments in Financial Services
- Coinbase, the US-based crypto exchange and wallet services giant, announced the expansion of stablecoin USD Coin (USDC) trading to users in 85 countries. According to an official blog post published on Tuesday, Coinbase will also expand the jurisdiction of its exchange to 50 more locations, including major countries like Brazil, Taiwan, and South Africa. With these expansions, Coinbase hopes to, “improve the lives of people in countries where inflation is eroding wealth.”
- Binance, one of the world’s largest crypto exchanges by daily trading volume, will undergo a scheduled system upgrade tomorrow that will temporarily disable deposits, withdrawals, and trading capabilities for 6 hours. According to an announcement from exchange CEO Changpeng Zhao, Binance was originally planning to resume deposits and withdrawals today, which were initially suspended last week following a major hack of the exchange. According to Zhao, “Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.”
Crypto Regulatory Environment
- Securities laws are, “written to be dynamic,” according to comments made by Amy Starr, Chief of the Office of Capital Markets Trends as the US Securities and Exchange Commission (SEC) as Consensus 2019. While speaking on the panel, “Perspectives on SEC Engagement Concerning Digital Assets,” Starr explained the regulator’s desire to interact with local crypto and blockchain businesses to get a better understanding of how to change and apply US securities laws to the emerging crypto and blockchain industry. “We want there to be innovation in these markets,” explained Starr, adding,” We want there to be change.”
- The Bank of France, France’s central banking authority, is keeping a close eye on the development of stablecoins, according to comments by Bank of France Governor Francois Villeroy de Galhau cited in a report by Bloomberg. According to the report, the Bank of France is, “observing with great interest,” the growing networks that enable the transfer of tokenized securities, goods, and services for stablecoins. In the past, Villeroy has been an outspoken critic of Bitcoin (BTC) and cryptocurrencies – while speaking at a conference in 2017, Villeroy said, “We need to be clear: Bitcoin is in no way a currency or even a cryptocurrency. It is a speculative asset.”
General Crypto News
- Mike Novogratz, CEO of Galaxy Digital, does not believe that Bitcoin (BTC) will change the world because it is simply a store of value, according to comments made at ConsenSys’ Ethereal Summitt over the weekend. Instead, according to Novogratz, the web 3.0, “has the potential to change the world.” Novogratz explained that the web 3.0 is an envisioned revolution that redefines how networks function and treat data.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio