Money Thanks to Bitcoin soaring: crypto market rises to 400 billion dollars

18:50  27 october  2020
18:50  27 october  2020 Source:   t3n.de

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The price of Bitcoin has risen to over 13,000 dollars. As a result, the capitalization of the crypto market will regain its old strength.

Dank Bitcoin-Höhenflug: Krypto-Markt steigt auf 400 Milliarden Dollar © Y-Kollektiv / YouTube Thanks to Bitcoin soaring: Crypto market rises to $ 400 billion The Bitcoin rally (BTC) continues at the beginning of the week. With a plus of 0.8 percent, the crypto reserve currency is currently trying to bottom out above the hard-won 13,000 US dollar mark. At the time of going to press on Monday, Bitcoin was trading at $ 13,063, around $ 1,500 higher than a week ago.

(Image: Bitcoin)

Bitcoin pulls capitalization up on the overall market

The latest Bitcoin rally has brought fresh capital into the market, the total capitalization of which, currently at 393 billion dollars, is again approaching the threshold of 400 billion dollars. At the beginning of September, the capitalization of the crypto market briefly scratched the symbolic mark, but fell back to 320 billion dollars over the course of the month. However, with growth of around 70 billion dollars to date, capitalization has been rising again since the beginning of October and underlines the upward trend in the crypto market.

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(Image: Tradingview)

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As can be seen in the above graphic of Tradingview , the big sale in mid-March had left a deep ditch and the total capitalization was just below Crash 130 billion dollars. In other words: In the last seven months, around 260 billion dollars have flowed into the market, and the total capitalization has more than doubled since the Corona crash.

Back chairs on the futures market

After a relatively quiet previous month, the increasing trading volumes in Bitcoin futures are pointing to a stormy end of the year. The total volume of open interest aggregated on all exchanges, i.e. all open positions, amounted to 5.2 billion dollars on October 25, according to Skew and thus ties in with the trading level of mid-August, when the Bitcoin price started The initially unsuccessful attempt to break out above the US $ 12,000 barrier started.

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(Image: skew)

In the competition for market share, the Chicago Mercantile Exchange has meanwhile achieved a stage victory. With a current volume of $ 791 million, the exchange has moved into second place in the ranking of futures trading venues, ahead of Binance, whose trading volume is $ 707 million. While OKEx still ranks well above the competition with just under a billion dollars, CME has continuously taken over more market shares in recent weeks.

The recent adversities at BitMEX may have contributed a not insignificant part to this. The operators of the exchange are suspected of having circumvented compliance requirements such as know-your-customer (KYC) and anti-money laundering guidelines and ultimately operating an unregistered trading platform. After it became known that both the US Department of Justice and the Commodity Futures Trading Commission (CFTC) were investigating the BitMEX executive floor, the BTC stock exchange reserves collapsed by 27 percent within a few days. The trading volume in Bitcoin futures has also collapsed since then. While open interest was still on average between $ 700 and 800 million in September, it has fallen to around $ 600 million. The author of the article is Moritz Draht.

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