Technology: Fewer People Are Sending Bitcoin to Largest Crypto Exchanges - PressFrom - US
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TechnologyFewer People Are Sending Bitcoin to Largest Crypto Exchanges

15:45  05 september  2019
15:45  05 september  2019 Source:   bloomberg.com

In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share

In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share In another wild week for digital assets, Bitcoin extended its dominance, grabbing a greater share of the cryptocurrency market as most alternative coins declined. Bitcoin now makes up close to three-quarters of the entire crypto universe, according to data from Coinmarketcap.com. Its market capitalization is above $211 billion, 10 times that of the next-largest digital asset, Ether. And in a week when traditional financial markets were roiled, its price has held up, too: Bitcoin rose 14% over the seven days through Friday, while prices for alternative assets including Ether and XRP dropped.

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Decentralized Crypto exchanges are similar to traditional exchanges that have buyers and sellers Decentralization, or no concentration of power. Crypto exchanges are completely run by people . Crypto -fiat exchanges are open 24/7, whereas Forex exchanges operate within certain business

(Bloomberg) -- The notion that more people are trading cryptocurrencies? Well, it just may be wrong.

Fewer people have been sending Bitcoin to major exchanges in recent months, according to crypto data tracker TokenAnalyst. After peaking in 2017, the number of unique addresses sending the world’s most-popular cryptocurrency to exchanges such as Binance and Bitfinex has been declining, it found.

The number of addresses sending the token to the Bitfinex trading platform is at a two-year low, while the amount on Malta-based Binance -- the world’s largest crypto exchange by volume -- dropped to early 2018 levels, according to TokenAnalyst.

SEC Delays Cryptocurrency ETF Decisions, Citing Market Concerns

SEC Delays Cryptocurrency ETF Decisions, Citing Market Concerns The U.S. Securities and Exchange Commission again delayed a decision on approving two Bitcoin exchange-traded funds, dealing another blow to those in the cryptocurrencies community holding on to the belief that a favorable decision was imminent. The regulator postponed until October a ruling on whether listing rules can change to allow the two funds to start trading. Decisions on both the Bitwise Bitcoin ETF Trust, which wants to track the 10 largest digital tokens, and the VanEck SolidX Bitcoin Trust have been repeatedly pushed back. Bitcoin was weaker much of the day ahead of the decision and traded down about 3.

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That signals a “lack of retail interest in general currently in crypto,” said Sid Shekhar, co-founder of London-based TokenAnalyst. “If we go by the ‘Bitcoin as safe haven in times of recession’ narrative, the number of new users/buyers should actually be increasing.”

Other data point in the same direction. Bitcoin exchange trade volume in U.S. dollars is at its lowest point since May, and has been trending down since peaking in 2017, according to Blockchain.com. Web traffic to Binance and Hong Kong-based Bitfinex is at a four-month low, according to tracker SimilarWeb.

Fewer People Are Sending Bitcoin to Largest Crypto Exchanges© Bloomberg Total U.S. Dollar Value of Trading Volume on Major Exchanges

That said, crypto user data is difficult to monitor due to the anonymous nature of the ownership of the assets. Bitcoin on-chain transaction activity has nearly quadrupled this year, peaking in July following a price rally ended in June, according to tracking service Chainalysis.

Bitcoin Draws Premium in Argentina and Hong Kong Amid Sell-Off

Bitcoin Draws Premium in Argentina and Hong Kong Amid Sell-Off The turmoil in Argentina and Hong Kong is prompting local investors to pay a premium for Bitcoin, with the leading cryptocurrency proving to be less of a refuge for everyone else than advertised. In Argentina, where the peso plunged on election uncertainty, Bitcoin was recently trading for as much as $12,000 on LocalBitcoins.com, a peer-to-peer platform, or 10% higher than on many international crypto exchanges. The token was trading at about a 4% premium in Hong Kong, where continued anti-government protests are raising fears of retaliation.

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What are Cryptocurrency Exchanges : A Cryptocurrency Exchange is a place where you can turn one kind From your crypto wallet, you will need to send Bitcoin or Ethereum (or whatever medium of This has large implications regarding the buying and selling of altcoins–the trading of altcoins on a

Faced with fewer active traders, exchanges -- which make the bulk of their money off of transaction fees -- are increasingly catering to power users. Only about 11% of all crypto holders were sending coins to someone -- as a trade or a payment -- once or twice a week last year, according to a Foundation of Interwallet Operability survey of more than 200 users released in February.

To increase user loyalty and the amount of fees they can charge, a number of exchanges, such as Binance and Bitfinex, have rolled out or expanded availability of margin trading, letting users borrow funds to speculate. Binance began user testing its futures products this month, after allowing traders to lend out their funds to others in August.

“The more products you offer, the more sticky your client,” said Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies. “All consumers prefer a ‘one-stop shop.’”

Trade tensions and a weaker yuan drive Chinese crypto demand, market players say

Trade tensions and a weaker yuan drive Chinese crypto demand, market players say Trade tensions and a weaker yuan drive Chinese crypto demand, market players say

Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto -currency enthusiasts. Is it possible to buy a Bitcoin at one exchange , say BTC-e, and then sell it on another, like LocalBitcoins? But a few people get away with arbitrage and make a profit in the end of the day.

Basically are these exchanges running local mining operations and then sending all transactions to that local mining farm ? IIRC, each output only adds 34 bytes to the transaction, so if an exchange sends to many people at once, the transaction fee decreases relative to the number of people that

Binance and Bitfinex officials didn’t immediately return requests for comment.

The user growth crunch is also seen pushing some of the 200-plus crypto exchanges toward consolidation.

“The whole exchange landscape is very much fragmented,” Ian Taylor, head of advisory services at Galaxy Digital Holdings Ltd., said in a phone interview. “There’s been a lot of exchange platforms launched in the last 6-12 months, all offering slightly varying sets of services. What I’d expect to see over time is some sort of consolidation to bolster user growth.”

To contact the reporter on this story: Olga Kharif in Portland at [email protected]

To contact the editors responsible for this story: Jeremy Herron at [email protected], Dave Liedtka, Rita Nazareth

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Ver’s Bitcoin.com Seeks to Launch Derivative for Bitcoin Cash.
Bitcoin.com, the firm backed by crypto evangelist Roger Ver, is working on multiple ideas to ramp up interest in Bitcoin spinoff Bitcoin Cash, including a futures contract. The goal is for Bitcoin Cash to become one of the largest cryptocurrencies in the world behind Bitcoin, according to the new head of its recently launched exchange unit, David Shin, who was most recently Asia head of global equity derivative sales at TD Securities. “Within a year I want to make that the second- or third-largest market cap,” Shin said. “To get from No. 4 to No. 3 or No. 2, we have to see more volume.

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