Blockchain

Bitcoin News Summary – April 27, 2020

The post Bitcoin News Summary – April 27, 2020 appeared first on 99 Bitcoins.

News regarding the Chinese digital currency has been emerging more frequently in the past …

Bitcoin News Summary – April 27, 2020 Read More »

Published

12 months ago

April 27, 2020

Republished by Plato

News regarding the Chinese digital currency has been emerging more frequently in the past few weeks. The latest local report on the matter claims that testing has already begun in mainland China. Trial runs include catering and retail industries, including massive U.S. chains Subway, Starbucks, and McDonald’s.

HDR Global Trading, which operates the BitMEX exchange, announced a $2.5 million donation to COVID-19 relief efforts. The funds will be split between four organizations working to stem the disease including Gates Philanthropy Partners launched by Bill and Melinda Gates.

Australia’s Power Ledger company just launched a blockchain-based service that enables independent power producers to sell their excess solar-generated energy to others. The system will run in a new housing development in Perth to start, with more residential developments to be added over the next few years.

In a clever bit of marketing, footage from a lecture on Monero propelled to the second position in the US box office rankings. While US cinemas are all shut down at the moment, viewings are still possible via digital stream. Monero enthusiast, film director and producer, Justin Ehrenhofer, partnered with several theatres to have the footage screened. The film grossed $3,430 on its opening weekend.

Bitcoin accumulation is on the rise in the past few weeks as reported by Glassnode Insights. BTC hodlers are stashing more coins daily now than they did at any time in the last year.

Before we conclude, this week’s “Bitcoin quick question” is what is mining difficulty?

In order to keep Bitcoin’s money supply in check, the system is built in a way that a new block of transactions is added every 10 minutes on average. However, if more miners join the network, the increasing computational power may create a situation where a block is found much faster.

To account for this, a mining difficulty adjusting factor was put in place. If more miners join the network, the system adjusts by making it harder to mine a block. If miners drop from the network the difficulty will decrease.

It’s important to note that difficulty adjusts in retrospect every 2016 blocks, or roughly every 2 weeks. At the end of a difficulty cycle, the system checks the average block mining time and adjusts the difficulty accordingly.

If you want to learn more about mining and difficulty, check out the link in the description.

Have a question you want us to answer? Just leave it in the comment section below. And if you want to support our videos, consider using the Brave browser for faster, ad free browsing that can also earn you rewards. Just visit the link in the description below.

That’s what’s happened this week in Bitcoin. See you next week.

Source: https://99bitcoins.com/bitcoin-news-summary-april-27-2020/

Blockchain

Kraken Daily Market Report for April 12 2021

Published

2 hours ago

April 13, 2021

Republished by Plato

Overview

Total spot trading volume at $1.74 billion, up from the 30-day average of $1.34 billion.
Total futures notional at $555.7 million.
The top five traded coins were, respectively, Bitcoin, Tether, Ethereum, Ripple, and Cardano.
Strong returns from Uniswap (+25%) and Flow (+11%).

April 12, 2021 $1.74B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
XBT $59918. ↓0.3% $641.7M	USDT $0.9994 ↑0.03% $317.0M	ETH $2135.2 ↓0.9% $216.1M	XRP $1.3753 ↑1.9% $126.6M	ADA $1.2994 ↑2.6% $84.1M
USDC $0.9999 ↑0.0% $46.7M	DOT $40.310 ↓2.6% $39.1M	LTC $245.33 ↓2.9% $34.7M	TRX $0.1331 ↑8.9% $33.3M	FLOW $37.468 ↑11% $30.6M
UNI $37.402 ↑25% $23.6M	FIL $166.62 ↓7.0% $18.9M	XLM $0.5751 ↓1.0% $18.6M	XDG $0.0712 ↓3.4% $17.9M	XMR $321.10 ↓2.8% $17.9M
LINK $32.707 ↓3.9% $12.3M	MANA $1.0822 ↑1.0% $11.5M	BCH $669.88 ↓3.0% $11.0M	SC $0.0266 ↓3.5% $9.87M	ALGO $1.4637 ↓4.1% $9.85M
GRT $2.0962 ↑9.6% $9.61M	AAVE $403.67 ↑8.4% $9.51M	ATOM $22.173 ↓5.6% $9.42M	KSM $428.66 ↓2.4% $9.33M	EOS $6.4521 ↓4.5% $7.34M
XTZ $6.2194 ↓3.5% $6.97M	ZEC $218.94 ↓1.5% $5.36M	DASH $277.71 ↓3.4% $4.59M	STORJ $2.4142 ↓0.7% $4.51M	DAI $0.9994 ↓0.03% $4.08M
COMP $446.04 ↓3.0% $3.75M	SNX $19.596 ↑3.0% $3.13M	ICX $2.6855 ↑4.2% $3.06M	OMG $9.6585 ↑0.3% $2.8M	BAT $1.4119 ↓2.1% $2.57M
KAVA $6.5938 ↓5.9% $2.53M	OCEAN $1.6560 ↓3.6% $2.42M	QTUM $14.663 ↓1.9% $2.27M	CRV $3.0164 ↓3.2% $2.18M	ANT $10.697 ↓4.6% $1.93M
NANO $5.6921 ↑1.4% $1.91M	KNC $3.5034 ↓4.6% $1.86M	YFI $42840. ↓5.2% $1.68M	ETC $19.193 ↓5.8% $1.44M	OXT $0.7723 ↓3.9% $1.43M
WAVES $15.288 ↓2.2% $1.35M	REP $47.281 ↓4.1% $1.27M	LSK $6.4095 ↓6.1% $1.09M	KEEP $0.7189 ↓4.0% $1.07M	EWT $16.354 ↓4.3% $768K
MLN $85.518 ↓4.3% $674K	PAXG $1741.0 ↓1.0% $663K	BAL $51.182 ↓1.2% $600K	REPV2 $46.957 ↓4.2% $367K	GNO $172.93 ↓0.03% $292K
TBTC $60697. ↓0.8% $50.2K

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (April 12 2021)

Figure 2: Mid-size trading assets: (measured in USD) (April 12 2021)

Figure 3: Smallest trading assets: (measured in USD) (April 12 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (April 12 2021)

.

#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (April 12 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (April 12 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (April 12 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/8612/kraken-daily-market-report-for-april-12-2021/

Blockchain

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Published

2 hours ago

April 13, 2021

Republished by Plato

Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.

Bitcoin is holding gains above the $60,000 and $59,500 support levels.
The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.

Bitcoin Price is Showing Positive Signs

Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.

It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.

A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.

Dips Limited in BTC?

If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.

The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $59,500, followed by $59,000.

Major Resistance Levels – $60,800, $61,200 and $62,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-prepares-for-next-move-61k/

Blockchain

USDT, USDC, and BUSD represent 93% of stablecoin market cap

Published

3 hours ago

April 13, 2021

Republished by Plato

Research from on-chain analytics provider Glassnode has revealed that the top three stablecoins represent more than 90% of the sector’s entire market cap.

Glassnode’s April 13 “Week On-chain” report found that the top three stablecoins — Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) — have seen significant growth over the past six months to represent a combined capitalization of more than $60 billion, equal to 92.75% of the stablecoin market.

By contrast, six months ago the combined stablecoin capitalization for those three was less than one-third of its current levels at $19.2 billion. This time last year, stablecoins were worth just $7 billion combined.

The analysis compared the growth of stablecoins with Bitcoin’s market cap, identifying a clear correlation between the two. The report also found that USDT’s supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.

*BTC market cap vs stablecoin supply: Glassnode*

The report notes historic lows for its Stablecoin Supply Ratio (SSR) metric, which measures Bitcoin’s market cap relative to the total stablecoin supply to estimate the global “buying power” of the stablecoin sector.

When BTC prices are low, the supply of stablecoins can buy a larger portion of it to push prices up. Conversely, as prices increase the available stablecoins can purchase less which reduces the influence on prices. Glassnode concluded:

“The growth of stablecoin supplies throughout 2020-21 has held the SSR metric near historical lows suggesting a relatively high buying power of digitally native dollars. The demand for digital dollars appears to be keeping pace with demand for Bitcoin and cryptocurrencies as a whole.”

Tether’s market cap has over doubled since the beginning of 2021 to currently sit at a record $45.6 billion, according to the Tether transparency report. Circle’s website reported an all-time high of $11.5 billion USDC on April 9, while Goingecko estimated BUSD’s supply to be $5.1 billion on April 13.

On April 7, Circle CEO Jeremy Allaire predicted its USDC stablecoin could soon surpass PayPal by settlement value.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/usdt-usdc-and-busd-represent-93-of-stablecoin-market-cap