Crypto exchanges report uptick in trade volumes as coronavirus impacts the global economy
The coronavirus pandemic has pushed global markets into a state of shock – but major cryptocurrency exchanges appear to remain unaffected.
Seven crypto exchanges The Block spoke with – including centralized, decentralized and peer-to-peer (P2P) marketplaces – said they have witnessed increased user numbers and trading volumes since the pandemic started escalating.
"We've seen a significant uptick in sign-ups and a 300% increase in verified accounts," Dave Ripley, chief operating officer at Kraken, told The Block. Ripley did not disclose specific user numbers, but said Kraken currently serves "millions of clients around the world."
OKEx has also seen "steady" growth in its user base, CEO Jay Ho told The Block. "Especially during early-March, we recorded an estimated 1.7% boost globally."
Quick Take
- Major cryptocurrency exchanges appear to remain unaffected by the COVID-19 pandemic’s economic impact
- At least seven exchanges The Block spoke they have seen an uptick in user sign-ups and trading volumes
- These include Kraken, Gemini, Bitfinex, OKEx, Bitstamp, Paxful, and KyberSwap.
Announcing LiveView: Look into the top of book for any crypto currency pair across all of the major exchanges
Announcing LiveView by Mainbloq: your live view into the crypto markets. We built LiveView to demonstrate to our clients the power of our technology, now we're giving it to anyone with a web browser: www.mainbloq.io/liveview
We're always building new technology for our clients—you may have read about our Smart Order Router and Trading Algorithms in previous articles—but today we're releasing something for EVERYONE.
What's in LiveView:
- An insider's look into the top of book for any currency pair across all of the major exchanges and their liquidity pools.
- See total volume and liquidity for currency pairs across exchange in real-time.
- Identify price differences between exchanges to see where to get the best price.
- A real-time calculation of stable rates normalized to give the true best price.
So what can you do with LiveView? You can trade smarter. That's what we're all about at Mainbloq, we give you the tools to make better trading decisions.
The one thing that we see as most salient is if you are only executing on one exchange you are leaving money on the table. To make the most efficient trades you need to execute cross-exchange.
One thing you can't do from LiveView is trade. If you're looking to trade smarter in real-time contact us here: https://mainbloq.io/contact/
About Mainbloq
Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Mainbloq offers a cloud-based, modular platform including a smart order router, suite of trading algorithms, the ability for clients to integrate their own algorithms, and consulting services to help clients execute on their trading strategies. Mainbloq is building the best-in-class platform for researching and trading digital assets. For more information visit https://mainbloq.io/
The Cryptocurrency Volume Plague Could Actually Raise Odds of Bitcoin ETF Approval
In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal.
Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons.
This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in the bitcoin exchange market is fake and that a substantially large portion of the global bitcoin volume comes from the United States.
Ironically, the fake volume plague in the cryptocurrency exchange market may increase the probability of a bitcoin ETF approval.
The Fake Crypto Volume Paradox
Two years ago, when the SEC rejected the first bitcoin ETF proposal filed in the U.S., the commission emphasized three factors:
- Vulnerability to manipulation
- Lack of regulations in overseas markets
- Lack of surveillance
“The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated,” the SEC said at the time.
In the past two years, major overseas cryptocurrency markets in the likes of...
CoinMarketCap to Revamp Listing Metrics After Fake Volume Research
Cryptocurrency market data resource CoinMarketCap (CMC) has promised to rearrange how it ranks member exchanges after research found overwhelming evidence of fake volume. The company confirmed the upcoming changes on social media on March 25.
CMC is arguably the industry’s best-known tracking service for the market cap of Bitcoin (BTC) and altcoins, as well as for the activity on exchanges trading them.
However, last week, research from cryptocurrency index fund provider Bitwise claimed that CMC hosts almost entirely fake volume statistics. This in turn deceives investors and inflates the profile of affected coins, Bitwise explained in the report.
Now, CMC has appeared to heed the warnings represented in the research, which Bitwise sent to United States regulators for consideration...
Mainbloq launches Streaming Smart Order Router for trading cryptocurrency
We are thrilled to officially release our first "TradeBloq" module which is the first of its kind, and a critical part of the infrastructure needed for the digital asset markets to scale efficiently.
- Mainbloq offers best execution to sophisticated digital asset traders through their xSOR Smart Order Router which has direct, streaming connections to exchanges for the fastest and best execution.
- Their Smart Order Router is live and currently trading cryptocurrency for their clients.
- Each client receives a dedicated Smart Order Router to execute from.
- The Smart Order Router can be used stand-alone or can be integrated into other trading platforms via API.
Mainbloq launched their Streaming Smart Order Router for trading digital assets. The Router has direct market access via streaming connections to exchanges enabling the fastest execution. It executes cross-exchange trades for the best price with the click of one button.
"We've heard a lot of the other platforms talk about their plans to build a Smart Order Router," said CEO Peter Bordes, "but we are live today and know we have the best, most sophisticated technology. Our system is built by a team of Wall Street trading veterans looking to bring the sophistication of the street to digital assets."
"Not all smart order routers are created equal," said CIO Marc Deveaux, "The purpose of a Smart Order Router is best execution, so if you're using a third party servers and APIs you're already behind. We create direct, streaming connections to exchanges to snipe as quickly as possible. Our process for normalizing data is unparalleled."
Mainbloq's Smart Order Router currently has connections to over 100 exchanges and can trade over 30,000 currency pairs.
"This is just the beginning," said Peter Bordes. "We're building a best-in-class cloud-based modular platform joining data, tools, research, and insights for digital assets. It's time that crypto got more sophisticated."
About Mainbloq
Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Their streaming Smart Order Router gives clients access to cross-exchange pools of liquidity with direct, streaming connections to exchanges for the fastest and best execution. Mainbloq offers a cloud-based modular platform, and suite of trading algorithms, the ability for clients to integrate their own algorithms, and consulting services to help client's execute on their trading strategies. Mainbloq is building the best-in-class platform for researching and trading digital assets. For more information visit www.mainbloq.io.
Contact
Ryan Kuiken
Ryan@mainbloq.io
VP, Sales and Business Development
A New Kind of Crypto Exchange LIQNET.COM
LIQNET.COM is quite different to any exchange you have seen before. Using its own LEN mechanism, the Singapore-based project pools orders from other platforms into one single interface and allows users to trade at the best prices and minimum spread. Why is liquidity important for an exchange?
According to the Blockchain Transparency Institute (BTI), more than 80% of the volume exchanges show is faked. Besides raising concerns about the transparency and business practices of current trading platforms, this underlines a fundamental problem of insufficient liquidity in a bear market. During abrupt market movements, crypto is famous for, low liquidity basically means that you will not be able to buy or sell a significant amount of coins and miss out on profits or even lose money. If you aim to sell a large amount of coins, doing this without toppling the price can be problematic. LIQNET with its liquidity aggregation may be an answer to the problem that has been plaguing the market for some time now.
Сalling LIQNET an exchange would be inaccurate, rather, it is an exchange aggregator. LIQNET uses public APIs of other crypto exchanges to collect purchase and sale bids into a single order book. This allows users to get the benefit of trading on several exchanges, eliminating...
Coinbase Cryptocurrency Exchange Adds Cash Withdrawals to PayPal
Big news for the digital currency economy with Paypal payments integrating with CoinBase. Growing the bridge between cryptocurrency and digital payments for consumers.
Major American cryptocurrency exchange Coinbase has introduced free of charge cash withdrawals to online payment system PayPal, according to an announcement published Dec. 14.
From now on, Coinbase’s United States-based customers are able to withdraw their cash balances to Paypal. The service for other countries will reportedly be rolled out some time in 2019.
Coinbase and PayPal previously integrated in 2016, when Coinbase added support for the payment platform in addition to major credit cards. At the time, Coinbase users were able to sell Bitcoin (BTC) and have their fiat funds deposited to a PayPal wallet. The integration was subsequently terminated due to technical difficulties.
With this move, Coinbase has enhanced its range of services,...
Binance Adds USDC Trading Pairs – Ripple (XRP) and stellar (XLM) to have USD Pairs
Binance announced Friday that it would be adding a few new USD Coin pairs and moving its two existing USDC pairs into the combined stablecoin market called USDⓈ. Both ripple (XRP) and stellar (XLM) will have USD Coin pairs, in addition to their existing stablecoin pairs. The move involves the cancelling of any trades that exist in the current two USDC markets: BTC/USDC and USDC/BNB at the time of the move, essentially wiping the slate and creating fresh markets for the stablecoin.
The pairs being created with USDC are: BNB, BTC, ETH, XRP, EOS, XLM, and USDT. All of these will now be accessed through the USDⓈ asset market tab. They will no longer be in the regular coin exchange of Binance. It has BTC and ether as its primary base trading tokens.
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Binance was clear on their warning about existing trades in tangential markets:
“Please note: The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”
The new markets were already showing in the advanced exchange...
Coinbase looks to support 31 cryptocurrencies
Coinbase, the U.S Crypto Exchange, officially declared on Friday December 7 via a blog post, that they are delving into the addition of more, new and significant assets.
In a blog post, Coinbase revealed:
“We are continuing to explore the addition of new assets and will be working with local banks and regulators to add them in as many jurisdictions as possible.”
The exchange summed-up their main goal that was proclaimed in the month of September, to provide much support for...
Australian Securities Exchange Delays Their Switch to Blockchain
The Australian Securities Exchange (ASX) has announced that it will delay its transition to use blockchain for equity transactions by six months, the Sydney Morning Herald reports September 4.
As Cointelegraph has previously reported, the ASX has been working to implement blockchain as of December 2017 to replace its current system for processing equity transactions.
According to the Sydney Morning Herald, the decision to delay the move comes as the exchange plans to devote more time to user development and testing. The launch date for the switchover has now been moved from the fourth quarter of 2020 to March-April...