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Chinese Companies to Bet Big on Blockchain Despite COVID-19 Crisis

350 Chinese companies surveyed still believe in the higher potential that blockchain technology could offer to their businesses.

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Whale alert detects the transfer of almost 23,000 BTC

Whale Alert notices transactions worth over 20,000 BTC Bitcoin price rises as high as $13,000 Whale alert, a significant blockchain tracking service, has noticed a bitcoin transaction worth over 10,000 Bitcoin and another over 8,000 BTC in the last twenty-four hours. The transactions  were worth over $200,000, and the transaction fee charged on both was […]

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  • Whale Alert notices transactions worth over 20,000 BTC
  • Bitcoin price rises as high as $13,000

Whale alert, a significant blockchain tracking service, has noticed a bitcoin transaction worth over 10,000 Bitcoin and another over 8,000 BTC in the last twenty-four hours.

The transactions  were worth over $200,000, and the transaction fee charged on both was worth less than $25.

Bitcoin was able to break over the $13,000 resistance recently, and crypto whales alert have been able to spot some other significant transactions in bitcoin.

All of these transactions have attracted only a low fee. They have been delivered swiftly compared to when huge transactions of this nature have gone through the traditional banking system that took days, if not weeks, to deliver. 

Such transactions, in the past, have also always attracted an exorbitant transaction fee. But with cryptocurrencies like Bitcoin, high transaction fees are a thing of the past, as the crypto asset charges a very negligible amount as a transaction fee.

Whale Alert records Bitcoin rising over $13000

Whale alert has shown that Bitcoin’s price has risen over the $13000 resistance for the second time in recent times after Paypal announced that its gateway system would be supporting transactions in cryptocurrency.

We reported how Paypal would allow its users to hold cryptocurrencies like Bitcoin, Ethereum, and other major crypto coins in their crypto wallets. And how the major payment gateway system plans to roll out this feature to all of their international users by 2021.

This major news played a role in the rising of Bitcoin’s price as it showed that the mainstream financial organizations were beginning to accept and adopt cryptocurrencies as a viable means of transaction across the globe.

Not only that, with PayPal coming into the crypto game now, other financial institutions would begin to actively seek means where they can also connect to the growing and widely accepted standards of financial transactions in the world.

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Not Wasting Time: PayPal Reportedly Considering to Buy Crypto Companies, Including BitGo

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  • PayPal, the world’s largest online payment processor, is reportedly exploring acquisitions of cryptocurrency-oriented companies.
  • Citing sources familiar with the matter, Bloomberg reports that this includes the popular Bitcoin custodian BitGo.
  • The sources also revealed that PayPal has been in talks with BitGo, and it could potentially reach a deal “within weeks.”
  • However, the negotiations could still “fall apart,” and, in this case, PayPal could choose to buy other companies.
  • At the time of this writing, PayPal and BitGo haven’t provided official statements on the matter, and it’s not clear how much would the payment processing giant pay for the acquisition of BitGo, should the deal move forward.
  • This comes a day after PayPal announced that it would enable its customers to buy, sell, and hold Bitcoin and other cryptocurrencies on its platform.
  • As CryptoPotato reported, the company is “working with central banks and thinking of all forms of digital currencies.”
  • It’s worth noting that PayPal will initially allow US-based customers to opt in to buy and sell crypto within the “coming weeks.” Accounts registered in other countries should be able to do so in the first quarter of 2021.

Featured image courtesy of PYMNTS

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Source: https://cryptopotato.com/not-wasting-time-paypal-reportedly-considering-to-buy-crypto-companies-including-bitgo/

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Institutional ‘Takeover’ of Crypto Continues as CME OI Surges

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Open Interest on one of the world’s largest exchanges continues to increase as proof.

According to data from Skew analytics, Open Interest on the Chicago Mercantile Exchange (CME) has surpassed that of retail exchange Binance and taken the second spot.

The move was noted by long-term Bitcoin trader Nick Cote who likened it to an ‘institutional takeover’.

Open Interest is a measure of the total number of outstanding derivative contracts, such as options or futures that have not been settled for the asset, in this case, Bitcoin.

Previously, exchanges such as BitMEX dominated for derivatives but since the legal proceedings against its executives, there has been somewhat of an exodus from the embattled exchange.

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OKEx OI is approaching a billion dollars which has been a historical rejection point, while CME is not far behind now with almost $800k. Aggregated OI across all the major exchanges has hit a monthly high of $5 billion according to the analytics provider. Bakkt comparably has very little OI with just $15 million.

Binance still leads the way for 24-hour futures volumes however with $4.75 billion according to Skew. Huobi and OKEx are second and third at $3.5 and $2.9 billion respectively.

The Institutions Cometh

Grayscale assets under management (AUM) continues to surge with the latest figure at $7.3 billion according to the institutional crypto trust provider.

The largest trust offering exposure to Bitcoin markets is now worth $6 billion which is more than the total AUM just two weeks ago.

As reported by CryptoPotato, Grayscale marked Q3 as its best quarter yet with over $720 million of Bitcoin inflows.

The big players in finance are certainly paying attention now, billionaire hedge fund manager Paul Tudor Jones III recently stated he liked Bitcoin even more now than when he first added it to portfolios in May. Meanwhile, veteran trader Peter Brandt attributed this rally to the increasing involvement of institutions.

Crypto Market Outlook

At the time of writing Bitcoin was still dominating crypto market momentum. Total capitalization was near its highest level this year, close to $390 billion according to Tradingview.com. It has increased by over 110% since the beginning of the year.

For the past two years, the fourth quarter has been bearish but 2020 seems to be following the 2017 pattern, ending the year on a bull run.

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Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/institutional-takeover-of-crypto-continues-as-cme-oi-surges/

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