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Kraken Daily Market Report for August 09 2020

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Overview


  • Total trading volume at $193.3 million. Bitcoin and Ethereum prices reversed their minor gains from the day before.
  • There was a mix of returns of cryptos against USD. The winners were ATOM (+19%), COMP (+12%), and MLN (+11%). The losers were ZEC (-5.3%) and ALGO (-6.2%).

August 09, 2020 
 $193.3M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$11690. 
↓0.7% 
$67.3M
ETH 
$390.56 
↓1.9% 
$40.4M
LINK 
$13.841 
↑8.5% 
$33.4M
XTZ 
$3.6933 
↑9.0% 
$17.3M
USDT 
$1.0006 
↑0.0% 
$12.0M
XRP 
$0.2881 
↓2.5% 
$8.57M
ADA 
$0.1454 
↓1.2% 
$6.39M
ATOM 
$5.2862 
↑19% 
$4.33M
BCH 
$300.05 
↓1.7% 
$3.17M
USDC 
$0.9997 
↓0.01% 
$1.9M
KAVA 
$4.6662 
↑10% 
$1.81M
LTC 
$57.085 
↓2.5% 
$1.76M
ALGO 
$0.4247 
↓6.2% 
$1.37M
EOS 
$3.0309 
↓1.2% 
$1.14M
REP 
$21.812 
↑2.9% 
$946K
XLM 
$0.1050 
↑1.6% 
$938K
KNC 
$1.7863 
↑6.1% 
$832K
WAVES 
$1.9461 
↑6.8% 
$753K
MLN 
$26.488 
↑11% 
$714K
ZEC 
$92.119 
↓5.3% 
$674K
COMP 
$170.75 
↑12% 
$669K
XMR 
$92.924 
↓2.2% 
$572K
PAXG 
$2038.8 
↓0.3% 
$503K
ETC 
$6.8745 
↓1.1% 
$498K
DASH 
$97.708 
↓0.7% 
$474K
ICX 
$0.4259 
↑7.4% 
$445K
OXT 
$0.1947 
↑9.3% 
$414K
OMG 
$1.7048 
↑6.4% 
$375K
BAT 
$0.2670 
↑2.1% 
$370K
LSK 
$1.5244 
↓3.0% 
$353K
SC 
$0.0032 
↑1.3% 
$336K
DAI 
$1.0171 
↓0.18% 
$313K
TRX 
$0.0204 
↓0.4% 
$302K
NANO 
$1.0584 
↑1.3% 
$226K
GNO 
$32.930 
↑4.2% 
$163K
QTUM 
$2.7182 
↓1.5% 
$146K
XDG 
$0.0034 
↓1.4% 
$143K
STORJ 
$0.2071 
↑2.9% 
$106K
REPV2 
$21.893 
↑4.9% 
$99.0K



#####################. 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 (August 09 2020)



Figure 2: Mid-size trading assets: (measured in USD) (August 09 2020)



Figure 3: Smallest trading assets: (measured in USD) (August 09 2020)



#####################. 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 (August 09 2020)



.


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

Returns and Volume


Figure 5: Returns of the four highest volume pairs (August 09 2020)


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 (August 09 2020)



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

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (August 09 2020)



###########. 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.

Source: https://blog.kraken.com/post/5886/kraken-daily-market-report-for-august-09-2020/

Blockchain

After FinCEN Reveal, JP Morgan to Pay $1 Billion as Spoofing Fine: Crypto Still Bad?

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Major bank JP Morgan is in the news once again. US authorities have slapped a penalty of almost $1 billion on the country’s largest bank to resolve investigations into its purported manipulation of metals futures and Treasury securities. This comes after a FinCEN report name-dropped JP Morgan for contributing to moving $2 trillion worth of ‘dirty money’, and a SWIFT report called crypto almost ‘clean’.

As per a Reuters coverage yesterday, New York-based JP Morgan has agreed to make a penalty payment of around $1 billion. The settlement for this amount will happen collectively between the bank and the Department of Justice, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).

This humongous fine is a mandatory liability for the big bank to resolve investigations in the alleged manipulation of precious metal futures and Treasury securities. Also, according to Reuters, it would:

… lift a regulatory shadow that has hung over the bank for several years and mark a signature victory for the government’s efforts to clamp down on illegal trading techniques, such as spoofing, especially in the precious metals markets

Although, as per JP Morgan’s previous statements, the bank was in talks to end this debacle, once and for all after being under fire from 2008-2016.

The centralized finance space sure has too many skeletons buried under its closets. And speaking of skeletons, JP Morgan was also named in a recently released FinCEN report for aiding in a global money-laundering racket worth $2 trillion.

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JP Morgan Laundered ‘Dirty Money’ For The Family Of Viktor Khrapunov

The US Financial Crimes Enforcement Network (FinCEN) in a recently revealed set of documents admitted receiving thousands of suspicious activity reports (SARs) from banks. Not just from any bank but names such as HSBC, Standard Chartered, Bank of America, JP Morgan, etc.

Despite, receiving several warnings from relevant authorities, they collectively helped move funds to the tune of $2 trillion for suspected criminals (financial and others).

JP Morgan in collaboration with Bank of America, Citibank, and American Express “collectively processed millions of dollars in transactions for the family of Viktor Khrapunov”, an Interpol wanted native of Kazakhstan.

Bankers Have A Lot Of Dirt On Their Hands Compared To Crypto

BuzzFeed, in its coverage, brought to light the visibly gnawing state of the global financial system that is dominated by the so-called big banks.

The FinCEN Files expose an underlying truth of the modern era: the networks through which dirty money traverse the world have become vital arteries of the global economy. They enable a shadow financial system so wide-ranging and unchecked that it has become inextricable from the so-called legitimate economy. Banks with household names have helped to make it so.

Despite hiding in ‘sharp suits’ and ‘feeding off the tragedy of people dying all over the world’, big bankers have never shied away from pointing fingers at bitcoin and cryptocurrencies. However, their attempts have been in vain as a recent SWIFT report reveals that Bitcoin is not a very popular instrument for illicit transactions.

Also considering market manipulation, the lawsuits that called out Bitfinex and Tether for manipulating the 2017 bitcoin market are also baseless. As mentioned in the rebuttal motion, the crypto exchange and the USDT minting company have appropriately pointed out the absence of sufficient proof regarding the matter.

JP Morgan, however, is not so lucky, considering the big money which the big bank has to shell out as fine against allowing spoofing by its traders.

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Source: https://cryptopotato.com/after-fincen-reveal-jp-morgan-to-pay-1-billion-as-spoofing-fine-crypto-still-bad/

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Blockchain

New Israeli Bill Proposes to Consider Bitcoin as a Currency and Not an Asset

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A newly-proposed bill with the legislative branch of the Israeli government Knesset submitted several changes to Bitcoin’s taxation. Instead of viewing BTC as an asset and subjecting sales to capital gains tax of 25%, the new legislation plans to recognize it as a currency.

New Proposal: Bitcoin As a Currency Not An Asset

According to a local publication, four representatives from the Yisrael Beiteinu party have presented the new bill on Tuesday. It seeks to amend the taxation of activities related to cryptocurrencies by altering the Income Tax Ordinance to view them as currencies for tax purposes.

Currently considered and recognized as assets, the sales or conversions of digital assets such as Bitcoin subject them to capital gains tax (25%). It provides taxation relief on capital gains only for short-term lenders and certain bonds-related activities as they are taxed at 15%.

However, the four reps argued that the perception of virtual assets needs reexamination. They reasoned that while cryptocurrencies are a relatively new concept, the Income Tax Ordinance hasn’t been amended in years and is falling behind the emerging new digital reality.

The four reps urged Israel to be “among the leaders” of the virtual currency field, whose merits are emphasized during this period of uncertain economic future.

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Tel Aviv. Source: TimeOut
Tel Aviv. Source: TimeOut

Amendment In Reporting Of Digital Assets

The Knesset saw another bill proposing changes in regards to cryptocurrencies. This one sought to enable reporting of digital assets once every six months or once a year.

If accepted, this would be a significant change from the current format that requires cryptocurrency sellers to submit a tax report to authorities within 30 days of the transaction. Additionally, people need to pay an advance on the tax rate applicable to the transaction’s capital gains.

The explanatory memorandum of the proposed bill reads that “the Minister of Finance, with the approval of the Knesset Finance Committee, may accept cases in which an annual or semi-annual reporting obligation applies to property types. The submission of the report will be paid in advance in the amount of tax applicable under the provisions of the Ordinance on capital gains due to a sale.”

Manny Rosenfeld, Chairman of the Israeli Bitcoin Association, asserted that these proposed bills could enable the country to surface as a global financial center and a leader in the cryptocurrency field.

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Source: https://cryptopotato.com/new-israeli-bill-proposes-to-consider-bitcoin-as-a-currency-and-not-an-asset/

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Blockchain

Bitcoin Cash long-term Price Analysis: 24 September

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Following Bitcoin’s footsteps, many of the market’s altcoins noted a slump in their price when the week began. The case for Bitcoin Cash was the same, with the coin falling on the charts by over 10 percent on 21 September. Since then, BCH has registered lower lows and lower highs and the coming week is likely to settle the direction in which Bitcoin Cash’s price will move.

At press time, Bitcoin Cash was being traded at $212 with a market cap of $3.9 billion. Over the course of the past 24-hours, BCH was observed to have registered a minor drop of 0.7 percent, after having noted a trading volume of $1.3 billion.

Bitcoin Cash 4-hour chart

Source: BCH/USD, TradingView

According to the 4-hour chart for Bitcoin Cash, the coin’s price action has been part of a descending channel formation and in the coming week, the price may continue to remain within the formation. However, it might also register a breakout, one which is traditionally likely to be northbound.

At press time, BCH was very close to testing the support at $211, and if the coin were to endure even more bearish pressure, the cryptocurrency may need the help of its second support level at $204. However, if the breakout does happen in the coming week, then BCH may head towards the resistance level at $221.

Source: BCH/USD, TradingView

As per the cryptocurrency’s technical indicators, it is likely that BCH may try to move out of the descending channel formation in the coming week. The MACD indicator had just undergone a bullish crossover, with the MACD line inching past the Signal line. The RSI, on the other hand, seemed to be moving away from the neutral zone and back into the oversold zone.

Source: CoinMetrics

In sync with the market’s altcoins, the correlation with Bitcoin remained strong for BCH and can be considered to be the reason behind the previous week’s fall. Over the past year, the BCH-BTC correlation has risen from 0.72 to 0.81, making BCH extremely likely to dance to Bitcoin’s tune.

Conclusion

Bitcoin Cash has been confined within the descending channel formation and over the coming week, provided there is significant bullish pressure, it will make an attempt to break out of the price formation. In such a case, its immediate resistance at $221 will be its likely target. However, if the cryptocurrency’s price continues to exist within the formation, then a dip towards the second support level at $204 cannot be ruled out.

Source: https://eng.ambcrypto.com/bitcoin-cash-long-term-price-analysis-24-september

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