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Kraken Daily Market Report for August 20 2020

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Overview


  • Total trading volume at $244.6 million. Besides pairs with Dogecoin and Siacoin (which had impressive gains in July) all pairs are up in terms of trading volume in the last 30 days.
  • The star of the day was OMG: the fifth most traded coin and has bad back-to-back strong days (today, +70% over USD). In April, OMG was trading at $0.50, now near $7.50.
  • Quantum and Melon, both up more than 20%. Orchid, still up by more than 150% from the beginning of the month, but down 8.8% today.

August 20, 2020 
 $244.6M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$11869. 
↑0.9% 
$101.7M
ETH 
$416.40 
↑1.9% 
$45.8M
USDT 
$1.0008 
↑0.06% 
$24.0M
LINK 
$16.073 
↓0.9% 
$15.4M
OMG 
$5.7262 
↑70% 
$13.2M
XTZ 
$3.8675 
↑6.3% 
$6.41M
LTC 
$62.949 
↑1.2% 
$5.43M
XRP 
$0.2925 
↑0.8% 
$5.36M
DOT 
$2.8859 
↓1.0% 
$5.26M
ALGO 
$0.6275 
↑4.8% 
$4.6M
ADA 
$0.1341 
↑3.4% 
$3.6M
XMR 
$101.40 
↑11% 
$3.56M
OXT 
$0.4959 
↓8.8% 
$3.16M
USDC 
$1.0001 
↑0.03% 
$3.04M
EOS 
$3.4461 
↑2.8% 
$2.16M
BCH 
$294.89 
↑0.7% 
$2.03M
ATOM 
$6.3140 
↑12% 
$1.98M
BAT 
$0.3616 
↑14% 
$1.92M
XLM 
$0.1073 
↑5.2% 
$1.61M
WAVES 
$3.8645 
↑1.1% 
$1.58M
TRX 
$0.0275 
↑3.8% 
$1.51M
QTUM 
$4.0677 
↑23% 
$1.39M
MLN 
$55.064 
↑20% 
$993K
KAVA 
$4.5858 
↑10% 
$938K
DAI 
$1.0081 
↑0.25% 
$902K
KNC 
$1.7151 
↑7.7% 
$759K
ZEC 
$79.022 
↑3.6% 
$590K
DASH 
$91.564 
↑4.3% 
$509K
ICX 
$0.5400 
↑18% 
$497K
NANO 
$1.2418 
↑5.3% 
$476K
LSK 
$1.7539 
↑11% 
$419K
COMP 
$180.05 
↓1.5% 
$406K
PAXG 
$1958.8 
↑0.7% 
$331K
REP 
$20.720 
↑3.3% 
$265K
ETC 
$6.9554 
↑2.1% 
$215K
XDG 
$0.0034 
↑0.5% 
$178K
STORJ 
$0.2868 
↑12% 
$177K
GNO 
$47.659 
↑11% 
$150K
SC 
$0.0036 
↑5.5% 
$145K
REPV2 
$20.545 
↑2.6% 
$16.1K



#####################. 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 20 2020)



Figure 2: Mid-size trading assets: (measured in USD) (August 20 2020)



Figure 3: Smallest trading assets: (measured in USD) (August 20 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 20 2020)



.


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

Returns and Volume


Figure 5: Returns of the four highest volume pairs (August 20 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 20 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 20 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/5980/kraken-daily-market-report-for-august-20-2020/

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Citigroup Helping World Governments Build Digital Currencies, CEO Says

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Citigroup Chief Executive Michael Corbat said his bank is helping governments “around the world” in creating sovereign digital currencies, otherwise known as central bank digital currencies, or CBDC.

Speaking to David Rubenstein at a Friday Bloomberg event Corbat made clear that CBDC is an “inevitable” development in the future of money. Citigroup, the multinational banking giant, is helping bring that future about.

“We’ve been working with some governments around the world in terms of the creation and commercialization of [sovereign digital currencies],” he said.

Corbat did not disclose who Citigroup’s government partners are. Citigroup’s press office did not immediately return a request for comment on the extent of the partnerships.

Cryptocurrencies will have a role to play even the age of CBDCs, Corbat said Friday. He stopped short of commenting on bitcoin specifically. But he said that “some of these currencies will be continued alternatives, continued different sources of payment that people can take advantage of based on the underlying nature of what they are” – a seeming reference to stablecoins.

The Friday disclosure reveals Citigroup as the latest private sector company active in developing public sector digital currencies. Financial services firms Mastercard and Visa have both launched CBDC initiatives in the past year.

Three years ago, Corbat predicted that CBDCs would arise as a direct response to the threat posed by bitcoin. His bank has been researching digital currencies since at least 2014.

Source: https://www.coindesk.com/citigroup-digital-currency-development

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