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Kraken Daily Market Report for June 26 2020

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Overview


  • Total trading volume at $140.1 million – above the weekly average of $131 million.
  • Bitcoin and Ethereum were up and down +/- 1.5%, and ended the day down by approximately 1% over USD and EUR. Some of the price movements occurred in the night hours UTC, which caused trading volume with USD to be $13 million higher than EUR.
  • Most cryptos were neutral or negative against USD. Two exceptions where Melon (+5.2%) and Augur (8,8%).

June 26, 2020 
 $140.1M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$9151.2 
↓0.9% 
$98.1M
ETH 
$229.35 
↓1.2% 
$17.5M
USDT 
$0.9991 
↑0.04% 
$7.97M
XTZ 
$2.4804 
↓3.6% 
$4.16M
XRP 
$0.1825 
↑0.7% 
$3.18M
LINK 
$4.6791 
↓2.6% 
$2.49M
USDC 
$1.0002 
↑0.09% 
$1.57M
ADA 
$0.0804 
↓1.3% 
$1.27M
BCH 
$230.55 
↓0.7% 
$1.2M
LTC 
$43.045 
↑1.7% 
$1.07M
XMR 
$63.954 
↓0.4% 
$602K
REP 
$17.538 
↑8.8% 
$478K
BAT 
$0.2714 
↑0.8% 
$447K
PAXG 
$1787.5 
↑1.2% 
$444K
ATOM 
$2.6184 
↓0.09% 
$435K
ALGO 
$0.2222 
↓5.1% 
$427K
XLM 
$0.0668 
↓0.9% 
$350K
EOS 
$2.4771 
↑0.07% 
$327K
DAI 
$1.0028 
↑0.01% 
$260K
SC 
$0.0028 
↓2.2% 
$200K
NANO 
$1.0336 
↓4.0% 
$199K
ZEC 
$55.649 
↓0.14% 
$194K
MLN 
$13.631 
↑5.2% 
$188K
ETC 
$6.0434 
↓1.7% 
$121K
DASH 
$70.561 
↓0.5% 
$113K
WAVES 
$1.1544 
↓2.6% 
$109K
OXT 
$0.1656 
↓2.3% 
$96.4K
GNO 
$24.809 
↓8.4% 
$84.2K
QTUM 
$1.6771 
↓2.3% 
$82.5K
ICX 
$0.2990 
↓3.5% 
$77.1K
TRX 
$0.0158 
↓0.31% 
$62.7K
LSK 
$1.1425 
↓2.4% 
$61.8K
OMG 
$1.4588 
↓0.7% 
$49.5K
XDG 
$0.0023 
↓1.6% 
$13.5K



#####################. 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 (June 26 2020)



Figure 2: Mid-size trading assets: (measured in USD) (June 26 2020)



Figure 3: Smallest trading assets: (measured in USD) (June 26 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 (June 26 2020)



.


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

Returns and Volume


Figure 5: Returns of the four highest volume pairs (June 26 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 (June 26 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. (June 26 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/5522/kraken-daily-market-report-for-june-26-2020/

Blockchain

Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

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The super-charged trajectory of the cryptocurrency industry is translating to faster growth at the publicly traded digital-asset brokerage Voyager Digital, where revenue this quarter is tracking at an eightfold increase over the prior 12 months’ average pace. 

Voyager CEO Steve Ehrlich told CoinDesk in a Zoom interview that the company’s on pace for revenue of about $2 million during the fiscal first quarter that ends Sept. 30. That compares with $1.1 million during the fiscal year that ended in June.

The company’s shares, listed on the Canadian Securities Exchange, have rallied about 250% year, far surpassing the 49% year-to-date gains for the largest cryptocurrency, bitcoin (BTC), and 169% for No. 2 ether (ETH). 

Ehrlich said in the interview that he’s perfectly happy having investors buy Voyager’s shares as a play on the cryptocurrency industry’s growth. Stockholders, he said, don’t have to delve into the nuances of individual tokens, given the industry’s notorious history of extreme price volatility.  

“You’re getting access to the digital crypto markets but you’re getting it through a publicly traded company that is trading on behalf of their customers,” Ehrlich said. 

Ehrlich said some of Voyager’s growth in the quarter has come from investors seeking quick gains from the fast-moving arena of decentralized finance, or DeFi, where programmers are using blockchain technology to build automated networks for lending and trading. It’s a business that aspires  to challenge traditional Wall Street firms with a cheaper and potentially more equitable model.

But he acknowledged that the DeFi tokens can be complicated and require “education” efforts. The tokens often represent little-tested projects in hardly-established markets. Prices for Kyber Network’s KNC token, traded on Voyager, have plunged 41% in the past month, though they’re still roughly five times where they started the year. 

“We saw people kind of reallocate a little bit out of the DeFi and a couple other tokens” amid a sell-off in the sector this week, he said. 

Ehrlich said Voyager has no plans to put any of the company’s corporate treasury into cryptocurrencies. Such a move was announced recently by publicly traded Microstrategy, which said it steered at least $425 million into bitcoin. 

“Our investors want us to be that agency broker,” Ehrlich said. “They want us to be the one that executes the trade in microseconds for customers, not making bets on coins one way or another.”

He added that he has encouraged some corporate executives wary of following Microstrategy’s bitcoin play to consider converting their cash into USD Coin’s dollar-linked USDC stablecoins, which can be deposited at Voyager for a 9.5% interest rate. 

Source: https://www.coindesk.com/voyager-ceo-revenue-growth-8-fold-defi-trading

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Blockchain

Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update

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Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.

The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.

Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.

Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.

In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).

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DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.

In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.

Market Data

Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%

BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)

cryptopost_friday_1

World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).

CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.

FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.

Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.

Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-maintains-10k-as-crypto-market-lost-16-billion-in-7-days-the-weekly-crypto-market-update/

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Blockchain

Crisis Hits NEO’s DeFi Dreams, Flamingo Finance Facing Technical Issues

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The NEO-based DeFi protocol, Flamingo Finance, happened to encounter a “technical issue” less than an hour before the beginning of the Mint Rush. This comes after the blockchain launched its DeFi product but stopped producing blocks a few hours after the initiation of the Liquidity Mining.

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NEOs DeFi Dreams Under Threat

Its official Twitter Handle notified the community and tweeted,

We sincerely apologize for the technical issue we are facing now. We are trying our best to fix it and everyone’s asset is safe. A solution will be provided shortly. Thank you again for your support.

In the latest blog post, Flamingo Finance revealed that the Mint Rush event will be relaunched as soon as possible. It further notified that the team was working with wallet service providers to formulate a “robust plan” and added that a fair resolution is currently being drafted. Flamingo further assured that all the assets are secured and that the Neo blockchain Layer 1 was functioning normally.

The Mint Rush event is essentially a 5-day event beginning on the 25th of September with the launch of the Vault module, which is being touted as a “one-stop asset manager”, allowing asset staking in return for the native FLM token. While NEO already supported DeFi, providing several assets on its network, Flamingo was its first in-house protocol for the internal decentralized exchange ecosystem which added to the rising demand for Ethereum’s competitors.

The latest issue has caused a panic among the community member on Twitter, with some of them asking the platform to reset the time for the vault.

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Source: Twitter

Alex Saunders, CEO and Founder of Nuggets News stated,

Good luck to FlamingoFinance, 1st #DeFi on $NEO. Trading at $100 before the 50M coin “mint rush”. That’s $5B MC for a concept clone on another chain. Having the strangest sense of deja vu. This feels like it’s rushed to cash in on hype happening on another chain due to an exciting new concept?

Revealing the same, Molly, the Head of Marketing and PR team for HashKey Hub tweeted:

Source: Twitter

In other related news, Flamingo Finance became the third project to be listed in Binance’s Launchpool.


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Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/neo-defi-project-flamingo-finance-technical-issues/

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