Crypto Derivatives Volume Just Hit a New Record High

Crypto derivatives monthly volume increased by one-third in May to hit a new all-time high of $602 billion, according to U.K.-based data aggregator CryptoCompare. The new record is only just a shade past the previous record in March of $600 billion, however,. Derivatives are becoming ever more popular and now account for 32% of the crypto market — up from 27% in April. In percentage terms, the monthly volume increase in May for derivatives was six times larger than the increase in spot volumes, which was up 5% to $1.27 trillion.…

“Bitcoin will approach record high of about $20,000 this year”

The latest report from Bloomberg reveals that the company expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000. COVID-19 & Institutions helping Bitcoin The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from the institutional investors, and Grayscale, or GBTC, in particular; which has been consuming about 25% of the the new supply: “So far this year, its increasing AUM has consumed about 25%…

4 Indicators Show Bitcoin Has a “High Chance” of Falling in Next 2 Weeks: Analyst

Bitcoin has mounted a strong recovery since the lows seen last week. The leading cryptocurrency traded as high as $9,750 on Saturday, over 13% higher than last weekend’s lows. Even still, there remain textbook technical indicators suggesting there is a “high chance” BTC sees a correction in the coming weeks. According to the analyst that made this observation, this may be the largest correction Bitcoin has seen since March’s capitulation event. Watch Out: Bitcoin Could Fall in the Next 2 Weeks BTC may have bounced strongly since last week’s correction…

Ether Options Open Interest Hits All-Time High

The booming BTC options market has overshadowed the rising volumes of ETH options on Deribit. Share this article While BTC options open interest broke past the $1 billion threshold, the growth in ETH options has gone unnoticed. Ether options have been making new highs every week and are closing in on $100 million of outstanding contracts. Ether Liquidity on the Move The bullish case for ETH has made headlines throughout the week, and the rise of ETH derivatives is a new addition to the list. Source: Skew Deribit’s options market…

Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?

According to a recent report by Delphi Digital, the total gas used on the Ethereum blockchain has reached an all time high and it seems like this the figure is set to increase. Gas is the measure used to price fees on the Ethereum blockchain, and the overall use of gas on the network has been rising since the beginning of 2020.  Gas Used vs. Max Gas Possible. Source: Delphi Digital The total gas used is unlike the transaction fee metrics in the Bitcoin blockchain. On the Ethereum network, transaction…

High Remittance Fees and Unstable Rupee Drive Crypto Adoption in India

A recent report highlights that India’s growing demand for cryptocurrencies is driven by the need for lower remittance fees and a more stable currency to store value.  The cryptocurrency spot and derivative exchange OKEx in collaboration with Coinpaprika studied the Indian cryptocurrency markets and estimated that the global share of cryptocurrency transactions in India will increase significantly in the next two years.  Moving to a less expensive payment system There are over 17 million Indians working beyond the borders who sent more than $80 billion back home in 2018. They…

“It’s Just a Matter of Time” Before BTC Break’s All-Time High, Investment App CEO Says

Aleks Svetski, co-founder and CEO of Bitcoin (BTC) investing application Amber, said the asset could be on route to hit its all-time price high once again.  “It’s just a matter of time – there’s a perfect storm brewing and the pressure will have to go somewhere,” Svetski told Cointelegraph in a May 21 email, adding:  “With Bitcoin, supply is fixed, and its utility as an un-inflatable and incorruptible money is only increasing – the only thing left to move is price. A longer time horizon could mean accumulation potential With…

Motions Fly High as Craig Wright Set to Face Kleiman Estate in Court

The crypto news headlines at the start of May with regard to Kleiman v. Wright were mostly variations on the theme of Craig Wright’s Satoshi case going to trial. The two parties appear well entrenched in their positions, and lawyers for both sides have said they expect the trial to begin as scheduled on July 6, 2020, in Florida. Does this mean there will be no settlement? “This is not like an ordinary commercial dispute where the parties can agree they’ve got a 50-50 chance of winning on an ambiguous…

New User Registrations on Binance Approach All-Time High Amid Bitcoin Halving

During a fireside chat as part of Consensus: Distributed on May 12, Changpeng Zhao, the chief executive and founder of Binance, said that the top cryptocurrency exchange is seeing a spike in user registrations. Zhao noted that new registrations amid the Bitcoin (BTC) halving have recently approached levels last witnessed at the peak of the 2017 bull run. “The new user registrations are picking up very aggressively, like getting close to the sort of [new users] generated under 2018,” Zhao said. New user registrations increase “aggressively” Binance’s CEO also noted…

Bitcoin Block Size Sees New All Time High, Hash Rate Catching Up

The mean block size of the Bitcoin network peaked this month, with the hash rate setting new records before the rewards halving, scheduled in about 10 hours at the time of press. According to data available on blockchain.com, the mean block size of the Bitcoin (BTC) network peaked at 1.341 MB on May 2, with a second smaller peak of 1.312 MB on May 7. The previous all-time high (ATH) was in December 2019, at 1.314 MB. Source: blockchain.com With the halving approaching, the Bitcoin network is likewise seeing a…