After halving, users withdrew $ 230 million from bitcoins from exchanges

Nearly 24,000 BTC (about $ 233 million at the current exchange rate) were withdrawn by users from exchanges after a halving on Monday, May 11. Such data leads the analytical company Glassnode.

The trend of the outflow of bitcoins from exchanges began in April, the process slowed down only in the hours around the halving of the block reward.

In April, trading volumes on exchanges fell by 25% compared to the previous month. Also, traffic on most sites dipped significantly.

Against this background, the turnover on non-custodial decentralized exchanges for four months of 2020 reached $ 2 billion and almost equaled the figure for the entire last year.

Earlier, Glassnode noted that since the previous halving, the main parameters of the Bitcoin network have grown multiple. For example, the number of cryptocurrency owners has reached 30 million, which is 234% more than in 2016.

Read what you need to know in order to mine bitcoins in a special project of ForkLog magazine.

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Analyst: last weekend was one of the worst for bitcoin since 2017

On the eve of halving, Bitcoin experienced the sixth largest weekend price drop since 2017. Such data are cited by The Block analyst Larry Chermak in the analysis of the cryptocurrency crash.

Source: The Block

The decrease in BTC quotes over the past weekend amounted to 11.02%.

The analyst compared price charts with a 5-second timeframe on four exchanges with the highest liquidity of the BTC / USD pair – Bitfinex, Coinbase, Bitstamp and Kraken. During a 15% fall, prices moved synchronously, but diverged towards the end and after it.

Source: The Block

The decline in quotes at Bitfinex was ahead of the fall, Chermak noted. This probably means that it was the site traders who played the leading role in the crash of the Bitcoin price on May 10.

During this period, the largest trading volume of these exchanges in the BTC / USD pair was recorded on Coinbase and Bitfinex. Chermak noted that Bitfinex usually declares much smaller volumes compared to Coinbase.

Source: The Block

The per-minute chart of the distribution of trading volume between exchanges shows that the fall of Bitcoin on Sunday probably started at Coinbase, and then continued at Bitfinex, the analyst believes.

Source: The Block

The decline in the price of the first cryptocurrency on the weekend occurred less than a day before the halving. Participants at the ForkLog online event conference gave their predictions about what would change with the next block reward cut.

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Currency.com cryptocurrency exchange will cancel commissions for transactions with BTC on the day of bitcoin halving

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05/09/2020

Currency.com tokenized assets exchange will cancel commissions for trading pairs with BTC on the day of bitcoin halving. This was reported to ForkLog magazine by representatives of the project.

Currency.com users will trade without commissions on May 12 from 00.00 to 23.59 UTC (GMT + 3). The action involves trading pairs with cryptocurrency and fiat:

BTC / USD, BTC / RUB, BTC / EUR, BTC / BYN;
ETH / BTC, LTC / BTC, BCH / BTC, XRP / BTC.

The exchange will cancel trading commissions, as well as commissions for leverage and guaranteed stop loss. Fees for depositing and withdrawing funds from the account will remain.

Trading condition without commissions – verification on Currency.com.

The bitcoin halving will take place on block 630000. After that, the reward of miners for adding a block to the blockchain will be halved – from 12.5 BTC to 6.25 BTC. There were two halving on the bitcoin network: in 2012 and 2016.

“Halving is a significant event for the infrastructure of Bitcoin and the market as a whole. This is a positive fundamental factor that can contribute to the rise in the price of bitcoin. In honor of halving, we decided to provide users with the opportunity to trade BTC without commissions ”, – noted representatives of Currency.com.

Currency.com is a platform for trading cryptocurrencies and tokenized assets, including stocks, indices and commodities. The crypto exchange supports 1300 assets and has been operating on the basis of the Belarusian High-Tech Park since January 2019.

Earlier, the Currency.com crypto exchange launched contests with a prize fund of up to 50 BTC. They will last until May 20.

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Trading volumes on bitcoin exchanges fell in April by 28%

Confirmed trading volumes on spot cryptocurrency exchanges fell in April by 28.4% compared with March. This was reported by The Block analyst Larry Chermak.

“There was a sharp decline in April, which historically has never been a good sign,” – he noted.

In March, trading volumes increased by 22.4% compared with February. Against the backdrop of a market collapse on March 12-13, daily trading volumes reached record levels in the entire history of the industry. As a result, the aggregate indicators of the first quarter jumped by 61% compared to the previous period.

Confirming his warning, Chermak imposed a bitcoin price movement on the trading volume chart.

The Block takes into account exchanges with confirmed real trading volume. The schedule does not show a number of large sites, including Binance, Huobi and OKEx.

On the eve of the growth in the price of the first cryptocurrency against the backdrop of low volumes of exchange trading, the well-known Bitfinex trader Joe007 indicated. In his opinion, this indicates a lack of demand for further sustainable growth.

Recall, according to Dune Analytics, in March, trading volumes on decentralized exchanges reached a record $ 668 million. In early May, the figure rose to $ 2 billion, almost catching up with the figure for the entire last year.

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FTX Launches US Regulated Bitcoin Exchange in May

Hong Kong-based FTX cryptocurrency derivatives trading platform launched beta testing of a regulated Bitcoin trading platform in the United States. Its official launch is scheduled for May.

The FTX.US website indicates that the upcoming platform is registered as a financial services provider (MSB) on the Financial Crimes Enforcement Network (FinCEN). Exchange management is working on obtaining licenses of a money transfer service provider (MTL) in several states.

FTX.US will form an exchange cup separate from the main platform of FTX derivatives. Now trading in the US dollar against Bitcoin, Ethereum, Bitcoin Cash (BCH), Litecoin (LTC), Pax Gold (PAXG), and Tether (USDT).

The head of the bitcoin exchange Sam Bankman-Fried said that before the official launch of FTX.US, it will add other assets, fiat-cryptocurrency options, as well as margin trading for qualified investors.

FTX was launched in May 2019 and quickly broke into the TOP 10 crypto derivative sites. In the ranking of the analytical service CoinGecko at the time of writing, FTX is in fifth place with a trading volume of $ 447.7 million over the past day.

Recall that FTX intends to attract $ 15 million of investments in valuing the company at $ 1 billion. Last August, FTX received $ 8 million from Proof of Capital, Consensus Lab and other venture capital companies, selling them FTT exchange tokens. In December, FTX raised “tens of millions” from the Binance exchange, which also acquired FTT tokens.

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Larry Chermak named the cheapest regulated exchanges for users

The Block analyst Larry Chermak analyzed the trading commissions of 20 leading cryptocurrency exchanges to determine the most expensive and cheapest of them for users.

Exchanges levy fees on makers (sellers – liquidity providers) and takers (buyers). The commissions for the latter are often higher, and for the former they are sometimes absent altogether, the analyst recalled.

Exchanges, as a rule, set the amount of fees depending on the user’s trading volumes for the previous month. On some platforms, there is a system of discounts on fees, for example, depending on the size of the deposit in exchange tokens.

Given all the possible factors, in general, the cheapest spot exchanges were Binance US, FTX, OKCoin and Poloniex.

For retail traders ($ 10 thousand per month), the most profitable platform for fees is FTX. Coinbase, bitFlyer EU, Bitstamp and Gemini were the most expensive for this category of users.

The picture is changing for other categories of traders. The analyst identified three more by monthly trading volume: $ 1 million, $ 10 million and $ 100 million (institutional level). For the latter category, for example, Coinbase and Gemini were already among the low-cost collections.

ItBit exchange is the only one that offers discounts to takers for all levels of traders, but for makers it is one of the most expensive in all categories.

Exchanges in the size of commissions from cheap (1) to expensive (20)

Earlier Chermak analyzed the depth of liquidity on exchanges. In the USD / BTC pair, Bitfinex was the highest, followed by Coinbase, Kraken and Bitstamp.

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Prospect of pandemic easing supports US stock markets

Frankfurt The prospect of loosening corona restrictions in some U.S. states supported prices on Wall Street on Friday. However, due to the overall gloomy economic forecasts, there was no real mood to buy.

The Dow Jones gained 1.1 percent to 23,775 points. The technology-heavy Nasdaq advanced 1.7 percent to 8635 points and the broad S&P 500 increased 1.4 percent to 2837 points. On a weekly basis, the Dow gained about 1.1 percent, the S&P 1.4 percent and the Nasdaq just under 1.7 percent.

Georgia is the first federal state to lift the lockdown, although President Donald Trump did not approve the timing. Governors from Texas, Tennessee, Ohio and Montana, for example, also announced plans to allow business to resume quickly for some jobs.

“We have passed the peak and slowly but surely all countries in which there have been no major cases will gradually reopen,” said Thomas Hayes, managing member of the asset manager Great Hill Capital. “The market sees this as a signal that demand will come back.”

But the prospects for the global economy remain bleak. The US industry is experiencing a massive drop in orders as a result of the corona crisis. Orders for consumer goods such as airplanes and machines dropped by 14.4 percent in March. Economists surveyed by Reuters had expected a drop of 11.9 percent.

In Europe, investors were disappointed by the EU’s contingency plans to combat the aftermath of the pandemic. The Dax lost 1.7 percent to 10,336 points, the EuroStoxx fell by around one and a half percent.

Prices went up and down on the oil market. After a loss of around five percent, a barrel (159 liters) cost $ 16.86, around two percent more than on Thursday. North Sea oil of the variety Brent was quoted at $ 21.60. The price for the main US brand WTI then stabilized around $ 17. Oil stocks like ExxonMobil and Chevron reacted with further moderate profits.

Analysts are not giving the all-clear after the historic price collapse at the start of the week. “The extracted oil simply has no place where it can be stored,” said Bjornar Tonhaugen, who is responsible for the oil market at the Rystad Energy analysis company.

Because of the pandemic, oil demand has plummeted 30 percent. At the same time, the camps are filled to bursting, particularly in the USA.

The unprecedented drop in the price of oil at the beginning of the week is the subject of investigations by the US derivatives regulator (CFTC). “In such a situation, we are looking into all sorts of explanations,” CFTC Commissioner Dan Berkovitz told Reuters on Friday. Because of the extreme price fluctuations, you will take a closer look this time. In the United States, such an investigation can take years.

Focus on individual values

One of the biggest losers in the US stock market was stocks of Boeing, which gave around 6.4 percent. According to a newspaper report, the aircraft manufacturer plans to cut the production of its Dreamliner model 787 in half.

In addition, the planned purchase of the commercial airline division of the Brazilian airline threatens Embraer to burst in view of the rapidly falling market value of both groups. There was a blockade on the $ 4.2 billion deal, and fate is uncertain unless a breakthrough is found quickly, people familiar with the talks said.

Papers from Intel tended to go down in the course, then close 0.4 percent up. The chipmaker had forecast earnings below expectations for the second quarter.

Given the general situation, it is not surprising that the group has also cashed in its annual forecast, the analysts from Cowen and Company judged. However, it is surprising that the structural drivers for growth in the first quarter apparently no longer exist in the second quarter.

The shares of Facebook at the same time increased by 2.7 percent, while the papers from zoom Video communications, which had risen to a record high of $ 181.50 at the start of trading, plummeted 6.1 percent. In view of the rapid growth of video chats in the corona crisis, Facebook does not want to leave this terrain to the rising zoom and counters with its own offer.

The fuss about the Ebola drug Remdesivir from Gilead Science, which is currently being tested in the treatment of lung disease Covid-19, did not go on too long that day. According to the manufacturer, the fact that the administration of the drug in China did not lead to a noticeable improvement in patients, as was reported on Thursday, is not meaningful

The study was terminated prematurely due to low participation and therefore has no statistical value, it said. Gilead’s stock, which had dropped a little more than 4 percent the day before, eventually recovered by 2.4 percent after further losses initially.

The share certificate from Beyond Meatwhich rose for the seventh day in a row. Cooperation with has been particularly strong since Tuesday, after the meat substitute manufacturer had announced Starbucks want to enter the Chinese market. Overall, the paper has risen by almost 40 percent since this announcement, nine percent of which this Friday alone.

After a weaker start, trend-setting ten-year government bonds on the US bond market finally rose by 3/32 points to 108 20/32 points and returned 0.590 percent. The euro was trading around the $ 1.08 mark in US trade and was priced at $ 1.0815 at the close on Wall Street. The European Central Bank set the reference price at $ 1.0800 (Thursday: 1.0772). The dollar thus cost 0.9259 (0.9283) euros.

More: Read here how the German stock market ended the week.

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US stock exchanges hardly change – Gilead Sciences weighed down

Dusseldorf The US stock exchanges closed little changed on Thursday. Relief from US economic data initially supported Wall Street. A media report on disappointing test results with the remdesivir agent for the possible treatment of Covid-19 then depressed the mood in late trade.

The standard value index Dow Jones closed 0.2 percent higher at 23,515 points. The technology-heavy Nasdaq stagnated at 8494 points. The broad S&P 500 lost 0.1 percent to 2797 points.

Last week, 4.4 million Americans applied for US unemployment benefits. In the previous week, however, the number of initial applications had been around a million higher.

The markets rated this as positive, even if a recession could not be averted, said Steven Blitz, chief economist for the USA at the research house TS Lombard. Investors appear to be betting that the economy will recover quickly if the restrictions to curb the coronavirus pandemic are relaxed.

However, Peter Cardillo, chief economist at Spartan, advised against excessive expectations. “The worst of the pandemic is probably behind us,” said Peter Cardillo, chief economist at Spartan. “But with the oil price at the current level, there is a threat of a wave of layoffs in the US energy sector, which will nullify the effects of a restarting economy.”

The US crude oil grade WTI rose 23 percent to $ 16.95 a barrel (159 liters) after its price fell below zero for the first time at the beginning of the week. At the beginning of March – before the outbreak of the virus crisis in the USA and before the price war between Saudi Arabia and Russia – WTI had still cost twice as much.

This drop in price is a problem especially for shale oil producers. According to experts, because of the complex fracking process, they only work profitably at a price of around $ 50.

Focus on individual values

Nevertheless, investors also accessed these values. The shares of companies like marathon, Occidental or Apache won up to eleven percent. The papers of the oil multinationals Exxon and Chevron each advanced about three percent. The paper from the company active in health care was also among the top values UnitedHealth with plus 3.0 percent.

The titles of Las Vegas Sands, which rose by around twelve percent. The casino operator expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Competitors’ shares Wynn and MGM won up to 8.6 percent.

Eli Lilly shares jumped to a record high at $ 162.56. With a smaller plus of 2.1 percent to $ 159.93, they finally went out of the day. Investors recognized the 40 percent year-over-year increase in sales of the blockbuster drug Trulicity for diabetes to a quarterly record of $ 1.2 billion.

By contrast, the shares of Target, even though the retailer’s online sales almost quadrupled in the past quarter, making up for lost business from closed stores. However, the company warned of shrinking profit margins due to wage increases for employees. Target shares lost 2.8 percent.

The titles of Crocs even slipped by more than 16 percent. Known for its rubber slippers, the shoe manufacturer fell short of market expectations with quarterly sales of $ 281.2 million and earnings of $ 0.16 per share. The company also warned of further losses in the current quarter due to virus restrictions.

Among the losers Gilead Sciences with a discount of 4.3 percent. The company denied a media report of disappointing test results with the remdesivir agent for the possible treatment of Covid-19.

The study in China was terminated prematurely due to a lack of participants and was therefore not statistically meaningful, the US pharmaceutical company explained. The Financial Times has presented the process inappropriately, the World Health Organization accidentally posted a draft clinical trial on the Internet. The UN organization confirmed the breakdown and said the document had been removed after the error became known.

Quarterly reports were also in view.

Air Products & Chemicals Withdrawn the 2019/20 financial year forecast for earnings per share from the figures. The industrial gases manufacturer’s paper then gave way by 1.5 percent.

The chip manufacturer’s quarterly report, which was announced after the market closed, was also eagerly awaited Intel, whose shares in the Dow lost 1.8 percent. Intel ultimately disappointed with its earnings outlook for the second quarter, whereupon the papers gave in even more after-hours.

The share certificates of Snap down. The makers of the photo app Snapchat want to get $ 750 million (695 million euros) of fresh money on the market in the face of the corona crisis via convertible bonds.

In the US bond market, trend-setting ten-year government bonds rose 5/32 points to 108 16/32 points and returned 0.603 percent. The euro exchange rate went up and down in US trade and ultimately slid below the $ 1.08 mark again. At the close on Wall Street, the common currency was $ 1.0771. The European Central Bank set the reference price at $ 1.0772 (Wednesday: 1.0867). The dollar thus cost 0.9283 (0.9202) euros.

More: Read here what moves the German stock market on Thursday.

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Wall Street gets off to a good start – US unemployment figures have dropped

Wall Street

The New York Stock Exchange is located on the famous street.

(Photo: AP)

Dusseldorf The declining number of first-time jobless claims in the US seems to be giving investors hope that the economy will quickly recover from the corona shock. The Dow Jones started the trading day with a profit increase of around one percent at 23,543 points. The situation was similar at the start of trading for the S&P 500 (2810 points) and the Nasdaq (8529 points).

The prospect of further stimulus from the US government had prompted investors to buy stocks again on Wednesday. The standard value index Dow Jones closed two percent higher at 23,475 points. The technology-heavy Nasdaq advanced 2.8 percent to 8495 points. The broad S&P 500 gained 2.3 percent to 2799 points.

As announced on Thursday, the number of first-time job applications in the US has decreased compared to the previous week: by April 18, 4.4 million Americans had registered unemployment. Previously, 5.2 million people applied for new support. In the meantime, 26 million people have lost their jobs within a month.

However, it is certain that the corona pandemic thus slowed the positive development of the US labor market: In February, the USA celebrated the lowest unemployment rate in decades, and until March, initial applications were regularly below 100,000 a week. Some analysts estimate the US unemployment rate as high as 15 percent.

Look at the individual values

Of the Casino operator Las Vegas Sands expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Las Vegas Sands shares then rose 13 percent, while competitors Wynn and MGM gained up to 12 percent.

Things looked worse with the papers from Target out. Although the retailer’s online sales almost quadrupled in the past quarter, thereby compensating for the losses due to closed stores, the share came under pressure: the company warned of shrinking profit margins due to wage increases for employees. The Target shares lost 5.9 percent.

With agency material.

More: Read here what moves the German stock market on Thursday.

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Wall Street on the upswing after oil price collapse

Dusseldorf After the turmoil of the past few days, Wall Street is breathing a little more. The prospect of further stimulus measures on Wednesday lured investors back into the US stock market. The standard value index Dow Jones closed two percent higher at 23,475 points. The technology-heavy Nasdaq advanced 2.8 percent to 8495 points. The broad S&P 500 gained 2.3 percent to 2799 points.

Impaired by the historic oil price chaos, the Dow Jones ended Tuesday trading 2.7 percent lower at 23,018 points. The technology-heavy Nasdaq dropped 3.5 percent to 8,263 points. The broad S&P 500 lost 3.1 percent to 2736 points.

“Stock markets seem to think that stimulus from governments and central banks will be enough to neutralize the economic damage caused by the coronavirus pandemic,” said Rabobank economist Teeuwe Mevissen. “As long as this mood persists, economic data don’t seem to matter.”

The Federal Reserve (Fed) pumps trillions of dollars into the financial markets through the purchase of securities. In parallel, the US Senate launched another $ 500 billion stimulus package. That is certainly not the last, said analyst Joshua Mahony from the brokerage IG. “US President Donald Trump has demonstrated his willingness to increase debt in the name of economic growth.”

With the overall market, oil stocks also went on a recovery course. They had come under pressure in the past few days because of the price hype of the US variety WTI. The shares of Exxon and Chevron grew up to 3.4 percent.

Look at the individual values

One of the biggest winners on Wall Street Biontech with a course increase of almost 27 percent. The Mainz biotech company, which works together with the US pharmaceutical company Pfizer researching a vaccine against the lung disease Covid-19 has received approval for a clinical study in Germany.

In the USA, too, the active ingredient will soon be clinically tested after approval. While in the Dow Pfizer shares In line with the market, increasing by 1.8 percent, the Biontech stocks listed on the Nasdaq gained almost 27 percent.

The titles of Chipotle, which rose by twelve percent. The strong online business cushioned the slump in the stationary business of the fast food chain, the analysts of the investment bank BMO wrote. The company, which also has branches in Germany, made a surprisingly high quarterly profit of $ 0.18 per share.

The papers from Netflix On the other hand, they fell by 2.8 percent, although the online video store was able to win twice as many new customers as expected due to the coronavirus restrictions. However, the company warned that the boom would slow down as soon as the restrictions on public life were relaxed again.

But that doesn’t change the positive long-term business prospects, wrote the analysts of the asset manager Cowen. They also considered Q2 user numbers to be too conservative because of the still widespread exit restrictions.

Quarterly numbers, among other things Texas Instruments, AT&T and Biogen in front. The chipmaker had lost less revenue and profit in the first quarter than feared, which gave the shares an increase of 4.8 percent. The telecom company’s papers, on the other hand, lost 1.3 percent after a drop in sales and a withdrawn outlook.

Biogen fell by 9.4 percent to the end of the Nasdaq 100. The biotech company was not only in the spotlight with its quarterly figures, but also with its active ingredient aducanumab against Alzheimer’s.

The application for approval of this product is to be submitted later than previously announced. That raised more questions than answers, complained about RBC analyst Brian Abrahams and immediately lowered the price target for the share.

There was also news too United Airlines and Facebook. The shares of the battered airline dropped 7.2 percent because United wants to raise fresh money through a billion dollar capital increase.

Facebook on the other hand, jumped 6.7 percent after strong losses from the previous day. The network giant wants to penetrate further into India and buys almost ten percent of the Jio Platforms for $ 5.7 billion (€ 5.25 billion). This is the subsidiary of a leading mobile operator.

In the US bond market, ten-year government bonds lost 17/32 points to 108 10/32 points and returned 0.624 percent. The euro was trading at $ 1.0820 at the close on Wall Street. The European Central Bank set the reference price at $ 1.0867 (Tuesday: 1.0837). The dollar thus cost 0.9202 (0.9228) euros

With agency material.

More: Read here what happened on the German stock market this Tuesday.

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