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When Bitcoin’s price moves as quickly as it did on 2 June, eyes very often shift to BitMEX. The Seychelles-based derivatives exchange has often been the lure of the cryptocurrency market, offering triple-digit leverages to create a binary rift within the market – you either like the exchange or hate it. The exchange’s appeal, to you, in years past, depended on which side of this aisle you found yourself in – profiting off a pump or losing off a dump. But nowadays, even before the price action starts, BitMEX is in the eye of the storm.
The Bitcoin Options market has noted great demand coming from traders for buying call option contracts. This demand was reflected in the Put/Call ratio metric provided by Skew. According to the data provider, the ratio had dipped under 0.7 on 2 June and was noted to be at 0.44, a level that was the year’s lowest point.
March witnessed a rather flat month with respect to the institutional capital as volumes across the derivatives platforms stagnated. The following month saw interest surging to an unprecedented level with big institutional platforms such as Bakkt and CME breaking previous records and marking new all-time highs.
User data for some Coincheck customers may have been compromised following a recent data breach.
The Tokyo-based crypto exchange, Coincheck, announced the news of the suspected intrusion via a press statement issued on Tuesday.
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San Francisco-based cryptocurrency exchange Coinbase has cut the interest users can earn on the USDC stablecoin with the platform by 88%, from a 1.25% APY to 0.15%, according to an email the firm shared.
As CryptoGlobe reported, Coinbase started letting its eligible U.S. users earn 1.25% per year on the stablecoin in October 2019. At the time the firm said the move was in line with its mission “to make crypto accessible to everyone.”
LONDON, June 3, 2020 /PRNewswire/ -- Almost every week more and more exchanges, aggregators and projects are using BSV. Swapzone is an exchange aggregator working with non-custodial instant cryptocurrency swap services. They now also list BSV, one of the best performing assets of any kind over the last year.
Inevitably, as a result, demand for BSV has increased. The reason for BSV's popularity among business users is simply that it has been designed to scale and can process thousands of transactions a second and also store huge amounts of data on its immutable blockchain with very low fees.
As May concluded, the cryptocurrency market took a sigh of relief as it was able to close on a positive note. The fifth month of the year saw volatility creep back into the market, contributing to drastic changes in the trading activities of the industry’s users. Similarly, the sudden push in Bitcoin’s price provided a much-needed pump to the altcoin markets too.
Bitcoin, while it was returning 16.16% before May, was returning 26.52% by the end of May. Similarly, the world’s second-largest cryptocurrency, Ethereum [ETH], reported a YTD of 72.94%.
The volatile nature of the cryptocurrency market, while for many is a problematic feature, has often been welcomed by traders who are well-versed with its volatility and are thus, able to reap profits. Such a case of extreme volatility was noted by the Bitcoin market late on 1 June, wherein the coin’s price surged by 8.01% in an hour, from $9,656.11 to $10,429.26. However, true to its nature, the market did not hold on to this price for long and slid back to $10,241.92 in the next hour.
At the time of writing, the crypto-community’s optimism was on an incline after Bitcoin, the world’s largest cryptocurrency, breached the psychological resistance of $10k, a level it breached for the first time since its halving on 11 May. The king coin’s movement upwards came as a relief for many since many were concerned about BTC possibly staying below the $9,500-mark after weeks of steady consolidation.
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According Coindesk the head of Venezuela’s cryptocurrency initiative, the El Petro, is added by the U.S government to its Most Wanted List, accusing him of a number of violations related to international commerce and his alleged involvement in the international drug trafficking scene. https://www.coindesk.com/us-venezuela-petro-most-wanted