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Crypto Derivatives Exchange LXDX Launches Referral Contest

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Exchange allocating 150,000 shares of company stock to contest winners who refer the most users Birkirkara, Malta, November 26, 2018 – LXDX, a cryptocurrency derivatives exchange, announced that it has begun a unique referral contest. For a limited time, any participant will be able to win up to 100,000 shares in LXDX stock, with a total of 150,000 shares being allocated to the contest. The exchange is set to launch live trading next month, but has recently opened early access to the platform for users to register trading accounts. All registrants are given a referral code that they can share Source: https://bitcoinsinireland.com/crypto-derivatives-exchange-lxdx-launches-referral-contest/

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Here’s Why Bitcoin’s Hashrate May Drop Further This Week

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Yesterday, the Bitcoin network witnessed approximately 22 exahashes per second (EH/s) exit the ecosystem, as noted by Hashr8’s Thomas Heller on Twitter.

The self-professed “mining maximalist” also shared his estimation that we’ll see the BTC mining difficulty decline somewhere between 7.4% to 8.8% by the end of the week — a drop that, if true, would be the worst negative difficulty adjustment since the infamous, COVID-19-induced “Black Thursday” crash in March.

However, none of this is a mere random anomaly or coincidence.

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Bitcoin’s hash rate has dropped significantly over recent days, with further drops likely. Source: Blockchain.com

Seasonal Migration

The root cause of Bitcoin’s hash rate drop may be attributed to the end of the rainy season in China’s Sichuan province — where miners seasonally migrate to to reap the advantages of cheap hydro-electric power as the rains raise water levels and, in turn, BTC miners’ profit margins. This has made Sichuan one of the world’s foremost Bitcoin mining hotspots… at least, while it’s raining.

Sichuan most recently represented 18.5% of Bitcoin’s global hash rate in the spring of 2020, according to data from the University of Cambridge’s Bitcoin Electricity Consumption Index. However, this share of the world’s BTC hash rate declines after the province’s rainy season.

To put it simply, when the rains stop, the Bitcoin miners leave.

Kevin Zhang of Foundry, a subsidiary of Digital Currency Group, also noted that approximately 20 EH/s left the Bitcoin network yesterday — illustrating a weekly-average hash rate of 132.9 EH/s against the daily hash rate of 112.9 EH/s.

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Sichuan represented 9.66% of Bitcoin’s hash rate in China in April 2020. Source: Cambridge Bitcoin Electricity Consumption Index

The Bitcoin Network Resolves Itself

While the Bitcoin network is currently hemorrhaging hash rate, there’s little reason to fear.

As noted by Heller, the seasonal migration of Bitcoin miners will likely see many relocate out of Sichuan into places like Xinjian or Inner Mongolia — both of which are also powerhouses when it comes to the leading cryptocurrency’s hash rate.

Still, the rainy season won’t return again until next year — a fact which will undoubtedly be, at least temporarily, reflected in Bitcoin’s hash rate.

However, the Bitcoin network automatically undergoes regular mining difficulty adjustments that have, historically, ensured a competitive environment remains… even during the most FUD-inducing times.

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Source: https://cryptopotato.com/heres-why-bitcoins-hashrate-may-drop-further-this-week/

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Singapore’s Biggest Bank Reportedly Launched A Bitcoin Exchange

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  • Singapore’s largest bank, DBS Bank, has reportedly soft-launched an exchange offering fiat-to-cryptocurrencies trading pairs called DBS Digital Exchange. 
  • According to the website and a few reports, it will enable customers to buy and sell four of the “top digital currencies in circulation” – Bitcoin, Bitcoin Cash, Ethereum (ETH), and Ripple (XRP). They will be traded initially against SGD, HKD, JPY, and USD.
  • DBS Digital Exchange will not hold any cryptocurrencies. Instead, all assets will be kept at DBS Bank, which is “globally recognized for its custodial services.” To enhance customer safety, the bank has also deployed DBS Digital Custody, described as an “institutional-grade custody solution specially tailored for safekeeping digital assets.”
  • It’s worth noting that the exchange will only accept financial institutions and professional market makers as members. Individual investors can access the platform through an already registered member. 
  • The exchange will be regulated by the Monetary Authority of Singapore. The website also reads that it will be backed by a “leading” Asian financial services group.
  • DBS Digital Exchange will enable small and medium enterprises (SMEs) and large corporates to tap on a Security Token platform to “raise capital efficiently through the digitization of their securities and assets.” This will enable issuers to reach a wider base of investors that might not traditionally have access to such tokens.
DBS Digital Exchange. Source: DBS Bank
DBS Digital Exchange. Source: DBS Bank
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Source: https://cryptopotato.com/singapores-biggest-bank-reportedly-launched-a-bitcoin-exchange/

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Bitcoin Sets New 2020 High: What Are The Next Targets? BTC Analysis & Overview

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Bitcoin bulls are staging a new breakout attempt right now as prices surge above the 0.618 Fibonacci level around $13,360 for the second time in 48 hours. The price wicked to $13,500, setting a fresh high for 2020.

This is a critically important time for Bitcoin, as a second failure to overcome this level could form a bearish double top and cause prices to plummet.

Looking at the global crypto market capital, we can see that volumes are now back to Sunday levels at $397 billion after yesterday’s $12 billion decline. However, we would like to see a higher high preferably above $400 billion to confirm a new bullish phase has started.

Price Levels to Watch in the Short-term

On the 1-hour BTC/USD chart, we can see that the price action is tracking inside of a bullish flag pattern between two up-trending trendlines (orange). We can also see that prices appear to be reacting strongly to median lines (white and yellow dashed lines) inside of these two levels.

Right now, Bitcoin prices have actually broken through the main resistance of this flag pattern. If BTC can remain above this area, then it will be a promising sign that a continuation could occur towards the $13,880 and $14K levels soon.

Bullish traders are, however, running into some strong selling pressure at this area as bears attempt to drive prices back into the flag. The $13,400 mark will be the main area to observe over today’s intraday session – if bears can defend this resistance then it’s likely that we’ll see a breakout to the downside towards the median lines at $13,300, $13,150, $13,000, and $12,915. There is also the 1-hour 50 EMA at $13,080 that could also get a reaction if prices dip that far.

On the 4-hour BTC/USD chart, we can see what might happen if a double top does occur (yellow circles and line). Selling momentum could overcome the up-trending support of the flag pattern and send prices tanking towards the order block support at $12,750 before correcting. From there, it’s possible we could see an attempt to re-enter the flag pattern followed by a throwback off the new resistance and a breakdown to lower levels.

Looking at the RSI over this timeframe, we can see that each time BTC prices have pumped it has printed a lower high on the indicator. This shows that the uptrend is weakening significantly with each new attempt and suggests that bears will likely take over soon unless significant buying volume returns.

Total market capital: $406 billion
Bitcoin market capital: $248 billion
Bitcoin dominance: 61%

*Data by Coingecko.

Bitstamp BTC/USD 1-Hour Chart

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BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

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BTC/USD chart via Tradingview.
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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-sets-new-2020-high-what-are-the-next-targets-btc-analysis-overview/

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