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February 2014

Kraken Futures Trading Nears $1 Billion in First Month



Crypto is nowhere close to being dead. Kraken’s newly acquired Crypto Facilities has seen around $1 billion traded in crypto futures already in February, according to an article released today by CoinDesk. Sui Chung, Crypto Facilities’ head of pricing products and indices, told CoinDesk that futures trades have grown more than 500% since Kraken acquired the futures exchange.

Kraken Acquires Crypto Facilities

On February 4th, US-based cryptocurrency exchange Kraken announced the acquisition of Crypto Facilities. At the time, the cryptocurrency exchange didn’t release the exact figures for the transaction and just called it a ‘nine-figure’ deal. Later, it was released that Kraken bought the index trading platform for $100 million. Crypto Facilities provides Bitcoin (BTC) and Ether (ETH) reference rates to the CME Group—one of the first groups to list Bitcoin Futures contracts in the US.

Since the acquisition, it seems that Crypto Facilities traffic has increased four times. Chung told CoinDesk that the company’s daily users have “gone up by a factor of four” and the traffic growth has been seen across all its platforms.

Currently, Crypto Facilities offers cryptocurrency future trades for Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH). Chung says that the nearly $1 billion in futures trades last month was spread out between all the coins offered and thinks Kraken’s acquisition helped.

>> The “Lost” QuadrigaCX Cryptocurrency Might Be on Exchanges After All

Crypto Facilities did not say what the pre-acquisition numbers were, but from the five days after the acquisition was announced, the volume of trades jumped up on-average 565%.

Cheung told CoinDesk:

“On average [looking at] the five days before the announcement and five days after, the liquidity for our contracts increased by over 200 percent and some of the minor [coin] contracts increased by over 1,000 percent.”

In February, Crypto Facilities saw its user base grow over 400% last month as well. The total cryptocurrency market saw a spike last month and accompanied by the latest Kraken news it just goes to show that interest in digital currencies is still alive and well.

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Bitcoin Soars 50% So Far in 2020



Back in early 2019, Bitcoin went on a remarkable rally, and many believed that the cryptocurrency could eventually reach the dizzying highs it had hit in 2017. However, after the first half of the year, the rally fizzled out.

The world’s biggest cryptocurrency has again gone on a remarkable rally over the past few days, and while BTC investors must be happy, some must be wondering whether this is another flash in the pan. Many traders may be wondering whether this is the start of another rally due to definite factors or whether it is just another case of market volatility.

Bitcoin Crosses $10K Mark

2020 has been an impressive year for BTC so far, and it has gained as much as 50% to storm past the psychologically important $10,000 mark recently. This past Tuesday, it hit its highest level in five months, and it is hardly a surprise that there is a lot of optimism among investors. The cryptocurrency has had many fast ascents and equally crushing plunges over the course of the last 11 years.

However, this time around, it could really be different, and some experts believe that there are new factors at play that triggered the recent rally. The widespread belief that BTC could soon be accepted by mainstream entities and the situation with the global economy has been cited as some factors.

>> CME Sees Second-Best Month for Bitcoin Futures Trading

For instance, many experts have stated over the past few days that BTC is fast emerging as one of the more reliable safe-haven investments for many investors. As the global economy grows even more uncertain due to a range of factors, it could result in Bitcoin becoming the store of value for investors all over the world. That being said, investors need to keep their eyes open and stay abreast of the latest developments in the crypto world.

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Japan’s Rakuten Introduces New Crypto Exchange



The cryptocurrency industry has grown at a breakneck pace over the past two years or so, largely due to the growth of Bitcoin and other tokens. Due to such growth, many companies have been established that provide highly specialized services related to crypto wallets as well as exchanges. Wallets help people to store their crypto safely, while exchanges are the marketplaces where anyone can buy a cryptocurrency.

Japanese retail behemoth Rakuten saw the opportunity early on and has already established the Rakuten Wallet as one of its subsidiaries. Rakuten Wallet is a crypto exchange, and today the company announced that spot trading facilities are now live on three major cryptocurrencies.

Key Details

According to the press release published by Rakuten today, the cryptocurrencies that are now available for spot trading include Bitcoin, Bitcoin Cash, and Ether. The company went on to state that the developers are currently working on developing apps for both Android and iOS as well. Additionally, it has been pointed out that the usage of these apps, when they are made available, will be compulsory for customers if they want to use the platform.

>> Litecoin (LTC) is Down 50% in 2 Months: What Next?

The application process has also been made as simple as possible and particularly for those who already bank with Rakuten Bank. In the press release, the company stated, “Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form.”

Over the course of the past few years, the cryptocurrency ecosystem in Japan grew at a highly impressive rate, and currently, the country remains one of the most advanced markets for crypto traders. In addition to Rakuten Wallet, there are plenty of other options for crypto traders to choose from, and hence, a service has to be offering something extra if it wants to draw customers.

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Ripple (XRP) Outperforming in October



While the crypto rally went on during the first half of the year, XRP, the cryptocurrency that is often referred to as Ripple, performed much worse than the rest of the market.

Key Drivers

However, it seems that those days are now over, and it has now emerged that the best performer in the crypto space in October so far has been XRP. It is a remarkable turnaround for a cryptocurrency that seemed to be at a crossroads for much of the year. In fact, Ripple, the company that owns the highest number of XRP tokens, had been criticized by analysts and XRP holders for selling too many tokens.

However, it seems that XRP has slowly but surely made a comeback while the rest of the market seems to be in the doldrums. It’s important to keep in mind that such a poor performance during the first half of the year from the world’s third-biggest cryptocurrency by market cap had been a big disappointment for many. October has been a month in which some of the other big names of the crypto world like Litecoin, Bitcoin, Bitcoin Cash, and Ethereum, among others, had been in trouble. That proved to be a big boost for XRP as it surged ahead and eased the pressure on Ripple as well.

>> Libra Gets First Major Political Backer in the US Congress

In September, many of the biggest cryptocurrencies in the world experienced a bloodbath of sorts, and this continued into October. However, XRP charted a different path altogether and managed to be the sole crypto token in the market that has managed to display sustained momentum amidst all the chaos. Some reports suggest that the rise in XRP is primarily due to the fact that Ripple is now working extensively with some of the biggest financial institutions in the world in order to expand the use of the cryptocurrency. If more deals are announced, then the price of XRP could rise further.

What do you think?

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