Bitcoin, the world’s largest cryptocurrency has not just seen a rise in price and market cap but also in various other attributes. These rises together contributed to BTC’s current standing on top of the chart with a market cap much higher than $150 billion.
According to new reports, the open interest of Bitcoin is also on the rise with hopes that the parameters will go up again once Bitcoin’s price reaches closer to the psychological $10,000 level. This mark was last achieved on 7 March 2018, and the latest bull run has played a role in pushing Bitcoin’s fortunes into the positive realm. The current analysis of Bitcoin’s open interest showed that the spike in magnitude has been consistent, holding near the 76,000-mark.
Just recently, Bitcoin futures contract also displayed a strong Volume/Open Interest on the event of its contract expiry. Alex Kruger, a popular financial market analyst had stated that:
“Bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio. In other words, bitcoin is an asset very actively traded throughout the day.”
The rise in Bitcoin’s open interest rate comes at a time when the cryptocurrency has been vying to breach the $9000 mark again. Skew, a Bitcoin analysis website also added:
“The 10,000 strike is the largest open interest on the upside for the upcoming June options expiry on the 28th – ~1,700 bitcoin options contracts open.”
The rise in Bitcoin’s individual sectors went hand in hand with another analysis that informed users that the maximum amount of BTC trade occurred at the start of the week, ie. Sunday and Monday. The daily and hourly breakdown of the trades showed that on an average Sundays saw $183.5 million worth of Bitcoin trade while Monday one-upped it by witnessing BTC trade worth $197.5 million on average. This research was a counter-argument to all those who believed that trades hit a low point during the weekends.
The Inaugural Binance Stablecoin Completes Quantstamp Audit
The first Binance stablecoin is coming, and the token just got a clean bill of health from smart contract security startup Quantstamp.
On July 18th, the Y Combinator-backed auditors announced they had finished reviewing the code of the pound sterling stablecoin, dubbed Binance GBP (BGBP) by the powerhouse Malta-based cryptocurrency exchange.
As part of the audit, Quantstamp’s experts checked the token’s code against the ERC20 token standard and combed for security flaws and any other problematic issues. The team’s work led to Binance updating their ERC20 libraries through OpenZeppelin and removing other miscellaneous “low risk issues.”
A Dual Issue Digital Sterling
Binance, nimble navigators of global regulatory arbitrage, are pushing ahead on the stablecoin against the almost poetic backdrop of Facebook blockchain head David Marcus having faced calls for a Libra development moratorium in U.S. congressional oversight hearings this week.
Of course, BGBP will simply be pegged 1:1 with the pound, whereas Libra is being more ambitiously devised like a Big Tech-backed non-sovereign central bank currency. (Note: Binance has considered attempting to join the Libra Association, per company chief strategy officer Gin Chao).
The BGBP won’t be too simple though, as the token is set to be released both on Ethereum and the exchange’s in-house blockchcain, Binance Chain, Binance chief executive officer Changpeng Zhao said on the news:
“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP. As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”
The stablecoin comes after CEO Zhao confirmed during a YouTube “Ask Me Anything” back in May that the exchange was exploring launching its own stablecoins.
The Cryptoeconomy’s Auditors of Choice
Quantstamp CEO Richard Ma hailed the BGBP audit as just the latest sign of the startup’s rising prominence in the cryptoeconomy:
“At Quantstamp, we are building the standard for blockchain security. Companies approach us because we help them innovate securely.”
In recent months, the fledgling play has made a name for itself in reviewing the smart contracts of high-profile industry stakeholders like eToro and Prysmatic Labs, and in doing so has “secured over a billion dollars of digital asset value,” the company has said.
In June, the startup launched the Quantstamp Security Network V2 on the Ethereum mainnet. With the activation, users can leverage the network scan and store smart contract vulnerability reports on the Ethereum blockchain. The update also made it possible for community members to run a Quantstamp node to earn the network’s native token, QSP.
Binance Has One Speed: Grind
The Malta-based exchange is taking a blitzkrieg approach to asserting itself as the cryptoeconomy’s leading service provider.
This month alone, Binance has burned $24 million worth of its BNB tokens, opened up a margin trading platform, announced plans for a cryptocurrency futures service, and turned two years old.
On the margin trading launch, CEO Zhao noted the company was gunning to become the most useful exchange brand for cryptocurrency users of all stripes:
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
Notably, the exchange also recently confirmed that it was looking to open up a new America-based operation, Binance US.
Binance to share $775,000 of Stellar after accidently staking for 11 months
Binance have announced that the exchange will be distributing Stellar coins (XLM) after mistakenly staking the coins for nearly one year.
The announcement also states that Binance will now be supporting XLM staking on the exchange following the discovery of over 9.5 million XLM in cold and hot wallets.
The discovery of the XLM comes after Binance decided against upgrading their wallets last year August, stating “the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018.”
Binance will now distribute the $755,000 worth XLM to users on the exchange that held XLM with specific snapshots being taken back to work out distribution amounts. The exchange has now also implemented staking of XLM on the exchange.
Binance adds EOS and LINK to margin trading coins and borrow-able assets
Binance have added two new coins to their margin trading platform as well as 3 new assets to their borrowable offering.
In a recent announcement, Binance margin trading, which just recently went live, have added two popular coins to their margin trading offering.
Binance have added top 20 coins EOS and LINK to the current margin trading offering, making it one of the first margin trading exchanges to offer the two pairs. Binance margin trading now offers EOS, LINK, TRX, BNB, XRP, ETH and BTC.
Binance also announced that the exchange has added BNB, LINK and EOS to coins that can be borrowed on the exchange. All coins are currently open for trading and borrowing on the exchange as Binance continues to impress with new listings to their margin platform, which will likely be looking to challenge the likes of BitFinex and BitMEX in the future.