Overview of the top news in the cryptocurrency industry over the past few days.
1. Along with a sharp increase of the cryptocurrency market on Tuesday, daily trading volumes also increased, reaching a historic high above $ 89 billion.
Although this indicator is most likely was falsified, since many research groups have already spoken about the artificial overestimation of amounts, however, it would still be foolish to deny the fact that indicators really increased this week. This information is proved by the volume indicator on the regulated Chicago Commodity Exchange (CME), where the number of open contracts for futures on BTC leapt from ~ 2,000 to 12,015.
2. In addition, search queries in Google and Baidu increased. Especially, there is interesting fact, that the number of queries with the word «Bitcoin» in Baidu has sharply increased, since cryptocurrency is banned at the legislative level in China. Moreover, the gap between such queries is quite impressive compared to second place (9715 points and 2236 points).
It seems that, the Chinese don`t want forget about Bitcoin, despite on the government’s tough stance about a new class of digital assets. The most popular phrases are: «Bitcoin price», «Bitcoin news», «Bitcoin shares» and «BTC USD». However, it should be noted, that the query «how to buy bitcoin» has a very low popularity. Apparently, the inhabitants of the Middle Kingdom are interested in the current price of the first cryptocurrency and the reasons of the impulse growth a few days ago, but they don`t plan to buy this asset. Most likely, this is due to the long decline of the entire crypto market over the past year, because of which the belief in the «new era» and «Bitcoin for $ 100,000» has lost its power.
According to Google Trends, the number of queries with the word «Bitcoin» increased threefold immediately after a sharp leapt in the first cryptocurrency price. Most of these assets are interested in residents of Nigeria, the Netherlands, South Africa, Austria and Switzerland.
3. The popular cryptocurrency platform Binance, against the background of the launch of a trading platform in Singapore, stated that it is considering the chance of opening a similar service in Russia, but only after the adoption of the bill in the country.
«If the regulation in this jurisdiction is favorable, we will definitely consider this issue in more detail. Russia is one of the most active cryptocurrency markets in the world» Changpeng Zhao, head of Binance, said.
4. Tom Lee, well-known cryptocurrency enthusiast and co-founder of the American research company Fundstrat Global Advisors, said that the fair price for Bitcoin is $ 14,000.
In addition, he noted the influx of «cryptocurrency whales» into the market, which had not been active over the past year, but began a massive buying up of digital currencies amid positive news. There is talk about wallets, from which bitcoins were actively decreasing during 2017. Now they have begun to buy back the first cryptocurrency and this is evidence of a change in market sentiment.
5. The Central Bank of Pakistan plans to release its own cryptocurrency by 2025 and thus creates favorable conditions for access to financial services.
In addition, the Central Bank wants fully implement the digital technology to 2030, as Jameel Ahmad, the deputy head of the bank, said at the ceremony of adopting regulatory rules for electronic money institutions (EMI).
6. Andreas Antonopoulos, well-known entrepreneur, said that the current model of using Bitcoin is inefficient and there is necessary to create completely new applications for its practical use.
«At the moment, attempts for using Bitcoin instead of traditional banking institutions are in vain, because we are only trying to simulate the existing system with a smaller number of intermediaries and less centralization, but it is necessary to create products that cannot function in a centralized financial system» he said.
Antonopoulos notes that the usage of the first cryptocurrency is more like a kind of hobby now, because people got disappointed on existing financial institutions, such as banks. The slow process of introducing Bitcoin instead of centralized financial systems is also associated with advanced encryption technologies that require a certain level of technical skills, but many don`t have them.
7. Meanwhile, Brian Armstrong, head of the Coinbase cryptocurrency exchange, said that in order to take digital assets, their volatility must be reduced, because it scares away large investors.
In addition, there is necessary to simplify the process of making a transfer, because now it is necessary to perform too many unnecessary actions, which discourages many consumers.