Bitcoin Futures Volume Hits New Record!!!
We got some pretty hot pieces of news to share with each other. First and foremost, it looks like EOS has become very congested according to Coinbase which publicly stated that they are seeing the degraded performance for EOS transactions. Next up, it looks like 37 companies are now using XRP with 24 launching Ripple’s on Demand Liquidity. Third we have Ethereum co-founder and founder of Consensys Joseph Lubin, who weighed in on the issue, stating that he hopes that China’s Central Bank Digital Currency will allow for interoperability with public permissionless blockchains including Ethereum, and finally, the last news item for today, it looks like Bakkt Bitcoin Futures Daily Trading Volume has hit a new record with almost 2,000 futures traded on November the 9th.
The Market Today
It looks the bears have a bit of an upper hand today. Bitcoin currently sitting below the $9,000 dollar mark, it currently at $8,736.50 with a 0.89% decline. While Ether and XRP, also both in the reds are declining by 0.53% and 1.73% respectively.
Bakkt broke a new record of BTC trading
Bakkt has now hit a new all-time with 1,741 futures traded on November 9. According to Bakkt,
“Today we set a new daily record of 1,756 Bakkt Bitcoin Futures Contract Traded.”
As you can see in this graph, the daily volume of about $15.5 million dollars, represents a 109% increase over the 834 contracts traded the day before with each contract being equivalent to one Bitcoin. While Bakkt had a rocky start, Bakkt’s volume is going well, rising month over month.
37 firms are using XRP, with 24 initiating Ripple’s on-demand liquidity
Great news for XRP – a total of 37 companies are now using the XRP token as a way to accept payment or to power international remittances. According to the Daily HODL, the 19 companies of the 24 are Interbank, MoneyGram, TransferGo, EuroEximBank, FlashFX, goLance, Nium, Bittrex, Bitso, Coins.ph, Bitstamp, Cuallix, Mercury FX, Catalyst, SBI Virtual Currencies, IDT, Viamerivas, SendFriend, Bitrue. In addition to the early ON-demand liquidity (formerly x-rapid) adopters. 13 companies are using the digital asset XRP as a form of payment or to boost their own platforms that move value from one location to another. These include Travala, r3, Omni, Transpaygo, JNFX, AsiaMTM, Arrington Capital, Coil, Nexo, FTCS, BiChip, Selly, and XRP TipBot.
Consensys founder wants to interoperate with China’s crypto
And here we come to the third piece of news. Joseph Lubin, the Ethereum co-founder and founder of Consensys is hoping that China’s Central Bank Digital Currency will allow for interoperability with public permissionless blockchains, including Ethereum. He stated in an interview with Forbes that
“I assume it is going to be exactly what Chinese leadership thinks is most beneficial to the Chinese leadership. Hopefully, that’s also open and we can interoperate with it, but I don’t know.”
Lubin also added that he’d like to see China participate more in the Ethereum ecosystem. He expects that China will continue to undermine the US dollar’s status as the world reserve currency, but also believes that China’s CBDC will only have a minor impact in this regard. It looks like both Russia and China are making strong efforts to conduct business without using the US dollar.
Coinbase saw “degraded performance for EOS transactions”
According to TrustNodes, it looks like EOS has become very congested according to Coinbase. Coinbase announced publicly that they are seeing the degraded performance for EOS transactions. Apparently, an airdrop is taking almost all capacity, accounting for 95% of the transaction, which has led to Coinbase almost running out of CPU for EOS transactions. The exchange noted,
“Coinbase did not have enough staked CPU to successfully have its EOS transactions processed by the network.”
CPU can, however, be leased on a REX exchanged. Speculators that have anticipated a rise in demand for CPU prior to the airdrop have hoarded CPU to sell it now that the network has run out of capacity.
“According to the EIDOS Project website, the airdrop is going to continue for the next 15 months. As long as the money made from selling EIDOS for USDT outweighs the cost for leasing CPU from REX, we can expect the EOS network to stay in this state,”
said Coinbase. If we put things into perspective, it doesn’t look great for EOS – 15 months of congestion, for a semi-centralized blockchain costing $4 billion in an ICO in 2017, for which it took a fine of $24 million.
And there you have it guys! So what are your thoughts regarding all the news?
First up, do you still see a great future for EOS?
Are you excited to see other companies using the XRP token?
Will China be open to an interoperable Central Bank Digital Currency?
And what are your thoughts on Bakkt’s performance?
Please leave a comment right below to let me know what you guys are thinking.
It’s your girl Cindy with CryptoPig, I’ll see you guys soon.
Join us at our Telegram group and follow us on Youtube and Twitter.
Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.