HSBC Completed $250 Billion in Blockchain-Processed Transactions in 2018

HSBC. Image Shutterstock. According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology. The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its blockchain platform, “FX Everywhere,” the bank says it has processed 150,000 payments since the platform launched in February 2018. HSBC completed its first blockchain trade finance transaction in May…

Following $5 Billion Drop in Crypto, Traders See Weakness in Bitcoin

On January 13, the crypto market initiated an intense sell-off as the Bitcoin price fell below the $3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop. Where is Bitcoin Headed? Generally, both analysts and traders expect Bitcoin to fall to the low $3,000 region in the days to come. Some have suggested that a strong buy wall below…

Circle Executed $24 Billion in OTC Trades in 2018

The over-the-counter (OTC) trading desk at cryptocurrency finance firm Circle had a notional volume of $24 billion in 2018, according to an official Medium blog post on Jan. 3.   Per the statement, Circle executed 10,000 OTC trades with 600 different counterparties, at $24 billion in volume. As such, the company claims to have become a “core liquidity provider to the entire crypto ecosystem.” According to Circle, the firm now partners with over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers, and other global endowments. Circle…

Daily Traded Volume on Huobi’s Crypto Derivatives Platform Breaks $1 Billion

Daily traded volume of cryptocurrency contracts on the Huobi Derivatives Market (DM) has broken past $1 billion, according to a press release shared with Cointelegraph on Dec. 27. Huobi Global — which operates the world’s third-largest largest crypto spot market trading platform — launched Huobi DM last month. The new platform allows traders to trade Bitcoin (BTC) and Ethereum (ETH) contracts that aim to allow for arbitrage, speculation, and hedging. Having reportedly broken past $1 billion in daily trades on Dec. 25, Huobi DM is today expanding its crypto contracts…

$4 Billion Lawsuit Against Craig Wright Moves Forward as Judge Declines Dismissal Request

A United States court has rejected repeated requests from nChain chief scientist Craig Wright to dismiss a $4 billion lawsuit against him, documents revealed Dec. 27. In the latest stage of an ongoing legal battle over Wright’s alleged theft of Bitcoin (BTC) from the estate of deceased crypto developer David Kleiman, a South Florida District Court judge denied an application to have the charges thrown out. The case originally came to court in February, with Kleiman’s family alleging Wright stole up to 1.1 million BTC after he passed away. Wright,…

Crypto Loses $14 Billion 1 Week, Bitcoin Will Likely Avoid Drop Below $3k

Over the past 48 hours, the Bitcoin price has stabilized at around $3,400 after dropping to a new yearly low at $3,210 on December 7. On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens. The Ethereum price has also recovered slightly by a similar magnitude as Bitcoin, with Ethereum (ETH) recording…

Kraken Is Seeking ‘War Chest’ Investment at a $4 Billion Valuation

Crypto exchange Kraken is on a fundraising drive, offering “select” investors a chance to purchase stakes in the firm. CEO Jesse Powell confirmed to CoinDesk that his company is looking to tap a small number of clients for a fundraising round valuing the firm at $4 billion. “There is presently a limited time opportunity available to a very small, select number of clients to purchase Kraken shares” at a $4 billion valuation with a $100,000 minimum, he told CoinDesk via email. The general public will not have access to these shares,…

Crypto Market Adds $12 Billion in Decent Recovery: Major Assets Surge

Twitter Facebook LinkedIn Over the past 24 hours, following a steep decline in the price of major cryptocurrencies, the crypto market added $12 billion to its valuation. Within a relatively short span, the valuation of the crypto market increased from $115 billion to $127 billion as Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and many other cryptocurrencies recorded gains in the range of 6 to 12 percent. Bitcoin Cash performed strongly, recording an 11 percent increase in price. But, its price still remains below the $200 support level…

$63 Billion Deleted From Crypto in 7 Days, Ethereum Drops to Double Digit

Twitter Facebook LinkedIn In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops. Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456. Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at…

$6 Billion Deleted From Crypto Market as Bitcoin Drops Back to $4,100

Twitter Facebook LinkedIn In the last 24 hours, more than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110. On fiat-to-cryptocurrency exchanges like Coinbase, Kraken, and Bitstamp, the price of BTC reached a new weekly low at around $4,118. Bitcoin has since recovered to $4,291, but on a weekly basis, BTC remains 21.65 percent down against the US dollar. Where is Bitcoin Heading Similar to Bitcoin’s strength at $6,000 from…