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OKEx beats Binance in terms of daily transaction volume; Maltese exchanges continue to soar

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OKEx beats Binance in terms of daily transaction volume; Maltese exchanges continue to soar
Source: Pixabay

For the second straight month, cryptocurrency exchanges based in the touted “blockchain haven” of Malta have topped the average daily transaction volume list. OKEx and Binance, the most prominent exchanges in the island country are present in the top three once again.

The analysis was compiled by the cryptocurrency analytics firm CryptoCompare in their March 2019 exchange review which saw the two aforementioned exchanges interchange spots in the crypto-to-crypto exchange list, based on average daily volume. March saw a significant rise in transaction volume with the two exchanges recording over $790 million in average daily volume.

Between the two exchanges was ZB, the Chinese exchange which many have speculated, in the past, to have reported incorrect volume. In the January 2019 exchange review by CryptoCompare, ZB beat both Binance and OKEx, but fell short in the following two months.

OKEx was the only exchange in the crypto-to-crypto category to record average daily volume of over $1 billion and post a monthly volume of over $31 billion. Binance, taking the third spot, recorded an average daily volume of $797.5 million, with the total volume for March accounting to just under $25 billion.

The volume of the exchanges in March inclined considerably compared to the previous month, with no exchange breaking even the $700 billion ceiling in February. Binance took the top spot in the second month of the year, with an average daily volume of $676.98 billion, while OKEx trailed in the third spot, accounting for $601.23 billion, in the same period.

Given the regulatory hassle of most economically strong countries, cryptocurrency exchanges have sought to operate in regulatory-lax environments. Financial havens like Malta, Samoa, Hong Kong, Vanuatu, the Cayman Islands, Mongolia, and Seychelles have several exchanges, evidenced by their soaring average daily volumes.

In terms of fiat-to-crypto exchanges, the monthly-volume list remains fairly consistent, with the top-3 not shifting. Bithumb, Upbit, and Bitfinex, retained their spots from February to March, accounting for $1.04 billion, $233.32 million, and $100.95 million average daily volume, respectively.

With OKEx and Binance taking the first and third spots for two months in a row, it bears no surprise that Malta tops the list in terms of trading volume by jurisdiction. It should be noted that March saw a massive increase in total monthly volume, with Malta alone accounting for over $55 billion, compared to its February volume of under $40 billion.

Following Malta is Hong Kong, home to top exchanges like LBank and HitBTC. Other prominent crypto-havens mentioned in the list are South Korea, Estonia, Singapore, the United States, and the British Virgin Islands.



However, OKEx topping the charts should be taken with a grain of salt considering the fake volume reports that have been raising concern in the market of late. The first report spelling out the above was from The Tie, which suggested that only 5.94 percent of the exchange’s expected volume matched their reported volume. Binance accounted for 78.82 percent of the same, based on The Tie report.

The next ground-breaking report from Bitwise Asset Management highlighted only ten exchanges that reported “real volume”. Binance was included in this list of ten exchanges, while OKEx was not.





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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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