Crypto Weekly: Bakkt Hits New ATH, China Lifts Crypto Mining Ban and More

Crypto News

Key Highlights

  1. Bakkt Hits New ATH, Trades Bitcoin Worth $15.5 MM
  2. Bitcoin [BTC] Slumps to $8700; $57 Million Longs Liquidated on BitMEX
  3. Crypto Exchange Tokenising NASDAQ Stocks Closing Down
  4. Bitcoin Whale Single-Handedly Caused The 2017 Crypto Bull Run
  5. China Removes Bitcoin Mining From Its BanList
  6. Stellar Lumens Burns Billions Worth of Crypto

Bakkt Trades Worth $15.5 Million In A Single Day 

While Bitcoin price struggles to reach the $9,000 mark, Bakkt Bitcoin Futures have hit  a new all-time high (ATH). Owing to institutions taking long positions on Bitcoin via other regulated contracts. Speculations are rife that Bitcoin will further drop to the $8000 range. Interestingly, the price drop has brought in some positive developments for the Bakkt platform. As per a recent tweet by Bakkt Volume Bot, leading derivatives market data provider reported that Bakkt saw 1,741 BTC worth contracts being traded on Friday. This converts to $15.5 million and has been Bakkt’s largest trading day in a span of 2.5 months.

Bitcoin Dips Below $9,000, $57 Million Longs Liquidated on BitMEX

Stocks took a hit last Friday as trade tensions owing to the US-China trade deal continue to prevail. While the Dow Jones Industrial Average(DJIA) fell by 1% reaching 26,666 points, S&P Futures fell down to 3,085 points. Interestingly, stock prices have always indirectly affected the Bitcoin price. However, this time the case looks a bit different. First, BTC price came down to $9,200 mark and then went on to slide past the $9000 level and is presently trading at $8,802.Subsequently, 1.7 MM shorts and 57 Million longs have been liquidated on BitMEX platform, as per data provided by datamish.com

Crypto Exchange NASDAQ Stocks Shuts Down Business

DX Exchange recently announced that it is temporarily closing down. The exchange has delineated an elaborate KYC process for users to withdraw their funds from the exchange. The reason they cited for closing the exchange was economic infeasibility. Furthermore, the exchange may not resume its operations at all and “take appropriate action” in case the merger or acquisition is not achieved in time.

Single Whale Responsible for 2017 Bitcoin Bull Run

Bitcoin’s astronomical surge in 2017 was possibly triggered by market whales as suggested by a Texas academic. Interestingly, a new theory is now surfacing that it was a single market whale who was responsible for causing the huge upsurge in price. Per claims by the University of Texas Professor, John Griffin and Ohio State University’s Amin Shams said that Bitfinex and Tether were actively involved in the 2017 bull run.  Furthermore, Tether minted 2.8 billion USDT from 2017 to 2018 and used the token to “flood the Bitfinex exchange and purchase other cryptocurrencies”. Subsequently, the demand for cryptocurrencies got artificially inflated which then caused a massive surge in cryptocurrency prices. Purportedly, the largest bubble in human history was created only to burst in a month’s time drowning $450 Billion of value. 

China Uplifts Bitcoin Mining Ban 

China has decided to allow Bitcoin mining again as they decided to lift the mining ban. The April ban stopped the mining process in China. Furthermore, there were rumors about the launch of China’s cryptocurrency launching soon, which would be made available to the public by 2020.

Stellar Lumens Burns 55 Billion Lumens

Per a recent blogpost by Stellar Lumens, the chief executive of Stellar just “burned 55 billion Lumens (XLM). As a matter of fact, XLM’s current circulating market capitalization is $1.5 billion. But, the Lumens burned amount to a jaw-dropping $3.5 billion at current prices. The reason for the same is that the Stellar Development Foundation believes that its previous holdings of around 85 billion XLM were not exactly aligned with the needs of the network.:

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