cryptocompare - Pwim.Net

Institutional Bitcoin Index Launched by MVIS and CryptoCompare

MVIS, the MV Index Solutions, the indexing division of VanEck, a US-based asset manager, partnered with CryptoCompare, a cryptocurrency market data provider, and launched the MVIS CryptoCompare Institutional Bitcoin Index, with the ticker: MVIBTC. This Bitcoin index is built with the aim of monitoring and measuring the market performance of cryptocurrency as regards Bitcoin investment across selected exchanges.

The report noted that the new MVIS CryptoCompare Institutional Bitcoin Index is indefinitely a great and reliable benchmark for Bitcoin. It stressed that 3iQ Corp., Canadian investment fund manager, will utilize the index for the aim of NAV calculation of the Bitcoin fund.

Thomas Kettner, Managing Director at MVIS, expressed his excitement on how the two bodies welcomed this partnership launching.

“We are pleased to launch this index with our partner CryptoCompare. The index follows our long-term mission in supporting new product developments to provide investors access to Bitcoin,” Kettner said.

Charles Hayter, CEO, and Co-Founder of CryptoCompare spoke regarding the transparency and reliability of the index, noting that transparency and authenticity are what the company is after and that they hope to achieve it with this partnership.

“Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data, and indices. Together with our partner MVIS, we are excited to offer investors a reliable tool to better measure the performance of their Bitcoin exposure.”

Image via Shutterstock

Crypto Data Platform Offers Digital Asset Data to Institutional Clients via BT Radianz Cloud

CryptoCompare, the digital asset data provider company for both institutional and retail clients, announced in a press release on its blog that it plans to offer a suite of digital asset data products via the BT Radianz Cloud, as a secure and reliable financial markets cloud communities which will enable institutional clients to have a fine, secure and dependable perspective of the growing digital asset class.

Managing Director of Radianz BT, Michael Woodman said that the addition of CryptoCompare to the Radianz Cloud would provide their institutional clients the opportunity to see the better side of the digital asset class, creating enough chances for the growth and development of an ambitious institution.

“Adding CryptoCompare to the Radianz Cloud offers our established institution clients access to a reliable and granular dataset for the fast-growing digital asset class. It creates new opportunities for institutions with ambitions for growth and helps provide transparency in the digital asset market,” Woodman said.

By adding CryptoCompare’s full suite of digital asset data, BT Radianz’s clients will gain access to a thorough market data offering plus trade and order book data across more than 150,000 crypto-trading pairs and also reference rates.

The co-founder and CEO of CryptoCompare, Charles Hayter, held that this development would ignite confidence about the digital asset data class into clients.

“As the digital asset class matures, increasing numbers of institutions are exploring the opportunities this industry offers. By providing access to CryptoCompare’s trusted datasets via the secure BT Radianz Cloud, we will encourage greater confidence in this fast-growing asset class.”

Image via Shutterstock

Singapore Exchange Launches SGX iEdge Bitcoin Index and iEdge Ethereum Index with CryptoCompare

Singapore Exchange (SGX) will launch crypto indices—the iEdge Bitcoin Index and iEdge Ethereum Index—in collaboration with UK-based cryptocurrency market data provider CryptoCompare.

According to the official release shared with Blockchain.News on Sept. 1, Asia’s most international, multi-asset exchange, Singapore Exchange is collaborating with CryptoCompare to launch two new indices under the SGX Index suite. The iEdge Bitcoin Index and the iEdge Ethereum Index are the first digital currency indices to be rolled out.

Through technology, data and strategic partnerships, SGX Index Edge has in the past four years built up a wide array of indices for its clients covering thematic investing, smart beta, futures, fixed income and multi-asset solutions with crypto indices now as the latest addition

Simon Karaban, Head of Index Services at SGX said:

“As the world moves swiftly towards digitalization […] digital assets are increasingly being adopted by investors. We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavour to innovate and meet market needs.”

According to research data by CryptoCompare, the total assets under management (AUM) globally of digital asset tracker funds rose from US$220 million in March 2017 to over US$4.5 billion by June 2020, representing a compound annual growth rate of 148%. While much of the AUM is currently captured by asset managers based in the United States and the Europe, Middle East, and Africa (EMEA) region, Asia is well-positioned to raise its share of this global AUM given that Asian fiat-crypto trading pairs now account for 43% of total global spot volumes.

James Harris, Commercial Director of CryptoCompare said:

“Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data and indices. We are delighted to work in partnership with SGX to offer greater global access to institutional-grade digital assets products on Asia’s leading multi-asset exchange.”

Investor Continue Losing Interest on Crypto products in July, Report says

Depressed sentiment continues to override amid investors and the crypto market. A monthly report shows that data of assets under management (AUM) declined 14% compared to the previous month, according to the CryptoCompare report. Meanwhile, the total trading volumes plummeted by 35.4% across all digital-asset investment product markets.

In the July edition of the Digital Asset Management Review released by CryptoCompare Thursday, the report highlights the decline of the total AUM sank by 14.0% to $34.8 billion in the digital asset investment sector, compared to last month.

image source: CryptoCompare

In terms of company and product, Grayscale’s products continue to dominate the majority of AUM, “occupying more than 80% at $27.9 billion, followed by XBT Provider, taking 7.8% at $2.7 billion and 21Shares weighting for 2.7% of the total with$949 million,” according to the report.

image source: CryptoCompare

Meanwhile, the aggregate daily volumes across all digital asset investment products types dropped by an average of 35.4% from June to July. The average daily volumes now stand at $319 million.

Yet, the average weekly inflows improved and returned to a positive net inflow of $58.5 million in July, in comparison to net outflows of $59.5 million last month.

image source: CryptoCompare

The crypto market has lasted a low volatility period for serval weeks. Bitcoin even fell below the $30,000 support level recently. Bitcoin price was rebound after stimulated by comments from the CEO of Tesla, Elon Musk, concerning the possibility of Bitcoin payment for Tesla.

Bitcoin was trading at $32,636 at 11:15 a.m in Hong Kong, up by 1.89%. The highest point of BTC reached to $32,787 level in 24 hours, according to Datamish.

Bitcoin Surged for Eight Consecutive Days, a Feat since December 2020

The uptick in the Bitcoin (BTC) market, which saw the leading cryptocurrency test the $40K level, has been a sigh of relief to the crypto community because low volatility had become the norm.

Therefore, BTC has been on an upward trajectory for eight consecutive days, as revealed by CryptoCompare. The crypto analytic firm acknowledged:

“Bitcoin has now climbed for eight days in a row – a feat last achieved in December 2020. This week alone, BTC has risen more than 20% from ~$31,000 to ~$40,000.”

The recent low of $29,500 signalled the turning point as disclosed by Charles Edwards. The founder of Capriole Investments noted:

“Bitcoin Energy Value turned positive, rising 8% just as Bitcoin’s price was making new lows, signaling the turning point.”

On the other hand, long-term Bitcoin holders showed their confidence in the leading cryptocurrency because they accumulated heavily in the recent dip.

Crypto exchange transaction fees hit a 19-month low

According to on-chain data provider Dilution-proof:

“There is a lot of talk about the Bitcoin blockchain being a ghost town, but exchanges are feeling the cold shoulder as well, as the 7-day moving average of the total exchange transaction fees hits a low not seen since January 2020.”

On the other hand, capital sitting in stablecoins is penetrating the BTC market, as disclosed by Will Clemente. The market analyst explained:

“There’s still a lot of capital on the sidelines sitting in stablecoins. This capital is just starting to flow back into the BTC market.”

Meanwhile, Bitcoin’s address activity recently hit a record high in the last three weeks, whereas social and trading volumes surged to a 5-week high. It, therefore, shows that investors usually keep a keen eye on BTC’s price rather than the use of the asset.

As Bitcoin continues trading around the top of the $30K-$40K zone where nearly 20% of its supply last moved, whether a breakout will materialize remains to be seen.

Crypto Exchange CEX.IO Named as Top 10 Safest Crypto Exchanges by CryptoCompare

Cryptocurrency exchange CEX.IO is named in the top 10 safest cryptocurrency exchanges by CryptoCompare – the independent global cryptocurrency market data provider, ranking ninth.

Established in 2013 in the UK as one of the first cloud mining providers, CEX.IO has become a regulated multi-functional cryptocurrency exchange, trusted by over a million users.

CEX.IO offers cross-platform trading via website, mobile app, WebSocket, and REST API, providing access to a high liquidity order book for top currency pairs on the market. Instant Bitcoin buying and selling are available via a simplified bundle interface.

CryptoCompare compared more than 150 global spot exchanges in the current market for a comprehensive assessment in terms of Know-Your-Customer (KYC) or trading risk, asset diversification, market quality, data provision, team/exchange, and security.

The Benchmark assigns a AA – F grade to help identify the lowest risk venues in the industry. CEX.IO received an “A” rating in these categories.

Coinbase scored the highest in CryptoCompare’s latest benchmark, followed by Gemini, Bitstamp, and Binance.

CEX.IO was also recently listed by Forbes as one of the top 20 best cryptocurrency exchanges in the world.

According to the official website, “CEX.IO Limited received a Distributed Ledger Technology (DLT) license issued by the Gibraltar Financial Services Commission (GFSC). CEX.IO Corp. has obtained Money Transmitter Licenses (MTLs) in 26 US states, and keep on working on covering more.”

The security issue of cryptocurrency exchanges has always been a matter of great concern and concern to investors.

The world’s largest cryptocurrency exchange Binance has set up a $1 billion insurance fund for customers to double-protect the platform from hacking attacks.

Bullish Sentiment Restores in Crypto Derivatives Markets, Surged to $3.12 Trillion in July

Investors in the cryptocurrency ecosystem have increased their exposure to derivatives markets, with trading volume on central exchanges rising to $3.12 trillion in July, up 13% from the previous month, according to researcher CryptoCompare.

Derivatives trading volume on major exchanges hit the $245 billion mark on July 29, up 9.7% from its daily high of $223 billion throughout June, according to CryptoCompare data.

The move was marked by signs of recovery from a crash in futures/options contracts.

Crypto derivatives are secondary contracts or financial instruments whose value is derived from a primary underlying asset such as Bitcoin (BTC), Ethereum (ETH), or other alternative currencies.

Futures are investment contracts that enable investors to gain exposure to an asset without owning it directly. Futures allow traders or investors to speculate on the future price of the underlying asset.

Options offer traders a unique opportunity to buy or sell crypto tokens at a price. The price of an option contract will vary depending on the time of purchase, the strike price, and the day of expiry.

CryptoCompare states, “the rise in derivatives trading volume indicates an increase in speculative activity as traders believe there is room for further upside in this rally.”

Previous Fed rate hikes, inflation, and the war between Ukraine and Russia triggered investors to sell cryptocurrencies sharply, causing the cryptocurrency market to plummet.

Lower-than-expected inflation data from the United States boosted market risk appetite, and cryptocurrencies have now recovered.

Bitcoin (BTC) quickly crossed $24,000, and Ether (ETH) also managed to climb back above $1,900 during the intraday.

CryptoCompare pointed out that the market is also concerned about the potential market for the upgrade and merger of Ethereum. This upgrade is expected to increase the network rate of Ethereum, which may help Ethereum to strengthen.

So open interest for ETH derivatives is higher than BTC for the first time.

Derivatives market volume now accounts for 69% of total crypto volume, up from 66% in June.

The prospect of value-adding derivatives has made them popular among retail and institutional investors. While U.S. law remains largely ambiguous, forays into derivatives markets have been a better investment option for most businesses looking to capitalize on asset price swings to make money.