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Binance.US Offers Institutional Liquidity to Tagomi Users in a Partnership Deal

Binance.US has partnered with Tagomi, a crypto brokerage firm, to offer institutional liquidity to its users in its cross-exchange trading platform in the form of venture funds, quant funds, IRAs, and HNWI, family offices and access to select trading pairs at an increased pace in the marketplace.

With this partnership in place, Binance.US, as the 15th exchange partner to join Tagomi, has made another great move aimed at bringing the more extensive market demand of digital assets of US customers to their doorstep.

According to the President of Tagomi

Marc Bhargava, it is only a few countries that have the potential to rival the liquidity and demand of U.S. markets. He maintained that as global players in the crypto market, secure and reliable access is needed by US’ venture capitalists, family offices, and large funds.

“Binance.US is tilting the odds in their favor by offering Americans broader asset exposure,” Bhargava admitted.

In accordance with the partnership deed, Tagomi will submit trade orders across several exchanges at cost-effective prices to its users, while Binance.US will ensure increased access to on-demand liquidity to Tagomi’s institutional users.

“Our partnership with Tagomi falls directly in line with our mission to make the U.S. a global leader in the growth of the digital asset market, while also helping educate new and sophisticated traders on the wealth of opportunities cryptocurrencies present, well beyond simple investment vehicles,” Catherine Coley, CEO of Binance.US, said.

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How is CoinMarketCap Combating Fake Crypto Trading Volumes with its New Liquidity Metric?

Crypto data aggregator, CoinMarketCap (CMC), held its inaugural large-scale event, The Capital, bringing together leading stakeholders in the blockchain and cryptocurrency space. Held at the Victoria Theatre in Singapore on Nov. 12-13, CMC released its new metrics for assessing liquidity for the industry to solve the problem of volume inflation caused by crypto exchanges and market makers. Blockchain.News sat down with Carylyne Chan, the Chief Strategy Officer of CMC in Singapore, for an interview on the new liquidity metric and other initiatives CMC is putting forward for a more transparent crypto ecosystem in terms of data.

Liquidity metric: Combating inflated volume reporting by crypto exchanges

It was announced at The Capital that CMC has revealed that the website has released a new metric to rank crypto exchanges by using liquidity in addition to the ranking by trading volume. The change in ranking methodology focused on combating inflated volume reporting by crypto exchanges. Chan believed that the previous solutions such as picking a few “trusted” exchanges or unscientific correlations like web traffic were not comprehensive to address the root cause of the issue.

Chan stated that there are three components to the liquidity metric system, the distance of the orders from the mid-price, the size of the orders, and the relative liquidity across different market pairs. The liquidity metric has been designed to measure liquidity adaptively while polling market pairs at random intervals over 24 hours and the result is based on the average. This way, time zone differences and change in order book depth due to immediate market conditions would be accounted for.

Chan further explained, “Why we got to liquidity in the first place is because liquidity is the most important aspect for traders. For us, we are moving away from volume; the volume has lost a little bit of its purpose to gauge real trading interest. Liquidity metric itself can help us to ensure that we account for orders that are close to the mid-price and higher, and orders that are further from the mid-price, we discount that market.”

On the relative liquidity aspect across different market pairs, Chan said: “When we think about liquidity across different digital assets, we have to account for liquidity for different types of assets. For example, if you have a BTC/USDT paired on a very liquid exchange, its liquidity will be higher than if you have a much more illiquid market, let’s say that 2000th ranked coin on another exchange. What we’re really trying to say is that we can account for each of these different assets, because the liquidity metric adapts to each of them based on how the absolute liquidity is.” There will be three phases on the new Liquidity metric on CMC’s website: firstly on the ranking of trading pairs, followed by exchanges and finally, cryptoassets.

Chan explained that CMC’s acquisition of the Hashtag Capital team was for the company’s pricing algorithm. “When I described the graph-based algorithm, the genesis came from the Hashtag team. After we brought them in, we also did a lot of research with them on liquidity. They have also been critical in the creation of the Liquidity metric,” said Chan. She also added that the Hashtag team had made very “big contributions” there.

CMC’s graph-based algorithmic pricing model

Regarding CMC’s graph-based algorithmic pricing model, Chan said that the current way of pricing is mostly based on volume. “We look at the volume of that particular market pair and how much it contributes to volume as a percentage of everything, and we average out the price (i.e., volume-weighted average price),” Chan elaborated.

Under the new graph-based model, the way that pricing works will be different. “We put all of the assets in a graph model. We start mapping the relationship between each of them to see how each asset’s price affects another’s price.” She also mentioned that regression and solving simultaneous equations are used to investigate how the models could be mapped out. “We do that over and over across multiple iterations until we get to the best and the most stable price.”

CoinMarketCap Puts Wash Traders On Notice With New Metric

CoinMarketCap’s new “Liquidity” metric is coming down hard on exchanges that harbor wash traders. Wash trading is a process whereby a trader buys and sells an asset for the express purpose of manipulating trading volume and feeding misleading information to the market. In some situations, wash trades are executed by a trader and a broker who are colluding with each other, and other times wash trades are executed by investors acting as both the buyer and the seller of the security.

In the cryptocurrency industry, trading volume lost its value as an effective metric to rank exchanges and, consequently, digital assets. As a result, CoinMarketCap is planning to switch over to a new metric that will provide “real trading activity,” according to the firm’s Head of Strategy Carylyne Chan.

Liquidity the Main Metric

In a recent interview with Blockchain.News, Carylyne Chan affirmed that there is going to be a drastic change in the current rankings on CoinMarketCap — liquidity will become the default metric instead of volume.It was first announced at The Capital that CMC has released a new metric to rank crypto exchanges by using liquidity in addition to ranking by trading volume. The change in methodology focuses on combating inflated volume reporting by crypto exchanges. Chan believed that the previous solutions such as picking a few “trusted” exchanges or unscientific correlations like web traffic were not comprehensive to address the root cause of the issue.

A comparison of the top 5 exchanges by liquidity and the top 5 by daily volume shows major discrepancies between both metrics. At the time of writing, HitBTC is first in terms of liquidity followed by Bitfinex, Binance, Huobi Global, and Kraken. Meanwhile, MXC is on the top of the list based on trading volume succeeded by Coineal, BitForex, BitMart, and CoinBene.

Chan said, “It creates generally speaking a public good, because then people will be able to trade better, they will be able to get a more accurate understanding of what the real prices across the world are for the asset they’re trying to trade. The focus on liquidity will make the whole market more efficient in general.”

The new methodology is in place and the crypto-world waits to see what real insights about the cryptocurrency industry it provides, and how CoinMarketCap will continue to prevent bad actors from gaming the system.

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CoinMarketCap CSO, on DeFi for Fostering a More Open Economy

Following part one of our interview with Carylyne Chan, the Chief Strategy Officer at CoinMarketCap, she elaborated on seizing market opportunities in decentralized finance (DeFi) with a new product, Interest by CoinMarketCap. She also outlined the potential effects of staking regarding CMC’s operations and plans for 2020.

DeFi allowing CMC to foster a more open economy

CMC announced the launch of Interest by CoinMarketCap on Oct.17, as the one-stop resource for users to acquire the latest information on rates in saving, lending, borrowing and margin trading on cryptoassets. The platform started with 33 cryptoassets traded across wallets, exchanges and decentralized finance (DeFi) platforms, and now has over 40 assets. Chan strongly believes that DeFi will allow CMC to foster a more open economy. By creating a more transparent data platform, Chan further explained, “What we’re trying to do in the DeFi space is to ensure that we show everything in the same place, bringing transparency and efficiency to the space.” Chan suggested that CMC may soon go beyond listing crypto assets on Interest by CoinMarketCap and that derivatives may be added in the future. She also believes that many aspects are interlinked, including the yields for borrowing and lending as it affects the pricing across the spectrum.

Integration for a better user experience

Gathering data from decentralized, borrowing, and lending platforms have been “pleasantly straightforward,” according to Chan, as there are a lot of similarities in the infrastructure of how the information is collected from exchanges. Elaborating on CMC’s aim to enhance user experience, Chan said, “We wanted to find meaningful ways that we can segregate different things, including centralized, decentralized categories that you see on the site. On the product side of things, people can really experience and enjoy the platform in a way that helps to compare things much more easily.”

What is the impact of staking?

As Ethereum is moving towards implementing a proof-of-stake (PoS) consensus algorithm, Chan explained the possible challenges CMC may have to overcome. “Staking has a few areas of impact, when we think about staking and how it affects circulating supply and finally on the market capitalization of crypto. When the crypto is staked, it is locked in a sense, so we have to think about how we can account for crypto, which is staked, and account for the supply based on that.” She further added that the company is currently working out the details of this matter, and she also believes that PoS is a better solution for the environment. “I think that there will be many more opportunities for us to aggregate some of this content to help push forward behaviors such as staking and participation in staking.”

What’s next for CoinMarketCap in 2020?

After announcing the new Liquidity metric at The Capital, Chan said that CMC would continue to push on improving the accuracy of data as well as to increase the utility and the content of the site to add more content partners. “We launched a jobs board as well, increasing the utility of the site will allow us to engage more deeply as we will be launching new educational initiatives. We are also going mainstream with outreach such as on Yahoo Finance and other aggregator sites,” said Chan. CMC confirmed its strategic partnership with Yahoo Finance on Nov. 21 to power Yahoo’s cryptocurrency screener section.

MakerDAO May Onboard USDC as DAI Collateral Support to Combat Mounting Liquidity Risk

The share plunge of the cryptocurrency market has severely hit MakerDAO, the leader in the decentralized finance (DeFi) ecosystem. Last week its market value fell sharply from 889M to $246M which brought together Maker’s developer community who have recently discussed adding support for Circle’s USDC as collateral to hedge against the liquidity risk.

MakerDao Foundation’s Developer Team hosted a public meeting this morning where the discussion focused on the code on the collateral adaptor for USDC.

According to the official thread, adding the stablecoin as collateral will help to create liquidity for Maker’s Dai stablecoin and push the Dai peg back towards $1 – “The mechanism of this looks like: Lock USDC -> Mint Dai -> Sell for USDC -> Repeat.”

The thread also states USDC collateral, “ Will allow Vault Holders to close their Vaults without eating the loss on the Dai peg being high against USD.”

Diluted DAI

First on the list of the author’s perceived negatives of adding USDC support would be the reduced decentralized purity of Maker’s Dai. Introducing a US dollar backed stablecoin could also hold a regulatory risk and may result in Circle blacklisting the locked up collateral due to KYC concerns.

During the call, a MakerDAO representative dismissed the Dai dilution argument stating, “ DAI is decentralized because there is no central authority that mints or custodies or approves people’s access to it. The individual does all of it for themselves, that’s why the community is driving the parameters of the systems (per the discussions in forum).”

The representative emphatically summarised, “To say that DAI is not decentralized because of some of the assets that might back it would be erroneous.”

Finding a New Peg for Dai

As reported by Blockchain.News on March 13, following the global stock market crash, the price of multi-collateral DAI (MCD) lost the dollar peg and reached USD 1.07.

To restore the pegging between MCD and USD, the MakerDAO community also has proposed the reduction of DAI Saving Rate (DSR) which brings more DAI in circulation and thus moving the DAI price closer to the $1 peg.

The Maker Foundation have confirmed that they are now making the technical preparations to onboard Circle’s USDC as collateral, but no strategy to restore Dai’s peg has received a confirmation vote yet from Maker’s governance council.

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Kraken Brings Crypto Asset Liquidity to Skrill and Neteller

Paysafe, a leading specialized payments platform has chosen US-based cryptocurrency exchange Kraken as their crypto asset liquidity provider.

Paysafe has become the latest enterprise payments platform to choose Kraken as its crypto asset liquidity provider.

According to the announcement, the partnership will further strengthen Paysafe’s own cryptocurrency trading services through its massively popular digital wallets— Skrill and Neteller.

Leveraging Skrill and Neteller, Paysafe customers will now be able to buy, sell and spend cryptocurrencies while Kraken will provide the underlying liquidity.

Daniel Kornitzer, Paysafe’s Chief Business and Development Officer said, “We’re delighted to be collaborating with Kraken as we continue our journey of delivering industry-leading, frictionless crypto-asset trading services to our Skrill and Neteller clients.”

For Kraken, the announcement is indicative of the strength of their global liquidity as they are now powering more than 150 real-time markets for the cryptocurrency and fiat currency transactions.

Maximillian Marenbach, Kraken’s EMEA Head of Banking said:

“We are proud and thrilled to have been chosen by Skrill and Neteller to be a source of crypto liquidity.” He added, “This is a great sign for the growing acceptance of and interest in crypto and amazing news…for the whole industry.”

How Liquid is Kraken?

Recent independent research conducted by Finery Tech found Kraken cryptocurrency exchange to be the “clear leader” and offers the deepest liquidity for BTC/EUR pairing. The study determined Kraken as the front runner while also assessing popular exchanges Binance, Bitstamp, and Coinbase.

As recently reported by Blockchain.News—Kraken Futures, a subsidiary of Kraken, also known as Crypto Facilities, recently announced it had been granted a Multilateral Trading Facility (MTF) license from the United Kingdom’s Financial Conduct Authority (FCA).

A Multilateral Trading Facility is a term used for trading systems that facilitate the exchange of financial products between different parties in Europe. However, with the Brexit deal still in negotiation, it has not been made clear how regulatory licensing will be treated for after the event.

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Ripple Outpaced Other Blockchain Companies on Inc's List of Fastest-Growing US Companies

Ripple has outpaced other indigenous blockchain companies on a recently published list of 5000 fastest-growing private companies in the United States. Inc, one of America’s leading business magazines ranked Ripple in the 123rd Position.

The business magazine revealed that Ripple has recorded a significant milestone in the past three years spanning 2016 -2019 with about 3,039% growth, and a median growth of 165% within the same period.

The United States of America is replete with notable blockchain companies including Kraken, Bakkt, and Coinbase which makes the Ripple ranking applaudable.

Ripple’s Growth Was Fueled By its On-Demand Liquidity Service

Ripple’s growth in recent years was fueled by the company’s two unique products, its On-Demand Liquidity service, and the Ripple (XRP) coin. The former offering has gained massive traction as it is seeing increased adoption by financial institutions around the world. The On-Demand Liquidity service offered through the RippleNet platform helps bring instant payment settlement, particularly in cross border transactions to customers around the world.

To boost its On-Demand Liquidity service provisions, Ripple entered into a partnership with payment service giant MoneyGram in a deal worth over USD 70 million. As MoneyGram CEO said, the partnership helped the two companies expand the use of On-Demand Liquidity which has thus far helped in ‘creating better customer experiences’.

Ripple’s Chief Executive Officer, Brad Garlinghouse has also rightly noted that world governments are now seeing blockchain as a viable solution to addressing transparency and settlements, a position that has further fueled his campaign of Ripple’s On-Demand Liquidity service.

As the major coin used for the On-Demand Liquidity settlements, the Ripple (XRP) coin, has seen impressive growth in recent days. Thus, it has regained its place as the third-largest cryptocurrency by market capitalization. While the XRP coin has seen some pushbacks due to low adoption, it remains a key component of the company value offerings, and indirectly its future prospects

Ripple Unlocks 1 Billion XRP From Escrow, XRP Trades Heavy As US Dollar Loses Value

Ripple, a leading crypto-payments firm recently unlocked 1 billion in XRP valued at over $280 million from an escrow account—increasing liquidity in the Ripple network.

Ripple, whose XRP token is the fourth most valuable cryptocurrency by market cap has just created more liquidity in Ripplenet by unlocking 1 billion XRP tokens. Meanwhile, Ripple Labs CEO Brad Garlinghouse believes the US dollars continued debasement will see an increase in the XRP price and the overall crypto market.

XRP Liquidity

According to crypto tracker, Whale Alert, Ripple unlocked its escrow account in two transactions unlocking 500 million XRP each time. The slow-release is part of the Ripple labs strategy that began in 2017 when the company decided it would not sell all its XRP tokens at once, but would lock up over 50 billion XRP in a protected account.

Ripple’s strategy involves releasing 1 billion XRP every month to be sold to facilitate funding for its development and payments platform maintenance and to invest in promising startups. The slow-release of tokens allows investors more access to XRP.

Ripple (XRP) operates as both a cross-border payments platform and as a means of transaction. Ripplenet recently came under some scrutiny when it was revealed that one its major banking partners, Santander would not be leveraging XRP as part of its own payments network due to low adoption.

Heavy XRP Trading as USD is Debased

As August came to a close, Ripple’s token XRP was heavily traded as XRPL Monitor reported that 20 million XRP tokens were moved by a whale account, with Coinbase receiving half of the transaction amount.

The strength of the US Dollar has also come under question as the Federal Reserve has continued to hold near-zero interest rates for the time being. Despite the announcement by the Fed that they will soon let interest rates flexibly rise, the continued push for negative interest rates have the potential to continue to spur investment shift towards better yielding assets and cryptocurrencies such as XRP could be a beneficiary of this factor.

Responding to an article in The Wall Street Journal on the Federal Reserves approved a new strategy of pre-emptively lifting interest rates to head off inflation, Ripple Labs CEO Brad Garlinghouse said in a Tweet:

The pandemic is throwing so many playbooks out the window… yesterday’s action flies in the face of decades of precedent. Signs point to further dollar debasement in the near term (leading to further diversification of assets which will certainly be good for crypto).

The XRP token price sits at 0.29 at the time of writing according to data from CoinGecko.

What Is Balancer?

Released in March 2020, the Balancer protocol is an Ethereum-based automated market maker (AMM) that enables users to earn fees by contributing to the platform by providing liquidity using multiple tokens. Balancer is a second-layer infrastructure platform built on top of Uniswap that allows AMMs to combine multiple unevenly weighted assets into a single pool.Described by some as a self-balancing crypto-ETF, Balancer allows users to create and manage their own personalized index fund by creating liquidity pools, or invest in an existing LP. These funds are self-balancing, meaning that currencies can be exchanged without the need to exit the liquidity pool.

AMMs allow market-making to take place without intermediaries, rather, by the use of algorithms that determine the rules of trades.

The Balancer Pool Management dashboard allows users to add or remove liquidity from different pools and oversee the liquidity and trading volumes of each pool.

With the use of Balancer’s Constant Mean Market Maker (CMMM), up to eight different crypto assets can be entered, swapped, and removed from LPs without friction.

How Does Balancer Work?

Balancer has a sleek UI, but under the hood, there are some sophisticated mechanics at work that allow such dexterity in LP management.

There are three variations of the Balancer pool: Private Pools, Shared Pools, and Smart Pools.

Private Pools:

There is only ever one single LP in charge of the pool.

Shared Pools:

Liquidity can be added by anyone. Ownership of the pool is tracked by the Balancer Pool Token (BPT).

Smart Pools:

Similar to Shared Pools, liquidity can be added by anyone, with ownership tracked by BPT. The main difference is that this pool is operated by a smart contract that enables users to readjust balances, weighting, and fees.

Pools are owned by liquidity providers that can create pools and profit from the trading fees. This model is similar to that of Uniswap, but the key difference is that LPs on Balancer can use ERC-20 tokens of their choice to create a pool and also set custom trading fees.

Rebalancing works when an LP creator decides how much of each asset will be in a liquidity pool. As an asset is traded from the pool, the percentage of that asset’s weight within the pool reduces. If the prices of the assets within the pool begin to deviate from market prices, the price differences are taken care of by arbitrators.

Though there are currently no fees from trades on Balancer, this could soon be implemented.

What Problems Does Balancer Solve?

Centralized exchanges provide an on-ramp for new users. Once a user has gone through KYC, the rest is pretty simple. Custodial services from centralized exchanges are also appealing to those that are new to crypto.

However, the incredible rise in decentralized exchange volumes in recent months are shadowing their heavily regulated counterparts. DeFi platforms like Balancer allow users to provide liquidity and trade without KYC, from anywhere in the world.

The BAL Token

When released in March 2020, Balancer was not fully decentralized. Parent company “Balancer Labs” raised $3 million of investment in the March seed round. The first iteration of the protocol meant that users were not able to participate in the governance of the protocol, though the BAL token is designed to take care of this.

The BAL token is intended to be a governance token, similar to COMP or MKR. BAL will give users governance rights to decide the future of the protocol as it matures into decentralization. The yield farming hype that has propelled DeFi in recent months has made BAL a speculative and highly traded asset.

The Balancer Hack

Very early in the protocol’s history, Balancer was hacked. Four months after launch, the protocol was exploited for roughly $500,000. The sophisticated attack was carried out using a Flash Loan from dYdX and the deflationary Statera (STA) token.

The attacker took out a flash loan from dYdX to the sum of approximately 104,000 WETH, worth around $23 million at the time. This was swapped multiple times for STA. As each transaction burned around 1% of the STA, the amount of WETH increased dramatically.

Balancer did assure users that all lost funds would be reimbursed, which shows a great deal of integrity considering the impact on the reputation of the platform so early on.

Conclusion

Users can put their crypto to work by earning fees for participation, which is handy for the over-hodlers among us. You could deposit your entire portfolio, should you wish to, into these rebalancing LPs as others trade against your portfolio.

Asset prices are not fed by outside oracles as LPs don’t change unless a trade takes place within the pool. In the future, Balancer could be used to pool real estate and other assets. DeFi platforms aimed at the retail sector are becoming increasingly popular, expanding into new territory regularly.

With Curve and Uniswap both upping their AMM game, Balancer could be a serious competitor in the DeFi space if they are able to incentivize users. Balancer is still very young and has come a long way in such a short period. In time, it could compete with some of the most popular DeFi platforms on Ethereum.

Why Bitcoin Should Make Up 5% of Your Investment Portfolio, According to Fidelity

Bitcoin has behaved unlike any other investment asset on the market and its stellar performance so far is only indicative of something greater. According to Fidelity cryptocurrency experts, Bitcoin (BTC) has not unleashed its full potential yet, and investors should capitalize on its current growth and consider diversifying their investment portfolio with BTC.

Bitcoin’s budding potential among all cryptos

Research from Fidelity’s Digital Assets sub-division demonstrates Bitcoin’s movement on the market is unlike any other assets such as gold or stocks. The mainstream cryptocurrency has experienced great gains, with Bitcoin being the biggest digital currency by market capitalization. In reference to BTC’s potential, Director of Research for Fidelity Digital Assets, Ria Bhutoria said:

“Bitcoin has a $197 billion market cap (as of October 7,2020). Bitcoin is a drop in the bucket compared with markets bitcoin could disrupt.”

Fidelity makes the case for Bitcoin investment

Through its Bitcoin Investment Thesis report, Fidelity Digital Assets found that Bitcoin had a low correlation with other digital assets as well. As Bitcoin (BTC)’s movement was decoupled from that of other hedges, financial services giant Fidelity suggested that it was a wise choice for investors to consider allocating 5% of their investment portfolio to Bitcoin.

The report from Fidelity demonstrated that not only was Bitcoin’s behavior decoupled from that of other assets on the market, such as stocks and gold, but that the cryptocurrency appeared to be unaffected by external social and economic conditions, having experienced surges despite “economic headwinds.”

This in itself made the case for why Bitcoin was an attractive alternative investment, according to Fidelity. Director of research Ria Bhutoria stated:

“Bitcoin is fundamentally less exposed to the prolonged economic headwinds that other assets will likely face in the next months and years. Combined with its multifaceted narratives and an interesting effect of persisting retail and growing institutional sentiment, it could be a potentially useful and uncorrelated addition to an investor’s portfolio toolkit.”

In addition to this, Fidelity Digital Assets elaborated on Bitcoin’s other advantages, which included liquidity, accessibility, and low fees. As most alternative investment packages came with a commission fee pocketed by financial portfolio managers, monetary gains acquired by investors may sometimes be lower than what was earned. The report read:

“Alternative investments may be accompanied by fees that reduce the net returns investors receive, such as management and performance fees.”

The only transaction fees associated with Bitcoin was the actual cost of the crypto trade, as well as “the cost to custody the assets,” making it a great alternative for investors wishing to diversify their financial portfolio.

Fidelity supporting Bitcoin comes at a time when numerous institutional investors have diversified their companies’ treasury reserve with Bitcoin. Recently, Square payments company bought $50 million in BTC, and this made pave the way for other investors looking to onboard the crypto asset.

Winklevoss says Bitcoin price to hit $500,000

Fidelity’s sentiments also echo that of Bitcoin billionaire, Tyler Winklevoss, who has long touted Bitcoin’s horn. He asserted that Bitcoin was headed towards a mark-up of $500,000.

For Winklevoss, the “digital gold” cryptocurrency was the only protection against inflation. With the US Federal Reserve’s stimulus package plans and the reserve bank actively printing money, the US dollar has greatly depreciated, consequently leading to investors flocking towards Bitcoin as a safe-haven asset. With Bitcoin’s maximum supply capping at 21 million, Winklevoss said:

“Bitcoin is ultimately the only long-term protection against inflation.”

The mainstream cryptocurrency has recorded bullish momentum this week. Currently, as of press time, Bitcoin is trading at $11,438.85 on CoinGecko.