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BITCOIN > IMF

Reporting on the IMF’s CBCD panel & global KYC-roadmap plus on-chain metrics fun as Bitcoin hits $13,000 for the first time 2020

Efficient Frontier
Oct 26, 2020 · 5 min read

First, a quick update

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Despite one of our market’s biggest exchanges, OKEx, surprisingly halting withdraws on October 16th, Bitcoin continued to rise by more than $1,500 in less than a week.

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“We suspect that with deposits sitting [in OKEx] with no end in sight, many have decided to go for broke and further leverage their long positions. This has pushed OKEx’s futures curve to the top of the pile [seen above], amidst an unusually flat contango for a bull market,” wrote QCP.

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The big news this week of payments giant PayPal announcing they will integrate Bitcoin buying and selling to their services (including Venmo) reflects the increasing mainstream acceptance of Bitcoin. This is also seen in the Chicago Mercantile Exchange’s open interest in Bitcoin futures, which rose sharply in the last two weeks from $477 million to $779 million.

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With BitMEX losing liquidity in the last weeks due to its legal issues, the CME is now for the first time in its history the exchange with second biggest amount of open internet in Bitcoin futures. With BitMEX losing liquidity in the last weeks due to its legal issues, the CME is now for the first time in its history the exchange with second biggest amount of open interest in Bitcoin futures.

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”Between Feb 9 and Oct 10, BitMEX’s dominance has more than halved, with BitMEX’s share of the total OI falling from 55% to 20%,” wrote Arcane Research. They also noted that transaction fees are currently 9.5% of the miner revenue and that the miner revenue has not been this influenced by transaction fees since the 2017 bull run, as seen in above chart (on the right).

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And ending on a extra positive note: Google searches for Bitcoin are still just at 7% of their 2017 peak. We’ll be watching Bitcoin price into the American elections next week, but it’s nice to be reassured that the long time holders have nothing to worry about.

Your friends at the IMF

“I used to say the future is digital, until I realized the future has arrived,” said the moderator of the panel and IMF director Kristalina Georgieva. Most of the panel’s discussion centered around the political consensus of the importance of careful consideration, deep study and multi-disciplinary international team work, mentioning a dozen research centers from Boston to Singapore.

“The dollar still the world’s reserve currency”

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Roadmap for international ID and KYC

News & links

  1. Orders from the Top: The EU’s Timetable for Dismantling End-to-End Encryption
  2. Uk-listed Mode Global Holdings puts 10% of their balance sheet into Bitcoin
  3. Big Oil Goes for Bitcoin: Bitcoin as part of the future electricity grid
  4. Deribit Insights: On Tax Risk in Defi
  5. Twenty-five U.S. based cryptocurrency companies publish guidelines for compliance with G20’s FATF oversight

7. Traders report FileCoin testnet coins sold on mainnet

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Efficient Frontier

With over 12 years of high frequency and algorithmic…

Efficient Frontier

Written by

Leading research & algorithmic trading firm for the cryptocurrency markets efrontier.io

Efficient Frontier

With over 12 years of high frequency and algorithmic trading experience, our technology powers weekly over $1 Billion of trade. We’re passionate about digital assets and our mission is to bring professional, trusted technology that adds value to the industry and the markets.

Efficient Frontier

Written by

Leading research & algorithmic trading firm for the cryptocurrency markets efrontier.io

Efficient Frontier

With over 12 years of high frequency and algorithmic trading experience, our technology powers weekly over $1 Billion of trade. We’re passionate about digital assets and our mission is to bring professional, trusted technology that adds value to the industry and the markets.

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