Latest news on the cryptocurrency market
The volume of transactions on the popular P2P crypto trading platform, LocalBitcoins, has declined significantly, and last week dropped to a 7-year low. From February 17th to 22nd, the trading volume amounted to 3,144 BTC, the lowest result since May 2013. At the same time, just a year ago, weekly trading volumes exceeded 13,000 BTC. Does this represent a decline in Bitcon’s liquidity?
Trading volume on LocalBitcoins fell to a 7-year low, Ethereum Classic developers named the date of the next hard fork, Huobi stock exchange launched a test network of its token. We have made a selection of the important news from last weekend.
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Over the past three days, several events have occurred on the cryptocurrency market, which could affect both the value of individual coins and the market capitalization. The main ones are in our selection.
Huobi has launched a test network of its token
Huobi cryptocurrency exchange has announced the launch of a test network of its own Huobi Token. Against this background, the price of altcoin rose by 12% to $5.4. To date, it has dropped to its previous level of $4.65.
Trading volume on LocalBitcoins fell to a 7-year low
The number of trades on a p2p-platform for buying and selling LocalBitcoins cryptocurrency fell to a 7-year low. From February 16th to 22d, this figure was about 3,144 BTC, which corresponds to the values of July 2013, when the company has just started working.
The decline in Bitcoin trading volume on LocalBitcoins can be caused by several reasons. These include stricter requirements for user identification, cancellation of the possibility to make transactions in person and the growing competition from other sites.
The developers of Ethereum Classic have chosen the date of the next hard fork
The Ethereum Classic development team has scheduled the next update of the cryptocurrency network to block 10 500 839. It will take place approximately on June, 10th, but the date may change, it depends on the ETC miners extraction speed.
The previous Ethereum Classic Agharta update took place on January, 12th. The price of altcoin started to rise in early December and, in only two months, increased by more than 250% from $3.4 to $13.
The fluctuations in the Bitcoin exchange rate
On March 1st, the price of Bitcoin rose to $8,740, a few hours later it dropped to $8,410. At the moment, the coin is worth $8,650, a daily increase in the price of 1.1%.
Another 100 million XRP tokens are now available for sale
Blockchain start-up Ripple unlocked 1 billion XRP tokens, after which 900 million of them were returned to the storage. That is likely due to the company’s new policy aimed at reducing the sales of its coins.
At the same time, Ripple technical director David Schwartz said that the startup is developing a new feature, which will make it possible to release stablecoins on the XRP token block.
P2P trading is now available on Binance’s web version
In the browser version of the Binance exchange, there is a possibility of P2P trading. Now users can directly exchange BTC, ETH, BNB, BUSD and USDT coins with zero transaction fees. Previously, this feature was only available in the company’s mobile application.
A new record in the Bitcoin network
The number of transactions in the Bitcoin network has overcome the mark of 3.1 billion. The majority of transfers were made in 2019, for 12 months this figure was $1.1 billion.
(Featured image by Stanislaw Zarychta via Unsplash)
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