Bitcoin had most of it at circa $30 billion. Eth followed with $12 billion as cryptos rise on high volumes.
The main market for bitcoin is Bitmex, which has bitcoin settled unregulated futures trading. They are handling $8.7 billion.
Far more interesting is Negocie Coins, a new exchange (as far as our radar is concerned) serving Brazil with $2.3 billion in bitcoin trading volumes for the past 24 hours.
Then there’s a number of USDT pairs all at about $1 billion, followed by JPY, CNY and USD at circa half a billion per the biggest exchanges in trading volumes.
Much of this is probably fake wash trading, but they were fake before too. An increase in fakeness presumably also indicates there has been an increase in demand because something has clearly happened.
New markets have entered. Most of these exchanges we’ve never heard of, yet the globe is a very big place and bitcoin is traded all over the world.
They primarily do so against USDT, the tokenized dollar. Contrary to the views of some old congressmen, therefore, bitcoin may be cementing the position of the dollar, rather than undermining it for now.
That’s because the Chinese in particular bypass their Central Bank’s blockade on crypto exchanges by buying Tether Over the Counter (OTC) to then exchange it for whatever they want on crypto only exchanges.eval(ez_write_tag([[336,280],'trustnodes_com-medrectangle-4','ezslot_1',169,'0']));
Tether they choose because it is obviously most liquid and has the highest number of trading pairs with it easily exchangeable for bitcoin or anything else.
After much scrutiny, we are now learning Tether is actually backed by fiat dollars and this project is legitimate as it stands. Not fully, but a lot more than was suspected.
It is this still new invention of digitized dollar cash that is making it far too easy for people across the world to join the bitcoin and crypto market.
From South Africa to Brazil, China and Arabia, Europe and America, crypto markets are springing up. Making this a global phenomena unlike any other that has existed before.
The young in particular like the convenience of just going to an exchange and being done with it in minutes. For some very smart young men and women, however, bitcoin is not just an idea of people’s power over money, it actually solves real problems.
Inflation in much of the world is too high. Bank accounts are almost impossible to access because in many developing countries there is no banking as we know it, let alone in poor countries.
eval(ez_write_tag([[468,60],'trustnodes_com-box-4','ezslot_2',171,'0']));That means much of the world is cut-off from online commerce. If they want to buy a Netflix subscription, for example, they need a debit or credit card or a PayPal account which in turn needs a credit or debit card.
Most of them can of course live without Netflix, but the above applies to anything purchasable online, from cheap Chinese clothes, to newspaper subscriptions, to Amazon books, to flights.
Some online business do accept bitcoin, and by a stroke of code their business is now truly open to the entire world because the profit motive is setting up banking like infrastructure throughout the globe by what we call crypto exchanges.
Such exchanges obviously have to interface with fiat, but bitcoin ATMs are springing up everywhere, kiosks or shops where you can turn fiat into crypto are likewise increasing in numbers.
This access to global money may do for some countries what the elite has failed to do: give them banking and access to global commerce.
In our daily reporting and analysis of stats, it appears very clear a certain amount of bitcoin fiat volumes seem to be unaffected by price. That suggests in many countries, some businesses and/or people are using bitcoin as just a conduit. As a tool to perform a service, rather than as an investment.
A new financial system therefore is rising. At the edges, slowly and gradually, but a generation is taking matters on their own hands and is incentivized to serve the people of the world wherever they are and to bring this century to every corner of the globe.