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Alt-Coins Lead Sudden Collapse In Cryptos, Bitcoin Battered Below $10k

Courtesy of ZeroHedge View original post here.

Update (1415ET): Bitcoin has suddenly caught down to altcoins…

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On the same day as The Chicago Mercantile Exchange Group’s Bitcoin futures saw an average daily volume of $515 million in May 2019, non-Bitcoin cryptos have just suddenly collapsed.

CoinTelegraph reports that the CME Group’s Bitcoin futures are seeing new records in trading activity. CME Group’s managing director Tim McCourt said that in May, Bitcoin futures were, “trading an average of more than 13,600 contracts each day, equal to ~$515 million in notional value or 68K equivalent bitcoins.”

Record trading volumes

McCourt also noted that, on May 13, Bitcoin traded a record daily volume of 33,677 contracts, equivalent to over 168,000 BTC ($1.705 billion as of press time). Furthermore, the year-to-date daily average number of Bitcoin futures contracts traded is 7,237, equivalent to 36.185 BTC (currently worth $62.9 million). 

He said that there is broad and growing interest in different applications for cryptocurrencies and blockchain technology, adding:

“It will be interesting to see how this new market continues to grow and scale. For us at CME Group, a major focus is education, and making sure our customers have all the tools they need to make solid strategic decisions around crypto.”

Earlier this month, Bakkt – the much-anticipated platform for monthly and daily Bitcoin futures trading – announced that it would launch on Sept. 23.

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And while Bitcoin is falling back towards $10k…

Source: Bloomberg

The rest of the crypto-space is really getting hit hard with Litecoin worst, down 10% in minutes…

Source: Bloomberg

Interestingly this sudden plunge occurs as CoinTelegraph reports that the pro-democracy, anti-government protest movement in Hong Kong is spurring wider adoption of cryptocurrencies such as Bitcoin.

Yahoo! Finance reported on Aug. 28 that the political upheaval in the city — which has now entered its 12th week — is prompting several local businesses and individuals to switch to using non-sovereign and decentralized digital currencies.

Apolitical, borderless money for the pro-democracy movement

On Aug. 26, Hong Kong department store Pricerite announced it would begin accepting Bitcoin, Litecoin (LTC) and Ether (ETH) at its fourteen locations in Hong Kong. 

Yahoo Finance! notes that the store has indicated it will be able to swiftly convert the crypto into Hong Kong dollars using the Bitcoin network’s scalability layer, Lightning Network.

Alongside traditional retailers, cryptocurrency firm Genesis Block has been operating 14 crypto ATMs across the city. 

In July, Genesis Block — which trades under the name “CoinHere” — distributed water to protestors that had been paid for using international donations in Bitcoin Cash (BCH), as well as umbrellas — a symbolic reference to the city’s 2014 Umbrella Revolution.

The surge in interest in cryptocurrencies comes against a backdrop of other forms of economic activism. Earlier this month, protestors initiated an action to withdraw as much money as possible from their bank accounts, or convert their local currency into US dollars. 

This had a twofold purpose, serving both as preemptive protection of their personal assets and sending a sharp warning to Chinese authorities. 

As early as June, moreover, it was reported that a numver of Hong Kong’s tycoons — a city which counts 853 individuals worth more than $100 million — had begun to move their wealth offshore.

Bitcoin trades at a premium in Hong Kong

Should the protest movement fail to prevent China’s controversial extradition bill from becoming law, mainland Chinese authorities will have the right to demand that Hong Kong courts freeze and confiscate assets related to crimes perpetrated on the mainland.

Bitcoin trading volumes in Hong Kong soared in June amidst the turmoil, and the coin continues to trade locally at a several hundred dollar premium on peer-to-peer exchange LocalBitcoins.

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One can't help but wonder what Chinese authorities will do to prevent Honkers citizens from getting their cash out of dodge.


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