Chileans traded almost USD $300 million in Bitcoin over LocalBitcoins.com last week. This jump in over-the-counter trading points to greater shifts in the global economic status quo.
Mass Adoption Clearly Underway
The data shows a sharp increase in Chilean OTC Bitcoin transactions beginning in late 2016, and although volatile, demonstrates a sharp upward trend. The week ending on February 8th had by far the largest BTC trading volume. Given the overall crypto market recovery, it is reasonable to assume that this increase will continue.
Bitcoin has long been growing in popularity in South America, as economies in the realm have a long history of inflation and government graft. The data shows that Chile’s growing OTC market is far from unique. A similar trend can be seen in every nation in the realm.
South American centralized exchanges also are showing signs of growth. Fiat gateways such as Foxbit and Mercado Bitcoin are proliferating. Binance has recently moved into the realm with the launch of Latamex.
Bitcoin and Crypto Becoming A Major Economic Force
Much has been made about the popularity of cryptocurrency in underdeveloped countries, as citizens turn to blockchain assets during times of economic crisis. Telling, however, is the fact that cryptocurrency is becoming equally popular in stable developing nations as well. Chile, for example, has experienced solid economic growth and low inflation for over thirty years.
Other factors are clearly pulling citizens in nations such as Chile into the crypto space. One may be the fact that these countries are heavily dependent on remissions, an economic sector that cryptocurrencies are quickly taking over. Also, a sizable percentage of South America’s population is either unbanked or underbanked. Thus, blockchain assets can offer financial services not available from the legacy financial system.
It is worth noting that point-of-sale (POS) crypto services are rapidly moving into Latin America. PundiX, for example, soon plans to install tens of thousands of its XPOS devices in South American stores. Other POS companies such as Kappture and Cielo also have big plans for this market.
The overall growth of crypto adoption in realms such as South America is proof positive that a notable shift is taking place in the global economy. Politicians and regulators that have thus far chosen to dismiss the blockchain revolution will soon have no choice but to address it directly. The current record numbers of crypto adoption and transactions appear to be the tip of the iceberg as crypto becomes more available and user-friendly.
What do you think about Chile’s spike in OTC Bitcoin trading activity? Let us know your thoughts in the comments below!
Image via Shutterstock origin »
On-chain data suggests Bitcoin OTC transactions have been active recently, while exchange transfers have gone down. Bitcoin Fund Flow Ratio Declines, While Tokens Transferred Go Up As pointed out by an analyst in a CryptoQuant post, there are signs that over-the-counter (OTC) deals might be going up in the BTC market. The first indicator of […]
One bitcoin is one bitcoin, exchangeable for another in a fully fungible manner on global exchanges that operate 24/7, 365 days a year. But in Over the Counter (OTC) markets,...
Indian cryptocurrency exchange Zebpay is launching an OTC bitcoin trading desk. The exchange has shared the details with news. Bitcoin. com, stating that “There is huge demand” among bitcoin traders and arbitrageurs in India for OTC desk services.
While volume on centralized exchanges is down as a whole, Bitcoin OTC (over-the-counter) markets have seen a surge in buyers leading to a shortage of sellers, according to the latest data from Diar.
Bitcoin’s over-the-counter (OTC) market, is growing in popularity with institutional investors as they look for ways to trade large amounts of Bitcoin. According to a Forbes article published on October 23, 2018, institutional investors can only undergo OTC trades since standard cryptocurrency exchanges lack the required infrastructure and liquidity necessary to execute their large orders.
Whales are moving billions on the OTC market every day — transactions that influence the price of bitcoin without ever appearing on an exchange’s order book — a scenario which could affect the SEC approval of a Bitcoin ETF going forward
Bitcoin’s price plummeted by over 10 percent on Thursday after a previously promising rally past the $7,000 price mark. The brief price spike led many bitcoin enthusiasts to speculate that…
The post Bitcoin Price Nightmares: Silk Road, OTC Transactions to Blame for Volatility? appeared first on CoinCentral.
Two crypto companies, Gemini Trust and Paxos, got a green light from a New York state regulator to launch their own stablecoins pegged 1:1 to the U. S. dollar. New York Department of Financial Services (NYDFS) gave an okay to Gemini Trust, the crypto exchange founded by the Winklevoss twins, to launch Gemini Dollar (GUSD).
Wyre, a blockchain money transfer company servicing OTC and cryptocurrency exchanges announced it has acquired Hedgy, a smart contract platform built on top of the Bitcoin blockchain. Hedgy Co-founder and CEO Matt Slater, will be.
Netcoins, an over-the-counter (OTC) brokerage and virtual ATM software company, announced this week it was enabling bitcoin cash (BCH) for immediate access purchase. For BCH enthusiasts, that’s 21,000 locations, covering Canada, Europe, and Australia where the decentralized currency is now available.
Pundi X has created the world’s first blockchain-based point-of-sale (POS) terminal that could support multiple currencies and help in better crypto adoption across the globe. It will now move to a promising emerging market — Brazil.
As the world of cryptocurrency continues to grow, more and more of the general population are exposed to and interested in purchasing Bitcoin and other altcoins. Despite the massive growth of the space over the past year, methods for first purchases are still limited and largely confusing. Bitcoin of America is seeking to change this, […]
According to a Beijing News report on August 24, 2018, regulators have pledged to start scrutinizing and restricting all virtual currency-related payments on the Alipay mobile app. Even with the blanket ban on cryptocurrency trading and initial coin offerings (ICOs), Chinese investors still engage in over-the-counter bitcoin trading facilitated by payments apps such as Alipay and others.
The most recent round of China’s crypto crackdown has continued, with the Alipay mobile payment processing service banning accounts that are affiliated with over-the-counter (OTC) Bitcoin trading.
Alipay, the biggest payment application in China valued at $150 billion, officially banned over-the-counter (OTC) Bitcoin trading, prohibiting traders from utilizing Alipay accounts to initiate digital asset trades.
Bitcoin ETFs is not yet a yes from the main US regulator, the SEC. However, as things stand, there is Bitcoin Tracker One and though it is tradable via broker’s OTC market, investors can now invest their USDs in Bitcoin.
Los Angeles-based cryptocurrency investment firm SFOX has raked in roughly $22. 7 million in its Series A funding. The round was headed by venture platforms Social Capital and Tribe Capital and earned the participation of other firms like DCG, SV Angel, Blockchain Capital and Y Combinator.
The Jamaica Stock Exchange (JSE) has announced it plans to allow investors the ability to trade cryptocurrencies through the regulated stock exchange. According to the JSE, the Canadian-based Blockstation will help facilitate the crypto-trading services.
Jurisdictions with crypto-friendly legislation or comprehensive regulations in place are leading in terms of exchange-based cryptocurrency trading. According to a new study, however, over the counter and P2P exchange is much more popular in developing nations and countries where non-cash payments are still not widely spread.
Bitcoin Press Release: Blockchain-based OTC market finance platform Xtock has announced its Alpha website launch as the company prepares for global marketing. 10th August, 2018. Hong Kong – Blockchain OTC trading platform ‘Xtock’ has officially announced the launch of its ‘teaser’ website, a first of it’s kinda for the Asian region.
In recent news pertaining to virtual currency exchanges, Coinjar has launched Australia’s first cryptocurrency index fund; Square’s latest quarterly report has revealed that company is executing its crypto trades via the over-the-counter (OTC) markets rather than “public cryptocurrency exchanges;” and Poloniex has launched EOS pairings.
Where Do the Biggest Investors in the Crypto Industry Trade? Take a Look At the Over-The-Counter Market An international research company called TABB Group recently created an analytical report that exposes some interesting truths of the cryptocurrency industry.
Over the past 48 hours, the Bitcoin price has dropped by more than eight percent from $7,500 to $6,890, despite having seen some of the most positive developments in the history of the crypto market.
Square, a financial service provider, revealed that it is now trading through “private broker-dealers” in lieu of “public cryptocurrency exchanges”. The move is said to take effect on Square’s Cash app, which aids Bitcoin [BTC] transactions.
Bitcoin Press Release: Blockchain-based OTC market finance platform Xtock has announced its Alpha website launch as the company prepares for global marketing. 4th August, 2018, Hong Kong – Blockchain OTC trading platform ‘Xtock’ has officially announced the launch of it’s ‘teaser’ website, a first of it’s kinda for the Asian region.
A $10tr wealth and custodial manager now servicing crypto hedge funds; a study finds OTC markets doing 3x the volume of BTC trading than exchanges; and Hashgraph extends crowdfunding to all accredited investors after finishing $100m institutional fundraising round.
Huobi Announces Peer-to-Peer Exchange Is Going Live In India, Featuring Ethereum, Bitcoin, And Tether On the 26th July, Indian clients of Huobi OTC received an email announcing the launch of its new Peer-to-Peer based in India.
Grayscale Investments has just released a Digital Asset Investment Report for the first half of 2018. The company is reporting substantial gains in its Bitcoin Investment Trust (OTC: GBTC), along with nearly $250 million total investments into Grayscale Products.
Grayscale Investments, управляющая активами в рамках инвестиционного фонда Bitcoin Investment Trust (OTC: GBTC), заявил, что каждую неделю он совершает почти $10 млн новых инвестиций в криптовалюту, и большая часть этого капитала исходит от институциональных инвесторов.
Компания Grayscale Investments, управляющая активами в рамках инвестиционного фонда Bitcoin Investment Trust (OTC: GBTC), заявила, что каждую неделю совершает почти $10 млн новых инвестиций в криптовалюту, и большая часть этого капитала принадлежит институциональных инвесторов.
Wednesday Lugano, Switzerland – trade. io, a leading cryptocurrency exchange and innovator of the industry’s leading liquidity pool, today announced that David Hannigan has joined the company as its Chief Dealer.
Grayscale Investments has just released a Digital Asset Investment Report for the first half of 2018. The company is reporting substantial gains in its Bitcoin Investment Trust (OTC: GBTC), along with nearly $250 million total investments into Grayscale Products.
TradeBlock has announced that Einstein Exchange is joining their growing list of customers that seek institutional tools to manage trading activity and counter-party relationships in the bitcoin and cryptocurrency space.
The CBOE Bitcoin ETF will allow for over-the-counter (OTC) trading for accredited investors while providing them with complete security and insurance. According to the official release from the SEC, the filing was done last month on June 20, 2018.
The CBOE Bitcoin ETF will allow for over-the-counter (OTC) trading for accredited investors while providing them with complete security and insurance as well. According to the official release from the SEC, the filing was done last month on June 20, 2018.
The CBOE Bitcoin ETF will allow for over-the-counter (OTC) trading for accredited investors while providing them with complete security and insurance.
The post After Launching Bitcoin Futures, CBOE Now Files for Bitcoin ETF With the SEC appeared first on CoinSpeaker.
The United States Securities and Exchange Commission (SEC) is examining an application from the Chicago Board Options Exchange (CBOE) Global Markets which, if approved, could grant the company a coveted bitcoin ETF license, and bring new waves of institutional investors to the bitcoin arena.
Bitcoin (BTC) is still in a downtrend. The price action looks weaker with every passing day and volume continues to dwindle. Buyers and sellers on most exchanges are now a limited number of cryptocurrency day traders.
While the major banks are taking their time with offering OTC crypto trading, new entrants to the space are stepping up to fill the void. Social investing platform Etoro, which focuses mainly on retail traders, is now expanding into the institutional segment with a new cryptocurrency offering.
Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptocurrencies to its trading and custody services. In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter (OTC) trading services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens
Regulated cryptocurrency exchange Itbit announced today that it has received approval from the New York State Department of Financial Services to add more cryptocurrencies to its product offerings.
In 2016, bitcoin thought leader Vinny Lingham stated that the OTC market for Bitcoin is bigger than the exchange market. Exchanges set the price but large trades don't happen there. In 2018, bitcoin OTC trading volumes have become even bigger.
PundiX (PXS), a distributed ledger technology (DLT) platform that claims to be dedicated to transforming retail businesses with its blockchain-based point of sale solutions, and Borghese Ventures, a Cyprus-based artificial intelligence (AI), are partnering with the government of Cyprus, for the integration of DLT and AI into several sectors of the nation’s economy, reports EnterprisetimesRead MoreRead More.
With crypto-adoption rates rising across the globe, major exchanges such as Binance have started integrating a number of features onto their platform to improve user experience. The principal aim of most of these industry heavyweights is to make cryptocurrency transactions straightforward, so that usage of digital assets is effortless.
CryptoNinjas
DoshEx, a South African crypto asset exchange, and global blockchain-based payment provider Pundi X, today announced a strategic partnership to bring cryptocurrency to high street retailers and local consumers.
CryptoNinjas
Pundi X, the blockchain payment point-of-sale provider, and iBank Digital, a Huobi Cloud supported bitcoin and crypto exchange, recently announced the world’s first limited edition Cao Jun designed iBank XPASS card that is made possible with iBank Digital and Art Impact Foundation exclusive collaboration with the.
CryptoNinjas
Pundi X, the blockchain payment point-of-sale provider, and iBank Digital, a Huobi Cloud supported bitcoin and crypto exchange, recently announced the world’s first limited edition Cao Jun designed iBank XPASS card that is made possible with iBank Digital and Art Impact Foundation exclusive collaboration with the.
