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Bitcoin is reducing its correlation with the stock market, and is transitioning towards gold’s performance, a recent Bloomberg report claimed. Amid the current COVID-19 crisis, both assets will outperform equities and emerge as the most substantial gainers.
Bitcoin To Join Gold
The unexpected outbreak of the COVID-19 pandemic jolted world economies and financial markets. The cryptocurrency space was not exempt from adverse price developments. However, a recent Bloomberg document outlined that the primary digital asset is declining in terms of volatility and is preparing to become a more stable asset amid the coronavirus crisis:
“This year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto market’s version of gold, in our view. From a volatility perspective, declines in Bitcoin’s reading and the rise for the stock market’s shifts performance favor toward the crypto asset.”
Per the paper, the most recent stock market movements are pushing Bitcoin to “divorce” its correlation with equities and, instead, to join gold. Evaluation in the report “depicts the 52-week correlation of Bitcoin to gold jumping to the highest in our database since 2010.” It also added that BTC’s relationship with gold “is about twice that of equities.”
Therefore, the benchmark cryptocurrency’s maturation processes toward a store-of-value mechanism akin to gold should continue, the report concluded.
Bitcoin And Gold To Emerge The Strongest From COVID-19
In attempts to fight the economic aftermath prompted by the coronavirus, world central banks and governments began printing excessive amounts of money and rushed them into the markets. The report also touched upon these drastic measures and predicted that BTC and gold are prone to gain the most out of the situation:
Making a compelling prediction regarding gold’s price by the end of the year, the paper determined that it will break the previous all-time high and breach $1,900. In a Bank of America report on gold’s performance, the giant institution stated that the precious metal could even reach $3,000 next year.
Bitcoin, on the other hand, utilized the current COVID-19 situation to distinct itself from other cryptocurrencies, the report reasoned. According to the Bloomberg Galaxy Crypto Index, which measures the performance of digital assets by combining various indicators, BTC’s ratio is recovering from a dip below its “upward-sloping 52-week moving average”, while other coins are declining
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Bitcoin futures contracts allow traders to speculate on the price of Bitcoin without necessarily have to own it. They are a derivative product that gained serious popularity in the past years.
Traders are always looking for information that would give them an edge in the market. Arguably, the most valuable data is that which offers an insight into what other traders are doing.
Open Interest (OI) could provide some of this information with appropriate interpretation. Understanding it and its impact on the Bitcoin’s price could help traders make better decisions.
Open Interest And Trading Volume
The overall trading volume and open interest are somewhat related concepts. While the volume accounts for all of the contracts that have been traded in a given period, open interest only considers the total number of open positions by market participants at any given time.
Open interest is calculated by summing up all the opened positions, regardless of whether they are long or short, and subtracting those that have been closed.
Evidently, the open interest increased from 1 to 13 as traders place new positions. However, as Alicia closed a position of 3 BTC, the open interest declined. This above example shows how open interest changes depending on the number of open contracts.
Why Does Open Interest Matter In Bitcoin Trading?
In legacy markets, traders monitor the changes in open interest closely. Analysts typically use it as an indicator to pinpoint the strength behind price trends and market sentiment.
Open interest is indicative of the capital flowing in and out of the market. If more capital flows to Bitcoin futures, the open interest will increase. However, if the capital flows out, the open interest will decline.
Hence, increasing open interest is indicative of a bull market, whereas if it decreases, this signals a bear market.
Usually, analysts monitor the correlation between the asset’s price, volume, and open interest to analyze the current market sentiment. The following table shows the interpretation of market behavior based on the changes in the above factors.
Open Interest And Its Correlation To BTC Price
Looking at the historical performance of Bitcoin’s price regarding its open interest, there is an evident positive correlation. Data from the widespread monitoring resource Skew tracks the open interest for Bitcoin futures since the beginning of the year. Below is a chart that reveals how it relates to the price.
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Ethereum third-party wallet app MyEtherWallet (MEW) has inked a partnership deal with Unstoppable Domains — a blockchain domain platform — to become a reseller of .crypto domains.
MEW to Roll-out .crypto Domain to 1M Monthly Users
According to a press release issued on Thursday (April 23, 2020), the partnership sees Unstoppable Domains integrating with MEW. As part of the collaboration, MEW can now offer .crypto domains to its over one million monthly active users.
The .crypto domain registry allows for easy connection of cryptocurrency addresses to the .crypto domain and has been hailed by the likes of billionaire VC Tim Draper as being the future of virtual currency payments, replacing wallet addresses.
Copying and pasting crypto wallet text strings apart from being cumbersome and creating room for costly mistakes and is also an attack vector for clipboard attacks. Rogue actors have introduced malware that can corrupt clipboards, replacing the wallet addresses of users with their target addresses.
With .crypto domains, human-readable cryptocurrency addresses can become possible which opens up possibilities for mainstream adoption of virtual currencies. The perceived technical nature of crypto transactions continues to be cited as a major stumbling block for more broad-based utilization of cryptocurrencies in everyday life.
Commenting on the importance of the partnership, MEW COO, Brian Norton remarked:
“MyEtherWallet has long served as a portal to the world of DeFi through DApps like MakerDAO and Aave. As an Unstoppable Domains .crypto registrar, we are also giving users an easy option for engaging with the decentralized web.”
For Brad Kam, co-founder of Unstoppable Domains, the partnership with MEW opens up the way for wallets to become more than crypto storage apps. According to Kam, .crypto domains can enable wallets to become channels via which cryptocurrency users can access products and services in the broader blockchain technology space.
Increasing Focus on Censorship-resistant Crypto Industry
The potential roll-out of .crypto domains to one million monthly active MEW users could also be a positive development for the move towards ensuring robust censorship-resistance. Websites hosted on blockchain domains like .crypto cannot be stored or seized by the authorities and requires no pre-approval from organizations like the Internet Corporation for Assigned Names and Numbers (ICANN).
With the crypto and blockchain industry becoming increasingly under scrutiny, decentralization of the internet might be the way for the burgeoning market to blossom without undue interference from centralized authorities.
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2020. Ethereum is looking to move away from mining (Proof of Work) and implement a system using Staking (Proof of Stake). Instead of investing in expensive equipment to mine, you become a validator and place at least 32 ETH into this form of validation, ultimately validating blocks and earning you a fee for staking the ETH.
During a Feb. 6 “Ask Me Anything” session on Reddit with Ethereum network developers, the ETH 2.0 team explained that the network upgrade will not go live until three clients can safely operate testnets for at least eight weeks.
During the session, ETH 2.0 researcher Justin Drake said, “I have 95% confidence we will launch in 2020.” ETH 2.0 will transition the network from proof-of-work to proof-of-stake, and instead of maintaining mining rigs, block validators will be required to stake 32 ETH in order to stake on the network.
The network upgrade could have the early impact of increasing demand for ETH, and it’s possible that miners and investors looking to gain a 5% to 18% staking reward could be accumulating ETH and in anticipation of the ETH 2.0 launch.
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The amendment to the Special Financial Reporting Act, which regulates the cryptocurrency exchange information system, passed the plenary session on the 5th National Assembly. This means the full legalizations of cryptocurrencies in South Korea. However, a restructuring of the blockchain industry is expected due to the large number of small and medium-sized exchanges that do not meet the reporting requirements.
The National Assembly held a plenary session this afternoon and decided to revise the special law that passed the judiciary committee the day before according to Coindesk Korea. It has been two years since Representative Je Yun-kyung and the Democratic Party’s representatives were launched in March 2018 under the Financial Services Commission’s legislation.
Anti-money laundering obligations to exchanges
The revised special law is mainly to grant anti-money laundering (AML) and terrorist financing (CFT) obligations to virtual asset providers (VASPs) such as cryptocurrency exchanges.
Under the Special Act, a virtual asset business operator must report to the Financial Services Bureau of Financial Information Analysis (FIU) with a verified real name, assigned to a single bank account that can be used for deposits and withdrawals to the crypto exchange. Also, the operator should obtain the Information Security Management System (ISMS) certification.
The guidelines introduced by the FTC in 2018, forces exchanges and their users to use the same bank when depositing and withdrawing money into cryptocurrency exchanges. Currently, only four major exchanges (Upbit, Bithumb, Coin-One, Cobit) have signed this service agreement with banks.
The ISMS certification is a system that the Korea Internet Security Agency (KISA) certifies that a company can secure key information assets. Depending on the size of the exchange, certification is expected to cost several hundred million units and take more than six months. Now, all exchanges have 6 months to comply with the new regulation or risk to be shut down.
Blockchain Industry Restructuring
The amendment to the Special Reporting Law means that the cryptocurrency will be fully legal in South Korea. The cryptocurrency industry, which was in the gray zone, was first regulated by law. In the meantime, there were no regulations so anyone could make a cryptocurrency exchange business as if they were creating an Internet homepage. As a result, the market has been mass-producing victims due to constant market-related events such as price manipulation, insider trading, and so-called pump and dump schemes.
Revision of the Special Act will reduce investors’ damage through market consolidation, but at the same time, the restructuring of the blockchain industry is expected to proceed. If the bank does not add a ‘real name withdraw and deposit account service’ contract as the Financial Services Commission notices, the domestic crypto market may have only four major exchanges. An ISMS certification and an IT system for future tax filing are also possible only with exchanges with sufficient capital.
The amendment, which passed the plenary session of the National Assembly, shall be promulgated by the President within 15 days of being transferred to the government. The amendment shall take effect one year after the date of promulgation. Existing virtual asset operators operating must report within six months of implementation. Existing cryptocurrency exchanges should have a ‘real name verification deposit and withdrawal account service’ and ISMS certification until about September 2021.
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For the Commercial Court of Nanterre, bitcoin is a fungible intangible asset. An important decision that should facilitate bitcoin operations and ensure better market liquidity.
Court decisions concerning cryptocurrencies are so rare that they deserve attention in a universe in the process of regulation. But the decision of the Commercial Court of Nanterre, dated February 26, and revealed by “L’Agefi”, is the first in France, reports LesEchos. Above all, it allows to qualify the legal nature of bitcoin, the most famous and oldest cryptocurrency.
Indeed, the court considers bitcoin as a fungible intangible asset, which is legal as an interchangeable good, but not individualizable like fiat money.
“The scope of this decision is considerable because it allows bitcoin to be treated like money or other financial instruments. It will therefore facilitate bitcoin transactions, such as lending or repo transactions, which are growing, and thus favor the liquidity of the cryptocurrency market , ” says Hubert de Vauplane, lawyer specializing in Kramer & Levin.
This decision was taken in the context of a dispute between the French exchange platform Paymium and the English alternative investment company BitSpread. In summary, Paymium loaned 1,000 bitcoins to BitSpread in 2014, before the hard fork of bitcoin in 2017, which resulted in the new cryptocurrency, Bitcoin Cash, at a one-to-one parity. The reason for the dispute is whether the borrower should return to the lender the bitcoin cash created by the fork.
The Legal nature of bitcoin
To answer this question, the Tribunal, therefore, considered the legal nature of bitcoin. The Covenant Law has above all given a status to cryptocurrency players. Once judges have considered bitcoin as a fungible asset, in other words, like money, bitcoin lending falls under the “consumer loan” (not to be confused with consumer credit), which transfers ownership property loaned to the borrower during the term of the loan. And so, the bitcoins Cash belongs to the borrower, like the dividend to the shareholder, considers the Court.
Some cryptocurrency players do not share this analysis and consider the fork more as a destruction of value. Today, bitcoin is worth more than $9,140 and bitcoin Cash $340 at the time of writting. Now all loan contracts will be accompanied by a return clause to the lender in the event of a fork. The question of the possession of rights between debtors and creditors before and after the split undoubtedly promises great legal battles.
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