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Japan crypto exchange bitbank upgrades performance of its matching engine by 4x

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Japan crypto exchange bitbank upgrades performance of its matching engine by 4x

bitbank, a Japan-based bitcoin & crypto exchange company, has announced that the performance of its exchange matching engine has been successfully upgraded.

Specifically, bitbank’s matching engine order-throughput is now about four times higher than before.

With bitbank’s changes to the system architecture of the matching engine, the execution level has been significantly improved compared to the previous version.

As a result, bitbank has enabled users to execute orders with higher stability and speed as follows:

  • Order acceptance performance: Approx. 4x higher
  • Execution performance: Approx. 2x higher
  • API response performance: Approx. 1.5x higher

Recently, the crypto asset market has been booming with active transactions by foreign and individual investors. Under these circumstances, we regard our trading system as an important lifeline in a crypto-asset exchange. In October 2019, we have carried out a large-scale renewal of the matching engine. This time, the processing capacity has been further improved by approximately 4 times, compared to the previous version. In response to the expected further expansion of individual investors’ transactions in the market, we will provide a system that enables them to trade under the safe and secure trading environment. bitbank will continue to review its system configuration on an ongoing basis to ensure there are no delays in order acceptance and execution even during the period of high trading volume and strive to provide high-quality services to improve customer satisfaction. In addition, in order to provide a more comfortable trading environment, we will strive to improve our services and provide new functions by responding to customer requests.”

– The bitbank Team

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Bit Coin

Grayscale Launches New Investment Product While Bitcoin Trust Crashes to 35%

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Grayscale Launches New Investment Product While Bitcoin Trust Crashes to 35%

Grayscale Investments is offering investors an opportunity to invest in Bitcoin mining hardware in the bear market.

The new investment opportunity, called the Grayscale Digital Infrastructure Opportunities LLC (GDIO), is now open to qualified individual and institutional investors, even as the asset manager allows ETF-related court proceedings to run their course.

Grayscale putting capital to work

Grayscale will use investor capital from the GDIO to buy mining hardware for a minimum of three years. It will use the hardware to mine and subsequently sell bitcoin. Mining is the energy-intensive process undertaken by a computer network to create a new transaction block and verify it. The node in the network that creates the block is known as a miner. A miner is rewarded in bitcoin for his effort, which typically requires large amounts of cheap electricity and computing power.

Part of the proceeds Grayscale will earn from its efforts will be paid out quarterly to GDIO investors.

“Grayscale’s unique position at the center of the crypto ecosystem enables us to create offerings that allow investors to put capital to work through differing market cycles,” stated Michael Sonnenshein, Grayscale’s chief executive.

GDIO represents another way the company has sought to provide investors with exposure to bitcoin without directly holding the asset.

Investors can also purchase shares from its GBTC trust and gain exposure to bitcoin through Grayscale’s legally regulated business in the U.S.

But Grayscale has a problem. Because investors cannot redeem shares in the trust for bitcoin, the price per share has dropped drastically, trading at a discount of 35% to its Net Asset Value. 

At the close of the trading day on Oct. 5, shares were trading at a shade over $12, despite being backed by $18.45 worth of bitcoin.

To mitigate this discount, Grayscale has pursued the conversion of GBTC into a spot bitcoin exchange-traded fund, which has so far been unsuccessful. The U.S. Securities and Exchange Commission denied the company’s latest application in June 2022, prompting Grayscale to pursue legal action against the federal agency. 

Nic Carter of Castle Island Ventures, a venture capital firm focused on early-stage public blockchain startups, said that Grayscale could wind down the ETF:

watching the GBTC discount. looks like ATL at -35%. on top of discounted spot BTC. paths to breaking open the piggy bank: SEC can approve ETF conversion, or Grayscale can wind down the trust themselves if they so choose.

— nic carter (@nic__carter) June 17, 2022

The SEC maintains that spot bitcoin ETFs are prone to underlying market manipulation.

Grayscale undeterred by SEC rejection

Despite consistent resistance from U.S. regulators, Grayscale launched its first European ETF in May 2022, which tracks the Bloomberg Grayscale Future of Finance Index, offering customers exposure to institutions at the crossroads of finance, technology, and cryptocurrencies.

Grayscale raised investors’ eyebrows recently when it announced that it had applied with the SEC to distribute 3 million ETHPoW tokens that were distributed to all Ethereum (ETH) holders after the controversial proof-of-work fork went live. 

At the time, Grayscale said it was seeking the rights to sell the tokens and pay out shareholders. 

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Ethereum

Bitcoin Long-Term Holder Supply Reaches An All-Time High Of 13.7M – ARK Invest Report

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Bitcoin Long-Term Holder Supply Reaches An All-Time High Of 13.7M – ARK Invest Report
  • Ark Invest published its monthly Bitcoin report, detailing several bullish signs for the asset and the general market.
  • It notes that Bitcoin is in oversold condition, and the asset might have reached a strong bottom, pointing to Bitcoin’s short-term-holder cost basis crossing below the long-term-holder equivalent for the first time since late 2018.
  • Bitcoin’s long-term holder supply reached an all-time high of 13.7 million BTC, accounting for 71.5% of the outstanding supply.

Ark Invest has released its monthly Bitcoin report, and some of the statistics in the report indicate a bullish future for the asset. While Bitcoin did find resistance at its 200-week moving average of $23,500, there are signs that the cryptocurrency has found its bottom.

To support the theory that Bitcoin has reached a strong market bottom, Ark Invest says that the digital asset’s short-term-holder cost basis crossed below its long-term-holder cost basis for the first time since late 2018.

But perhaps most interestingly, Bitcoin’s long-term holder supply reached an all-time high of 13.7 million BTC, which accounts for 71.5% of the outstanding supply. The firm defines long-term holders as those who have held Bitcoin in their wallets for over 155 days. Year-over-year, this figure has increased by 2.19%.

Bitcoin long-term holder supplt
BTC Long-Term Holder Supply: Ark Invest

Ark Invest also points to the locked supply as another bullish sign. This statistic is currently at 14.18 million BTC, which is a 5.39% increase over the past year.

The firm also firmly believes that Bitcoin is oversold, pointing to the profitability delta being near 0. This suggests that most trading activity is seller-exhausted.

Bitcoin profitability delta
BTC Profitability Delta Nears 0: Ark Invest

The takeaway from these on-chain indicators, according to Ark Invest, is that Bitcoin’s price does not reflect its positivity. However, it does see several macroeconomic factors as being bearish influences on the market. In recent years, the crypto market has become more closely connected to other markets, and negative macroeconomic forces would undoubtedly have an effect on the asset class.

Mining Statistics Also Indicate Bullish Future

Ark Invest reports several other positive indicators that the market is doing well. One of these is the fact that miners are “no longer in capitulation mode,” pointing to new all-time highs of the hash rate. Bitcoin’s hash rate is currently 272.81 million TH/s. Another factor it shows as being a bullish sign is the net realized profit and loss, which suggests a capitulation proportional to prior cycle bottoms.

Bitcoin Long-Term Holder Supply Reaches An All-Time High Of 13.7M - ARK Invest Report 12

The market may be in the middle of a rut, but on-chain factors and general sentiment hint that it might not last for long. Investors will be keen to see a movement upwards, and Bitcoin and the crypto market have proven to be strong towards the end of the year on multiple occasions. Ark Invest and Cathie Wood have felt that way for some time.

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Ethereum

European Union Issues Fresh Sanctions Against Russia, Bans All Cross-Border Cryptocurrency Payments From Russian Accounts

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European Union Issues Fresh Sanctions Against Russia, Bans All Cross-Border Cryptocurrency Payments From Russian Accounts
  • The European Union has issued a list of fresh sanctions imposed on Russia 
  • In the newly announced sanctions by the EU, the organisation is banning Russia from conducting cross-border payments in cryptocurrency.

The European Union has issued a new statement online, outlining a new set of restrictions imposed on Russia.

As per the new sanctions imposed, the European Union has now banned Russia from conducting cross-border payments in cryptocurrency.

The EU Issues New Sanctions Against Russia

The European Union has issued a new press statement on October 6, in which the organisation has imposed a ban on all crypto payments from Russian accounts. The new set of prohibitions includes banning all crypto assets and custody services irrespective of the amount stored in the users’ crypto wallets.

EU Bans All Crypto That Belongs to Russians

As part of its tightening of sanctions on Russia in the aftermath of what it deems to be fake secession referendums in four Ukrainian regions, the European Union has announced a comprehensive ban on offering crypto services to Ru…

— WizMoJo (@Softvaders) October 6, 2022

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed).” The statement later adds 

The new sanctions were introduced in light of the escalating war situation in Ukraine, with Russian troops recently announcing the annexation of four Ukrainian territories. 

“Additional individuals and entities have been sanctioned. This targets those involved in Russia’s occupation, illegal annexation, and sham “referenda” in the occupied territories/oblasts of Donetsk, Luhansk, Kherson, and Zaporizhzhia regions. It also includes individuals and entities working in the defence sector, such as high-ranking military officials, as well as companies supporting the Russian armed forces. The EU also continues to target actors who spread disinformation about the war. ” The statement further reads,

The EU’s statement further reiterates how its decision to impose a blanket ban on Russian cross-border crypto payments has been taken to “deprive the Kremlin’s military and industrial complex of key components and technologies and Russia’s economy of European services and expertise.” The newly announced sanctions also include banning the export of coal (used in Russian industrial plants), specific electronic components (used in the manufacturing of weapons), certain chemicals, and aviation sector materials to disable the Russian army’s strength and restrict the nation from accessing industrial and technological items.

“The sanctions also deprive the Russian army and its suppliers of further specific goods and equipment needed to wage its war on Ukrainian territory. The package also lays the basis for the required legal framework to implement the oil price cap envisaged by the G7. “

Russia has always expressed a keen interest in pursuing crypto-related payments to conduct cross-border settlements. According to a recent report issued by Kommersant, the Deputy Finance Minister of Russia, Alexei Moiseev, in collaboration with the Central Bank of Russia, had earlier agreed to draft a policy aimed at promoting cross-border crypto payments in the region.

Image: Christian Lue/Unsplash

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