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The growth of trading volume and attendance at the largest cryptocurrency exchanges

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Donald Trump's trade wars, protracted uncertainty over the expected UK exit from the EU (Brexit), and the looming threat of a global recession could be factors that in May revived activity in cryptocurrency markets, Bitcoinist writes. Against this background, traffic on the leading bitcoin exchanges , in particular, Binance and Coinbase, has noticeably increased.

So, according to SimilarWeb, Binance Cryptobirth , which is one of the thousand most visited sites in the world, was visited by 42 million people in May. At Coinbase, the largest US cryptocurrency exchange, the figure was 35 million.

The increased attendance in turn was converted into an inflow of funds for cryptobirds and an increase in trading volumes, which together amounted to about $ 5.9 billion last month.

Also last month, a 14-month high in trading volumes was recorded at Coinbase . The record day came on May 17, when transactions were concluded on more than 47,400 BTC (about $ 376 million) on the stock exchange.

Economic problems are pushing the growth of volumes of transactions with Bitcoin (BTC) almost all over the world, but this is clearly seen in the example of Latin America. Thus, according to LocalBitcoins, in recent weeks, significant growth was recorded in Chile, Colombia, Peru, Brazil and Argentina, and in Mexico, which was also threatened by a trade war with the US, due to the uncontrolled flow of immigrants, trading volumes reached a new record level.

Also, a steady growth in the volume of transactions on LocalBitcoins is observed in Argentina, but over the past few months, the absolute record for the number of bitcoins sold in one day belongs to Brazil – according to CointraderMonitor, on April 10, platform users in this country made deals for 100,000 BTC.

In addition, in the first half of May, its own record for daily trading volume — more than $ 10 billion — was updated by the BitMEX derivatives exchange BitMEX, and by the end of the month, the historical maximum for open contracts for Bitcoin futures was recorded at the Chicago Commodity Exchange (CME), which testifies to the growing interest of institutional investors.

Publication date 10.06.2019
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Wells Fargo will launch stablecoin for internal settlements

Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise. According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens). The company has already tested the concept on transfers from the USA to Canada. The launch of the project is scheduled for 2020 […]

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Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise.

According to a press release , Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).

The company has already tested the concept on transfers from the USA to Canada.

The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.

Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.

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Wells Fargo is going to present its own stablecoin in 2020

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Wells Fargo, the fourth largest bank in the US, plans to introduce its own stablecoin in 2020, which will be used in cross-border transfers.

The press release said that the new Wells Fargo platform will create an international payment network based on distributed ledger technology. With the help of this system, as well as the Wells Fargo Digital Cash asset, payments will be made. The stablecoin being developed will be pegged to the US dollar. Initially, the network will be used for internal calculations, after which it will be integrated with other applications.

Lisa Fraser, representative of Wells Fagro, noted that DLT technology has many options for use, the company believes that it can also be successfully applied in banking. In addition, Wells Fargo Digital Cash is expected to enable the company to overcome barriers that still hindered effective cross-border payments in real time.

As you can see Wells Fargo followed the example of the bank JPMorgan Chase, which also introduced its own digital currency. It is noteworthy that back in July, Wells Fargo forbade customers to use credit cards to purchase cryptocurrency and its use in transactions.

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In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions

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is set

The volume of computing power in the Bitcoin blockchain this Monday reached a record value above 104 quintillion per second, according to Smartbit portal data.

The record was fixed after approaching the level of 100 EH / s last week and the subsequent small rollback. Before the current growth period, which began in December and accelerated in June, the previous maximum was fixed at 60 EH / s in October 2018.

As noted earlier, over the past three months , about 600,000 new ASIC miners have joined the Bitcoin network, which has led to a rapid increase in the hash rate .

Last week, another message appeared that the authorities of one of the provinces of China are taking measures to close mining enterprises on their territory.

Also today, transactionfee portal announced another record – the share of transactions in the Bitcoin blockchain using Segregated Witness (SegWit) technology for the first time exceeded 50%.

On the main Bitcoin network, SegWit was activated on August 24, 2017. The technology is aimed at solving the problems of blockchain scalability, transaction plasticity, and also allows you to implement other optimizations. After the jump to 38% last May, the spread of SegWit slowed down and until recently ranged from 40-45%.

Casa Bitcoin developer and CTO Jameson Lopp previously spoke of the proliferation of technology that responded to the congestion of the cryptocurrency network:

"Reducing the demand for transactions, improving algorithms for calculating commissions, distributing SegWit and grouping transactions have led to more efficient use of space in blocks and reduced competition for this scarce resource."

At the same time, the price of the leading cryptocurrency , having shown a steady rise in the first half of the year, has remained in a fairly narrow range over the past months and amounts to about $ 10,000.

Publication date 09/17/2019
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Name Price24H (%)
Bitcoin (BTC)
$10,200.78
-0.23%
Ethereum (ETH)
$211.84
7.54%
XRP (XRP)
$0.300753
15.53%
Bitcoin Cash (BCH)
$323.10
5.40%
EOS (EOS)
$4.09
1.25%
Stellar (XLM)
$0.065067
11.30%
Litecoin (LTC)
$75.50
4.23%
Cardano (ADA)
$0.050737
7.78%
Tether (USDT)
$1.00
-0.16%
Monero (XMR)
$74.45
-0.62%
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