TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Binance will offer margin trading in the coming months. SBI Group to manufacture mining chips. Bitcoin Cash transaction number rising. Arthur Hayes predicts bitcoin will reach $10K this year. Twitch removes cryptocurrency payments, and Bitwise finds that 95% of bitcoin trading volumes are fake.
Binance Preparing to Offer Margin Trade
Binance, the world’s biggest exchange, is preparing to offer margin trade to retail investors on their platform, according to sources close to the exchange. Preliminary reports indicate that staking of Binance Token would be key to unlock different levels of leverage in this new feature. However, margin trading is usually heavily regulated, and there is no info on how Binance will tackle this issue. The feature will be launching in the coming months.
SBI Group Will Manufacture Its Own Mining Chips
SBI Group, one of the most important financial conglomerates of Japan, informed it will launch a chip manufacturing spinoff to create its own mining solutions. The company will be named SBI Mining Chip, and will be led by Adam Traidman, a former NASA employee with a high level of experience in the semiconductor and chip industry, and will be conducted in partnership with a “large semiconductor enterprise” in the US.
Bitcoin Cash Transactions Rising
The number of Bitcoin Cash transactions has risen enormously lately, going from 10,000 transactions normally to 40,000 transactions this last Thursday, when the network reached one of its most congested levels, leaving out pre-fork operations and stress tests. According to TrustNodes, the network moved important levels of money this week, reaching half a billion dollars with an average transaction amount of $12,500.
Arthur Hayes Predicts Bitcoin Will Get to 10K This Year
Arthur Hayes, the CEO of BitMEX, has declared he thinks Bitcoin will arrive at $10K levels this year. In the latest BitMEX Crypto Trader Digest, Hayes points out how this year will be largely boring, but interesting green candles will appear towards its end. “Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. The markets will claw back to $10,000, it’s a nice round sexy number,” he declared fearlessly.
Twitch Removed Cryptocurrency Payment Options
Twitch, a leading streaming platform, has reportedly removed the option of paying subscriptions with cryptocurrency, according to several posts on Reddit. The feature was not very known, and used Bitpay as a third party payment processor to receive Bitcoin and Bitcoin Cash. Streamlabs, a popular Twitch streaming app, also removed crypto donations. The reasons behind this action aren’t known yet, and Twitch has not offered any details.
Bitwise Finds 95% of Bitcoin Trading is Fake
Bitwise, an asset management firm that has applied for a bitcoin ETF, presented a new report where it states 95% of bitcoin trading volumes are fake. According to them, the real volume of transaction is of about $270 million, with most of the legit volumes being provided only by 10 exchanges, and fake volumes coming from other exchanges with the purpose of inflating their listing fees.
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