Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Consequences of Bitcoin (BTC) and Crypto’s ‘Black Thursday’ Becoming Clear, According to Coin Metrics

by Daily Hodl Staff
April 25, 2020
in Bitcoin, Ethereum
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

There’s been a shakeup in the crypto futures marketplace in the month and a half since Bitcoin and the rest of the digital asset industry crashed on March 12th.

After “Black Thursday,” BitMEX has lost a portion of its futures marketplace to Binance, reports the crypto intelligence firm Coin Metrics.

BitMEX says it suffered two distributed denial-of-service (DDoS) attacks in the midst of Bitcoin’s March crash, which caused 156 accounts to sustain losses as a result of late processing of market orders. The cryptocurrency exchange and derivatives platform has since lost market share both in volume and open interest.

That’s been a boon for Binance, which now powers around 25% of all futures volume in the crypto marketplace. Says Coin Metrics,

“This may have an on-going impact across crypto markets, especially considering BitMEX’s outsized influence on price discovery. Only time will tell if BitMEX is able to recover the lost market share, or if the marketplace is undergoing a true changing of the guard.”

Meanwhile, the number of active Bitcoin addresses is on the rise. The growing network activity may indicate new traders are entering the market despite the crash. Coin Metrics reports a 12.1% week-over-week growth in daily active addresses.

Stablecoins are thriving in the month and a half since Black Thursday, gaining $1 billion in market cap since the start of the month. That was mostly due to Tether issued on Ethereum (USDT_ETH), which grew from $4.43 billion to $5.14 billion in the first 19 days of April.

Most stablecoins are launched as ERC-20 tokens, but their impact on Ethereum remains a point of contention. Stablecoin growth could increase demand for Ethereum because they require ETH for transaction fees.

Still, over the long term, stablecoins have the potential to take on ETH’s role in the crypto space, according to Coin Metrics, by providing some of the same functionality.

“ETH has a credible claim as money within the crypto space, but stablecoins challenge this view. Stablecoins have the potential, due to their lowered volatility, to become the store-of-value, medium of exchange, and unit of account for crypto transactions and smart contracts that need to store value.”



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
  • What’s the Role of Bots in Crypto Trading?
    December 3, 2020
Submit a Guest Post
Bitcoin
$37,335.00
$37,335.00
2.55%
Ethereum
$1,425.03
$1,425.03
14.38%
XRP
$0.302780
$0.302780
6.19%
Litecoin
$164.32
$164.32
15.74%
Bitcoin Cash
$533.38
$533.38
9.42%

Spotlight

  • Crypto Whale Reveals Bitcoin and Ethereum Predictions for 2021, Names 10 Altcoins To Watch
    January 12, 2021
  • Crypto Whale Moves $1.1 Billion of Ethereum-Based Asset SNX, Pays Just $7.45 in Fees
    January 16, 2021
  • Crypto Strategist Names Altcoins Picks for 2021, Says Bitcoin Boom Unlikely to Lift All Assets
    January 13, 2021
  • DeFi and the Bitcoin Bull Run Trajectory: CoinGecko Report
    January 17, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.