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Consent Order: HDR Global Trading Limited, Et Al
Case 1:20-cv-08132-MKV Document 62 Filed 08/10/21 Page 1 of 22 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK USDC SDNY DOCUMENT ELECTRONICALLY FILED COMMODITY FUTURES TRADING DOC #: COMMISSION, DATE FILED: 8/10/2021 Plaintiff v. Case No. 1:20-cv-08132 HDR GLOBAL TRADING LIMITED, 100x Hon. Mary Kay Vyskocil HOLDINGS LIMITED, ABS GLOBAL TRADING LIMITED, SHINE EFFORT INC LIMITED, HDR GLOBAL SERVICES (BERMUDA) LIMITED, ARTHUR HAYES, BENJAMIN DELO, and SAMUEL REED, Defendants CONSENT ORDER FOR PERMANENT INJUNCTION, CIVIL MONETARY PENALTY, AND OTHER EQUITABLE RELIEF AGAINST DEFENDANTS HDR GLOBAL TRADING LIMITED, 100x HOLDINGS LIMITED, SHINE EFFORT INC LIMITED, and HDR GLOBAL SERVICES (BERMUDA) LIMITED I. INTRODUCTION On October 1, 2020, Plaintiff Commodity Futures Trading Commission (“Commission” or “CFTC”) filed a Complaint against Defendants HDR Global Trading Limited (“HDR”), 100x Holdings Limited (100x”), ABS Global Trading Limited (“ABS”), Shine Effort Inc Limited (“Shine”), and HDR Global Services (Bermuda) Limited (“HDR Services”), all doing business as “BitMEX” (collectively “BitMEX”) as well as BitMEX’s co-founders Arthur Hayes (“Hayes”), Benjamin Delo (“Delo”), and Samuel Reed (“Reed”), (collectively “Defendants”), seeking injunctive and other equitable relief, as well as the imposition of civil penalties, for violations of the Commodity Exchange Act (“Act”), 7 U.S.C. §§ 1–26 (2018), and the Case 1:20-cv-08132-MKV Document 62 Filed 08/10/21 Page 2 of 22 Commission’s Regulations (“Regulations”) promulgated thereunder, 17 C.F.R. pts. 1–190 (2020). (“Complaint,” ECF No. 1.)1 II. CONSENTS AND AGREEMENTS To effect settlement of all charges alleged in the Complaint against Defendants HDR, 100x, ABS, Shine, and HDR Services (“Settling Defendants”) without a trial on the merits or any further judicial proceedings, Settling Defendants: 1. -
Short Selling Attack: a Self-Destructive but Profitable 51% Attack on Pos Blockchains
Short Selling Attack: A Self-Destructive But Profitable 51% Attack On PoS Blockchains Suhyeon Lee and Seungjoo Kim CIST (Center for Information Security Technologies), Korea University, Korea Abstract—There have been several 51% attacks on Proof-of- With a PoS, the attacker needs to obtain 51% of the Work (PoW) blockchains recently, including Verge and Game- cryptocurrency to carry out a 51% attack. But unlike PoW, Credits, but the most noteworthy has been the attack that saw attacker in a PoS system is highly discouraged from launching hackers make off with up to $18 million after a successful double spend was executed on the Bitcoin Gold network. For this reason, 51% attack because he would have to risk of depreciation the Proof-of-Stake (PoS) algorithm, which already has advantages of his entire stake amount to do so. In comparison, bad of energy efficiency and throughput, is attracting attention as an actor in a PoW system will not lose their expensive alternative to the PoW algorithm. With a PoS, the attacker needs mining equipment if he launch a 51% attack. Moreover, to obtain 51% of the cryptocurrency to carry out a 51% attack. even if a 51% attack succeeds, the value of PoS-based But unlike PoW, attacker in a PoS system is highly discouraged from launching 51% attack because he would have to risk losing cryptocurrency will fall, and the attacker with the most stake his entire stake amount to do so. Moreover, even if a 51% attack will eventually lose the most. For these reasons, those who succeeds, the value of PoS-based cryptocurrency will fall, and attempt to attack 51% of the PoS blockchain will not be the attacker with the most stake will eventually lose the most. -
The Bitcoin Trading Ecosystem
ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation. -
3Rd Global Cryptoasset Benchmarking Study
3RD GLOBAL CRYPTOASSET BENCHMARKING STUDY Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki September 2020 supported by Disclaimer: Data for this report has been gathered primarily from online surveys. While every reasonable effort has been made to verify the accuracy of the data collected, the research team cannot exclude potential errors and omissions. This report should not be considered to provide legal or investment advice. Opinions expressed in this report reflect those of the authors and not necessarily those of their respective institutions. TABLE OF CONTENTS FOREWORDS ..................................................................................................................................................4 RESEARCH TEAM ..........................................................................................................................................6 ACKNOWLEDGEMENTS ............................................................................................................................7 EXECUTIVE SUMMARY ........................................................................................................................... 11 METHODOLOGY ........................................................................................................................................ 14 SECTION 1: INDUSTRY GROWTH INDICATORS .........................................................................17 Employment figures ..............................................................................................................................................................................................................17 -
Trading and Arbitrage in Cryptocurrency Markets
Trading and Arbitrage in Cryptocurrency Markets Igor Makarov1 and Antoinette Schoar∗2 1London School of Economics 2MIT Sloan, NBER, CEPR December 15, 2018 ABSTRACT We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in cryptocurrency prices relative to fiat currencies across exchanges, which often persist for weeks. Price deviations are much larger across than within countries, and smaller between cryptocurrencies. Price deviations across countries co-move and open up in times of large appreciations of the Bitcoin. Countries that on average have a higher premium over the US Bitcoin price also see a bigger widening of arbitrage deviations in times of large appreciations of the Bitcoin. Finally, we decompose signed volume on each exchange into a common and an idiosyncratic component. We show that the common component explains up to 85% of Bitcoin returns and that the idiosyncratic components play an important role in explaining the size of the arbitrage spreads between exchanges. ∗Igor Makarov: Houghton Street, London WC2A 2AE, UK. Email: [email protected]. An- toinette Schoar: 62-638, 100 Main Street, Cambridge MA 02138, USA. Email: [email protected]. We thank Yupeng Wang and Yuting Wang for outstanding research assistance. We thank seminar participants at the Brevan Howard Center at Imperial College, EPFL Lausanne, European Sum- mer Symposium in Financial Markets 2018 Gerzensee, HSE Moscow, LSE, and Nova Lisbon, as well as Anastassia Fedyk, Adam Guren, Simon Gervais, Dong Lou, Peter Kondor, Gita Rao, Norman Sch¨urhoff,and Adrien Verdelhan for helpful comments. Andreas Caravella, Robert Edstr¨omand Am- bre Soubiran provided us with very useful information about the data. -
SBN 206441) CONSENSUS LAW 2 5245 Av
Case 3:20-cv-08034 Document 1 Filed 11/13/20 Page 1 of 197 1 Pavel I. Pogodin, Ph.D., Esq. (SBN 206441) CONSENSUS LAW 2 5245 Av. Isla Verde 3 Suite 302 Carolina, PR 00979 4 United States of America Telephone: (650) 469-3750 5 Facsimile: (650) 472-8961 Email: [email protected] 6 7 Attorneys for Plaintiff Păun Gabriel-Razvan 8 UNITED STATES DISTRICT COURT 9 FOR THE NORTHERN DISTRICT OF CALIFORNIA 10 SAN FRANCISCO DIVISION 11 12 Păun Gabriel-Razvan, Case No. 3:20-cv-08034 13 COMPLAINT FOR CONSPIRACY TO Plaintiff, CONDUCT AND CONDUCTING 14 ENTERPRISE’S AFFAIRS THROUGH A PATTERN OF RACKETEERING 15 ACTIVITY IN VIOLATION OF 18 v. U.S.C. §§ 1962(d) AND (c) (RICO), 16 CRYPTOCURRENCY MARKET MANIPULATION IN VIOLATION OF 7 17 U.S.C. § 9(1) (USE OF DECEPTIVE OR HDR Global Trading Limited (A.K.A. MANIPULATIVE DEVICE), 7 U.S.C. §§ 18 BitMEX), ABS Global Trading Limited, 9(3) AND 13(a)(2) (PRICE Grape Park LLC, Mark Sweep LLC, MANIPULATION), PRINCIPAL 19 Unknown Exchange, Arthur Hayes, Ben Delo, AGENT LIABILITY, AIDING AND Samuel Reed, Agata Maria Reed (A.K.A. ABETTING PRICE MANIPULATION 20 Agata Maria Kasza), Barbara A. Reed and IN VIOLATION OF 7 U.S.C. § 25(a)(1), Trace L. Reed, NEGLIGENCE, FRAUD, CIVIL 21 CONSPIRACY, UNFAIR BUSINESS PRACTICES IN VIOLATION OF CAL. 22 Defendants. BUS. & PROF. CODE §§ 17200 ET SEQ, UNJUST ENRICHMENT 23 (RESTITUTION), CONSTRUCTIVE TRUST, ACCOUNTING, 24 CONVERSION, AIDING AND ABETTING CONVERSION, AIDING 25 AND ABBETING FRAUD AND VIOLATION OF CAL. -
Notice of Filing of a Proposed Rule Change to List and Trade Shares of the Wisdomtree Bitcoin Trust Under BZX Rule 14.11(E)(4), Commodity-Based Trust Shares
SECURITIES AND EXCHANGE COMMISSION (Release No. 34-91521; File No. SR-CboeBZX-2021-024) April 9, 2021 Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change to List and Trade Shares of the WisdomTree Bitcoin Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”),1 and Rule 19b-4 thereunder,2 notice is hereby given that on March 26, 2021, Cboe BZX Exchange, Inc. (the “Exchange” or “BZX”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange rule change to list and trade shares of the WisdomTree Bitcoin Trust (the “Trust”),3 under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The shares of the Trust are referred to herein as the “Shares.” The text of the proposed rule change is also available on the Exchange’s website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 The Trust was formed as a Delaware statutory trust on March 8, 2021 and is operated as a grantor trust for U.S. -
List of Bitcoin Companies
List of bitcoin companies This is a list of Wikipedia articles about for-profit companies with notable commercial activities related to bitcoin. Common services are cryptocurrency wallet providers, bitcoin exchanges, payment service providers[a] and venture capital. Other services include mining pools, cloud mining, peer-to-peer lending, exchange-traded funds, over-the-counter trading, gambling, micropayments, affiliates and prediction markets. Headquarters Company Founded Service Notes Refs Country City bitcoin exchange, wallet Binance 2017 Japan Tokyo [1] provider bitcoin exchange, wallet Bitcoin.com [data unknown/missing] Japan Tokyo provider bitcoin exchange, digital Hong currency exchange, Bitfinex 2012 Kong electronic trading platform United San multisignature security BitGo 2013 States Francisco platform for bitcoin ASIC-based bitcoin BitMain 2013 China Beijing miners cryptocurrency BitMEX 2014 derivatives trading Seychelles platform United payment service BitPay 2011 Atlanta States provider Bitstamp 2011 bitcoin exchange Luxembourg bitcoin debit card, Bitwala 2015 Berlin international transfers, [2] Germany bitcoin wallet Blockchain.com 2011 wallet provider Luxembourg United San Blockstream 2014 software States Francisco shut down by the United BTC-e 2011 Russia bitcoin exchange States government in July 2017 Canaan ASIC-based bitcoin 2013 China Beijing Creative miners United Circle 2013 Boston wallet provider States United San wallet provider, bitcoin Coinbase 2012 States Francisco exchange bitcoin/ether exchange, wallet provider, -
2020-2025 Global Crypto Wallet Market Report - Production and Consumption Professional Analysis (Impact of COVID-19)
CIN: U74994PN2018PTC176685 GST Number: 27AAACQ5401A1Z3 About the report: https://www.qurateresearch.com/reports/ICT/QBI-MR-ICT-1013189 2020-2025 Global Crypto Wallet Market Report - Production and Consumption Professional Analysis (Impact of COVID-19) Report Code: QBI-MR-ICT-1013189 Published Date : 2021-05-10 Report Price Single User : $ 3360.0 Multi User : $ nan Enterprise User : $ 6720.0 A crypto wallet is a tool that you can use to interact with a blockchain network. This report elaborates the market size, market characteristics, and market growth of the Crypto Wallet industry, and breaks down according to the type, application, and consumption area of Crypto Wallet. The report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry. In Chapter 3.4 of the report, the impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Crypto Wallet in a special period. This chapter also compares the markets of Pre COVID-19 and Post COVID-19. In addition, chapters 8-12 consider the impact of COVID-19 on the regional economy. Key players in the global Crypto Wallet market covered in Chapter 13: ANX BitPesa Bitfinex Bittrex Binance Bitwala Bitcoin.com BitMex Bitcoin Suisse AG BitPay BitMain BitGo Bitstamp In Chapter 6, on the basis of types, the Crypto Wallet market from 2015 to 2025 is primarily split into: Software Hardware Paper Wallets In Chapter 7, on the basis of applications, the Crypto Wallet market -
Asia's Crypto Landscape
A MESSARI REPORT Asia’s Crypto Landscape The key exchanges, funds, and market makers that define crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, with commentary on regulatory and investment trends. SPONSORED BY Author Mira Christanto RESEARCH ANALYST AT MESSARI Mira is a Research Analyst at Messari. Previously, she was a Senior Portfolio Manager at APG Asset Management, managing a US $7 billion fund focused on Real Estate equity investments across Asia Pacific. Prior to APG, Mira worked at $15 billion hedge fund TPG-Axon Capital Management, an affiliate of Texas Pacific Group, where she was a private and public market investor across multiple sectors and geographies. Before that, Mira was in Credit Suisse’s Investment Banking Division in the Leveraged Finance and Restructuring group in New York and worked on a variety of mergers & acquisitions, leveraged buyouts and restructuring deals. She received a BA in Economics and Mathematical Methods in the Social Sciences from Northwestern University. Never miss an update Real-time monitoring and alerts for all the assets you support Built for: • Funds • Exchanges • Custodians • Infrastructure Providers Learn More Asia’s Crypto Landscape 2 © 2021 Messari Table of Contents Introduction 5 SBI Group 67 SBI Virtual Currencies Trade 68 1.0 The Countries 8 TaoTao 69 GMO Coin 69 China 8 Bitpoint 69 Hong Kong 13 DMM Bitcoin 69 Japan 15 Rakuten Wallet 70 LVC (BITMAX) 70 South Korea 20 B Dash Ventures & B Cryptos 71 Singapore 23 Rest of Southeast Asia 25 South Korea 72 Philippines -
Bitcoin Economics (Part 1, 2 & 3)
Bitcoin Economics (Part 1, 2 & 3) 30 May 2018 BitMEX Research Filtering out the hype with unbiased, evidence-based reports on the crypto-coin ecosystem. BitMEX Research is also active on Twitter and Reddit. https://research.bitmex.com Previous reports: New Ethereum Miner Could be a Abstract Game Changer (24/04/2018) This report is a three part piece on Bitcoin economics. In the first piece, published in Complete guide to Proof of Stake – October 2017, we look at common misconceptions with respect to how banks make Ethereum’s latest proposal & loans and the implications this has on the ability of banks to expand the level of credit Vitalik Buterin interview (11/04/2018) in the economy. We analyse the inherent properties of money which ensure that this is the case and evaluate the impact this could have on the business cycle. In part two, also Bitcoin price correlation: Record high against the S&P 500 published in October 2017, we look at why Bitcoin might have some unique (28/03/2018) combinations of characteristics, compared to traditional forms of money. We explain Update: SegWit transaction the implications this could have on the ability of banks to engage in credit expansion. In capacity increase compared to Bitcoin Cash part three, published in May 2018, we look at the deflationary nature of Bitcoin and (22/03/2018) consider why this deflation may be necessary due to some of Bitcoin’s weaknesses. We Tether: New financial data also look at how Bitcoin could be more resilient to some of the traditional economic released by Puerto Rico (19/03/2018) disadvantages of deflation than some of Bitcoin’s critics may think. -
Liquidation, Leverage and Optimal Margin in Bitcoin Futures Markets
Liquidation, Leverage and Optimal Margin in Bitcoin Futures Markets Zhiyong Chenga, Jun Denga ,∗ Tianyi Wanga, Mei Yua Abstract Using the generalized extreme value theory to characterize tail distributions, we address liqui- dation, leverage, and optimal margins for bitcoin long and short futures positions. The empirical analysis of perpetual bitcoin futures on BitMEX shows that (1) daily forced liquidations to out- standing futures are substantial at 3.51%, and 1.89% for long and short; (2) investors got forced liquidation do trade aggressively with average leverage of 60X; and (3) exchanges should elevate current 1% margin requirement to 33% (3X leverage) for long and 20% (5X leverage) for short to reduce the daily margin call probability to 1%. Our results further suggest normality assumption on return significantly underestimates optimal margins. Policy implications are also discussed. Key words: Bitcoin futures; Liquidation; Margin; Leverage; Generalized extreme value theory JEL Classification: G11, G13, G32 arXiv:2102.04591v1 [q-fin.TR] 9 Feb 2021 ∗Corresponding Author. School of Banking and Finance, University of International Business and Economics, Beijing, China, 100029. Email: [email protected] 1 1 Introduction The largest cryptocurrency, bitcoin, accounts for more than 70% of the total market capitalization reported by CoinMarketCap on 14 December 2020. Compared with other traditional assets, bitcoin price is more volatile: 30-day volatility reaches to 167.24% on 31 March, 20201. This extraordinarily high price volatility imposes a tremendous risk to various market participants, see Chaim and Laurini (2018), Alexander et al. (2020b), Deng et al. (2020) and Scaillet et al. (2020). Futures contracts are commonly used to hedge spot price risk.