2020 has been challenging and transformational. It made us change all the routines. But, well, we still want to focus not on challenges, but on the new achievements and opportunities, this year’s transformations bring. We at CEX.IO focus exactly on searching for these new opportunities and reaching new heights. Here, we’d like to share with you what we have been doing, achieving, and talking about this last summer month — August. A monthly synopsis of the publications in the media is right here for your attention. Read on!
Achievements and plans 💪
➡️ CEX.IO made it into the CryptoCompare top 10 July 2020 report, with an overall A grade.
The CryptoCompare Exchange Benchmark rating evaluates over 165 exchanges around the world on aspects like adherence to regulations, platform security, liquidity, asset diversity, senior management team, API connectivity stability and performance, and a number of negative events while ensuring the necessary transparency in crypto asset trading.
CEX.IO’s highest score in the rating, at 12.5 points out of 15, was in the Security category, putting it in third place among all the competing exchanges. The evaluation took into account security certificates, two-factor authentication, SSL rating, percentage of cold wallet usage, distribution of keys, and the number of hacking attempts.
We’re excited about this evaluation of our work and our competence and thank our customers for the trust you place in us!
➡️ Now, we’re glad to announce that we apply for a regulated crypto license with the Monetary Authority of Singapore (MAS) to start its expansion to the Asian market.
We currently have a solid presence in the USA with a growing number of Money Transmitter Licenses under our belt. We have our head offices in the United Kingdom, in the USA, and now we will have an office and on-the-ground presence in Singapore.
The expansion allows CEX.IO to pursue its long-term business strategy to become a truly global cryptocurrency exchange for both retail and institutional clients.
Read more details in the publication.
➡️ In July trading volume on the exchanges increased significantly. On CEX.IO it has grown twice compared to June 2020. Starting around July 20th, trading volumes on CEX.IO have increased several times after a relatively long lull, reaching the levels of May 2020.
Also, there was exceptional growth in the number of new users, significantly higher daily trading volume, and increased trader activity, in particular, a 15-times shorter order filling time compared to last year, all despite the pandemic that has strained the global economy. CEX.IO CTO Dmytro Volkov tells about the reasons for such growth.
- Trading volumes on crypto exchanges have doubled in July
- The Virus Crypto Economy: Since the Pandemic Started, CEX.IO almost Doubled its Daily User Registration
Digitalization and crypto adoption 🧑💻
➡️ In a little more than a decade, cryptos went from being completely unknown to being a hot topic in nearly every country around the world. New discoveries lead to a new interest, which once again, leads to investing and the popularity of digital coins.
Nevertheless, while cryptos did become a very popular alternative to traditional payment methods, they still seem to be far away from being used in everyday life.
Why is that? Why can’t we just go to the store or a cafe and use them to pay for goods and services, even now, in the mid-2020? In this article, Konstantin Anissimov, Executive Director at CEX.IO, delves a little deeper into the world of crypto payments and asks just when we might see them as an everyday reality.
➡️ Based on the Bank of England governor Andrew Bailey’s comments, there will soon be a decision whether to create a central bank digital currency (CBDC) for the UK.
The reason why the UK is deciding on the matter now is simple: other countries are way ahead in developing their CBDCs. According to a recent survey, 46 countries are already working on or considering the development of a CBDC.
The Executive Director at CEX.IO, Konstantin Anissimov tells what the potential effects a state-issued digital pound might have on the UK economy.
➡️ With the rising demand in digital payments, central bank digital currencies (CBDCs) have become a hot topic in the financial industry.
With that said, central banks worldwide are racing to issue their state-controlled digital currencies, which are expected to cause drastic changes in the world economy. Konstantin Anissimov, executive director at CEX.IO, shared his opinion on the prospects of the development of state digital currencies.
Financial Markets 📊
➡️ A large number of investors have stopped trading Bitcoin. Instead, they are following the classic buy-and-hold strategy. Data fetched by Glassnode showed that about 8 million Bitcoin tokens have not moved in at least three years. That makes up 44 percent of the total cryptocurrency supply, a level–as Glassnode noted–one has not seen in over three years. Konstantin Anissimov, the Executive Director of CEX.IO, tells his thoughts in the article. Bitcoin HODLing Behavior Hits 3-Year High; Another Bullish Sign
➡️ Wall Street firms are waking up to the prospect of holding Bitcoin as a hedge against uncertainties in the mainstream equities market. With the coronavirus pandemic adversely impacting economies around the globe, investors appear to be looking toward safe haven assets. Indeed, the attention on both BTC and gold is causing a significant coupling of their respective price actions, given that central banks continue to pursue aggressive quantitative easing. With a firm like MicroStrategy hedging with Bitcoin, it appears this pivot might now spread to Wall Street. Konstantin Anissimov, executive director of crypto exchange platform CEX.IO, highlighted to Cointelegraph the implications of a listed company investing in Bitcoin.
➡️ The British Pound has been able to recover quite nicely against the U.S. dollar. After the massive nosedive it took in early March amid fears over COVID-19, Sterling began trending up. How does GBP hold considering Brexit deal talks between the EU and the UK, and pandemic situation? Konstantin Anissimov shares the analytics.
- The $1.32 Resistance Rejects Sterling’s Uptrend Throughout the Week
- Weekly recap: Pound to grow on the back of US economic uncertainty
- Pound Edging up despite Futile Brexit Talks on Positive UK Stats
➡️ Bitcoin had been on an upswing this year before the pandemic began. The sharp corrective move started at the end of February when COVID-19 started spreading throughout Europe and the USA. Had it not been for the new coronavirus infection, the world would have most likely seen Bitcoin reach $11,500 in April 2020. Konstantin Anissimov analyzes the crypto market signals and tells how likely BTC can reach the level of $14,000 per before the end of 2020.
➡️ The cryptocurrency market continues with its expansion and Ethereum and Litecoin are showing to be among the most requested cryptocurrencies in the world. Litecoin was able to finally surpass Bitcoin SV and recover the 7th position in the market.
Now only Bitcoin (BTC), Ethereum, XRP, Tether (USDT), Chainlink (LINK), and Bitcoin Cash (BCH) have a higher valuation than LTC. Litecoin is one of the oldest but also one of the safest and most popular virtual currencies in the world that has been in the top 10 for the longest time in history – only behind BTC. Konstantin Anissimov, the Executive Director at CEX.IO, tells about the crypto market trend.
➡️ To help you stay in the loop of the crypto market moves and trends, check out some more crypto market analytics from Konstantin Anissimov:
- Bitcoin Takes A Nosedive As The $12,000 Resistance Holds
- Bitcoin and Ethereum Hit Resistance, Crypto Sentiment Suggests Big Move to the Downside Brewing
- Bitcoin partially recovers from previous losses
- Weekly Recap: Ether Appears to Aim for the Next Significant Area of Interest that Sits between $600 and $800
- Bitcoin Breaks Above $12,000 While Ethereum Attempts to Catch Up
- Weekly Recap: Bitcoin Above $11,500, Ethereum Above $380
- Bitcoin and Ethereum Crumble While Low-Cap Coins Take the Spotlight
- Bitcoin and Ethereum Could Be Ready for Another Major Upswing
- Weekly Recap: Bitcoin and Ethereum Build the Support for Another Major Upswing
🤓 We hope you’ll find these materials useful. You can find a lot more on our Telegram channel. There you can read more news, participate in the live discussions, share your thoughts and be a part of our vivid crypto community: 👉 https://t.me/CEX_IO
We’ll be happy to see you there!
Stay tuned for more news and see you soon! 🤗