Bitmain is in Grip of U.S. - China Trade War
The office of the United States Trade Representative classified the Antminer device as an electrical equipment subject to additional fees in June. This means that Bitmain-produced ASIC miners will increase in price by 25% in the U.S. market. Chinese manufacturers of crypto mines now face tariffs on their U.S. shipments of 27.6%, up from zero previously.
This is a very serious blow to the company, given that the share of U.S. sales of Antminer is 51%. Selling equipment for mining as a whole brings the manufacturer 91% of its profits. It is worth noting that the trade war between the United States and China has already led to nervousness in the global financial markets. Since the beginning of the year, shares of leading Chinese technology companies have lost 10% to 30% of their value. Participation in this war is probably costing Bitmain significant losses, especially since the company is not performing very smoothly.
CME: Bitcoin Futures Trading Volumes Continue to Grow
The average daily trading volume of bitcoin futures at the Chicago Mercantile Exchange (CME) in Q3 increased by 41%. It has also exceeded 5,053 contracts, indicating a 41% increase from 3,577 contracts in Q2. The data also indicates a 170% growth against the first quarter with 1,854 contracts. The amount of Open Interest (OI) also showed a positive trend compared to the second quarter and grew by 19%, amounting to 2,803 contracts.
CME began trading in bitcoin futures in December. Trades are conducted on the CME Globex platform on a cash settlement basis and are based on the CME CF Bitcoin Reference Rate (BRR), the reference bitcoin rate against the U.S. dollar, compiled by the CME Group on Bitstamp, GDAX, itBit, and Kraken data.
Goldman Sachs & Mike Novogratz Invested in BitGo
Goldman Sachs, a large investment bank and Galaxy Digital Ventures, billionaire Mike Novogratz’ company, invested $15 million in BitGo Holdings, which develops solutions for safe storage of crypto assets. Thus, the total amount of BitGo funds received during the Series B financing round reached $58.5 million.
BitGo provides services for the storage of more than 75 cryptocurrencies and tokens, and its stores contain assets for more than $2 billion, according to its own statement. Since 2013, the company has already attracted about $70 million. BitGo attracted recent investments in December 2017, when it received $42.5 million from Valor Equity Partners. Then the startup announced the closure of Series B, but the new funding means it was renewed.
What Else:
- YouTube was inaccessible on Tuesday night, after the company apologized for the issue, another twitter account with verification mark pretending to be YouTube started offering free crypto as compensation for the inconvenience.
- G4S company that is operating in 90 countries across the globe, normally provides care and justice services, as well as logistics support for big amounts of cash, has designed a cryptocurrency storage solution.
- Apple co-founder Steve Wozniak became a co-founder of a venture capital fund Equi Global, that combines traditional investing methods with blockchain technology.
- Crypto Compare reviewed hundreds of crypto assets in order to determine their decentralization level and came to the conclusion that 84% of them aren’t decentralized.
At 17:00 (GMT+1) total cryptocurrency market capitalization stands at $209.8 billion
Bitcoin (Bitcoin) $6539 (-0.15%)
Ethereum (ETH/USD) $205 (-1.36%)
XRP (XRP/USD) $0.45 (-2.30%)
Bitcoin Cash (Bitcoin.Cash) $443 (-1.21%)
EOS (EOS/USD) $5.39 (-0.28%)
Tether (+0.38%) showed the best growth in the top-10
Ravencoin (+13.17%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11.1 billion (-1.4 billion per day)
Mining Profitability
BTC $2.07 for 10 TH/s ↘️
ETH $0.16 for 10 MH/s ↘️
BCH $0.21 for 1 TH/s ↘️
LTC $3.09 for 1 GH/s ↗️
DASH $0.06 for 1 GH/s ↘️
Click here for the list of ongoing ICOs and rating. Also, subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.