Kategorie: Crypto Markets

• Auros and Pyth Network have partnered to bring high frequency on-chain data to blockchains.
• The partnership will help advance the decentralised finance market, with better financial solutions for consumers.

Auros, an algorithmic trading and market making platform for cryptocurrencies, is teaming up with the Pyth Network to bring high-frequency pricing data to the oracle solution.

The partnership will see Pyth Network receive pricing data from Auros real-time high-frequency trading system. The data will be for a range of cryptocurrencies, the two firms noted in a press release obtained by CoinJournal on Tuesday.

Offering high fidelity data to markets

Pyth, a market leader when it comes to oracle solutions for latency-sensitive financial data, will tap into the Auros technology to deliver further institutional trading activity to multiple blockchain protocols.

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Combining the technological innovation that powers Auros high-frequency trading strategies with a unique partnership-based approach, Auros is redefining liquidity provision and sustainable growth in the digital assets space.

— Pyth (we’re hiring!,🔮) (@PythNetwork) September 27, 2022

Auros delivers high fidelity data derived from combining data from a wide range of sources, filtering for quality and accuracy.

According to the platform, this happens at sub-second intervals to give users pricing data that’s reliable. The market making platform has integrated over 60 exchanges, and accounts for over $1.5 trillion in cumulative trading volume.

Auros is the 70th publisher, or provider to join with Pyth Network.

“By sharing our high-frequency trading data with a truly on-chain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants. We expect the Pyth Network will become an invaluable part of a future decentralized financial system, and are delighted to be partnered with them on this mission,” said Ben Roth, co-founder and CIO of Auros.

Pyth currently provides aggregated market data for over 90 price feeds, with users spread across FX, crypto, equities and metals. The price feeds are also available for blockchains through Wormhole’s messaging protocol.

The platform has secured more than $25 billion worth of traded volume.

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Regulators across multiple US states have announced enforcement actions against crypto lender Nexo, with cease-and-desist orders from some over Nexo’s interest-bearing crypto product.

On Monday afternoon, at least eight states had variously filed actions against the leading crypto lender. A CNBC report noted that New York, California, Oklahoma, Maryland, Kentucky, South Carolina, Vermont and Washington had all brought actions.

New York Attorney General Letitia James sued the crypto company for failing to register and for lying to investors.

I’m suing crypto platform @Nexo for illegally failing to register with my office and lying about it to investors.

Instead of misleading New Yorkers about its compliance with the law, crypto platforms must register to operate just like other investment platforms.

— NY AG James (@NewYorkStateAG) September 26, 2022

“Between at least June 2020 to the present, the Defendants, operating through their publicly accessible website and mobile smartphone app, which allow users to purchase, sell, deposit, trade, borrow against, and earn interest on virtual currency, violated New York’s Martin Act and Executive Law by acting as unregistered securities brokers or dealers and/or commodities broker-dealers,” the New York Attorney General’s complaint reads.

The other state regulators are also accusing Nexo of offering its yield account to customers within their jurisdictions without the requisite registrations needed for securities. The crypto platform’s failure to provide disclosures is an accusation across the enforcement actions.

In its press release, California’s Department of Financial Protection & Innovation (DFPI) said:

“The California Department of Financial Protection and Innovation (DFPI) announced today it has joined seven state securities regulators to bring actions against the Nexo Group (Nexo) in connection with its Earn Interest Product accounts.”

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Terra Luna Classic (LUNC), the original version of the collapsed cryptocurrency Terra Luna, is smashing upwards on Monday afternoon, with massive gains sending the coin to highs seen early last week.

The LUNC/USD pair was trading around $0.00029885 at the time of writing, with intraday highs of $0.00031905 across major exchanges that list the coin.

According to CoinGecko data, the cryptocurrency has surged by more than 40% in the past 24 hours – most of the gains coming after what is good news in the form of Binance support for the cryptocurrency’s burn mechanism.

Binance implements LUNC burn

On Monday, Binance CEO Changpeng Zhao announced that the crypto exchange, the world’s largest by trading volume, would implement a 1.2% tax rate burn as the Terra Luna Classic community looks to reduce the coin’s supply.

“Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each week in this announcement until further notice,” the exchange informed its customers.

Zhao also commented on the LUNC tax burn, noting the platform is implementing the model as LUNC holders would not have supported an earlier announced opt-in proposal. He tweeted:

Instead, we have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.

Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.

— CZ 🔶 Binance (@cz_binance) September 26, 2022

As for what happens to the fees, Binance noted: “Trading fees on LUNC spot and margin trading pairs that collected in a token other than LUNC (e.g., USDT, BUSD and BNB) will be converted to LUNC with the real-time exchange rates on Binance every Monday at 00:00:00 (UTC).”

In the past 24 hours, Terra Luna Classic has registered a daily trading volume of just over $2.4 billion, with CoinGecko data showing a circulating supply of 6,901,298,301,199 LUNC.

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• Binance had ceased offering crypto derivative products to customers in South Africa in October 2021.
• The platform will now offer its crypto futures products via regulated platform FiveWest OTC Desk.
• Brickhouse Trading Limited, a member of Binance group of companies, will offer the products as a jurisdic representative of FiveWest.

Binance, a leading blockchain ecosystem and top cryptocurrency exchange platform, has announced its relaunching its crypto futures products in South Africa,

The exchange, which revealed the development on Monday, eligible South African customers can start accessing futures trading on the platform as from 26 September 2022.

Eligible customers to access futures products

Binance’s reentry with margined trading products for the African nation’s market comes several months after it moved out due to regulatory and compliance issues.

In October last year, the exchange halted its derivatives-related products in the country – with the need to comply with local regulations forcing it to cease offerings for futures, options, margin and leveraged tokens.

On Monday, the exchange told its users in the country that USD-Margined and COIN-Margined perpetual as well as delivery Futures contracts were now available.

South African users can access these products on Binance again, with the platform partnering with regulated financial services FiveWest OTC Desk. 

The Changpeng Zhao-led crypto company noted that it has a juristic representative arrangement with the authorised provider – a collaboration that will work via Binance affiliate Brickhouse Trading Ltd.

According to Binance, customers will still access the same products as before.

“The type of products offered and related product specifications have not changed from Binance’s previous Futures offering in South Africa. Only the manner in which the services are provided have changed. Users may still connect into the Binance platform and access the same market-leading liquidity,” the exchange’s team wrote.

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• Bitcoin’s average 30-day volatility in August was 60%, while it stood at 80% in June.
• In 2022, risk asset markets (crypto included) have traded lower and Bitcoin more so like a high-beta US stock.

Bitcoin (BTC) realized volatility during quarter three has trended downwards, according to the latest report on the metric from crypto intelligence and research firm Messari.

Per the research platform, the benchmark cryptocurrency recorded the lower volatility as the crypto saw a slight recovery from June lows.

So while BTC has once again dipped below $20,000 in September, the recovery from the $17,600 levels in June and the retest of key resistances near $25,000 in mid-August was key.

“Bitcoin realized volatility trended downwards as it made a gradual recovery in Q3. Average 30-day volatility for August was 60% compared to over 80% for June,” Messari’s Sami Kassab and Kuna Goel wrote in the State of Bitcoin Q3 2022 report.

As for total short liquidations, the figure fell to $3.5 billion last month, compared to $6.6 billion total liquidations seen in June.

BTC traded like a high-beta US tech stock

As crypto prices see-sawed over the quarter, Messari notes, Bitcoin traded more like a tech stock as it tracked the Nasdaq 100 (rebased). 

This happened not just as the federal fund rates increased across the three months, but reflected the rot going back to late 2021. Prior,  availability of easy money amid institutional adoption, had helped fuel the bull market.

“For the quarter, the average correlation between Bitcoin and NASDAQ 100 was 0.6 as inflation and rate hikes dominated the narrative. Surprisingly, digital gold and physical gold are far less correlated. The average correlation for the quarter between the two assets was 0.2,” Kassab and Goel wrote.

Overall, Q3 has seen Bitcoin essentially lose two of its key narratives – as an inflation hedge and store-of-value asset – amid the bear market crash that precipitated declines of over 72% since the all-time-highs of 2021.

Bitcoin was trading around $18,910 on Sunday afternoon, about 6% and 13% down over the past 7 days and 30 days respectively.

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