Bitcoin ATMs have doubled, investors in Africa and South America are frenzied, is it time for the "recovery" of the encryption market?

欧易情报局

特邀专栏作者

2020-06-19 12:07

This article is about 6776 words, reading the full article takes about 10 minutes

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cryptocurrency market

Table of contents:

Market overview
cryptocurrency market
1. Market overview
industry voice
Blockchain Industry Empowerment
industry anecdote

1. Market overview

As of 16:00 on June 19, 2020, according to CoinGecko data, the total market value of the cryptocurrency market was 265.4 billion US dollars, and the total market value fell by 0.2% on the 7th. The market sentiment index is 39, which is panic level; USDT OTC premium rate is -0.68%, and the OTC average price is ¥7.03.

According to OKEx spot, as of 16:00 on June 19, BTC temporarily reported at $9,283 (-1.78%), and OKB temporarily reported at $4.92 (-2.15%). In the past week, BTC was still oscillating in the box range of $8700-10000. Compared with last week, it was in a downward trend in the shock. The intraday currency price fell below the integer mark of $9000, and the lowest hit $8910.4, which is far from the lower rail of the box. $8700 still has 300 points of downside. BTC failed to continue its strength after testing at $9,600 earlier this week. The trend began to fall on Wednesday. It fell below $9,400 and fell above $9,200 before being supported. Now it has temporarily stabilized.

2. Cryptocurrency market

1. Ethereum developers: May launch final multi-client testnet in July

On June 17, the "Hello, ETH 2.0" online bilingual AMA jointly organized by OKEx Mining Pool and the ECN community was successfully held. The event invited Ethereum global community leaders, among them Afri Schoedon, a pioneer developer of the multi-client test network of ETH2.0, said that the exact date of the launch of the main network cannot be given at present, but the final multi-client test may be launched in July net. After the final multi-client test network can run stably for two to three months, that is to say, there will be no consensus problems on the test network, no permanent bifurcation will occur, and all clients should reach a consensus on the main chain. Start the launching ceremony and deploy the pledge contract. Technically speaking, it will officially enter ETH2.0.

【Interpretation】Ethereum 2.0 is another hot spot after Bitcoin halving this year. Ethereum 2.0 is divided into three phases, namely phase 0: beacon chain implementation; phase 1: sharding data; phase 2: state execution. Phase 0 is currently being deployed. After this phase is successfully launched, users are allowed to pledge 32 Ethereum (BETH) to become validators. In addition, ETH1.0 will not be abolished immediately, and will coexist with ETH2.0 for 3-5 years. The consensus mechanism will gradually transition from PoW to PoS to solve the problem of poor performance of Ethereum.

The overall scheme of the Ethereum 2.0 concept mainly uses PoS+Sharding (sharding technology) to make the performance of Ethereum better. Among them, PoS means that if a new node wants to participate in the consensus, it needs to go through at least one transaction (such as mortgage, voting...), and Sharding is a "divide and conquer" on-chain expansion method to improve on-chain data. processing performance.

2. Bloomberg: The price trend of Bitcoin did not meet expectations, and investors turned to the traditional stock market

According to Decryp reports, Bloomberg recently published a new analysis article saying that during the coronavirus epidemic, the price trend of Bitcoin has not met people's expectations, and it has not become digital gold. At the same time, bitcoin prices are much more correlated with traditional stock markets than many experts predicted. Not only that, but many investors have recently turned to traditional stocks again, looking for volatility and asset price movements.

[Interpretation] Whether Bitcoin is "digital gold" and whether it is a safe-haven asset, these issues have always been controversial. Some properties of Bitcoin are indeed similar to gold, and even have advantages that gold does not have. However, considering that compared with gold, the market value of Bitcoin is still small and its liquidity is extremely high, which makes it extremely vulnerable to the impact of traditional capital markets, resulting in large fluctuations in the market. Therefore, the OKEx Intelligence Bureau believes that Bitcoin cannot become a safe-haven asset in the short term. However, in the long run, as human society gradually shifts to digitization, digitization of means of payment has become a trend. In addition, the young millennials have gradually deepened their consensus on the value of Bitcoin. worth looking forward to.

3. Data: The number of Bitcoin ATMs in the world has surged by 150% in the past two years

On June 17, data from Norwegian financial services company AksjeBloggen showed that the number of Bitcoin ATMs around the world has surged by 150% over the past two years. Since launching the first Bitcoin ATM in 2013, there are now more than 8,000 machines installed in more than 75 countries. In the first six months of this year, more than 1,713 Bitcoin ATMs were installed, the vast majority of which are in North America.

[Interpretation] Bitcoin ATM is a hardware device similar to bank ATM, but it is very different from bank ATM. Users can only buy and sell bitcoins through bitcoin ATMs. Since Bitcoin ATMs sell virtual currency, even if they are vandalized, they will not spit out golden Bitcoins. The OKEx Intelligence Agency believes that the surge in the number of Bitcoin ATMs is a sign of the healthy growth of the cryptocurrency industry, and will also play a role in boosting the spread of Bitcoin.

4. Search data shows that the next growth point of Bitcoin may be in Africa and South America

According to news from Cointelegraph on June 16, an interactive map showing the level of global interest in cryptocurrencies shows that Bitcoin searches are mainly concentrated in African and South American countries. Bitcoin dominates the search engine market in Africa, according to a map published by blockchaincenter.net. Among them, Bitcoin accounted for 94.7% of cryptocurrency-related searches in Kenya, 89.4% in Nigeria and 89% in South Africa. This search trend suggests that African countries could become key crypto players in the future. Previous reports indicated that the speaker of the Nigerian House of Representatives called for a substantive legal framework for cryptocurrencies in July 2019.

3. Mining dynamics

1. F2Pool refunds 90% of abnormal handling fees, and 10% will be used as miner benefits

According to Gyro Finance News, on June 18, F2Pool processed an abnormal transaction with a high handling fee of 2310ETH packaged last week. After communicating and negotiating with the original address holder, 90% of the handling fee was refunded, and the The remaining 10% is used for a one-week ETH zero-fee mining activity.

[Interpretation] F2Pool is the third largest mining pool in Ethereum, currently accounting for 9.2% of the total computing power of the Ethereum network. In the blockchain world, once the transaction is sent and confirmed, there is almost no possibility of withdrawal unless there is a 51% attack on the network. Therefore, once an error occurs during the transfer, the mining pool or the receiver can only expect the voluntary return. Yuchi likes it.

2. Wu said blockchain: Yunnan Dehong sent a supervisory team to inspect the direct power supply mines, and some mines are seeking to sell

According to Wu Shuo's blockchain news, on June 16, Dehong Prefecture issued a notice on "Rectifying the Supervision and Inspection of Illegal Private Construction Big Data Projects in the State". Create a big data project. It was previously reported that Yingjiang County, Yunnan Province carried out inspections to clean up illegal big data projects, and 16 mining equipment in the county have been dismantled. According to mining industry insiders, the mining industry in Dehong Prefecture is "in distress", and some mines are seeking to sell.

In addition, due to the impact of power cuts and security rectifications, a batch of mining machines have been offline since the evening of June 14. On June 15, more than 40,000 devices were disconnected in Sichuan and Yunnan. The data shows that on June 17, the computing power of the entire Bitcoin network was about 103E/s, which was the lowest point recently. Currently, the computing power of the entire Bitcoin network is about 111.80E/s.

[Interpretation] Miners suffered a lot during the flood season this year. First, before the flood season came, the miners encountered the "water and electricity consumption" policy in Sichuan Province. Since then, the wet season should have arrived in early May, but it encountered a long-term drought without rain. Recently, Yunnan, Guizhou and Sichuan have experienced continuous torrential rain. These have adversely affected the normal operation of miners, so that the Bitcoin network computing power has fluctuated violently recently, from 125E in early June to about 103E/s on June 17.

3. Ebang International updated the prospectus, but the listing time has not been announced

According to Leidi.com, Bitcoin mining machine company Ebang International updated its prospectus today, planning to issue 19,323,600 shares, with an issuance range of US$4.5 to US$6.5, and a fundraising scale of US$86.94 million to US$125 million. The stock code of Yibang International is "EBON", and the listing place is NASDAQ in the United States. However, Yibang International has not yet announced the specific listing time. Ebang International's revenue in 2019 was US$109 million, a decrease of 66% from US$319 million in 2018; Ebang International's loss in 2019 was US$41.07 million, an increase from the net loss of the same period last year.

[Interpretation] Ebang International, as one of the three major mining machine giants in the 16nm era, has more than 10 types of mining machines. When Zhizhi and Shenma mining machines went hand in hand, Ebang International did not seem to keep up. In fact, when the mining machine was updated last time, Bitmain dominated the market with the Antminer S9 mining machine. If Yibang International can be successfully listed, it may be able to rely on stock market blood transfusion to fight a turnaround in this critical period of mining industry reform.

4. Data: Miners reduce Bitcoin supply in the past week and start hoarding

According to CryptoNews news on June 16, in the past 12 weeks, miners still sold more bitcoins than they produced, but this trend has changed in the past few weeks. ByteTree data shows that in the past week, they mined 7,150 BTC and sold 5,821, keeping 1,329 BTC. ByteTree CEO James Bennet said miners typically build inventories when the market is weak and then turn into strong sales. As prices recover, miners may start dumping inventory again.

4. Industry voice

1. V God said that he does not agree with the S2F model, and the theory of "halving leads to an increase in BTC price" cannot be verified to be true or false

On June 15, V God tweeted that he did not agree with the widely cited S2F (Stock to Flow) model. But he acknowledged that the absence of a correlation between bitcoin price surges and halvings is not enough to disprove the model.

On the same day, V God also tweeted that the theory that "the halving causes the price of Bitcoin to rise" cannot be verified: Is BTC the peak before halving? Some people think that it "increased in anticipation of the halving", while others believed that the price increase during and after the halving was also due to the halving. Buterin noted that Bitcoin’s last peak of $20,000 was near the midpoint between the 2016 and 2020 halvings.

[Interpretation] Within a day, V God expressed doubts about the two theories of "S2F (Stock to Flow) model" and "halving promotes the rise of Bitcoin". The Stock-to-Flow (S2F) model refers to the annual output divided by the number of available bitcoins. V God suspects that S2F is not unfounded. As early as 2019, the model predicted that the price of bitcoin will reach 60,000 U.S. dollars, there are still 2 months left until August, and now Bitcoin is less than 10,000 U.S. dollars. Obviously, the error of the S2F model is not small.

In April of this year, when evaluating S2F, a well-known Bitcoin whale pointed out that an oversimplified economic pricing model like S2F is very "dangerous" for thousands of traders, and they are likely to lose money due to tight Their hype mistook these theories for correctness, which eventually led to catastrophe.

Secondly, whether the halving of Bitcoin can promote the price increase is a topic that people have been discussing. Judging from the two production cuts in 2012 and 2016 and the subsequent super bull market, the production reduction is indeed related to the increase in the price of Bitcoin. However, whether past experience can be used as a yardstick for judging the future direction requires more observation.

2. Huang Qifan: Only the combination of blockchain and big data can produce great output value

According to Sohu Think Tank, on June 13, at the China Financial Technology Cloud Summit, Huang Qifan, vice chairman of the China International Economic Exchange Center, said that under the background of 5G, big data, cloud computing, and blockchain have reached a new level. Last year, there were 18 million big data processing servers under construction and installation in China, and the number will increase by at least 10 million in the next five years. The blockchain is the human gene, the Internet is the nervous system, big data is the human blood organ, and cloud computing is the backbone. The combination of these links is the whole of human beings, and will produce great output value.

[Interpretation] Twitter founder Jack Dorsey: "Bitcoin is like poetry". Huang Qifan: "Blockchain is a human gene." The importance of Bitcoin and blockchain to human society is self-evident.

3. Investors’ point of view: DeFi may have a greater impact on Ethereum than ICO

According to Defi Pulse data, the total value (TVL) of assets locked in the DeFi market on June 12 was close to $1 billion. Since mid-March, when the market crash triggered by the coronavirus pandemic caused TVL to drop to $550 million, DeFi has recovered 77% to current levels.

Chris Burniske, partner at venture capital firm Placeholder, recently commented that DeFi’s impact on Ethereum will be far greater than the impact of ICOs in 2017 and 2018: “The ICO boom has enabled Ethereum to provide a financial service: early capital formation. DeFi will Flexible application of Ethereum’s capabilities to provide ‘all’ financial services.” Trader and analyst Cactus said that the continued growth of ETH 2.0 and DeFi may bring more growth in 3 months in the next two years compared to 2017. high capital flow. The ICO boom will be replaced by another channel.

5. Blockchain industry empowerment

1. Ministry of Agriculture and Rural Affairs: Make full use of modern information means to provide cutting-edge courses such as blockchain

The Ministry of Agriculture and Rural Affairs, the National Development and Reform Commission and other departments recently issued opinions on the in-depth implementation of the cultivation of rural innovation and entrepreneurship leaders. The opinion requires that by 2025, the rural innovation and entrepreneurship environment will be significantly improved, the level of innovation and entrepreneurship will be significantly improved, the innovation and entrepreneurship team will continue to grow, and the development momentum of rural industries will be stronger. Make full use of modern information technology means such as portal websites, remote videos, cloud interactive platforms, micro-classrooms, and integrated media to provide flexible and convenient online training, and innovatively set up product research and development, process transformation, new business formats, risk prevention and control, 5G technology, and block training. Chain and other cutting-edge courses, etc.

2. Guangzhou Development Zone launched an intellectual property blockchain trading mall

According to Xiaoxiang Morning News, on June 18, the Intellectual Property Financial Service Center of Guangzhou Development Zone was unveiled. Liu Shi, deputy head of the Huangpu District Government of Guangzhou City, said that the development zone will launch the "Intellectual Property Helps Scientific and Technological Enterprises Listing Project" in the next step, and launch an intellectual property blockchain trading mall and intellectual property pledge financing risk compensation fund pool to help " "Knowledge" has changed to "capital", providing more guarantees for the development of small and medium-sized enterprises.

3. The World Economic Forum intends to use blockchain technology to curb corruption in government departments

According to Cointelegraph on June 17, the World Economic Forum (WEF) hopes to use blockchain technology to make corruption in the government's public sector more difficult. "Corruption is a 'high potential' space for blockchain because you can really benefit from decentralization. Records are hard to delete or censor, for example," said Ashley Lannquist, head of WEF's blockchain program. WEF Working with the Colombian government to see if blockchain-based transparency can help prevent corruption. Dark dealings plague the public sector in many countries, but increased transparency, public accountability and proper documentation are the solution, according to a report led by Ashley Lannquist. Blockchain is one solution.

4. Tokyo Electric Power Company will build an additional power trading system based on blockchain

On June 18, Tokyo Electric Power Holdings (Tepco) partnered with major Japanese trading company Itochu Corporation to begin building an additional blockchain-based electricity trading system. The new system will be popularized in Japan within three years, and blockchain technology will be used to enhance "communication security." The companies plan to work with local governments and start concept trials in March 20216. Industry anecdotes

6. Industry anecdotes

1. Land Rover ad marks the birth of Bitcoin as an important historical event

According to Cointelegraph on June 18, in an advertisement themed through history, the video of the car giant Land Rover (Land Rover) marked a series of groundbreaking historical developments. The company’s U.K. arm tweeted the ad on June 17, citing the “birth of the bitcoin network in 2009” as an important marker in history. The Land Rover ad once again shows the growing awareness of Bitcoin in the mainstream.

[Interpretation] The birth of Bitcoin is of course a landmark event. Its appearance has brought the freedom of currency in human society for the first time. You can finally boast that there is something that only belongs to me.

2. Encrypted artist Trevor Jones' work "Satoshi" was sold at a price of 27.5 ETH

According to news from DappReview on June 18, the work "Satoshi" by encrypted artist Trevor Jones has been bought at a price of 27.5ETH (about 45,000 RMB). The painting is currently on display in a museum in the virtual world Somnium Space

[Interpretation] The background of this exquisite painting is a miniature print of the Financial Times newspaper. The content on the right side of the newspaper shows the traditional investment world, and the left side of the newspaper is mainly related to Bitcoin. There are two places where the Bitcoin symbol appears. An article The headline is "Professional investors take a punt on the crypto craze". The left and right sides are originally two opposing worlds, and Satoshi Nakamoto's huge head portrait makes the two worlds merge into one. This painting called "Satoshi" aims to show that it doesn't matter who Satoshi Nakamoto is, but the appearance of Satoshi Nakamoto opens the door to a new world for us.

3. Israeli software company pays $250,000 in Bitcoin ransom behind regulators' back

According to Cointelegraph, on June 14, Israeli software company Sapiens International Corp. NV paid $250,000 in bitcoins without reporting to securities regulators in the United States or Israel to pay the ransom demanded by hackers. It is possible to shut down the company's systems after the attack. The attack is believed to have occurred between March and April.

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