Bitfinex Weekly Briefing (1010-1016)
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Bitfinex Announces Digivault Integration
Digivault custody clients can now hold their assets on Digivault and use them to trade on the Bitfinex marketplace through an API integration.
You can finddigivault.comYou can find group.eqonex.comLearn about the EQONEX Group at www.eqonex.com.
https://www.bitfinex.com/posts/848
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Bitfinex Alpha | Cryptocurrency Remains Resilient Despite Continued Tight Labor Market
The U.S. labor market finally started to show a glimmer of weakness last week, but it was just a blip, and financial markets know it well.
The problem of US inflation remains entrenched and expectations are high that when the Fed meets again on November 1st, interest rates may rise again by at least 75 basis points.
A stronger dollar, which has a dampening effect on economies outside the US, is not always good. The global manufacturing purchasing managers index fell below 50 for the first time in more than two years, indicating that demand is slowing down, which is conducive to lowering inflation; It reduces the risk of corporate default on foreign debtors repaying loans in currencies other than the U.S. dollar.
In these uncertain times for trading assets, we think a useful way to evaluate crypto protocols is to analyze the total fees they generate and the revenue they provide to the market. Uniswap, for example, incurred nearly $45 million in fees to its liquidity providers in the past month, but nothing to its treasury and token holders.
For Bitcoin, while enthusiasm for retail wallets has waned, exodus from exchanges suggests potential renewed buying momentum. Our view is that now is the time to keep an eye on the market, as BTC could see major moves - either up or down.
In crypto news, the BNB chain was hacked, initially losing nearly $600 million. Tether acted quickly to blacklist the addresses to which some of the funds were sent, enabling them to be frozen and partially recovered. Meanwhile, Meta continues to battle the Metaverse, the EU imposes more sanctions on wallets that trade with Russia, and Elon Musk announces a fresh start on the Twitter acquisition.
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-crypto-resilient-despite-continued-labour-market-tightness/
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Bitfinex Commits to Bitcoin Education Worldwide
Trading platform Bitfinex (https://www.bitfinex.com/) announced on October 11 the launch of a new Bitcoin education program that will advance financial education and freedom for people around the world.
S&P Global Ratings found that only 33% of adults globally are financially literate. South America, with the exception of Uruguay and Chile, has a financial literacy rate of 21-30%. To further its vision of a world where everyone can achieve financial freedom, Bitfinex is doubling down on global Bitcoin education in partnership with Mi Primer Bitcoin. The program will provide free bitcoin financial literacy courses in El Salvador.
“We are delighted to be sponsoring an educational program aimed at increasing financial and technological literacy in El Salvador and globally. This builds on our presence in the country as a technology provider for the upcoming Volcano Token,” said Paolo Ardoino, CTO of Bitfinex .
Bitfinex will sponsor Bitcoin and financial education courses around the world. As more countries such as El Salvador and cities such as Lugano adopt cryptocurrencies, the demand for financial education on Bitcoin will grow.
“We are really pleased to have the strong support of Bitfinex to provide El Salvador with a quality, impartial Bitcoin education. As the first country in the world to adopt Bitcoin, El Salvador will set many precedents and we believe independent education will help Make sure those precedents are positive," said John Dennehy, founder of Mi Primer Bitcoin.
The Adopting Bitcoin conference promotes Bitcoin, the Lightning Network, and financial freedom. Last week, Bitfinex announced that it would be the main “whale sponsor” for the 2022 conference, which will be held in San Salvador and Bitcoin Beach from November 15-17.
https://blog.bitfinex.com/media-releases/bitfinex-doubles-down-on-commitment-to-global-bitcoin-education/
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Cryptocurrency holders trust centralized exchanges with high-tech security
Crypto traders prefer to hold digital tokens on centralized exchanges amid the growing threat of hacking in the decentralized finance (DeFi) space, a partnership between trading platform Bitfinex and blockchain data platform Chainanalysis found today. currency.
A series of security flaws and code vulnerabilities in DeFi protocols have been exposed this year, and the decentralized nature of DeFi platforms provides hackers with open access to code that may expose vulnerabilities. This is in stark contrast to centralized exchanges, which have invested in heavy-duty defense systems to protect users’ digital token holdings.
Many centralized exchanges comply with increasingly stringent security operating system standards and audited third-party security system inspections. Implemented security systems include two-factor authentication (2FA), distributed denial-of-service (DDoS) protection, and regular system testing for potential vulnerabilities. Additionally, firewalls and intrusion detection systems are now part of an exchange's arsenal to guard against potential threats.
The number of thefts and total value stolen from centralized exchanges has fallen from a peak of $972 million in 2018 to $413 million last year, a decline of approximately 58%. $80 million has been stolen from centralized exchanges so far in 2022. This is in stark contrast to DeFi, which now accounts for 97% of theft losses, reaching $2.8 billion by 2022.
Year-end bitcoin balances on centralized exchanges remain close to 2022 record highs despite poor market conditions, according to Chainalysis, a sign that users are increasingly willing to hold assets on centralized exchanges. Year-to-date, bitcoin balances on centralized exchanges are 6.9 million, up 11% from 6.2 million at the end of 2019.
“Chainalysis’ findings show that centralized exchanges are becoming increasingly resistant to hackers,” said Bitfinex CTO Paolo Ardoino. “While we always advise cryptocurrency users to take security into their own hands by taking steps, Examples include keeping tokens in cold storage or using hard wallet devices, but custody solutions deployed by centralized exchanges have come a long way in recent years.”
"Bad actors often want to take advantage of the latest technology," said Kim Grauer, director of research at Chainalysis. “While centralized cryptocurrency exchanges were a prime target for hackers in the early days of cryptocurrency, many of these services have spent years investing in security and compliance. As a result, we’re seeing more and more successful attacks on these businesses. Come less and less."
Despite market volatility, Chainalysis continues to use centralized exchanges. The blockchain analytics firm saw more than 1 million unique wallets sending funds to exchanges over multiple days in June, hovering above 800,000 recently.
“We found in our research that despite market volatility, the fundamentals of many cryptocurrencies have been remarkably stable this year,” Grauer said. “Specifically, we have seen an increase in the accumulation of cryptocurrencies by long-term holders. The majority of cryptocurrencies are held on centralized exchanges.”
Bitfinex is leveraging its position as a one-stop shop for digital token trading, offering a variety of services including spot and margin trading, staking, lending and financing.
https://blog.bitfinex.com/media-releases/hodlers-put-faith-in-centralised-exchanges-as-platforms-flex-high-tech-security/
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Bitfinex has opened the deposit and withdrawal of GBP
We are pleased to announce that Bitfinex now supports British Pounds (GBP) as a bank transfer option powered by OpenPayd, the global payments and banking-as-a-service (BaaS) platform for the digital economy.
https://blog.bitfinex.com/announcements/deposit-and-withdraw-gbp-on-bitfinex/
