Bitfinex Weekly Briefing (1024-1030)
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Bitfinex Opens Brazilian Real (BRL) Deposits and Withdrawals
We are pleased to announce that Bitfinex offers clients in Brazil a connection to SWAPiX via Smartpay, providing easy and convenient access to deposits and withdrawals between Brazilian Real (BRL) and Tether tokens (USDt).
Smartpay is the payment gateway and founder of the SWAPiX tool, which allows free conversion of USDt to BRL.
For more information on Smartpay, please visithttps://smartpay.com.vc/en/。
https://www.bitfinex.com/posts/848
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Bitfinex Alpha | Bond market sell-off leads to silence in crypto markets
With yields soaring, we are witnessing a bond market sell-off in the US hitting multi-year lows. This is a legacy of the supply shock from the war in Ukraine and the resulting energy crisis. Liquidity is now draining, signaling the end of the ample liquidity and low interest rates the market has enjoyed for more than a decade.
Ironically, the Fed's quantitative tightening exacerbated the bond sell-off as the Fed continued to reduce holdings of assets on its balance sheet. Now, how much and how far this policy can continue will depend on how much liquidity can be preserved in the bond market. We won't see an end to QT any time soon, but bond market liquidity is becoming an interesting metric to watch.
Markets still expect rates to rise another 75 basis points after the Nov. 1-2 FOMC meeting, taking rates as high as 5 percent by May 2023. That would be the highest rate since September 2007, just before the start of the Great Recession.
Meanwhile, on-chain, ethereum consolidation - after a bumpy start - is working as expected, while ethereum supply is falling. Even as transaction volume grows, fees are being used to drain supply, as planned. This should be long-term bullish for ETH.
Bitcoin has also seen notable activity, with mining difficulty reaching new highs. This is great for increasing bitcoin's security, but it will be difficult for small and medium-sized miners who have to spend more computer power to earn rewards at a time when bitcoin prices are historically low.
In Crypto news, we see a hotly-hyped new token crash on launch; bankrupt cryptocurrency lender Voyager says its customers can be reimbursed 72% of their account value; Adoption of crypto services is also growing, joined by large TradFi institutions including Fidelity. Tether also announced that it has reached a landmark partnership with Brazil's SmartPay to launch Tether tokens at more than 24,000 ATMs.
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-bond-market-sell-off-keeps-crypto-quiet/
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Bitfinex beats Binance, Coinbase in BTC-Pound volume last month
A recent report from Kaiko suggests that the recent volatility in the pound may encourage many investors to try crypto trading.
Bitcoin trading volumes reportedly surged in the U.K. market last month as traders looked to take advantage of the high volatility of the pound. The pound has depreciated sharply in recent months, hitting a record low against the dollar on September 26.
Many have attributed the trend to tax cuts proposed by former prime minister Liz Truss in the latest budget presented by former chief finance minister Kwasi Kwatten.
Cryptocurrency exchange Bitfinex has a lot going for it when it comes to trading sterling against bitcoin. Its market share nearly doubled, from 37% to 70%, in the week of September 26, the same week that the pound hit a record low against the dollar.
"Cryptocurrency exchanges are taking advantage of the high volatility in the fiat market to expand their fiat onramps and trading services. At the end of September, trading volumes in pounds sterling surged to record highs, driven primarily by activity at Bitfinex," said Claire Medalie, head of research at Kaiko Tell Decrypt by email. “Two weeks later, Bitfinex added GBP to wire deposits with faster payment services.”
https://decrypt.co/112836/bittrex-beat-binance-coinbase-for-bitcoin-pound-trading-volume-last-month
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Bitfinex Announces Luganodes Collaboration for Staking Services
We are pleased to announce that Luganodes is now the new staking service provider for Bitfinex.
Luganodes aims to ensure efficient staking operations by eliminating the technical challenges involved in running, managing and maintaining validator nodes. The company ensures high availability, robust security and efficient operations.
Our partnership with Luganodes enhances our ability to offer a soft staking service, enabling our clients to generate rewards for their token holdings. On Bitfinex, anyone who holds any supported digital tokens can easily obtain token rewards without any lock-up restrictions. You can learn more about Bitfinex staking here.https://www.luganodes.com/You can find
https://www.bitfinex.com/posts/858
