After setting a daily trading volume record this year in September, cryptocurrency trading platforms have seen spot trading volumes decline. In October, top trading platforms saw their volumes plunge.

The number of active addresses on the Bitcoin blockchain has hit 1.18 million, reaching highs closer to those seen in December 2017, when the flagship cryptocurrency hit its all-time high near $20,000.

Bots, a publicly-traded over-the-counter markets tech firm, has announced its subsidiary First Bitcoin Capital will take legal action against Bitcoin ATM operators for alleged intellectual property infringement.

Top stories in the Crypto Roundup today:

• Top Crypto Exchanges Saw Trading Volumes Plunge in October
• Number of Active Bitcoin Addresses Surges to 1.18 Million
• Bitcoin ATM Patent Holder Sues Operators, Demands Royalties
• CRV, LRC, UMA Are Moving in the Crypto Market

Top Crypto Exchanges Saw Trading Volumes Plunge in October

After setting a daily trading volume record this year in September, cryptocurrency trading platforms have seen spot trading volumes decline. In October, top trading platforms saw their volumes plunge.

CryptoCompare’s  October 2020 Exchange Review details Top-Tier cryptocurrency exchanges, defined by CryptoCompare’s Exchange Benchmark, saw larges decreases in monthly spot trading volumes in October, with some top platform losing as much as 40% of their trading volume.

The decline was so significant that while derivatives trading volumes across the crypto space only decreased by 2.4% in October to $619.9 billion, total spot trading volumes decreased by 17.6% to $557.7 billion.

Binance was the largest Top-Tier exchange by volume in October, the report adds, trading a total f $75.7 billion. Binance’s volume dropped 33.1% compared to September. Behind it was Huobi Global, which traded $41.7 billion, down 31.4%. Next came OKEx, which traded $32.1 billion, enduring a 42% decline when compared to the previous month.

Number of Active Bitcoin Addresses Surges to 1.18 Million

The number of active addresses on the Bitcoin blockchain has hit 1.18 million, reaching highs closer to those seen in December 2017, when the flagship cryptocurrency hit its all-time high near $20,000.

Hans Hauge, head of quant strategy at Ikigai asset management, first pointed out the surge in active BTC addresses on social media. The spike led to the seventh-highest number of active addresses in Bitcoin’s history in a single day, falling behind the all-time high of 1.29 million active addresses.

The number of sending addresses, however, did hit an all-time high of 836,000 addresses. This is possible as one BTC address can send funds to multiple addresses. The increased activity saw the average BTC transaction fee hit $6.7, down significantly from the $55 seen in late 2017.

The increase in the number of active bitcoin addresses comes at a time in which the price of bitcoin has remained above the $15,000 mark, putting most investors in the green. Data shows 98% of bitcoin addresses were in a state of profit at around $14,000.

Bitcoin ATM Patent Holder Sues Operators, Demands Royalties

Bots, a publicly-traded over-the-counter markets tech firm, has announced its subsidiary First Bitcoin Capital will take legal action against Bitcoin ATM operators for alleged intellectual property infringement.

In an announcement, First Bitcoin Capital claimed it’s in discussion with a “major law firm” to act against Bitcoin ATM operators over the alleged infringement of its Bitcoin ATM patent, and to collect royalty payments from the operators.

Bots reportedly holds the rights to  U.S. Patent No. 9,135,787 after acquiring a subsidiary of First Bitcoin Capital Corp. The patent was filed in 2014 and described a Bitcoin ATM. The announcement describes it as follows:

“This patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies by using cash, debit, or credit cards.”

First Bitcoin Capital revealed that while negotiations with law firms are ongoing, it is also “reaching out to individual operators to reach an amicable arrangement.”

 While the potential terms of these amicable arrangements were not revealed0, Bots CEO Paul Rosenberg said transaction royalty payments will be “negotiated for a several-year term.”

CRV, LRC, UMA Are Moving in the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

Curve DAO Token (CRV) - The governance token of the decentralized finance (DeFi) protocol Curve, CRV, is up 30.86% in the last 24-hour period.  Curve allows users to trade stablecoins while rewarding liquidity providers with income from fees.

Loopring (LRC) – Loopring’s LRC token moved up 28.86% in the last 24 hours. Loopring is a multilateral token exchange protocol for decentralized exchanges on the Ethereum blockchain. It is intended to serve as a common building block with open standards.

UMA (UMA) – UMA is a project building “open-source infrastructure for priceless financial contracts on Ethereum” and its UMA token has moved up 14.81% in the last 24 hours to $8.35.

State of the Crypto by Top Tier Exchange Volume

Build your project with the CryptoCompare API

Terms | Privacy

162 Main Road, Danbury, Chelmsford

England, CM3 4DT

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.