Bitcoin trading volume in Africa broke record since 2017
Bitcoin has been representing cryptocurrencies since its inception, and it will do so in our quick news. In some of the latest news, it was learned that cryptocurrency investors in sub-Saharan Africa appear to be piling up ahead of Bitcoin’s Halving next week.
According to data released by Useful Tulips, increasing African demand has fueled record-breaking trading volume of the Bitcoin peer-to-peer (P2P) cryptocurrency. Specifically on Localbitcoins and Paxful, surpassing the commercial activity published during the peak of the 2017 bullfight.
Nearly $ 10 million dollars in trade was conducted through sub-Saharan African P2P Bitcoin markets. This includes a new historical maximum for the region.
Cambridge University Launches Bitcoin Mining Tracking Tool Globally
A team affiliated with the University of Cambridge has launched a new Bitcoin data tool. Which shows the countries with the highest concentration of mining activity.
The Cambridge Center for Alternative Finance (CCAF), based at the Cambridge Judge Business School, announced through a publication that the Bitcoin Mining Map would visualize countries’ monthly global hashrate quota for the first time. As well as providing more detailed data to compare Chinese provinces.
On a global scale, the map shows that China accounts for 65% of total global hashrate, with the United States and Russia again at 7%. While China is still way ahead, its share of hashrate has dropped about 10% since September.
Also, since Bitcoin is representing cryptocurrencies, this type of analysis works to study the crypto market in general.
Square’s CashApp and Grayscale consumed over 50% of BTC
Square’s cash app and asset manager Grayscale consumed more than 50% of the recently issued cryptocurrency Bitcoin in the first quarter of 2020. As one shows publication.
Australian fund manager ListedReserve tweeted a calculation based on two crude measures: Grayscale inbound flows from Bitcoin and Ethereum Trusts in the first quarter, amounting to $ 388.9 million.
And the $ 306 million Cash App revenue that came from sales of the Bitcoin cryptocurrency during the same period.
Those numbers were divided by the total value of BTC mined in the first quarter based on the average price of BTC. The results showed that Grayscale and Cash App sold around 29% and 23% of freshly mined Bitcoin in the first three months of 2020.
Bitcoin earnings through the Square Cash App were $ 7 million in the first quarter of 2020. It earned $ 8 million in Bitcoin earnings throughout 2019.
BTC is considered a digital asset in the Intermediate People’s Court in China
The Shanghai No. 1 Intermediate People’s Court publicly announced an appeal for a Bitcoin foreign property damage compensation dispute on May 6, according to Baidu news.
The findings of the Court’s second trial indicated that Bitcoin is a digital asset and must be protected by law.
All Bitcoin obtained by illegal means must be returned or cleared at a discount, says the local news.
According to the report, a married couple in Shanghai, Pete and Xiaoli Wang, were robbed in their apartment by four people in 2018. The thieves forced the couple to transfer their cryptocurrencies to the attacker’s accounts.
The court also decided that the guilty parties should return the valued local currency at the same price as BTC and Skycoin on June 12, 2018.