Newsletter 62: AUGUST LAUNCH!

5 mins read

"Bitcoin is a technological tour de force"

Bill Gates, Microsoft Co-Founder. Tweet

Microsoft has been accepting Bitcoin for use in its online Xbox Store since 2014. They temporarily took a pause from accepting it due to the volatility and are now accepting it again for the Xbox store credits.

Bitcoin making waves in July 2020!

 

At the start of July 2020, Bitcoin was trading at a price range of ~ US$ 9,000. Then a week ago prices rose in a dramatic fashion, where in 7 days BTC|USD started its upward trend from US$ 9,157 and topped out at US$ 11,420 (ref. Coinbase), with an approximate gain of 25%.

Bitcoin in July on a DAILY chart (as of 30 July 12noon UTC+8)

Regulated futures exchange BAKKT in the US recorded new all-time-high for trading volume two days consecutively!

Derivatives trading on cryptocurrency exchanges around the world achieved a total of more than US$ 30bn per day on average over 3 days. That is about 2.5–3x more than the usual!

Possible reasons for this include but not limited to:

-> Announcement made that a second round of $1,200 stimulus checks could be coming, according to the Senate Republicans’ new stimulus proposal (HEALS Act in the U.S.). The amount of payments and income thresholds to qualify under the HEALS Act is the same as the first stimulus package signed off on 27 March 2020 (The cheques were sent across the country on April 29).

Individuals stand to receive up to $1,200 and married couples could get up to $2,400, plus $500 per eligible dependent.

-> The rush for gold as the U.S. Dollar takes a pummeling against the global currencies.

 

  1. WEEKLY chart depicting USD value depreciating against the EUR by 8.5% in 45 days

 

-> U.S Interest rates will be maintained near to zero for the near term or at least until after the U.S economy begins to recover.

“In general, it’s good to borrow at low interest rates but the reward for saving is lower,” said Yi Ming Ma, an assistant finance professor at Columbia University Business School.

This has lead to cash or cash loans being used to buy assets as a hedge against the depreciating dollar and the low returns on savings. Gold valuation has benefited greatly from this and Bitcoin bulls would agree that this has also influenced the recent price increase as well.

 

Exchange: Going into Production

Over the next few days we will complete the setup and transfer of the platform onto production servers. The following are being carried out now and into the first week of August:

  • Market Maker Test Runs
  • Testnet Rollout

We will carry out the following in the second week (starting 10th) of August:

  • Simulation Tests (Monitoring + Incidence Reporting + Disaster Recovery)
  • New Bug Bounty (to include features testing) launch
  • Invitation-ONLY for VIPs to deposit BTC and trade just before opening the doors to the public.

Then we proceed to SOFT LAUNCH!

 

Team: Another new addition to the Tech Team

We are glad to announce that a DevOps Engineer will be joining us in August! Welcome to BitOrb Evgeny.

by

Hoong-Teng Lim

30th July 2020

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