Chart: Bitcoin 1-year performance, CoinGecko
A study by Bank for International Settlements (BIS) has found that crypto exchange apps get more downloads and active users when the price of Bitcoin rises. According to the “Crypto trading and Bitcoin prices: evidence from a new database of retail adoption” working paper released Nov 14, the price of Bitcoin remains the most important factor when the authors control for global uncertainty or volatility, contradicting explanations based on Bitcoin as a safe haven.
The paper found that these new users are disproportionately younger male, commonly identified as the most “risk-seeking” segment of the population. These users are more sensitive to changes in the price of Bitcoin than female users and older men, BIS wrote.
See also: Bitcoin hits record high of US$120,000 as bullish momentum builds
Photo: Ripple Labs
Crypto firm Ripple has announced the expansion of its on-demand liquidity (ODL) payments solution beyond financial institutions, now serving corporate customers including Singapore-based agriculture firm Nutrisource and Singapore Exchange-listed food technology firm Oceanus.
Ripple says that it continues to improve its liquidity management solutions by adding advanced machine learning capabilities to the product, which uses XRP tokens for instant settlement of payments. This allows it to fulfil its customers’ ODL needs at the optimal cost, the company claims. XRP is currently trading at 36 US cents apiece, down about 56% YTD.
