Rani Nurwitawati never thought she would lose her job at an Indonesian market research company where she worked for 17 years Bitcoin’s trading volume has experienced exponential growth which could reach levels similar to major asset classes, according to a new report by Coin Metrics. The cryptocurrency’s daily volume could exceed that of all U.S. equities in less than four years and all U.S. bonds in less than five years, the analysis shows. Everything you need to know about Cyberpunk 2077.
Rani Nurwitawati never thought she would lose her job at an Indonesian market research company where she worked for 17 years
JAKARTA, Indonesia — Rani Nurwitawati never thought she would lose her job at an Indonesian market research company where she worked for 17 years.
The reality hit months after the COVID-19 pandemic.
“The impact is quite big for me,” the 41-year-old said. “My brother lost his job, my sister got a 25% pay cut. And finally, I also lost my job.”
She found an ally in Omah Wulangreh, an art and cultural community in South Jakarta that began an online version of the Pahingan Sunday market in August, only days after Nurwitawati lost her job.
The community used to host the Sunday market at its location, but it only accommodated limited tenants. As the pandemic tore through Indonesia, leaving many without income, the artists moved the market online, providing space for sellers to register online while buyers are required to preorder.
Sellers must follow some rules, including offering local artisan products and use minimum plastic packaging.
Aside from providing income for her daily living, Nurwitawati said that the Sunday market is giving her more experience in operating a new business.
“I have learned about networking, got new knowledge, and more people know my products,” she said. “When I joined for the first time, I was really sad because there was only one buyer, after that it increased to more than 10. It was not bad, from less than one 100,000 rupiah ($7) to hundreds of thousands rupiah.”
She prepares baked spaghetti and mango sticky rice.
Parahita Satiti, 37, also joined the Sunday market. She has always dreamed of running a business related to traditional fashion products. She hopes to get extra income after her office cut her monthly allowance by half during the pandemic. She sells traditional Javanese kebaya — women’s upper long-sleeved clothes — and camisole — a loose-fitting sleeveless undergarment — made of Javanese batik cloth.
“This is a new business, but seeing the enthusiasm and orders from the Pahingan Sunday market, I think it will be a promising business for me,” Satiti said.
Reny Ajeng, one of the organizers of the Sunday market, said it’s held once every 35 days, following the five-day Javanese calendar.
Strict social restrictions imposed in Indonesia during the pandemic have stopped the physical market as well as other cultural and art activities at Omah Wulangreh. The online version came to life when Reny and her six friends decided to launch it in early August.
There were 46 tenants who joined the third online event last month. Buyers had one week to preorder item, such as traditional snacks, batik clothes, or coffee. During one week, there were almost 500 items sold, worth about 25 million rupiah ($1,770).
“To be honest, we are really happy,” Reny said. “Our first mission was to make an online Sunday market since we can do nothing offline during the pandemic. But it turns out, enthusiasm is high, so many sellers are having high hopes.”
——— “One Good Thing” is a series that highlights individuals whose actions provide glimmers of joy in hard times — stories of people who find a way to make a difference, no matter how small. Read the collection of stories at https://apnews.com/hub/one-good-thing
Author: ABC News
Exponential Growth: Bitcoin’s Trading Volume Could Rival Major Asset Classes | Markets and Prices Bitcoin News
Bitcoin’s trading volume has experienced exponential growth which could reach levels similar to major asset classes, according to a new report by Coin Metrics. The cryptocurrency’s daily volume could exceed that of all U.S. equities in less than four years and all U.S. bonds in less than five years, the analysis shows.
Cryptocurrency data provider Coin Metrics published its new State of the Network report (Issue 53) Tuesday that focuses on analyzing bitcoin’s trading volume. Coin Metrics estimates bitcoin’s free-float market capitalization to be $136 billion — a size similar to the largest publicly traded companies in the U.S. However, the report notes that while it is easy to estimate bitcoin’s market capitalization, a volume assessment is “more complicated and different calculation methodologies can yield significantly different results.”
The report proceeds to suggest that any institutional investors wanting to enter the crypto space need to make some decisions that “can have a material impact on [the] evaluation of [bitcoin’s] trading volume and liquidity.” They include deciding which exchanges, markets, and cryptocurrencies they feel comfortable investing in, as well as whether to invest in stablecoins, such as tether (USDT), or crypto derivatives. Nonetheless, Coin Metrics concluded that regardless of these decisions:
All facets of bitcoin’s trading volume have experienced exponential growth and, if sustained, will grow to levels similar to major asset classes.
The Coin Metrics analysis compares bitcoin’s spot trading volume to that of other asset classes. Since its daily trading volume is only about $4.1 billion currently, the report asserts that bitcoin is “most comparable in size to a large capitalization stock rather than a distinct asset class.” Emphasizing growing volume, the report claims:
If historical growth rates can be maintained, however, bitcoin’s current daily volume from spot markets of $4.3 billion would need fewer than 4 years of growth to exceed daily volume of all U.S. equities. Fewer than 5 years of growth are needed to exceed daily volume of all U.S. bonds.
There are several ways to determine bitcoin’s daily trading volume, depending on what is included; each way yields a different volume number. An easy way is the $0.5 billion per day trading volume of bitcoin spot markets quoted in U.S. dollars from major exchanges, the report details, adding that most BTC trading occurs on a handful of centralized exchanges.
For this State of the Network report, the volume figures came from Binance, Binance US, Bitfinex, Bitflyer, Bithumb, Bitmex, Bitstamp, Bittrex, Bybit, Cex.io, Coinbase, Ftx, Gate.io, Gemini, Huobi, Itbit, Kraken, Liquid, Okex, Poloniex, and Upbit. About 90% of the volume of U.S. dollar quoted spot market volume is concentrated in four exchanges: Coinbase, Bitstamp, Bitfinex, and Kraken.
Bitcoin’s daily trading volume is much higher when including fiat markets, stablecoins, and derivatives. The volume jumped to $1.2 billion when including fiat markets, with the U.S. dollar representing about half of the total. The other major fiat quote currencies are the Japanese yen, the euro, the Korean won, and the British pound.
When including stablecoins, which have increasingly gained trading volume and market share, the analysis finds:
Including markets quoted in stablecoins significantly increases the daily trading volume to $3.5 billion, primarily due to tether.
Meanwhile, “The largest increase is observed when derivatives markets are added to the mix,” the report continues, noting that like other asset classes, “derivatives markets in bitcoin are several times larger compared to spot markets.”
What do you think of bitcoin’s trading volume growth? Let us know in the comments section below.
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Cyberpunk 2077 is a non-linear sci-fi RPG based on renowned pen-and-paper-RPG designer Mike Pondsmith’s Cyberpunk system and created by CD Projekt, the acclaimed development group behind The Witcher.
Blood and Gore, Intense Violence, Nudity
Platforms:Stadia, PlayStation 4, Xbox One, PC
Developers:CD Projekt Red
Publishers:Warner Bros. Interactive, CD Projekt
Release Date:December 10, 2020
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