LJ Hooker, one of the largest and oldest real estate brands in Australia held its first auction in cryptocurrency, making it the first of its kind in the real estate industry. In another development, the CME futures hit a record volume last week.
First Crypto Auction In Real Estate
LJ Hooker, a real estate firm in Australia is set to hold an auction for 1 Beech Lane, Casuarina, New South Wales. The company will work with auctioneer James Pratt and blockchain company NuYen to carry out the bidding war, and it would accept Bitcoin (BTC) and Binance Coin (BNB) as a means of payment.
The auction is slated to take place today, April 8th. Bids would be made in cryptocurrency, and the price would be converted to AUD and USD and displayed on a screen. The auction would be the first of its kind in the real estate venture, and it has already garnered some interest in the cryptocurrency community. The organizers chose BNB because they believe it is one of the few cryptocurrencies that have weathered the crypto winter and is seeing an increase in global demand.
CME Bitcoin Futures Hit a Record Volume
The CME Bitcoin futures attained a record volume last week following the price surge experienced by the leading cryptocurrency. According to a tweet by the CME Group on April 4, Bitcoin futures on its platform reached an all-time high as traders carried out 22,500 contracts worth over 112,000 BTC. The new trading volume recorded far outstripped the 18,300 contracts filed on February 19, 2019.
The surge in Bitcoin futures comes despite claims by some cryptocurrency enthusiasts that the futures market has contributed to the bear market as the Bitcoin price embarked on a downward trend a few days after the CME and CBOE futures were launched. The Bitcoin futures is a way for investors to bet against the price of the leading cryptocurrency, thereby taking advantage of BTC shorts.
Bitcoin Is Back In a Bullish Trend, Said Fundstrat’s Tom Lee
Thomas Lee, the co-founder of Fundstrat Global Advisors and a cryptocurrency market expert, is confident that the bear cycle is over and Bitcoin is back in a bullish trend. He made this statement during an interview with Bloomberg on April 5th.
In his statement, Lee pointed out critics believed Bitcoin was dead after it lost 90% of its market value over the past year and a half. However, BTC’s recent movement past its 200-day moving average is an indication that the sentiment has changed and the cryptocurrency market is back in a bullish cycle.
Lee stated that there is evidence that the Bitcoin whales have started buying and hodling more of the cryptocurrency as they believe a Bull Run is one the card. Most of the whales sold their BTC reserve early last year, but they have started accumulating them again, he added.
Binance Remains With Just 89 Million BNB Tokens To Burn
Earlier this year, Binance carried out the burning of its BNB tokens for the sixth consecutive quarter. The exchange burnt 1,623,818 BNB tokens that correspond to those used between October 1 and December 31, 2018.
The BNB coin burn process involves the exchange sending the coins to an irretrievable Ethereum address, with the aim of reducing the total number in circulation. The scarcity of the cryptocurrency could lead to an increase in price.
Binance created 200 million BNB tokens and is expected to burn 100 million of them. So far, they have burnt 11 million and still has 89 million tokens to burn.
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