Market Analysis Report

28 September 2017

BitcoinCash Suffers Block Delays as Price Reaches ATM of $896

The BitcoinCash blockchain is officially live. The launch of BitcoinCash started off slowly as was to be expected. Due to the slow difficulty readjustment on Bitcoin and the lowering of hashrate, the first took nearly six hours to mine. On the price charts, however, BitcoinCash has been performing amazingly well, reaching an all-time high of $896 yesterday. Some speculate that the delayed block times have caused selling pressure to be lower than it would be under normal conditions. However, it's also worth noting that the BCH volume is higher than Bitcoin itself when comparing the number of tokens, (302.34k BCH vs. 74k BTC) a factor that can be attributed to exchanges crediting BCH automatically.

Since its ATM yesterday, the price has dropped to $475.70 with over $53M worth of BCH exchanged in the USD/BCH markets in the last 24 hours. The USD/BCH market represents 17% of the total volume, with the majority of trades going through BTC.

Read more here and see live charts here

 

Aventus Announces a Partnership With Joy Records

The Aventus team is proud to announce that Joy Records, a record label and event-promotion brand in Tel Aviv, Israel has agreed to partner with Aventus and trial the Aventus ticketing platform during their trademark event on Halloween of this year.

Joy Records will be utilising the Aventus protocol, services, and proof of concept application for every aspect of the event: ticket creation and management, ticket resale, and fund distribution after the event. After a successful trial, we intend to bring Joy Records’ ticketing in-house by creating their own web portal and powering their ticket sales with the Aventus protocol and services layer.

Headlining this years Halloween special will be one of the most notable DJ duos to come out of the Israeli electronic dance music space, Levi & Suiss. Please stay tuned for more updates by joining the Aventus Slack Channel, following Aventus on Twitter, or joining the Aventus Mailing List.

Read more here

Bitfinex Is Issuing Another Token – And a New Ethereum Exchange to Go With It

Bitfinex has revealed that it will be launching a new trading platform for Ethereum-based tokens. The exchange will notably feature a token of its own, called the Nectar token (NEC), which can be redeemed for a percentage of trading fees each month. Dubbed Ethfinex, the service aims to function as a decentralized exchange for tokens under the ERC20 standard, and to be an information centre for Ethereum and token-based projects. As the firm's blog post describes:

"Spun out of Bitfinex, Ethfinex brings with it the vision of a customer-centric and highly liquid digital asset exchange platform. Ethfinex will be a hybrid community and information hub for developers, traders and enthusiasts alike, designed to facilitate discussion, development and trading in the ethereum ecosystem."

Read more here

South Korean Lawmaker Seeks to Tighten Cryptocurrency Rules

A South Korean lawmaker has proposed amending the country's Electronic Financial Transaction Act to more closely regulate cryptocurrencies. According to several South Korean media outlets, the proposal was put forth this week by Park Yong-Jin, a representative from the Democratic Party. 

The amendments would seek to define digital currency businesses and classify different parties as digital currency traders, brokers, issuers and managers. and aims to apply a 500 million South Korean won ($450,000) capital reserve threshold for any business that operates cryptocurrency trading service prior to seeking an approval from the authority. Provisions for preventing market manipulation and money laundering using digital currencies are also included in the changes.

Read more here

Authorities Are Going After Users of Two of Darknet’s Biggest Markets

Two of darknet’s biggest marketplaces, AlphaBay and Hansa, were taken down by law enforcement. AlphaBay was taken down by an operation dubbed “Bayonet”, which included raids on the market’s server in Canada and the U.S, and the arrest of Canadian Alexander Cazes, its admin, in Thailand. Alexander was later found dead in his cell.

When AlphaBay was taken down, various users migrated to alternative markets, including Hansa. It was later revealed that Hansa had been under Dutch police control for a while, and it was ultimately taken down. Dutch police gathered information on its users and sent data packages to various law enforcement organizations around the globe. It has become clear that authorities aren’t just going after vendors. According to one user on Reddit, he ordered on Hansa before it went down, and is now being prosecuted for buying less than $20 worth of narcotics. The post reads:

"I used auto-encrypt cause I was drunk when I ordered. This is west Europe. The police supposedly got the info today from the dutch police."

Read more here

State of the Crypto

Bitcoin is up 0.17% at $2,736.28 with a volume of of Ƀ 74,539.8 - $ 202,336,549.2 on the USD pairs.

Ether is down 0.27% against Bitcoin at Ƀ 0.08225 per Ether and down 0.21% against the dollar to $223.38 with average volume Ƀ 31.7k on the ETH/BTC pair.

Litecoin is down 0.66% against the dollar for the day at $42.35 and down 0.64% to Ƀ 0.01555 on volumes of Ƀ 7.5k.

Dash is down 1.41% at Ƀ 0.06653 with Ƀ 2.9k volume and down 1.94% against the dollar at $180.28.

Ripple is down 0.84% to Ƀ 0.00006380 with volumes of Ƀ 4.4k and down 1.43% against the dollar at $0.1726.

Zcash is down 2.29% for the day to Ƀ 0.06825 per ZEC and down 1.52% against the dollar to $186.73 with an average volume of Ƀ 2k for the 24 hour period.

Monero is down -1.48% against the dollar at $43.34 and down 0.74% against Bitcoin at Ƀ 0.01603 on volumes of Ƀ 1.7k

Ether Classic is up 1.52% to Ƀ 0.005546 with volumes of Ƀ 2k and up 1.41% against the dollar at $15.08.

Stratis is down 2.89% to Ƀ 0.002051 on Ƀ 2.7k volume.

Waves is up 19.61% to Ƀ 0.001366 on Ƀ 1.2k volume.

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