Market Analysis Report

17 June 2019

BIP 91 (SegWit2X) Locked in at 80% Miner Approval

The controversial BIP91 for SegWit2X has reached the necessary 80% miner support level. The proposal needs to maintain this same level of support for 336 blocks or roughly 56 hours in order to be activated on the Bitcoin network. SegWit2X voting was meant to start on the 21st of July, however, the proposal was put up for voting as a means to prevent the activation of BIP 148 UASF (User Activated Soft Fork) on August 1st, as the BIP is sure to cause a blockchain split due to the measures implemented by Bitmain, who launched an alternative Bitcoin client, dubbed Bitcoin ABC. This alternative client would ensure that SegWit would remain inactive in one blockchain while the BIP148 would see SegWit activate on the original Bitcoin blockchain.

As a result, cryptocurrencies are experiencing a fast-paced appreciation, following the downward trend previously experienced. Given the less-intrusive nature of BIP 91, when compared to BIP 148, traders and investors may feel more confident with their cryptocurrency holdings, a factor that is certainly fueling the current rally.

Read more here and see miner support here

150 Members: Indian Government, Mastercard Join Enterprise Ethereum Alliance

The Enterprise Ethereum Alliance is revealing its newest members which include names like Mastercard, Cisco Systems, Scotiabank, Loyyal Corporation and QIWI Blockchain Technologies, among 29 other firms. But the member that perhaps stands out most in this latest batch of companies is the government of the rapidly growing Andhra Pradesh state in India, the first state government outside the US to join the consortium. The special chief secretary and IT advisor to the state's chief minister, J.A. Chowdary said:

"We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community."

Read more here

Austrian Post Offices Sell Bitcoin, Ethereum and More For Cash

Post offices in Austria are offering Bitcoin, Ethereum, Litecoin and Dash in exchange for cash through “Bitpanda to go,” a program by BitPanda, a startup that focuses on making the purchase of cryptocurrencies easy. Users can purchase 50 €, 100 € or 500€ worth of cryptocurrency from the Osterreichische Post branches. The 1,800 post branches provide cryptocurrency purchasers a receipt that can be entered on bitpanda.com/togo. The website also posts the current exchange rate for the respective currency. There are no additional fees.

Read more here

Korean Lawmaker Calls for Consumer Protection in Cryptocurrency Bill

South Korea's national legislature was the site of a public hearing on Tuesday in which recently proposed cryptocurrency regulation saw new discussion. According to local media reports, Korean lawmaker Park Yong-jin called for consumer protections to be added to the cryptocurrency regulation bill which is aimed at laying the groundwork for regulation in South Korea. Much of the focus was on strengthening consumer protections for industry startups and technologists. Park stated:

"Without a legal framework, we can neither regulate, nurture, nor support the cryptocurrency-related industries. Also, the legal vacuum prevents those who committed virtual currency-related crimes from being punished."

Read more here

State of the Crypto

Bitcoin is up 5.86% at $2,397.43 with a volume of Ƀ 192,871.6 - $448,967,752.5 on the USD pairs.

Litecoin is up 2.66% against the dollar for the day at $43.57 and down 2.96% to Ƀ 0.01837 on volumes of Ƀ 19.7k.

Ether is up 19.6% against Bitcoin at Ƀ 0.1008 per Ether and up 27.28% against the dollar to $239.93 with average volume Ƀ 154.3k on the ETH/BTC pair.

Dash is up 5.72% at Ƀ 0.07047 with Ƀ 4.3k volume and up 11.31% against the dollar at $166.

Ripple is up 1.76% to Ƀ 0.00007687 with volumes of Ƀ 8.2k and up 7.65% against the dollar at $0.1830.

Zcash is up 12.33% for the day to Ƀ 0.08957 per ZEC and up 18.78% against the dollar to $214.49 with an average volume of Ƀ 3.7k for the 24 hour period.

Monero  is up 7.15% against the dollar at $37.45 and up 1.82% against Bitcoin at Ƀ 0.01565 on volumes of Ƀ 2.3k.

Ether Classic is up 0.82% to Ƀ 0.006668 with volumes of Ƀ 7k and up 7.73% against the dollar at $16.03.

Stratis is up 1.86% to Ƀ 0.001912 on Ƀ 6.5k volume.

Waves is down 1.59% to Ƀ 0.001177 on Ƀ 867.44 volume.
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