Market Analysis Report

17 June 2019

Bitcoin and Ethereum Trading with a Premium in Asia

Bitcoin has had another strong day of trading and international interest, especially in Japan where its new law on settlement in April, which made Bitcoin a legal form of payment in the country. Japanese volumes were strong over the weekend but have now triggered USD volumes to regain market share back to the top spot with 37%. The Japanese and Korean markets have been trading at a significant premium of over $300 higher than the average USD price, $2500. 

The ethereum price too has seen its markets dislocate with surprising interest from Korea raising its head too. The Korean markets have been trading at a USD equivalent of $230 whilst the ethereum market has been trading at $170.

See live charts here (BTC) and here (ETH)

ShapeShift Breaks New Ground With 'Prism'

Swiss startup ShapeShift is launching Prism, a new kind of exchange that specializes in the sale of synthetic ethereum assets. Prism is a new way to trade cryptocurrencies, enabling users to create custom "prisms" by putting Ether into a smart contract on the ethereum blockchain that is designed to mimic the price fluctuations of any of the hundreds of cryptocurrencies.

 ShapeShift CEO Erik Voorhees said:

"If you want to get 20 different coins today, you have two ways of doing it. What most people do they make an account at the exchange, they make an account at the exchange and they just leave them there. It causes a huge counterparty risk."

Read more here

Peach Becomes the First Japanese Airline to Accept Bitcoin

Peach Aviation Ltd has become the first Japanese airline to accept Bitcoin with the company citing recent changes to Bitcoin’s legal status in the country. The move is a way to attract more customers from other parts of Asia where Bitcoin is also taking off like China and South Korea and was caused by the update to Japan’s law on settlement in April, which made Bitcoin a legal form of payment in the country. Shinichi Inoue, Peach chief executive officer stated:

"We want to encourage visitors from overseas and the revitalization of Japan’s regions."

Read more here

JPMorgan Partners With Zcash on Blockchain Security

The largest bank in the world has partnered with the makers of zcash to provide a new layer of privacy to the users of its enterprise-grade blockchain. The companies are now in the process of integrating ZSL, a zero-knowledge security layer designed to securely – and anonymously – settle transactions on the blockchain that were previously conducted elsewhere. Zcash CEO Zooko Wilcox said that the tech integration could lead to major growth in the kinds of assets that can be utilized, with JPMorgan's open-source blockchain as a basis. Wilcox said:

"It's the same thing that we've deployed in the zcash cryptocurrency. We're fitting that on top of Quorum, and it's providing the same kind of security for Quorum that it provides for zcash."

Read more here

Deloitte Joins Blockchain Consortiums Ethereum Alliance and Hyperledger

Deloitte has officially joined the Enterprise Ethereum Alliance, launched in February to promote corporate use of the ethereum blockchain, and the Hyperledger project, the Linux-led umbrella effort that houses various open-source enterprise distributed ledger technologies contributed by members. Deloitte principal Eric Piscini framed the news as more of a formalization of existing relationships with both groups. He said:

"We've done projects on Hyperledger and ethereum for a long time. What's new to us is we want to be part of those organizations and structure. We want to drive some of the activities in the consortium."

Read more here

Tales from the Crypto

If you like our website, then you may want check out our blog in which we talk about CryptoCompare and the general cryptocurrency landscape. We post every Friday, so stay tuned!

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State of the Crypto

Bitcoin is up 1.8% at $ 2,182.72 with a volume of Ƀ 161k - $ 347M on the USD pairs.
Litecoin is up 19.91% against the dollar for the day at $27.89 and up 26.63% to Ƀ 0.01279 on volumes of Ƀ 30k.
Ether is up 1.74% against Bitcoin at Ƀ 0.07531 per Ether and up 1.22% against the dollar to $ 164.44 with average volume Ƀ 143k on the ETH/BTC pair.
Dash is up 37.51% at Ƀ 0.06137 with Ƀ 24.8k volume and up 36.79% against the dollar at $132.21.
Ripple is up 5.13% to Ƀ 0.0001373 with volumes of Ƀ48.1k and up 9.96% against the dollar at $0.2969.
Zcash is up 95.2% for the day to Ƀ 0.1107 per ZEC and up 100% against the dollar to $240.4 with an average volume of Ƀ 39.1k for the 24 hour period.
Monero is up 20.32% against the dollar at $39.5 and up 17.59% against Bitcoin at Ƀ 0.01825 on volumes of Ƀ 10.7.
Ether Classic is up 7.45% to Ƀ 0.004225 with volumes of Ƀ 13.1 and up 8.52% against the dollar at $ 9.17.
Waves is up 11.86% to Ƀ 0.0009723 on Ƀ 586 volume.
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