Market Analysis Report

17 November 2017

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 4,038.58 with a loss of 0.63% for the day.

See live index here

Market Update

The price of Bitcoin is spiking, climbing above $7,700 for the first time since November 8th. At the time of writing, the Bitcoin price is sitting at $7,724, representing a gain of more than 3.46% in the last 24 hours. With more than $1.16 B worth of BTC were exchanged in the BTC/USD market, representing a 22.8% share of daily volume, second to the JPY at 60.5%.

Currently sitting at $326.88, the Ethereum price has risen 1% in the last 24 hours. Over $160M worth of Ether were exchanged in the past 24 hours on the ETH/USD pair which has a 28% market share of the daily trading volume.

See live charts here and here

Coinbase Updates Users on The Potential Bitcoin Segwit2x Fork

Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with the fork. In an attempt to provide clarity about the potential outcomes of the fork, Coinbase released an announcement explaining how the company intends to deal with the potential fork. The announcement reads:

"To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards."

Read more here

Researchers Are Developing Bitcoin's Lightning Network

Researchers Conrad Burchert and Roger Wattenhofer and Blockstream engineer Christian Decker are putting new effort into developing Bitcoin's Lightning Network. They have proposed a more scalable version of the payments channel scheme, believed by developers to be the best way to expand Bitcoin in order to accommodate more users. Bitcoin's "layer two", Lightning, hasn't yet been pushed live onto the Bitcoin blockchain, but proponents of the idea see it as a way to boost Bitcoin's transaction capacity without increasing the block size.

Read more here

BitMEX is Dumping Bitcoin Cash and Crediting Users With Bitcoin

The Hong Kong-based Bitcoin Mercantile Exchange (BitMEX) has announced it will sell all the customers’ airdropped Bitcoin Cash balances and distribute the proceeds in Bitcoin.

The exchange made the announcement on Wednesday, explaining that because Bitcoin Cash was created through a “contentious hard fork” it will not allow users who received BCH to withdraw the coins to their personal wallets. The announcement reads:

“BitMEX does not agree with contentious hard forks, and does not accept the manner in which Bitcoin Cash was forked, or the lack of preparation or notice before the fork. We consider this a dangerous action that imposes unacceptable costs on end-users and businesses.”

Read more here

Swiss Firms to Let Traders Short Bitcoin With New Futures Products

Swiss asset management firm Vontobel will launch a new futures product designed to let customers bet against the price of Bitcoin. The offering will enable investors to reap gains even if the Bitcoin price plunges. According to Reuters, the company will release two mini futures, a type of derivatives instrument that represents a fraction of the value of standard futures.

Eric Blattmann, Head of Public Distribution of Financial Products at Vontobel, said that the news comes at a time when traditional traders are simply looking for more options when it comes to trading cryptocurrencies. He stated:

"We have seen big demand for our long tracker certificate from investors interested in playing the upside potential of bitcoin and now they have also the possibility to hedge their position or go short."

Read more here

State of the Crypto

Bitcoin is up 3.46% at $7,724.440 with a volume of $150.6k - $1162.4M on the USD pairs.

Litecoin is up 5.68% against the dollar for the day at $66.28 and up 2.07% to Ƀ0.008566 on volumes of Ƀ14.5k.

Ether is down 2.72% against Bitcoin at Ƀ0.04227 per Ether and up 0.78% against the dollar to $326.88 with average volume Ƀ33.3k on the ETH/BTC pair.

Dash is down 3.91% at Ƀ0.0536 with Ƀ6.7k volume and down 0.42% against the dollar at $414.84.

Ripple is up 4.12% to Ƀ0.0000288 with volumes of Ƀ27.9k and up 8.24% against the dollar at $0.2234.

Zcash is down 4.49% for the day to Ƀ0.03725 per ZEC and down 0.34% against the dollar to $289.27 with an average volume of Ƀ5.0k for the 24 hour period.

Monero is up 0.61% against the dollar at $123.02 and down 2.44% against Bitcoin at Ƀ0.01599 on volumes of Ƀ4.6k.

Bitcoin Cash is up 23.94% to Ƀ0.1455 with volumes of Ƀ76.9k and up 17.5% against the dollar at $1130.07.

Iota is down 4.91% to Ƀ0.00009671 on Ƀ 3.9k volume.

Waves is down 3.66% to Ƀ0.0006237 on Ƀ1.4k volume.

Stratis is down 9.56% to Ƀ0.0004341 on Ƀ1.2k volume.

Market risers
1 TER +190.70%
2 MCAR +160.90%
3 MEME +154.53%
4 LTCR +133.33%
5 XPD +104.00%
Market losers
1 EBTC -32.61%
2 EMC2 -30.17%
3 RIC -28.27%
4 SWT -27.43%
5 BTM -24.49%
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