Market Analysis Report

13 October 2017

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Market Update

Today, Bitcoin rose to a new record price of $5815 after breezing past the $5,000 mark on Thursday. Since then, the price has dropped to the $5,600 levels. The rally is believed to be connected to the upcoming SegWit2X and Bitcoin Gold hard forks. These forks may generate blockchain splits, which is seen by some investors as an opportunity to get "free coins" on both chains. The ongoing regulatory pressure being applied to altcoins and ICOs on countries like China and South Korea has also caused investors to look for safer alternatives within the cryptocurrency landscape. As noted by Bloomberg, the global demand for Bitcoin is shifting, with Japan and South Korea taking up much of the volume left by China, a country that used to account for the majority of trading volume. 

At press time, the Bitcoin price is sitting at $5,708 and has risen 11.3% in the last 24 hours, with over $1.24 Bln worth of BTC exchanged on the BTC/USD pair, representing a 26% share of daily volume, second only to the JPY at 57%.

Currently sitting at $324.7, the Ethereum price has risen up to 6.4% in the last 24 hours, with over $223M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 29% share of daily trading volume.

See live charts here and here

PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

Yao Qian, the Director of the Digital Currency Research Institute for the People's Bank of China, talked about the potential for an upcoming, state-owned digitalcurrency, while suggesting that there is an inherent lack of value anchoring public cryptocurrencies like Bitcoin. Yao Qian also framed a state-issued digital currency as a way to stabilize domestic fiat currency, while better securing country's financial status. During a meeting hosted by the International Telecommunication Union this week, Yao told attendees:

"The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recognize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one."

Read more here

Grammatik: DJ Goes Blockchain With the GRMTK token

Gramatik is going to launch a new token (GRMTK) with the help of Singular DTV. He will be utilizing several Singular TV apps and tools like Tokit to generate the GRMTK token and LaunchPad to administrate his token launch. GRMTK tokens will represent a share in property ownership of the artist content, and their purpose is to monetize the artist future royalties and sharing them with the token holders, a concept that aims to disrupt the music industry.

Read more here

Coinbase Enables 'Instant' Bitcoin, Ether and Litecoin Purchases for US Buyers

Cryptocurrency exchange startup Coinbase has announced that some users will now be able to access "instant" purchases of Bitcoin, Ethereum, and Litecoin. Whereas previously such transactions would have taken several days, the firm said, customers, will now have immediate access to their cryptocurrency holdings after the payment is made. The new service is currently only available for users making payments from a U.S. bank account and in amounts of under $25,000. However, Coinbase said it plans to expand the instant purchasing service, a "highly requested" feature, to other countries "over the coming months."

Read more here

ATLANT: A Blockchain-based Platform for Tokenized Real-estate

Blockchain technology has opened up the doors for the tokenized economy in which real-life commodities can be easily converted into digital assets and freely exchanged. The ATLANT Platform is taking this concept one step further and building a next generation global real-estate platform based on blockchain technology and smart contracts.

Thanks to the use of the ATLANT token (ATL), an Ethereum-based token, users are able to buy and sell property tokens that represent a certain portion of a real estate parcel. Users can acquire ATL tokens in the ongoing token sale. The white paper reads:

“Real Estate is the largest asset class in the world, and also one of the most inefficient. Our aim is to empower the $217+ trillion1 global real estate market with 2017 volume of $1.4 trillion2 to seek a more transparent and liquid way to invest and trade.”

Read more here and see ICO details here

Obsidian (ODN) Comes to HitBTC on October 15th

After its successful launch on Cryptopia two weeks ago, Obsidian (Ticker ODN) is now also launching on HitBTC, marking its debut on the first high-volume exchange.

Obsidian is a new cryptocurrency for mobile payments that also powers the economy of the Obsidian Secure Anonymous Messenger - the first messenger which adds anonymity by design to a secure messaging product. Obsidian's focus for applications is strictly on mobile while also attempting to establish ODN as a widely-used cryptocurrency. An interesting component of the Obsidian project is Obsidian Ventures, where startups are assisted to bring their innovative projects to the blockchain world, while Obsidian receives a stake in their coins to fund the Obsidian Secure Anonymous Messenger development and marketing and to buy back and burn Obsidian coins on the market to reward ODN investors.

Notable items on the Q4-2017 roadmap include Obsidian Secure Anonymous Messenger apps for iPhone and Android with basic file sharing, the requirements engineering of the Obsidian ODN payment gateway and the legal and economic assessment of the Obsidian Ventures project component.

Read more here

Press Release

State of the Crypto

Bitcoin is up 11.43% at $5,708.980 with a volume of $227.0k - $1234.2M on the USD pairs.

Litecoin is up 11.73% against the dollar for the day at $57.54 and up 0.1% to Ƀ0.01008 on volumes of Ƀ14.4k.

Ether is down 4.62% against Bitcoin at Ƀ0.057 per Ether and up 6.27% against the dollar to $324.47 with average volume Ƀ51.2k on the ETH/BTC pair.

Dash is down 9.06% at Ƀ0.05223 with Ƀ5.3k volume and up 1.83% against the dollar at $300.24.

Ripple is down 16.16% to Ƀ0.00004212 with volumes of Ƀ17.3k and down 5.97% against the dollar at $0.242.

Zcash is down 11.9% for the day to Ƀ0.04018 per ZEC and down 1.71% against the dollar to $230.79 with an average volume of Ƀ5.6k for the 24 hour period.

Monero is down 0.78% against the dollar at $87.55 and down 10.68% against Bitcoin at Ƀ0.01528 on volumes of Ƀ4.6k.

Ether Classic is down 8.53% to Ƀ0.002041 with volumes of Ƀ2.4k and up 2.54% against the dollar at $11.72.

Waves is down 14.46% to Ƀ0.0006816 on Ƀ998.957 volume.

Stratis is down 15.91% to Ƀ0.0005424 on Ƀ1.5k volume.

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