Market Analysis Report

Market Update

The cryptocurrency markets dropped below $170 billion on Monday, with traders expressing some fear about a potential Japanese initial coin offering ban.

Yesterday, the Bitcoin price experienced a slight uptick, bringing it back to the $5,900 level. However, at press time the Bitcoin price is sitting at $5,701 and has dropped 2.2% in the last 24 hours, with over $950M worth of BTC exchanged on the BTC/USD pair, representing a 25.7% share of daily volume, second only to the JPY at 60.3%.

After falling for the past six days, yesterday the Ethereum price recovered a few percentage points. Currently sitting at $304, the Ethereum price has risen 7.3% in the last 24 hours, with over $185 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 34.1% share of daily trading volume.

See live charts here and here

Coinbase Enables Instant Bitcoin Buying With a US Bank Account

Coinbase announced that it will allow users to buy Bitcoin, Ethereum, and Litecoin instantly when paying with a US bank account. Coinbase made the announcement in a blog post. Previously, customers who purchased cryptocurrency using a bank account had to wait several days — sometimes as long as a week — before they received access to their assets. Now, customers who pay for their cryptocurrency purchases using a US bank account can buy up to $25,000 worth of BTC, ETH, and LTC and receive access to their coins immediately. The announcement reads:

“Our mission is to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange. Instant purchases make it significantly easier and faster for customers to invest in the digital currency ecosystem. Reducing the time to receive digital currency has been a highly requested feature and we are pleased to provide this improved experience for our customers.”

Read more here

Bittrex Will Not List Bitcoin Gold Trading

Bittrex has officially announced that it will not list Bitcoin Gold (BCG) trading upon its hard fork in November. After a first statement saying that the company was going to integrate BTG, the Bittrex team released another statement on Bitcoin Gold, emphasized that the exchange will not be integrating Bitcoin Gold trading due to its lack of code testing, auditing, and replay protection. The announcement reads:

“At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market. When considering adding tokens to Bittrex exchange we look at the risks involved. Bitcoin Gold does not satisfy our criteria for safety for our users.”

Read more here

Indonesian Bitcoin Payment Processors Shut Down

Announcements that Indonesia’s central bank will not recognize Bitcoin as a legitimate payment method may have resulted in the closure of some Bitcoin payment platforms operating in Indonesia. Since the announcements, Bitbayer has stated that it will terminate its services on the 1st of November and encourages its customers to withdraw their funds before the end of the month. Toko Bitcoin, a company that once allowed its customers to purchase prepaid phone and electricity vouchers using bitcoin, has ceased accepting Bitcoin as a means of payment.

Read more here

Recently Added

PKT added to Upcoming ICO list

Crypto20 - A Crypto Index Fund

CRYPTO20 is an autonomous, data-science powered crypto index fund that tracks the top 20 cryptocurrencies in the same way the S&P 500 tracks the top 500 US company stocks. C20 is the fund’s token and represents an investor’s share in the fund. The fund is fully AML/KYC compliant and operates as a registered LLC in the Cayman Islands.

Token-holders are able to liquidate the C20 token for their share of the underlying assets via the smart contract. Simply, the index fund allows investors to participate and track the market index, the underlying trend behind the selection of assets, without being reliant on a particular one. Rebalancing allows the fund to consistently track the mean market performance even if some of the original holdings fall out of favor.

The company’s pre-sale witnessed the participation of over 2000 backers from 93 countries and raised a total of $5 million. The ICO started on the 16th of October 2017 at 18:00 GMT and ends on the 30th of November at 00:00 GMT.

Owning a diverse crypto-portfolio is now as easy as holding a single token - for anyone. To learn more about CRYPTO20 you can check their Whitepaper, Medium, Twitter, Facebook or visit the Website. Join their Slack to chat directly with the founding team.

Covesting is Bringing a Copy-trading Platform for Cryptocurrencies - Traders Wanted!

Covesting is a blockchain start-up, conceived by former Saxo Bank traders. The company is developing a copy-trading platform that will allow its users to “subscribe” to professional cryptocurrency traders and automatically replicate all the trades made by the trader in real-time to the investor's account. Traders will be searchable by investment strategy, risk, past performance, user reviews, and popularity.

The platform brings a mutually beneficial peer-2-peer investment management solution, where any cryptocurrency trader can become a full-scale asset manager and receive success fees by allowing others to follow his strategy. Covesting is planning to establish partnerships with top cryptocurrency exchanges, which will allow professional traders to use any of those platforms to make trades and in turn make trades on behalf of the investors who subscribe to them.

For the initial launch, Covesting is looking for experienced cryptocurrency traders willing to join the platform and start building their track record from the day one. By signing up before December 24th, instead of usual 18%, registered traders will be rewarded with 25% from total profits generated by the investors-followers.

To learn more about Covesting you can check their Blog, Twitter, Facebook or visit the Website.