Market Analysis Report

17 June 2019

Market Update

China has banned ICOs and has ended cryptocurrency trading opportunities on the Chinese exchanges. However, it is moving ahead with steps to study the Blockchain technology in detail to issue its own digital currency. Nevertheless, the markets were still able to achieve visible gains yesterday. After beginning the day at $131 billion, the crypto market cap gained about $4 billion, although that figure has since dropped to its present value to $135.2 billion.

At press time, Bitcoin price is sitting at $3,900 after rising 3% in the last day with over $350 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 32.46% share of daily volume, second to JPY at 47.22%.

Ethereum is attempting to move higher. It has broken out of the downtrend line and the 20-day exponential moving average. Like bitcoin, the Ethereum price posted a minor gain yesterday, bringing it a few dollars closer to the psychologically-important $300 threshold. However, before it can get to $300, it must hold above $290.

Currently sitting at $291, the ETH price is almost reaching the $300 level again, with over $115 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 31.08% share of daily volume, second to Korea which has 32.22%.

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New SEC Cyber Unit to Police ICOs and Other DLT Violations

The SEC will target violations involving distributed ledger technology and initial coin offerings (ICOs) as part of a new effort to fight cybercrime. Announced yesterday, the unit will go after "misconduct perpetrated using the dark web," where bitcoin and other cryptocurrencies are used to pay for illicit goods, the SEC said.

The team, led by Robert A. Cohen, a former co-chief of the regulator’s market abuse unit, will also focus on two forms of crime that are often associated with, though hardly unique to, the crypto space: market manipulation and the theft of sensitive information. The news comes less than a week after the SEC disclosed that its own database of corporate filings had been hacked. However, the agency said yesterday that the new cyber unit "has been in the planning stages for months."

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Bitcoin Trading at 85% Premium in Zimbabwe - Priced at $7,200

Stories of hyperinflation in various countries have been mounting in recent days. Zimbabwe is one such nation. The price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200, a premium that reflects a frantic desire to find ways to protect their savings from inflation.

Recent reports from Venezuela, where hyperinflation is actively routing the economy, indicate that a similar rise in Bitcoin usage has taken place. Citizens have been forced to turn to non-governmental sources for business purposes, leading to suggestions that such economies could face ‘Bitcoinization’.

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Japan's Bitcoin Exchanges Under Regulator Surveillance From October

Japan's Financial Services Agency (FSA) will begin more closely monitoring cryptocurrency exchanges from next month. According to the Japan Times, the increased scrutiny is aimed to ensure that the companies comply with the revised payment services law, passed in April this year, which set out operational standards for exchanges, as well as recognizing bitcoin as a form of legal tender.

An FSA executive reportedly indicated the surveillance is intended both to regulate the exchanges and to ensure the healthy growth of the cryptocurrency market, stating:

"We pursue both market fostering and regulation enforcement. ... We aim for sound market development."

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Recently added

NRN added to upcoming ICO list

EVC added to ongoing ICO list

LAToken, #1 tokenization protocol and platform by raised contributions, announces the Blockchain Economic Forum to design regulation for a $5 trillion crypto market

LAToken is a blockchain protocol and platform for creating and trading asset tokens. It allows cryptoholders to diversify their portfolio by getting access to tokens linked to the price of real assets. LAToken enables asset owners to unlock the value of assets by creating and selling their asset tokens. As a result, cryptocurrencies will be widely used in the real economy.

9000+ people have already contributed more than $15m in ongoing Token sale of LAToken (the hard cap is $40m). LAToken analytics team of 4 McKinsey and Deutsche Bank alumni prepared a Crypto Research estimating total crypto market capitalization to reach $5 trillion by 2025. The paper forecasts this growth to be mostly driven by asset tokens and favorable regulation.

In order to accelerate this ambitious growth, Valentin Preobrazhenskiy, the founder of LAToken, organizes Blockchain Economic Forum gathering top academics, regulators, investors and entrepreneurs to design regulations for blockchain economy. Among the confirmed participants: LAToken’s advisor Michael Jones (CEO Science, ex-CEO MySpace, Dollar Shave Club investor), Gil Penchina (Flight Ventures), Miko Matsumura (Partner at Pantera Capital), Alex Mashinsky (Founder & Managing Partner at Governing Dynamics), Hanna Halaburda (Bank of Canada, NYU), Reese Jones (Singularity University).

To learn more about LAToken protocol, visit sale.latoken.com, read CryptoCompare’s project overview or join the Telegram Chat - t.me/latoken. Click here to buy your ticket to the Blockchain Economic Forum.

 

Press Release

State of the Crypto

Bitcoin is up 2.76% at $3,892.240 with a volume of $91.5k - $356.2M on the USD pairs.

Litecoin is up 6.89% against the dollar for the day at $51.84 and up 3.74% to Ƀ0.01332 on volumes of Ƀ4.7k.

Ether is down 2.31% against Bitcoin at Ƀ0.07495 per Ether and up 0.32% against the dollar to $291.1 with average volume Ƀ22.0k on the ETH/BTC pair.

Dash is down 2% at Ƀ0.08829 with Ƀ5.6k volume and up 0.57% against the dollar at $343.78.

Ripple is down 0.34% to Ƀ0.00004715 with volumes of Ƀ1.9k and up 2.4% against the dollar at $0.184.

Zcash is up 2.57% for the day to Ƀ0.05970 per ZEC and up 5.6% against the dollar to $232.7 with an average volume of Ƀ2.9k for the 24 hour period.

Monero is up 1.48% against the dollar at $92.68 and down 1.32% against Bitcoin at Ƀ0.02386 on volumes of Ƀ3.2k.

Ether Classic is down 0.07% to Ƀ0.002803 with volumes of Ƀ895.584 and up 2.54% against the dollar at $10.88.

Bitcoin Cash is up 3.45% to Ƀ0.1168 with volumes of Ƀ18k and up 6.30% against the dollar at $454.02.

Waves is up 5.12% to Ƀ0.001154 on Ƀ1.1k volume.

Stratis is down 0.19% to Ƀ0.001070 on Ƀ1.0k volume.

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