Market Analysis Report

Market Update

The crypto markets continued to climb yesterday, with the vast majority of top 100 cryptocurrencies showing moderate gains. The Bitcoin price rose close to the $4,000 mark, while the Ethereum price rose beyond $290.

The Bitcoin price led the advance with a 4% increase. After falling close to $3,500 a few days ago, Bitcoin is once again challenging the $4,000 mark. Within the past day, the Bitcoin price has risen from $3,762 to $3,947 with a market cap of $65.3 billion.

Some analysts have attributed this movement to increasing tensions between North Korea and the United States, noting parallels to similar events last month. Another factor that is likely influencing Bitcoin’s climb is the continued emergence of Asian markets such as South Korea and Japan in the wake of China’s ban on cryptocurrency exchanges.

At press time, Bitcoin price is sitting at $3,947 after rising 4% on the last day with over $235 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 33.92% share of daily volume, second to JPY at 40.73%.

The Ethereum price did not climb as quickly as Bitcoin yesterday, but it did manage to post a 1% gain to continue its gradual climb. Though minor, this positive movement enabled the Ethereum price to tick up past $290.

Currently sitting at $290, the ETH price is almost reaching the $300 level again, with over $65 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 28.22% share of daily volume.

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President of ECB Says it is Not Within his Power to Prohibit or Regulate Bitcoin

The president of the European Central Bank (ECB), Mario Draghi, has stated that Bitcoin does not fall under the regulatory powers of the ECB. The statement was made in response to a question from the Committee on Economic and Monetary Affairs of the European Parliament:

“It would not be [within] our power to prohibit or regulate [Bitcoin]."

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Ethereum Founder Vitalik Buterin Co-Authors Plan for Interactive ICO Protocol

A new white paper has been published detailing a potentially transformative protocol for initial coin offerings (ICOs). The protocol, which would seek to produce an "equilibrium" between capped and uncapped token sales, represents a collaborative effort between Vitalik Buterin and developer Jason Teutsch, the creator of smart contract scalability project TrueBit. In the white paper released today, the authors detail a system by which an ICO could respond to the actions of buyers. On Medium, Teutsch wrote:

"I hope that the present foray into algorithmic game theory will encourage our community to continue to think explicitly about assumptions and goals for crowdsales as we experiment with and build upon the trustless, cryptoeconomic power of smart contracts."

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Digital Currency Pilot: Uruguayan Central Bank is Converting Physical Cash

The Banco Central del Uruguay (BDC), the country’s central bank, has been working at digitizing its national coin (peso) as a part of the institution’s endeavor to explore the development and creation of its own digital currency. While details are scarce, BCU governor and chief Mario Bergara revealed the digital currency will represent the same value as fiat paper bills, according to the Latin American Herald Tribune. In quotes reported by the publication, Bergara stated:

"We are fairly close to launching from BCU a pilot program for a limited number of digital-currency users, which is an experiment in transforming physical bills into electronic ones."

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EVC added to upcoming ICO list

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