Market Analysis Report

Market Update

Yesterday, the total cryptocurrency market cap began the day at $136.1 billion, eventually reaching $146.3 billion at the time of writing. The crypto market cap has grown by about $10 billion, potentially indicating that traders are adjusting to the post-China Bitcoin exchange ban environment.

At press time, Bitcoin price is sitting at $4,234.23 after rising 7.25% on the last day with over $520 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 34.14% share of daily volume, second to JPY at 45.73%. This translates into a $70 billion market cap.

The Ethereum price has climbed back above $300 yesterday, for the first time in more than two weeks. The price of the cryptocurrency first crossed the $300 line after 15:15 UTC, sliding back below that level an hour later. Ether's price has traded consistently above $300 since 18:15 UTC.

Currently sitting at $306.91, the Ethereum price rose 5.83% yesterday, with over $65 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 34.74% share of daily volume.

Other cryptocurrencies have seen price gains during today's trading session as well. Among those is Zcash, which is up more than 25% and NEO, which is trading around $31 with an increase of roughly 17%.

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Korea Starts On-Site Inspections of Bitcoin Exchanges

South Korea’s Ministry of Science and Korea Communications Commission announced that they will conduct on-site inspections of cryptocurrency service providers including Bitcoin exchanges. They will focus on the cybersecurity of these providers and their compliance with privacy laws. Zdnet Korea elaborated:

"The Korea Communications Commission (KCC) plans to conduct on-the-spot checks on the implementation of technical and administrative safeguards for personal information pursuant to the Act on the Promotion of Information and Communication Network Utilization and Information Protection and to strictly rectify any violations."

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Bitcoin Exchange BTCC Sets Deadline for Yuan Withdrawals

Cryptocurrency exchange provider BTCC told its China-based users today that they must withdraw funds by October 30th ahead of a previously announced shutdown of services. In a new blog post, BTCC affirmed it will no longer accept yuan or cryptocurrency deposits as of 12 p.m. local time on September 27. Withdrawals will be available until 12 p.m. local time on October 30 and will be completed within 72 hours of being requested, according to the post.

"If the user does not wish to retain the digital assets, please redeem it for yuan as soon as possible."

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Bitstamp Gives Bitcoin Cash But ‘Postpones’ Trading

Cryptocurrency exchange Bitstamp has credited users with Bitcoin Cash while announcing it will postpone trading until further notice. Users with coins on Bitstamp in Aug. 1st have now received BCH equivalent to that amount.  The exchange confirmed it in a blog post as well as on Twitter: 

“We have now distributed corresponding Bitcoin Cash (BCH) balances to those of our customers who chose to leave their BTC on our platform at the time of the fork. An equal quantity of BCH is now available for withdrawal”

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Korean Game Developer Nexon Acquires Korbit Exchange

Nexon, Korea's largest game developer, acquired Korbit, one of the top three cryptocurrency exchanges in South Korea. According to Nexon sources, the goal is to diversify the business altogether.

Nexon has no plans to issue their own currency on Korbit. Although those plans are not set in stone, very little will change for the exchange and its users.

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Hedge Token Announces the Launch of the Cryptocurrency Top 30 Index (CCX30)

Hedge Token has been creating the first buy-the-crypto-market-with-a-single-click-instruments, the Crypto Traded Indices™ for investors, speculators, crypto-traders and evangelists.

A real-time, fluid, rulebook based approach to conventional crypto portfolios is what the maturing crypto market needs. Having Crypto Traded Indices™ on the Hedge Token Platform guarantees liquidity in times of stress, cost-effectiveness, security, compliance with KYC trading standards and is as easy as email- all at your fingertips.

Hedge Token is launching the first official Crypto Indices, based on professional investment-grade rulebooks, like STOXX and the S&P Index suite. The rulebook for Crypto 30 Index will be publicly introduced in the first week of October at the Blockchain Solutions Forum in Barcelona and Blockchain for Finance Conference in Dublin.  The introduction of the Crypto Traded Indices Series™ begins on 24th September 2017 – with the prime being The Cryptocurrency Top 30 Index (CCX30).

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