Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 4,369.64 with a loss of 0.98% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $7,043 representing a gain of 0.24% in the last 24 hours. More than $390 M worth of BTC were exchanged in the BTC/USD market representing a 23% share of the global daily volume. The BTC/JPY pair represents a 12% share.

The Ethereum price has dropped 0.03% over the past 24 hours and is currently sitting at $408, with over $80 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 11% market share of the daily trading volume.

For a detailed market analysis click here

Goldman Sachs Becomes Latest Investment Bank to Explore Crypto Custody Service

According to a report on Bloomberg, Goldman Sachs is planning to offer a custody service for crypto funds, with the goal of reducing client-risk in holding the investments and protecting funds from attacks. Although the sources emphasized that there has been no timeline put in place for the new services, they did suggest that a new custody set-up could precede other services such as prime brokerage. A spokesperson for Goldman Sachs stated:

"In response to client interest in various digital products we are exploring how best to serve them in this space. At this point we have not reached a conclusion on the scope of our digital asset offering."

Read more here

Bitmain Confirms New Crypto Mining Facility in Texas

Bitcoin mining company Bitmain announced this Monday that it is setting up a mining facility in Rockdale, Texas, and expects to launch its mining operations early next year. The firm confirmed that it is investing $500 million over the next seven years into a new blockchain data center in the U.S. state as part of its "strategic investment and expansion plans within North America". With the new facility, Bitmain will employ 400 residents and also intends to launch educational and training programs for potential employees.

Read more here

One of Australia’s Top Tech Entrepreneurs is Planning a Crypto Bank

Yesterday, Fred Schebesta, the co-founder of the Australian financial tools and products comparison website site Finder, spoke to Australian news site news.com.au about his passion for the cryptocurrency space and how he plans to “build the crypto bank of Australia” by partnering with an existing bank. Already having purchased a “significant” personal holding in West Australian bank Goldfields Money, Schebesta explained why a bank is a logical move for what he sees as an industry set to explode. Schebesta stated:

"As crypto adoption takes off and it becomes bigger and bigger, people are going to [need] certain services [like] custodianship, cold storage, escrow, exchange and spending. And then lending — lending is what makes the fiat economy [government-backed currency] work, and once lending really cranks up in crypto, that’s the thing that will basically take this to a whole other level."

Read more here