Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 3,571.74 with a gain of 13.45% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,394 representing a loss of 0.34% in the last 24 hours. More than $720 M worth of BTC were exchanged in the BTC/USD market representing a 27% share of the global daily volume. The BTC/JPY pair represents a 13% share.

The Ethereum price has risen 1.98% over the past 24 hours and is currently sitting at $290, with over $220 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 22% market share of the daily trading volume.

For a detailed market analysis click here

Coinbase Gets More Serious About Decentralized Identity Solutions With Acquisition of Startup Distributed Systems

Yesterday, Coinbase announced that it had acquired a small startup called Distributed Systems, based in San Francisco. Nikhil Srinivasan, CEO of Distributed Systems, wrote on his Twitter, that they are building an open source system that will enable user-controlled identities across the web. These identities can represent any entity including people, services, companies, governments. The product manager for Coinbase Identity used the following example to explain the motivation for decentralized online identity solutions:

"Think about how this applies to something like a Social Security number. Every time you want to prove who you are with your SSN, you need to give away a copy of it. That copy has exactly the same power as the original, so when there’s a data breach with copies of your data it puts your identity at risk. A decentralized identity will let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity. If you stretch your imagination a little further, you can imagine this applying to your photos, social media posts, and maybe one day your passport too."

Read more here

Hungary's Finance Ministry doesn’t consider Cryptocurrencies as Legal Payment Method

Hungary’s Finance Ministry has recently revealed the country is working on a regulatory framework for cryptocurrencies like bitcoin, although it doesn’t yet consider them a legal payment method. A local news outlet Portfolio stated that the government has set up a working group that includes Hungary’s central bank, the Finance Ministry, and the tax authority to draft potential cryptocurrency regulations. Even so, the Finance Ministry stated: 

"Under applicable domestic regulations, it can be clearly stated that cryptocurrencies are not considered a means of payment or electronic money, a financial instrument or a cash substitute."

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U.S. Investors Tired of Waiting for a Bitcoin ETF Now Have Easy Access to Something Almost As Good

Yesterday, According to Bloomberg, an "F share" became available for "Bitcoin Tracker One", an exchange-traded note (ETN) that tracks Bitcoin (BTC/USD), issued by Swedish company "XBT Provider", a wholly-owned subsidiary of UK company Global Advisors (Holdings) Limited. Ryan Radloff, the CEO of CoinShares (Holdings) Limited, stated:

“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona. Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”

Read more here

EXMO and Bitcoin Gold Have Signed The Agreement About The Cryptomarket Development

Co-founder EXMO Ivan Petukhovsky and Founder of Bitcoin Gold Martin Kuvandzhiev have signed the agreement on the 11th of August at Geek Picnic that took part in Moscow. The parties agreed about active participation in the development of crypto market as well as to provide each other necessary and feasible support in the context of popularization, expansion and safety of blockchain and derived products.

About EXMO: