Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,440.20 yesterday at 5 pm (GMT) and has since increased 1.31%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,442 representing a loss of 3.35% in the last 24 hours. More than $550 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 10% share.

The Ethereum price has dropped 2.98% over the past 24 hours and is currently sitting at $274, with over $150 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has an 18% market share of the daily trading volume.

For a detailed market analysis click here

ProShares, Direxion and GraniteShares Bitcoin ETF Proposals Rejected

Yesterday, the U.S. Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF proposals based on Bitcoin futures: two from ProShares, five from Direxion, and two from GraniteShares. In one of the three disapproval orders, the Commission stated:

"Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are 'markets of significant size.' That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary to satisfy the statutory requirement that the Exchange’s rules be designed to prevent fraudulent and manipulative acts and practices."

Read more here

First Islamic Crypto Exchange (FICE) Set To Launch

ADAB Solutions, a United Arab Emirates (UAE) financial services firm, recently announced that will launch the world’s first Shariah-compliant (compliant with the Islamic law) cryptocurrency exchange. The new cryptocurrency exchange will reportedly be called the First Islamic Crypto Exchange (FICE) and be based on the “norms of Shariah”. FICE aims to operate globally and its primary goal is to increase the involvement of the world’s Muslim community in the evolving market. ADAB Solutions stated: 

“Many cryptocurrencies, due to their characteristics, are haram (forbidden in Islam). Today, no one can guarantee that the coins and projects listed on conventional cryptocurrency exchanges comply with the norms of Islam.”

Read more here

Coinbase's Wallet Service Now Lists Ink Protocol's DApp

Last Tuesday, the decentralized platform for peer-to-peer (P2P) payments, Ink Protocol, announced that its DApp, Ink Pay, is now available on Coinbase's Wallet app. According to the company, this DApp will allow buyers to evaluate a seller's reputation prior to making purchases, as well as leave their own feedback and conduct transactions through third-party marketplaces using either Ink's XNK token or Ethereum. Ink Protocol's CEO, Gee-Hwan Chuang, said:

"Ink Pay enables secure buying and selling on any marketplace, while earning public, transferable reputation for each transaction. With over three million real-world items listed using XNK already, we are joining Coinbase in moving past speculation and ushering in the important utility phase for crypto."

Read more here

PlayUp, A Premier Multi-platform Sports Betting Company, Has Created The PlayChip.

The PlayChip is the universal gaming token for sports betting, gaming, fantasy sports, and eSports in an operating business with over 900,000 users on seven platforms in more than 70 countries generating $430 million p.a. turnover.

PlayUp is expected to generate EBITDA of $5 million in FY 2019 on $37 million revenue and to grow its user base to over 3 million users by Q4 2019.

PlayUp’s mission is to deliver the world’s biggest incentivised, blockchain-enabled sports community and gaming ecosystem. The PlayChip is set to disrupt the US$3 trillion unregulated gambling industry by providing unparalleled trust and transparency, ease of use, lower fees, social network effects, and provably fair betting environments.

The introduction of the blockchain will see the PlayChip offer a superior experience to traditional sports betting systems.

There are currently seven independent apps available for immediate download on the Apple App Store and Google Play. Collectively these apps have had hundreds of thousands of downloads. This level of traction has rarely been seen in an ICO before.

Players will be able to seamlessly move between our growing ecosystem of betting and gaming platforms and instantly transfer funds between a credit card and cryptocurrencies such as Bitcoin.

An integrated wallet (PlayWallet) and exchange (PlayXchange) will provide crypto-trading access to our rapidly growing user base, instantly creating a global top 20 crypto exchange by user number.

The PlayChip is a revolution in sports betting and gaming. Learn more here