Market Analysis Report

10 June 2024

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,477.83 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 $6,719 representing a gain of 1.08% in the last 24 hours. More than $250 M worth of BTC were exchanged in the BTC/USD market representing an 18% share of the global daily volume. The BTC/JPY pair represents a 9% share.

The Ethereum price has increased 1.9% over the past 24 hours and is currently sitting at $276, with over $80 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 9% market share of the daily trading volume.

For a detailed market analysis click here

Iran's Cryptocurrency Project is Now Reportedly Complete

According to the nation’s National Cyberspace center, Iran’s state-backed cryptocurrency project has completed its final stages of development. However, when it'll be implemented is still unclear. The deputy directors of Iran's Supreme Cyberspace Council added that Iran’s regulatory authorities and its central bank would be issuing an official statement regarding the legality of cryptocurrency transactions by the end of the next month. Because, currently, Iran’s financial institutions are not authorized to offer banking services to crypto-related businesses or individuals transacting in digital currencies.

Read more here

Binance Labs to Give $500,000 to Crypto Startups in Exchange for a 10% Stake

Binance, the world’s largest cryptocurrency exchange by trading volume, is set to give startups $500,000 along with guidance in exchange for 10% stake in their business. According to TechCrunch, the Binance Labs Incubation Program is set to take on around 8-10 companies per batch for a 10-week period. CEO of Binance Labs, Ella Zhang, noted the company is looking for startups from all over the world and plans to hold one batch per quarter. Ella Zhang stated:

"We’re looking at different cities across the world because blockchain and crypto are international. We see problems and opportunities in different regions with different ways to leverage the blockchain."

Read more here

Indian Cryptocurrency Scammers Arrested

A company based in the Indian state of Telangana, named as GRM Estates Pvt Ltd was recently raided by local authorities. According to Indian news outlet, Inc42, police officers arrested Gardesh Ramesh, the founder of CoinX Trading and four other suspects at the Secunderabad. During the raid, four sale deeds were seized. These were documents the suspects may have purchased by using their clients’ money, allegedly obtained through a questionable crypto MLM scheme. Additionally, police officials reportedly seized $260,000 worth of property including two vehicles, nine cellphones, and cash. The local police stated: 

“The main accused Gardas Ramesh hatched a plan to gain illegal [access to] easy money [which included] starting [an] MLM business in the name of Coinx Trading (Cryptocurrency/Bitcoin) and luring [the] gullible public with a promise of making them rich within a short period with high returns. Gardesh encouraged them to invest money in Coinx Trading which claimed to be registered in the US and the UK.”

Read more here

State of the Crypto

Bitcoin is up 1.08% at $6,719.970 with a volume of Ƀ37.7k - $253.6M on the USD pairs.

Ether is up 0.66% against Bitcoin at Ƀ0.04124 per Ether and up 1.9% against the dollar to $276.66 with average volume Ƀ55.6k on the ETH/BTC pair.

Bitcoin Cash is up 0.41% to Ƀ0.07875 with volumes of Ƀ13.2k and up 1.43% against the dollar at $527.66.

Ripple is up 1.07% to Ƀ0.00004905 with volumes of Ƀ7.3k and up 1.92% against the dollar at $0.3283.

Zcash is down 0.59% for the day to Ƀ0.02026 per ZEC and up 0.19% against the dollar to $135.75 with an average volume of Ƀ3.1k for the 24 hour period.

Litecoin is up 1.75% against the dollar for the day at $57.43 and up 0.69% to Ƀ0.008564 on volumes of Ƀ8.3k.

Dash is up 2.47% at Ƀ0.02159 with Ƀ8.0k volume and up 4.01% against the dollar at $145.02.

Iota is up 15.03% to Ƀ0.0000914 on Ƀ2.3k volume.

Ether Classic is up 1.41% to Ƀ0.001864 with volumes of Ƀ8.5k and up 2.54% against the dollar at $12.5.

Monero is up 5.56% against the dollar at $95.3 and up 4.33% against Bitcoin at Ƀ0.01421 on volumes of Ƀ1.7k.

Neo is up 3.83% for the day to Ƀ0.002685 per NEO and up 4.84% against the dollar to $17.97 with an average volume of Ƀ7.7k for the 24 hour period.

Waves is down 4.33% to Ƀ0.000327 on Ƀ362.102 volume.

Stratis is up 9.89% to Ƀ0.0002433 on Ƀ191.122 volume.

Cardano is up 2.24% to Ƀ0.00001414 on Ƀ2.0k volume.

NEM is up 2.3% to Ƀ0.0000156 on Ƀ630.858 volume.

EOS is up 3.86% to Ƀ0.0007667 on Ƀ18.3k volume.

Tron is up 4.88% to Ƀ0.00000344 on Ƀ4.5k volume.

Stellar is up 1.75% to Ƀ0.00003252 on Ƀ2.5k volume.
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