Market Analysis Report

17 June 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,023.35 yesterday at 5 pm (GMT) and has since increased by 1.88%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,992 representing a loss of 0.46% in the last 24 hours. More than $420 M worth of BTC were exchanged in the BTC/USD market representing a 21% share of the global daily volume. The BTC/JPY pair represents a 7% share.

The Ethereum price has dropped 1.42% over the past 24 hours and is currently sitting at $111, with over $80 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 13% market share of the daily trading volume.

See live charts here and here

Squire Mining to Acquire CoinGeek

Vancouver-based ASIC chip designer Squire Mining is recently reportedly set to purchase CoinGeek, a crypto news publication and mining pool operator, for $45 million. The move will reportedly make Squire Mining the largest publicly traded Bitcoin miner. The company’s CEO, Taras Kulyk, stated:

"This transaction would provide Squire with a leading, recognized brand via the acquisition of the CoinGeek.com and CoinGeek name, but it would also make us the largest, publicly traded Bitcoin miner globally."

Read more here

OKEx Announces Crypto Perpetual Swaps at NextGen Conference

Yesterday, OKEx officially announced the launch of a new Perpetual Swap product at its NextGen Conference in Seoul. The new product will allow traders to speculate on the price movements of bitcoin and other cryptocurrencies with up to 100x leverage, and features low transaction fees and fast daily settlement of swaps. Thomas Tse, Head Quantitative Strategist at OKEx stated:

I think it’s a great product because traders want high leverage. It never settles or expires, you do not need to ‘rollover’ your contract - you do not need to open a new position. So you can hold onto a position as long as you want - either bullish or bearish, and every day the market will price in a funding cost - a bit of interest you pay.

Read more here

HBUS Calls Out Coinbase In First-Ever Billboard Campaign

HBUS, the U.S. partner of the Singapore-based Huobi cryptocurrency exchange, has become the first crypto exchange in the United States to launch a billboard campaign. The billboard pokes fun at both Coinbase and Wall Street by suggesting they are less evolved than HBUS. Frank Fu, CEO of HBUS stated: 

“We decided to launch this campaign, because no U.S.-based digital currency exchange has done a campaign like this before. The industry has seen its share of “online” gimmicks and we just wanted to get back to some of the basics of advertising that continue to play a major role in brand awareness and credibility.”

Read more here

Introducing the new CryptoCompare API data service

Our new improved API data service launched in response to customer demand for commercially scalable and customisable cryptocurrency data solutions.

What’s new?

  • The new service is now based on API key authentication, which offers a more secure, robust and scalable API solution.
  • Individuals can use the free plan to explore the capabilities of the API for non-commercial research and personal projects.
  • Our business clients can choose from 3 new tiers that will provide them with extended data and call limits, custom endpoint access, service level agreements and dedicated support, to name but a few of the benefits.

The new API comes with a completely new redesign that includes all you need to know about the service: details of available data, features, pricing and documentation.

Check out the new API

Digitex: Commission-free Futures Exchange

Does the crypto space need commission-free trading? Considering the evolving ecosystem of cryptos, especially in the world of trading, zero trading fees could be argued to be long overdue. The way to mass adoption isn’t about following traditional business models or acting as the new middleman. There’s more to it than that.

Believe it or not, there are pros to having a cryptos futures market. Following conventional economic thought, it’s the next logical step. And the emergence of a futures market shows that crypto assets are maturing compared to traditional asset markets. But why does crypto need commission free? Zero trading fees help to lower the financial barrier to entry for traders. This will encourage retail level traders to use the exchange. And that’s exactly what Digitex Futures is trying to bring to the market.

Digitex may not be the first in that particular space but it will lead the way in bringing zero-fee trading to the futures exchange market. This will lower the barrier to entry for traders and help to garner the attention of those interested in trading, eventually leading to the market size growing and showcasing the maturity of the space. The competition fostered will help lead to mass adoption of cryptos whether through direct or indirect ownership of the hard asset.

Read more here

Press Release

State of the Crypto

Bitcoin is down 0.46% at $3,992.480 with a volume of Ƀ109.6k - $427.7M on the USD pairs.

Ether is down 1.06% against Bitcoin at Ƀ0.0279 per Ether and down 1.42% against the dollar to $111.43 with average volume Ƀ53.3k on the ETH/BTC pair.

Bitcoin Cash is down 5.99% to Ƀ0.04081 with volumes of Ƀ7.2k and down 3.5% against the dollar at $184.3.

Ripple is down 0.94% to Ƀ0.0000889 with volumes of Ƀ21.0k and down 1.31% against the dollar at $0.3545.

Zcash is down 3.23% for the day to Ƀ0.01856 per ZEC and down 3.86% against the dollar to $74.48 with an average volume of Ƀ9.2k for the 24 hour period.

Litecoin is down 0.63% against the dollar for the day at $31.66 and down 0.01% to Ƀ0.007952 on volumes of Ƀ18.6k.

Dash is down 2.61% at Ƀ0.0216 with Ƀ26.4k volume and down 3.05% against the dollar at $87.2.

Iota is down 0.5% to Ƀ0.00006897 on Ƀ376.639 volume.

Ether Classic is down 6.43% to Ƀ0.001178 with volumes of Ƀ12.8k and down 6.52% against the dollar at $4.73.

Monero is down 0.99% against the dollar at $57.19 and down 0.7% against Bitcoin at Ƀ0.01426 on volumes of Ƀ1.9k.

Neo is down 2.06% for the day to Ƀ0.0019 per NEO and down 2.17% against the dollar to $7.67 with an average volume of Ƀ13.1k for the 24 hour period.

Waves is up 7.45% to Ƀ0.000411 on Ƀ1.6k volume.

Stratis is up 3.89% to Ƀ0.0002057 on Ƀ331.5 volume.

Cardano is down 2.96% to Ƀ0.00000982 on Ƀ1.5k volume.

NEM is up 3.74% to Ƀ0.00001943 on Ƀ681.812 volume.

EOS is down 9.04% to Ƀ0.0006389 on Ƀ35.6k volume.

Tron is up 0.28% to Ƀ0.00000361 on Ƀ2.0k volume.

Stellar is down 2.22% to Ƀ0.00003792 on Ƀ2.6k volume.

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