Market Analysis Report

10 June 2024

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,126 yesterday at 5 pm (GMT) and has since dropped 11.2%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,818 representing a gain of 0.3% in the last 24 hours. More than $284M worth of BTC were exchanged in the BTC/USD market representing a 17.4% share of the global daily volume. The BTC/JPY pair represents a 13.6% share.

The Ethereum price has increased by 1.48% over the past 24 hours and is currently sitting at $131, with over $183M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 13.1% market share of the daily trading volume.

See live charts here and here

Japan’s GMO Quits Manufacturing and Selling Mining Machines

Today, Japanese internet giant GMO announced that it will no longer develop, manufacture, and sell cryptocurrency mining equipment. However, the company will still continue to mine in-house but will have to relocate its mining center to a region where energy is cleaner and less expensive. GMO further stated:

"The company expects that it is difficult to recover the cryptocurrency mining business-related assets through selling mining machines, so the company has decided to stop the development, manufacture, and sales of mining machines, thereby recording an extraordinary loss."

Read more here

Bitmain Confirms Staff Layoff

Yesterday, it was reported that crypto mining giant Bitmain is dismissing almost half of its entire workforce. One Bitmain representative stated:

“There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary."

Read more here

KuCoin Cryptocurrency Exchange Removes 10 Tokens

Yesterday, Singaporean crypto exchange KuCoin announced the delisting of 10 cryptocurrencies. The tokens will be removed under the Special Treatment Rule framework, designed to ensure that only projects that meet or maintain certain criteria are listed on the exchange. The affected cryptocurrencies are as follows:

"Jibrel Network (JNT), WePower (WPR), Modum (MOD), EthLend (LEND), STK (STK), Asch (XAS), Bread (BRD), BitClave (CAT), Mobius (MOBI)"

Read more here

State of the Crypto

Bitcoin is up 0.33% at $3,818.050 with a volume of Ƀ74.3k - $284.0M on the USD pairs.

Ether is up 1.48% against Bitcoin at Ƀ0.03424 per Ether and up 1.74% against the dollar to $131.01 with average volume Ƀ96.8k on the ETH/BTC pair.

Bitcoin Cash is up 4.17% to Ƀ0.04594 with volumes of Ƀ19.1k and up 5.45% against the dollar at $174.5.

Ripple is down 1% to Ƀ0.0000991 with volumes of Ƀ40.7k and down 0.68% against the dollar at $0.3796.

Zcash is down 1% for the day to Ƀ0.01586 per ZEC and down 0.66% against the dollar to $61.5 with an average volume of Ƀ9.4k for the 24 hour period.

Litecoin is up 0.91% against the dollar for the day at $31.11 and up 0.25% to Ƀ0.008145 on volumes of Ƀ33.2k.

Dash is down 0.64% at Ƀ0.02168 with Ƀ7.1k volume and down 0.31% against the dollar at $83.75.

Iota is down 1.23% to Ƀ0.00008577 on Ƀ599.28 volume.

Ether Classic is up 2.33% to Ƀ0.001276 with volumes of Ƀ7.1k and up 2.73% against the dollar at $4.9.

Monero is up 0.28% against the dollar at $50.12 and up 0.08% against Bitcoin at Ƀ0.01303 on volumes of Ƀ1.7k.

Neo is up 2.43% for the day to Ƀ0.001981 per NEO and up 2.8% against the dollar to $7.71 with an average volume of Ƀ4.3k for the 24 hour period.

Waves is down 5.73% to Ƀ0.0008326 on Ƀ7.5k volume.

Stratis is up 1.92% to Ƀ0.0003709 on Ƀ1.7k volume.

Cardano is up 0.84% to Ƀ0.00001082 on Ƀ1.9k volume.

NEM is down 1.03% to Ƀ0.00001821 on Ƀ591.458 volume.

EOS is down 0.47% to Ƀ0.0006762 on Ƀ36.2k volume.

Tron is up 2.33% to Ƀ0.00000527 on Ƀ8.3k volume.

Stellar is down 1.76% to Ƀ0.00003131 on Ƀ3.3k volume.
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