Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,129 yesterday at 5 pm (GMT) and has since increased by 0.1%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,787 representing a loss of 0.4% in the last 24 hours. More than $256M worth of BTC were exchanged in the BTC/USD market representing an 18.5% share of the global daily volume. The BTC/JPY pair represents a 12% share.

The Ethereum price has dropped 4.15% over the past 24 hours and is currently sitting at $125, with over $133M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 12.7% market share of the daily trading volume.

See live charts here and here

Bank of America Files for Blockchain ‘ATM as a Service’ Patent

Yesterday, the Bank of America filed for a patent for a shared network of ATMs powered by blockchain technology. The filing was published by the U.S. Patent and Trademark Office (USPTO) on Tuesday, and uses blockchain technology to create a system that according to the patent will:

“Handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs..." while also "accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.”

Read more here

Wine Retailer to Buy Majority Stake in Japanese Crypto Exchange for $30M

Today, it was announced that Madison Group Holdings Limited, a Hong Kong-based wine retailer, is reportedly planning to acquire a stake in the Japanese crypto exchange BitOcean. The plan is to acquire a 67.2% share in BitOcean, which will cost more than $30 million to the Madison Group. The chairman at Madison Group Holdings, Raymond Ting Pang-wan, commented on the deal:

"Our wine business is stable and profitable, but then it is small. It is hard to make wine trading into a very big business. This is why we have to diversify into financial technology and the cryptocurrency business – to achieve a better return for our shareholders."

Read more here

Cryptocurrencies May Soon Be Legalized in India, Report Claims

Yesterday, it was reported that cryptocurrencies may soon become legal in India. According to local news sources, an interdisciplinary committee set up by the Indian government is looking into regulating and legalizing cryptocurrencies, although with tough terms and conditions. A senior official who reportedly attended related discussions said:

"We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon."

Read more here