Market Analysis Report

17 June 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 4,795.02 with a gain of 1.05% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $7,378 representing a gain of 9.69% in the last 24 hours. More than $850 M worth of BTC were exchanged in the BTC/USD market representing a 13.5% share of the global daily volume. The BTC/JPY pair represents a 51.8% share.

The Ethereum price has risen 5.42% over the past 24 hours and is currently sitting at $498, with over $250 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 16.8% market share of the daily trading volume.

For a detailed market analysis click here

BitPay Becomes First Payment Processor to Receive BitLicense in New York

Last Monday, crypto payment processor BitPay has received a BitLicense from the New York Department of Financial Services (DFS), becoming the first payment processor to be approved. As reported by DFS, the license will allow BitPay to offer clearing and settlement services to companies and consumers based in New York that are willing to accept payments in Bitcoin or issue payments in Bitcoin. BitPay CEO, Stephen Pair, stated:

"New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay."

Read more here

Mastercard Wins Patent for Speeding Up Crypto Payments

Yesterday, Mastercard won a U.S patent for a method of speeding up cryptocurrency payments. With this new method, users will be able to transact in cryptocurrencies through existing systems for fiat currencies in which the transactions themselves would use the fiat currency's payment rails and security features, but each transaction would represent a cryptocurrency. The company explained that though cryptocurrencies have seen an increase in usage over traditional fiat currencies, the storage, and processing of transactions that utilizes blockchain technology need to be improved. An excerpt from the patent explains:

"It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed ... Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds … Therefore, many entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions."

Read more here

Stellar Preparing To Launch “Venture Backed” Stronghold USD Cryptocurrency

Yesterday, financial advisory firm Stronghold announced that it will be launching a venture-backed USD anchor on the Stellar blockchain. According to the company, the Stronghold USD cryptocurrency is backed “at one-to-one U.S. dollars” per token and the backup reserves will be held by Prime Trust, a US state of Nevada-regulated chartered company. Furthermore, the Stellar Consensus Protocol (SCP) will be used to issue and validate Stronghold USD transactions.

Read more here

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Press Release

State of the Crypto

Bitcoin is up 9.69% at $7,378.850 with a volume of Ƀ123.7k - $895.6M on the USD pairs.

Ether is down 3.69% against Bitcoin at Ƀ0.06787 per Ether and up 5.42% against the dollar to $500.4 with average volume Ƀ88.8k on the ETH/BTC pair.

Bitcoin Cash is down 1.76% to Ƀ0.1169 with volumes of Ƀ19.6k and up 7.99% against the dollar at $860.48.

Ripple is down 2% to Ƀ0.00006943 with volumes of Ƀ10.8k and up 7.26% against the dollar at $0.5114.

Zcash is up 6.42% for the day to Ƀ0.02916 per ZEC and up 17.09% against the dollar to $216.31 with an average volume of Ƀ7.1k for the 24 hour period.

Litecoin is up 8.28% against the dollar for the day at $89.97 and down 1.13% to Ƀ0.01222 on volumes of Ƀ18.2k.

Dash is down 3.8% at Ƀ0.0357 with Ƀ4.6k volume and up 5.54% against the dollar at $262.94.

Iota is down 4.49% to Ƀ0.000153 on Ƀ2.0k volume.

Ether Classic is down 4.86% to Ƀ0.002426 with volumes of Ƀ10.6k and up 4.5% against the dollar at $17.89.

Monero is up 5.34% against the dollar at $145.44 and down 4.08% against Bitcoin at Ƀ0.01973 on volumes of Ƀ3.1k.

Neo is down 2.47% for the day to Ƀ0.00534 per NEO and up 7.28% against the dollar to $39.37 with an average volume of Ƀ5.1k for the 24 hour period.

Waves is down 2.31% to Ƀ0.0004223 on Ƀ1.9k volume.

Stratis is up 10.54% to Ƀ0.0004403 on Ƀ1.3k volume.

Cardano is up 5.19% to Ƀ0.00002411 on Ƀ6.5k volume.

NEM is up 2.11% to Ƀ0.00002666 on Ƀ968.068 volume.

EOS is up 0.93% to Ƀ0.001194 on Ƀ17.6k volume.

Tron is down 2.01% to Ƀ0.00000536 on Ƀ8.5k volume.

Stellar is up 10.29% to Ƀ0.00003826 on Ƀ3.8k volume.

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