Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 5,140.97 with a gain of 1.73% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,702 representing a gain of 3.49% in the last 24 hours. More than $400 M worth of BTC were exchanged in the BTC/USD market representing a 15.3% share of the global daily volume. The BTC/JPY pair represents a 62% share.

The Ethereum price has risen 4.34% over the past 24 hours and is currently sitting at $518.88, with over $150 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 24.7% market share of the daily trading volume.

See live charts here and here

Payments Firm Square Receives BitLicense from New York

Yesterday, payment firm Square received a BitLicense from New York State's Department of Financial Services (DFS). According to DFS, New York residents are now allowed to use the Bitcoin trading feature of the company's payment app "Cash", as stated:

"DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market... DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.

Read more here

JPMorgan Fined $65 Million for Manipulating US Dollar Benchmark

Yesterday, the Commodity Futures Trading Commision (CFTC) sued JPMorgan Chase Bank with a $65 million fine for allegedly attempting to manipulate the value of a US Dollar benchmark index. In accordance with CFTC, JPMorgan traders repeatedly attempted to manipulate the USD Dollar Internation Swaps and Derivatives Association Fix by knowingly publishing false rates and also by adjusting the index immediately before to its daily reference point snapshot, over a five-year period from 2007 to 2012. CFTC's director of enforcement, James McDonald, stated:

"This matter is one in a series of CFTC actions that clearly demonstrates the Commission’s unrelenting commitment to root out manipulation from our markets and to protect those who rely on the integrity of critical financial benchmarks."

Read more here

Regulated Japanese Exchanges to Self-Prohibit Insider Trading and Privacy Coins

The Japan Virtual Currency Exchange Association has given a sneak peek of the self-regulatory rules draft it has been working on to step up consumer protections and improve transparency, local media reported. As described in the draft, the main focuses of the new regulations are on banning insider trading and preventing exchanges from listing privacy coins. The association stated:

"The proposed rules explicitly ban insider trading. Word has leaked previously that a major exchange would start handling a new currency, which led to a surge in the currency’s value and left many suspecting market manipulation. Such activity would represent a clear violation of the new rules."

Read more here

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