Market Analysis Report

08 March 2018

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 7,327.85 with a loss of 10.07% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $9,924.180 representing a loss of 6.04% in the last 24 hours. More than $1.95B worth of BTC were exchanged in the BTC/USD market representing a 26.9% share of the global daily volume. The BTC/JPY pair represents a 49% share.

The Ethereum price has dropped 3.6% over the past 24 hours and is currently sitting at $759.78, with over $220M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 31.6% market share of the daily trading volume. The ETH/BTC pair represents a 36.8% share.

See live charts here and here

FinCEN Letter To Congress Tightens Net On ICOs

FinCEN (Financial Crimes Enforcement Network), a U.S. financial agency, has stated in a letter published Tuesday, that the existing AML & KYC regulations will be applied to all ICO participants. The letter suggested that developers and exchanges that interact with ICOs should register as a money transmitter and comply with a lengthy list of AML (anti-money laundering) and KYC (know your customer) regulations. An excerpt from the letter reads:

“Generally, under existing regulations and interpretations, a developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a money transmitter and must comply with AML/CFT requirements that apply to this type of MSB. An exchange that sells ICO coins or tokens, or currency, would typically also be a money transmitter”

Read more here

Binance Liquidates User’s Altcoin Holdings Due To Unknown Issue

Binance, one of the biggest cryptocurrency exchanges in the world, is currently dealing with an unknown problem, as it’s liquidating user’s altcoin balances at market price, without warning them or getting their consent. Binance CEO, Changpeng Zhao, ensured that all funds are safe as the twitter post shows:

"All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing before. We are still investigating. All funds are safe."

Read more here

Venezuela to Auction Petro via Its Foreign Exchange Platform

According to the Venezuelan vice president, Tareck El Aissami, the country’s oil-backed cryptocurrency, the Petro (PTR), will be auctioned to private companies via the country’s Dicom foreign exchange platform “in a few weeks.” While speaking at a meeting broadcast on state television, El Aissami said that the Petro will be auctioned, and then added to the markets enabling companies to use the country’s oil-backed cryptocurrency to pay for imports of raw materials. The vice president stated:

“The Petro is going to be our powerful international currency, above the dollar.”

Read more here

State of the Crypto

Bitcoin is down 6.04% at $9,924.180 with a volume of Ƀ197.0k - $1966.4M on the USD pairs.

Ether is up 2.14% against Bitcoin at Ƀ0.0764 per Ether and down 3.67% against the dollar to $759.78 with average volume Ƀ41.8k on the ETH/BTC pair.

Bitcoin Cash is down 0% to Ƀ0.1098 with volumes of Ƀ15.0k and down 6.07% against the dollar at $1091.83.

Ripple is up 2.52% to Ƀ0.00008677 with volumes of Ƀ10.9k and down 3.78% against the dollar at $0.8606.

Zcash is down 1.41% for the day to Ƀ0.03425 per ZEC and down 7.04% against the dollar to $342.37 with an average volume of Ƀ2.1k for the 24 hour period.

Litecoin is down 3.59% against the dollar for the day at $184.91 and up 2.59% to Ƀ0.01861 on volumes of Ƀ16.5k.

Dash is down 0.76% at Ƀ0.05258 with Ƀ5.1k volume and down 6.38% against the dollar at $526.1.

Iota is down 5.93% to Ƀ0.0001507 on Ƀ1.7k volume.

Ether Classic is up 4.31% to Ƀ0.002323 with volumes of Ƀ9.1k and down 2.04% against the dollar at $23.05.

Monero is down 7.8% against the dollar at $318.65 and down 1.78% against Bitcoin at Ƀ0.03206 on volumes of Ƀ8.5k.

Neo is down 1.62% for the day to Ƀ0.009946 per NEO and down 7.32% against the dollar to $98.68 with an average volume of Ƀ5.4k for the 24 hour period.

Waves is up 11.7% to Ƀ0.0006303 on Ƀ2.7k volume.

Stratis is down 0.84% to Ƀ0.000653 on Ƀ926.642 volume.

Cardano is down 4.54% to Ƀ0.00002376 on Ƀ4.8k volume.

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