Market Analysis Report

17 June 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 5,007.68 with a loss of 12.73% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $8,389 representing a gain of 7.93% in the last 24 hours. More than $1.5 B worth of BTC were exchanged in the BTC/USD market representing a 27.3% share of the global daily volume. The BTC/JPY pair represents a 48% share.

The Ethereum price has risen 5.87% over the past 24 hours and is currently sitting at $548, with over $670M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 42.5% market share of the daily trading volume.

See live charts here and here

Mark Carney: Cryptos Don't Pose Risks to Financial Stability

An international group of central bank regulators and government ministers said Sunday that cryptocurrencies don't pose a risk to global financial stability. In a letter published on March 18, Financial Stability Board chairman Mark Carney, who also leads the Bank of England, said that the organization doesn't see the tech as a threat:

"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system. Even at their recent peak, their (cryptocurrencies) combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP."

Read more here

Wall Street Analyst Predicts Bitcoin Will Hit $91,000 By March 2020

Wall Street strategist Tom Lee has updated his Bitcoin price prediction and believes the crypto-asset will hit $91,000 by March 2020.

As reported by Forbes, Tom Lee and Fundstrat use a logarithmic chart to explain their prediction. According to Fundstrat the data collected for the updated prediction included; the cost of mining Bitcoin, daily, hourly and monthly trading trends as well as more old-fashioned technical analysis, which is the study of charting patterns to discern probable price movements.

Read more here

Twitter is Banning Cryptocurrency Advertising

A snowball effect has been caused by Google and Facebook’s recent decisions to ban ads related to cryptocurrencies and ICOs, and Twitter is now following suit. According to a report from Sky News, the micro-blogging social media platform will roll out a new advertising policy within the next two weeks, and the new rules will put a ban on crypto ads for wallets, token sales and ICOs.

Twitter’s reported crypto ad ban would come in the wake of both Facebook ban of crypto advertising in January, and Google’s recent update to its Financial Services policy that will ban crypto ads starting in June 2018. Sky News wrote:

"We understand that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets globally.”

Read more here

State of the Crypto

Bitcoin is up 7.93% at $8,389.160 with a volume of Ƀ200.5k - $1580.0M on the USD pairs.

Ether is down 1.9% against Bitcoin at Ƀ0.06573 per Ether and up 5.87% against the dollar to $548.99 with average volume Ƀ47.3k on the ETH/BTC pair.

Bitcoin Cash is down 3.4% to Ƀ0.1136 with volumes of Ƀ12.6k and up 4.08% against the dollar at $952.87.

Ripple is up 1.31% to Ƀ0.00007969 with volumes of Ƀ12.2k and up 9.29% against the dollar at $0.6669.

Zcash is up 4.79% for the day to Ƀ0.02866 per ZEC and up 12.52% against the dollar to $241.27 with an average volume of Ƀ2.4k for the 24 hour period.

Litecoin is up 6.78% against the dollar for the day at $158.54 and down 1.2% to Ƀ0.01891 on volumes of Ƀ16.3k.

Dash is down 3.52% at Ƀ0.04608 with Ƀ6.7k volume and up 3.84% against the dollar at $387.77.

Iota is down 3.5% to Ƀ0.0001488 on Ƀ4.8k volume.

Ether Classic is up 3.28% to Ƀ0.002076 with volumes of Ƀ5.4k and up 11.88% against the dollar at $17.42.

Monero is up 14.08% against the dollar at $215.96 and up 5.92% against Bitcoin at Ƀ0.02575 on volumes of Ƀ5.1k.

Neo is up 10.23% for the day to Ƀ0.008235 per NEO and up 19.03% against the dollar to $68.69 with an average volume of Ƀ8.0k for the 24 hour period.

Waves is down 2.03% to Ƀ0.0005563 on Ƀ2.3k volume.

Stratis is up 8.71% to Ƀ0.000544 on Ƀ935.47 volume.

Cardano is up 11.28% to Ƀ0.00002013 on Ƀ6.4k volume.

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