Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 5,194 with a loss of 4.01% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $7,562 representing a loss of 4.21% in the last 24 hours. More than $750M worth of BTC were exchanged in the BTC/USD market representing a 21.15% share of the global daily volume. The BTC/JPY pair represents a 56.4% share.

The Ethereum price has dropped 8.49% over the past 24 hours and is currently sitting at $414, with over $200M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 30.1% market share of the daily trading volume.

See live charts here and here

Global Cryptocurrency Groups Plan to Sue Google, Facebook Over Advertising Ban

The Russian Association of Crypto-Currency and Block-Finish (RACIB) along with industry associations in Korea and China are planning to sue Google, Twitter, Facebook and Yandex for refusing to place cryptocurrency advertising. RACIB head Yuri Pripachkin told the Blockchain RF-2018 congress. The parties intend to file suit in May, Russian publishing giant TASS reports. Yury Pripachkin, the president of RACIB, said at the Blockchain-RF 2018 conference held in Moscow from March 27-28 that the actions of these four tech companies have negatively affected the crypto market:

“We believe that this is a use of the monopoly position of these four companies, which have entered into a cartel agreement with each other in order to manipulate the market. The ban from these four organizations has led to a significant drop in the market in recent months.”

Read more here

Two Japanese Crypto Exchanges to Shut Down

According to Nikkei Asian Review, two Japanese exchanges, Mr.Exchange and Tokyo GateWay are ceasing operations between growing scrutiny from regulators in the wake of the $500 million theft held in January on Coincheck. Both exchanges are withdrawing previously filed applications with Japan's Financial Services Agency (FSA) which they solicited approval to launch services. The news outlet stated:

"More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so."

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Danske Bank Rules Out Crypto Trading But Won't Block Credit Cards

The biggest bank in Denmark, Danske Bank, reported that it's phasing out the option of buying financial instruments, such as derivatives or exchange-traded notes (ETNs). The report criticizes cryptocurrencies over perceived risks and lack of transparency, such as high volatility, lack of pricing transparency and lack of protections for consumers and investors. However, also mentioned that they will keep following the market closely. A report excerpt reads:

"For these reasons, it is not possible to trade cryptocurrencies on our trading platforms. However, we monitor the market closely, and if the cryptocurrency market becomes more transparent and mature, we might reconsider this position."

Read more here