Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 8,247.42 with a loss of 3.36% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $9,339 representing a loss of 3.77% in the last 24 hours. More than $600 M worth of BTC were exchanged in the BTC/USD market representing a 21.8% share of the global daily volume. The BTC/JPY pair represents a 44.9% share.

The Ethereum price has dropped 1.98% over the past 24 hours and is currently sitting at $750, with over $350 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 28.5% market share of the daily trading volume.

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Venezuela to Launch Petro-funded Youth Bank

Venezuela will open a youth-bank funded by the government’s state-backed El Petro. According to the regional outlet Telesur, Nicolas Maduro announced the initiative during a youth rally held in the state of Aragua, where he said he is committed to funding the project with 20 million of El Petro, which the Venezuelan President said are collectively worth $1.2 billion.

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Huobi to Launch Blockchain Incubator for Chinese Startups

Huobi is set to launch a $1 billion fund for Chinese blockchain companies. The fund is set to provide startups technical and strategical support, and access to software, so startups can test their products/systems using blockchain technology. This initiative has come alongside with a new cooperation agreement made with a Chinese social media company named Tianya, which is seeking to jointly launch a "Global Cultural and Creative Blockchain Lab".

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Ripple Sued for Alleged Violations of US Securities Laws

A class action lawsuit has been filed against Ripple Labs, its CEO, and a subsidiary company. On the lawsuit, Coffey detailed in his filing that unlike other cryptocurrencies such as Bitcoin and Ethereum, the Ripple (XRP) supply was created out of thin air by Ripple Labs and citing that defendants "earned massive profits by quietly selling off XRP to the general public. Attorney James Taylor-Copeland representing Coffey filed the lawsuit with the Superior Court of the State of California, seeking damages on behalf of Coffey and all others similarly situated. The Coffey communications department stated:

"[The lawsuit] arises out of a scheme by defendants to raise hundreds of millions of dollars through the unregistered sale of XRP to retail investors in violation of the registration provisions of state and federal securities laws."

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