Market Analysis Report

18 May 2018

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 6,837.94 with a gain of 0.50% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $8,120 representing a loss of 1.64% in the last 24 hours. More than $600 M worth of BTC were exchanged in the BTC/USD market representing a 20.55% share of the global daily volume. The BTC/JPY pair represents a 54.01% share.

The Ethereum price has dropped 2.84% over the past 24 hours and is currently sitting at $678.42, with over $250 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 27.06% market share of the daily trading volume.

See live charts here and here

European Parliament Passes A Resolution To Support Blockchain Technology

Last Wednesday, Members of the European Parliament passed a resolution that aims to support the adoption of blockchain technology. The resolution proposed to recognize the role blockchain technology can play in enhancing innovation in Europe and around the world. During the voting process, the resolution received 52 votes in favour, 1 against and 6 abstentions which meant a positive step in the technology adoption. Ideally, the passage of the resolution will open doors for credible and binding laws that will govern the industry.

Read more here

Bitfinex Forces Users to Submit Tax Information

Cryptocurrency exchange Bitfinex has recently notified its users that they are required to submit their tax information, so the company can then send it over to the British Virgin Island’s (BVI) government which may exchange it with the tax authorities of the customer's country of residence. The exchange explained that under the laws of the British Virgin Islands, where the exchange is based, it is required to report certain account information to the BVI government. The exchange statement reads:

"The government of the BVI may then exchange information with the tax authorities of the customer’s country of residence, consistent with the British Virgin Islands law, the U.S. Foreign Account Tax Compliance Act (FACTA), and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS).”

Read more here

Chinese IT Ministry Cryptocurrency Ratings Released

Yesterday, the Chinese Ministry of Industry and Information Technology disclosed its official cryptocurrency rating. According to the Chinese Ministry, the ratings were calculated on the basis of three indexes: technology, application and innovation in which Ethereum scored highly across all three, giving it a lead rating followed up by Steem, Lisk and NEO. Bitcoin appeared on the 13th place. On a Twitter post, the news outlet cnLedger stated:

"Public blockchain ratings by China's ministry is out: #Ethereum ranks top of the 28 cryptos evaluated Source"

Read more here

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Press Release

State of the Crypto

Bitcoin is down 1.64% at $8,120.860 with a volume of Ƀ76.7k - $626.0M on the USD pairs.

Ether is down 1.15% against Bitcoin at Ƀ0.08365 per Ether and down 2.84% against the dollar to $678.42 with average volume Ƀ37.6k on the ETH/BTC pair.

Bitcoin Cash is down 4.37% to Ƀ0.1488 with volumes of Ƀ25.2k and down 6.07% against the dollar at $1206.05.

Ripple is down 1.27% to Ƀ0.00008246 with volumes of Ƀ8.4k and down 2.82% against the dollar at $0.6697.

Zcash is down 0.14% for the day to Ƀ0.04272 per ZEC and down 1.7% against the dollar to $346.88 with an average volume of Ƀ9.1k for the 24 hour period.

Litecoin is down 3.45% against the dollar for the day at $132.56 and down 1.98% to Ƀ0.01631 on volumes of Ƀ11.2k.

Dash is down 5.43% at Ƀ0.04671 with Ƀ5.8k volume and down 6.85% against the dollar at $379.5.

Iota is down 7.57% to Ƀ0.0002125 on Ƀ2.4k volume.

Ether Classic is down 0.84% to Ƀ0.002128 with volumes of Ƀ6.7k and down 2.26% against the dollar at $17.28.

Monero is down 4.97% against the dollar at $189.24 and down 3.6% against Bitcoin at Ƀ0.02331 on volumes of Ƀ4.3k.

Neo is down 1.45% for the day to Ƀ0.007252 per NEO and down 2.79% against the dollar to $58.93 with an average volume of Ƀ3.6k for the 24 hour period.

Waves is down 4.21% to Ƀ0.0007007 on Ƀ3.0k volume.

Stratis is down 1.59% to Ƀ0.0007178 on Ƀ769.23 volume.

Cardano is down 2.1% to Ƀ0.00002943 on Ƀ3.2k volume.

NEM is down 5.01% to Ƀ0.00003695 on Ƀ738.108 volume.

EOS is down 1.14% to Ƀ0.001562 on Ƀ25.6k volume.

Tron is down 1.19% to Ƀ0.00000827 on Ƀ10.8k volume.

Stellar is down 3.83% to Ƀ0.00003814 on Ƀ1.6k volume.

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