Market Analysis Report

10 June 2024

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,595.14 yesterday at 5 pm (GMT) and has since increased by 7.31%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $4,646 representing a gain of 3.98% in the last 24 hours. More than $1.15 B worth of BTC were exchanged in the BTC/USD market representing a 31.25 % share of the global daily volume. The BTC/JPY pair represents a 9.22% share.

The Ethereum price has increased 4.07% over the past 24 hours and is currently sitting at $137, with over $340 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 21.47% market share of the daily trading volume.

For a detailed market analysis click here

VanEck Subsidiary MVIS Reveals the OTC Exchanges Behind the Bitcoin ETF Index

Recently, VanEck has disclosed that its SolidX Bitcoin ETF will use an index comprised of pricing data from three of the largest Over-The-Counter (OTC) bitcoin exchanges, Genesis Trading, Cumberland, and Circle Trade. The index is a product of MVIS, which is a subsidiary of the VanEck Associates Corporation, who applied to launch a bitcoin exchange-traded fund (ETF) in the Summer of 2018.  The decision to use the pricing data from OTC desks might be related to the SEC's concerns over the possibility of market manipulation on public cryptocurrency exchanges, upon which overly volatile price indices could affect the stability of the bitcoin ETF product. Gabor Gurbacs, head of digital asset strategy at VanEck said:

"Transparency is coming to the over-the-counter market. Before this no one would publish the price and it happened behind the scenes.”

Read more here

Binance Invests $3 Million in US Crypto Trading Desk

Yesterday, cryptocurrency exchange Binance announced on a press release that it had made a $3 million investment into Koi Trading, an OTC trading operation headquartered in San Francisco. Head of Binance Labs, Ella Zhang, explained:

"Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally."

Read more here

ICE’s Bakkt Delays Bitcoin Futures Platform Launch

Yesterday, Intercontinental Exchange announced that it would be postponing the launch of its Bitcoin futures trading platform, Bakkt, until the 24th of January. Bakkt will feature physically-settled bitcoin futures, meaning that clients would receive bitcoin upon the expiration of their contracts, rather than the token’s cash equivalent. Bakkt's CEO, Kelly Loeffler, explained the reason behind the delay:

"As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So, it makes sense to adjust our timeline as we work with the industry toward launch.”

Read more here

MJAC Conference

Dear users, it’s with great pleasure that we invite you to attend the MJAC blockchain conference.

Hosting the biggest and brightest blockchain leaders, the MJAC conference will be the perfect place to learn, network and discuss the future of the crypto industry.

The event counts with a long list of sponsors and media partners. You can count on a great variety of exhibitions booths and many prominent speakers. The list of speakers includes the founder of Atlas Neue and former CCO of Ethereum Stephan Tual, Circle’s European Legal & Business Director Claire Wells, Global CMO and EMEA Managing Director at Circle Marieke Flament, Ripple’s Head of European Regulatory Relations Dan Morgan, founder of Atlas Neue Cassius Kiani, Head of ICO Advisory at NKB Group Marina Titova, CEO and Co-founder of Coinfloor Ltd Obi Nwosu, and European Marketing Lead at Coinbase Joseph-Daniel Millwood, among many others.

The event will take place November 30th on Old Billingsgate, a historical event venue located in the heart of London.

Get your tickets here (use the CC30 discount code to get 30% off)

Recently Added:

VestChain (VEST) coin added to the Coin list

Press Release

State of the Crypto

Bitcoin is up 3.98% at $4,646.010 with a volume of Ƀ256.9k - $1156.8M on the USD pairs.

Ether is up 0.44% against Bitcoin at Ƀ0.02963 per Ether and up 4.07% against the dollar to $137.92 with average volume Ƀ104.0k on the ETH/BTC pair.

Bitcoin Cash is up 16.07% to Ƀ0.05274 with volumes of Ƀ6.7k and down 27.71% against the dollar at $264.77.

Ripple is down 1.21% to Ƀ0.00009709 with volumes of Ƀ49.2k and up 2.41% against the dollar at $0.4542.

Zcash is down 0.99% for the day to Ƀ0.01902 per ZEC and up 2% against the dollar to $88.77 with an average volume of Ƀ6.5k for the 24 hour period.

Litecoin is up 6.05% against the dollar for the day at $34.37 and up 1.85% to Ƀ0.007413 on volumes of Ƀ29.9k.

Dash is up 6.62% at Ƀ0.02399 with Ƀ8.5k volume and up 10.23% against the dollar at $113.55.

Iota is up 2.99% to Ƀ0.00006893 on Ƀ1.1k volume.

Ether Classic is up 3.56% to Ƀ0.00125 with volumes of Ƀ20.3k and up 7.12% against the dollar at $5.87.

Monero is up 3.91% against the dollar at $71.02 and up 0.4% against Bitcoin at Ƀ0.01507 on volumes of Ƀ2.7k.

Neo is up 1.94% for the day to Ƀ0.001997 per NEO and up 5.21% against the dollar to $9.49 with an average volume of Ƀ10.6k for the 24 hour period.

Waves is down 0% to Ƀ0.0002497 on Ƀ906.062 volume.

Stratis is up 12.38% to Ƀ0.0001788 on Ƀ255.54 volume.

Cardano is up 1.39% to Ƀ0.00001022 on Ƀ2.8k volume.

NEM is up 3.91% to Ƀ0.0000178 on Ƀ1.4k volume.

EOS is up 2.15% to Ƀ0.0008277 on Ƀ38.1k volume.

Tron is up 4.93% to Ƀ0.00000319 on Ƀ3.2k volume.

Stellar is up 1.53% to Ƀ0.00004459 on Ƀ6.7k volume.
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