Market Analysis Report

10 June 2024

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,594.99 yesterday at 5 pm (GMT) and has since increased by 2.58%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,570 representing a gain of 1.81% in the last 24 hours. More than $310 M worth of BTC were exchanged in the BTC/USD market representing a 24% share of the global daily volume. The BTC/JPY pair represents a 10% share.

The Ethereum price has increased 2.36% over the past 24 hours and is currently sitting at $222, with over $100 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 15% market share of the daily trading volume.

For a detailed market analysis click here

Petro Is Now Officially a National Currency

Venezuela’s president Nicolas Maduro has made several claims regarding his country’s cryptocurrency this week. He announced the launch of the Petro as a national currency on Monday, reportedly claiming that it is already “present in the world’s six topmost international exchange houses.” A new whitepaper has also been published showing that the Petro is no longer 100% backed by oil but is also backed by some of Venezuela’s other resources. Maduro announced on Monday the official launch of the Petro, in a televised address. He said:

"Venezuela makes history! Today we take a step forward with the launch of Petro as a national currency and platform for strengthening our financial sovereignty."

Read more here

Crypto Assets on Winklevoss Gemini Exchange Are Now Insured

Yesterday, Crypto exchange Gemini announced it has obtained insurance coverage for the digital assets it holds in custody. The Gemini Trust Company, co-founded by Cameron and Tyler Winklevoss, said in a press release that its insurance will be provided through a consortium of insurers arranged by global professional services firm Aon, which provides "a broad range of risk, retirement and health solutions."

According to the release, the exchange received coverage after it could prove to underwriters that it "is a leading, best-in-class exchange and custodian." This insurance comes on top of the Federal Deposit Insurance Corporation-insured dollar deposits that the exchange holds. Gemini's head of risk Yusuf Hussain said in a statement that "consumers are looking for the same levels of insured protection they're used to being afforded by traditional financial institutions." He added:

"Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry."

Read more here

Binance Invests in Crypto-Payment Startup TravelByBit

Yesterday, Binance announced that it has made a strategic investment in TravelByBit, an Australian blockchain payments provider that aims to make it easier for individuals to pay in cryptocurrency. Binance has injected $3.4 million AUD ($2.5 million USD) into the company, to help expand its terminals, which have already been successfully implemented in the Brisbane Airport earlier this year. Binance stated on Twitter:

"We are excited to invest in the team  and work together to enable a  enabled economy. “Real, on-the-ground, just-when-you-need-it use case is key for further  adoption.”  (...)"

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)

Press Release

State of the Crypto

Bitcoin is up 1.81% at $6,570.420 with a volume of Ƀ47.6k - $311.0M on the USD pairs.

Ether is up 0.44% against Bitcoin at Ƀ0.03397 per Ether and up 2.36% against the dollar to $222.66 with average volume Ƀ40.2k on the ETH/BTC pair.

Bitcoin Cash is up 0.1% to Ƀ0.07998 with volumes of Ƀ20.2k and up 2.07% against the dollar at $524.89.

Ripple is up 2.37% to Ƀ0.00008221 with volumes of Ƀ19.7k and up 4.19% against the dollar at $0.5394.

Zcash is down 0.43% for the day to Ƀ0.01873 per ZEC and up 0.92% against the dollar to $123.03 with an average volume of Ƀ4.9k for the 24 hour period.

Litecoin is up 1.11% against the dollar for the day at $58.38 and down 0.51% to Ƀ0.008912 on volumes of Ƀ7.4k.

Dash is down 0.22% at Ƀ0.0275 with Ƀ11.8k volume and up 1.56% against the dollar at $181.3.

Iota is down 0.48% to Ƀ0.0000844 on Ƀ990.11 volume.

Ether Classic is up 0.35% to Ƀ0.0017 with volumes of Ƀ10.3k and up 1.93% against the dollar at $11.1.

Monero is up 0.8% against the dollar at $113.91 and down 0.63% against Bitcoin at Ƀ0.01734 on volumes of Ƀ1.5k.

Neo is up 0.51% for the day to Ƀ0.002776 per NEO and up 2.41% against the dollar to $18.27 with an average volume of Ƀ5.6k for the 24 hour period.

Waves is up 1.55% to Ƀ0.0003273 on Ƀ981.936 volume.

Stratis is up 0.7% to Ƀ0.0002304 on Ƀ138.686 volume.

Cardano is up 0.89% to Ƀ0.00001248 on Ƀ1.2k volume.

NEM is up 4.5% to Ƀ0.00001625 on Ƀ869.363 volume.

EOS is up 0.61% to Ƀ0.0008592 on Ƀ19.0k volume.

Tron is up 0.91% to Ƀ0.00000334 on Ƀ4.0k volume.

Stellar is up 0.3% to Ƀ0.00003724 on Ƀ2.6k volume.
Trending forum posts
We are based in London UK and our team is working round the clock to keep this service up and running. If you wish to contact us just drop us an email to info@cryptocompare.com, reply to this email or chat with one of our team on the discussion board.