Market Analysis Report

10 June 2024

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,543 yesterday at 5 pm (GMT) and has since dropped 0.35%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,582 representing a gain of 0.56% in the last 24 hours. More than $185 M worth of BTC were exchanged in the BTC/USD market representing a 19.37% share of the global daily volume. The BTC/JPY pair represents a 5.55% share.

The Ethereum price has risen 0.85% over the past 24 hours and is currently sitting at $224, with over $60 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 10.6% market share of the daily trading volume.

For a detailed market analysis click here

Circle to Acquire Equity Crowdfunding Company SeedInvest

Last Friday, Circle Internet Financial Ltd, one of the most valuable U.S cryptocurrency company, agreed to acquire the crowdfunding firm SeedInvest in a bid to help cryptocurrency startups improve their ability to raise capital with cryptocurrencies. According to Bloomberg, the terms of the deal were not disclosed yet but if approved by regulators, the acquisition could allow Circle to use the crowdfunding firm's network of over 200,000 investors as well as put the company one step closer to listing securities tokens. Circle Chief Executive Officer, Jaremy Allaire, stated:

"This was a company who had been at the forefront of collaborating with government to figure out how to make it possible to innovate in the way people raise capital. Crypto securities are going to become a major new category of securities that ultimately every business is going to adopt, just like every business has a website."

Read more here

Major Crypto Exchange Bitfinex Obtains Banking Partner in HSBC

Last Saturday, Larry Cermak, a former editor at Diar and head analyst at The Block, reported that the cryptocurrency exchange Bitfinex obtained a partnership with the London based bank, HSBC. Cermak stated on Twitter:

"Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It’s also worth mentioning that all EUR, JPY and GBP deposits are paused but Bitfinex ‘expects the situation to normalize within a week"

However, the Director of Communications at Bitfinex, Kasper Rasmussen, couldn't comment on the nature of the partnership stating that Bifinex doesn't, and has never, commented on actual or potential business relationships.

Read more here

Venezuela Introduces Petro-Based Passport Payment System, Migration Police

In accordance with Reuters, the Venezuelan government will require citizens to use "El Petro" national cryptocurrency to pay for passport fees. The "El Petro" price is supposed to be equal to the price of an oil barrel, which is currently trading for $70-$80. Venezuela Vice-President, Delcy Rodriguez said:

"The price of a new passport will be 2 petros and (the price) of an extension will be 1 petro.”

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 0.56% at $6,582.060 with a volume of Ƀ28.7k - $188.9M on the USD pairs.

Ether is up 0.21% against Bitcoin at Ƀ0.03411 per Ether and up 0.85% against the dollar to $224.38 with average volume Ƀ37.0k on the ETH/BTC pair.

Bitcoin Cash is up 1.89% to Ƀ0.07909 with volumes of Ƀ18.1k and up 2.38% against the dollar at $520.4.

Ripple is up 2.27% to Ƀ0.0000734 with volumes of Ƀ21.0k and up 2.92% against the dollar at $0.4832.

Zcash is down 0.05% for the day to Ƀ0.01893 per ZEC and up 0.39% against the dollar to $124.81 with an average volume of Ƀ5.7k for the 24 hour period.

Litecoin is up 1.05% against the dollar for the day at $57.74 and up 0.49% to Ƀ0.008781 on volumes of Ƀ8.3k.

Dash is up 0.04% at Ƀ0.02724 with Ƀ5.4k volume and up 0.97% against the dollar at $179.82.

Iota is up 2.36% to Ƀ0.00008767 on Ƀ1.1k volume.

Ether Classic is down 0.36% to Ƀ0.001644 with volumes of Ƀ10.3k and up 1.58% against the dollar at $10.9.

Monero is up 0.91% against the dollar at $113.68 and up 0.06% against Bitcoin at Ƀ0.0172 on volumes of Ƀ1.0k.

Neo is up 0.4% for the day to Ƀ0.002751 per NEO and up 0.67% against the dollar to $18.12 with an average volume of Ƀ10.0k for the 24 hour period.

Waves is up 0.66% to Ƀ0.0003215 on Ƀ565.157 volume.

Stratis is up 0.75% to Ƀ0.0002278 on Ƀ130.229 volume.

Cardano is up 3.16% to Ƀ0.00001274 on Ƀ1.5k volume.

NEM is up 2.47% to Ƀ0.00001618 on Ƀ616.973 volume.

EOS is down 0.03% to Ƀ0.0008713 on Ƀ13.4k volume.

Tron is up 15.7% to Ƀ0.0000042 on Ƀ15.4k volume.

Stellar is up 0.88% to Ƀ0.00003685 on Ƀ1.9k volume.
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