Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,360.90 yesterday at 5 pm (GMT) and has since dropped 0.65%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,474 representing a loss of 0.62% in the last 24 hours. More than $200 M worth of BTC were exchanged in the BTC/USD market representing a 13% share of the global daily volume. The BTC/KRW pair represents a 30% share.

The Ethereum price has dropped 1.27% over the past 24 hours and is currently sitting at $201, with over $40 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has an 11% market share of the daily trading volume.

See live charts here and here

Japan’s Authorities Approve Cryptocurrency Self-regulation

Yesterday, the Japanese Financial Services Agency approved the self-regulation of the country’s cryptocurrency industry. The Japan Virtual Currency Exchange Association (JVCEA) can now supervise the operation, monitor and sanction all the digital currency exchanges running in the country. On their official website, the Financial Services Agency stated: 

"Based on Article 87 of the Act on Financial Settlement (Act No. 59 of 2009), the Financial Services Agency has certified the following organizations as an Association of Certified Fund Settlement Business Operators: Japan Virtual Currency Exchange Industry Association"

Read more here

IDEX Exchange Blocking Users From New York State

Yesterday, according to a post on the official Aurora twitter account, Aurora (IDEX) will begin blocking users from New York State. Any business involved in virtual currency activities in New York State must have a business license issued by the New York State Department of Financial Services (NYSDFS). On the twitter post the team stated:

"#IDEX will begin blocking new orders from users with New York State IP addresses on Thursday, October 25th (6pm UTC). Cancels and withdrawals will remain active."

Read more here

Coinbase’s New Stablecoin (USDC) Could Freeze Funds and Censor Accounts

Recently, Coinbase and Circle have created a new stable coin named USD Coin (USDC), as previously reported by CryptoGlobe. Even though this newly launched project could allow more people to use cryptocurrencies, it could also prevent some from using it. In their user agreement, Circle explains that they have near complete control over user accounts. They can freeze funds, terminate accounts, and even report accounts to the authorities. Circle’s user agreement outlines their blacklisting policy:

"Circle reserves the right to “blacklist” certain USDC addresses and freeze associated USDC (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the terms of this User Agreement (“Blacklisted Addresses”). In the event that you send USDC to a Blacklisted Address, or receive USDC from a Blacklisted Address, Circle may freeze such USDC and take steps to terminate your USDC Account. In certain circumstances, Circle may deem it necessary to report such suspected illegal activity to applicable law enforcement agencies and you may forfeit any rights associated with your USDC, including the ability to redeem USDC for U.S. Dollars. Circle may also be forced to freeze USDC and/or surrender associated U.S. Dollars held in Segregated Accounts in the event it receives a legal order from a valid government authority requiring it to do so."

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)