Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,128.94 yesterday at 5 pm (GMT) and has since increased 1.92%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,572 representing a gain of 2.83% in the last 24 hours. More than $410 M worth of BTC were exchanged in the BTC/USD market representing a 23% share of the global daily volume. The BTC/JPY pair represents a 10% share.

The Ethereum price has increased 15.81% over the past 24 hours and is currently sitting at $215, with over $360 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 25% market share of the daily trading volume.

For a detailed market analysis click here

NCB, One of the Largest Financial Institutions in the Middle East, Joins RippleNet

Yesterday, the real-time gross settlement system, currency exchange and remittance network, Ripple, announced on its website that one of the largest financial institutions in the middle east, the National Commercial Bank (NCB) of the Kingdom Saudi Arabia, had become its latest enterprise customer, and joined RippleNet. Dilip Rao, the Global Head of Infrastructure Innovation at Ripple has stated before: 

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers."

Read more here

BitGo Becomes a Qualified Custodian by Obtaining a South Dakota Trust Charter

Yesterday, one of the leaders in the crypto custody space, BitGo, announced that it had become a qualified custodian by obtaining a South Dakota trust charter. BitGo, has registered as a public trust company, called BitGo Trust Company, in the state of South Dakota, regulated by that state's Division of Banking, thereby effectively creating a "bank" under section 202(a)(2) of the Advisers Act, which means that BitGo Trust Company is a "qualified custodian". BitGo claims that BitGo Trust Company is "the first qualified custodian purpose-built for storing digital assets." Mike Belshe, co-founder and CEO of BitGo stated:

"Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market. Traditional custodians don’t have experience handling cryptocurrency. Exchanges that double as custodians present a conflict of interest and raise regulatory concerns. BitGo Trust Company is a qualified custodian, and therefore the only custody offering that delivers the highest levels of both security and regulatory compliance."

Read more here

Current Legal System Can’t Recognize Bitcoin, India’s Central Bank Tells Supreme Court

Last Wednesday, The Reserve Bank on India (RBI) filed an affidavit in the Supreme Court to clarify its stand on cryptocurrencies like Bitcoin. The central bank reserved its views on the legality of cryptocurrencies in India, telling the apex court that the constitution has not defined any legal system for virtual currencies. Citing the provisions of The Coinage Act and The RBI Act, the affidavit explained that the existing legal frameworks neither recognize Bitcoin as currency. Hence, they are not a valid payment system. RBI in its one of its previous statements has supported cryptocurrency regulations in India. But there will be a need for a concrete definition to begin the regulatory process. Currently, Bitcoin is undefinable due to its multifaceted characteristics.

Read more here

Decoin: regulated exchange and trading platform - will be traded as DTEP

Decoin, one of the most interesting initial coin offerings in the markets today, is developing a regulated trading and exchange platform that offers redistributed revenues to coin holders. 10%-20% of the exchange fees revenues will be paid back to all coin holders! On top of that, Decoin is a private blockchain network, based on Proof-of-Stake algorithm which generate 6.2% annual reward mechanism to all stakeholders.  Decoin will offer a unique and new solution for credit cards to liquidize the crypto funds, as well as securing 97% of the coins in cold offline storage to ensure Maximum security to all coin stakeholders.

Having raised more than $5,500,000 and still 1 and a half months to go until end of the ICO it seems Decoin is between the most attractive opportunities in cryptocurrencies market today.  Decoin is preparing to commercial launch of its long term operation (the DTEP exchange and trading platform) during Q1 2019 when the DTEP platform is expected to launch alongside receiving a Singaporean RMO license.

Decoin is in pre-ico stage offering 25% bonus for the next 24 hours. Afterwards the bonus will decrease to 20% until end of the month.   ICO will conclude October 26th.

To read the announcement Cryptocompare had with Decoin last week – click here

To visit Decoin website – click here