Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,128.66 yesterday at 5 pm (GMT) and has since increased 1.40%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,363 representing a gain of 1.06% in the last 24 hours. More than $320 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 5.54% over the past 24 hours and is currently sitting at $211, with over $200 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 21% market share of the daily trading volume.

See live charts here and here

Sentiment Analysis on Cryptocurrency News

It’s indisputable that sentiment is a huge driver in the cryptocurrency market, and yet it is one of the hardest metrics to measure. Sentiment analysis has been a hot topic in recent years and there are now many packages which make performing it a much quicker task. In the following article, we’ll first show why looking at mood in social media posts might not be the best idea, and then we’ll analyse how interest in specific topics changes over time using Latent Dirichlet Allocation.

Read more here

New Lightning Desktop App

Earlier in the month, blockchain payment processor CoinGate announced over 4,000 global merchants were able to accept Bitcoin payments over Lightning. The Lightning Network has been announced as one of the optimal solutions to issues with cryptocurrency scaling, and have recently released a new version of its Lightning Desktop application built by the Lightning Labs. With this new release, the company aims to enable fast and cheap transactions, which is why the technology is now being developed for a variety of cryptocurrencies. Lightning Labs stated:

"We had previously released an early prototype of our Lighting desktop app, but this release represents a complete rewrite of that code with security, simplicity, and testability in mind. We also redesigned the user interface to make the app more approachable for novice bitcoin users."

Read more here

SEC Shouldn’t Hold Back in Approving Crypto Products

The US Securities and Exchange Commission (SEC) commissioner Hester Peirce, often characterized as CryptoMom, has stated that the government should not limit the emergence of new products in the crypto market based on the perceived weaknesses of Bitcoin. According to Peirce, the SEC should not force crypto markets to be subjected to comprehensive government regulation just to deploy products on top of the markets, as stated on the SEC's website:

“The Commission should not default to a demand that the crypto markets be subject to comprehensive government regulation as a precondition to allowing products linked to those markets to be traded in markets that we regulate.”

Read more here