Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,113.07 yesterday at 5 pm (GMT) and has since dropped 0.03%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,412 representing a gain of 0.79% in the last 24 hours. More than $430 M worth of BTC were exchanged in the BTC/USD market representing a 27% share of the global daily volume. The BTC/JPY pair represents a 12% share.

The Ethereum price has dropped 1.21% over the past 24 hours and is currently sitting at $208, with over $180 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

NY Attorney General Warns Three Crypto Exchanges May Be Breaking the Law

Last Tuesday, the office of the New York State Attorney General (OAG) has published a new report on the Virtual Markets Integrity Initiative, where the Attorney General Barbara Underwood has referred Gate.io, Binance and Kraken to the New York Department of Financial Services (NYDFS) for investigation of possible violations of state laws on virtual currencies. In a statement, Underwood added:

"New Yorkers deserve basic transparency and accountability when they invest – whether on the New York Stock Exchange or on a cryptocurrency platform. Many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges."

Read more here

New York University Offers First Crypto Major in US

Last Tuesday, an adjunct professor at New York University (NYU) and founder of Athena Blockchain, Andrew Hinkes, told CBS New York in an interview that the institution is helping students understand both legal and business implications of crypto and blockchain technology. The New York University is a prestigious college found in 1831 that has started to offer the first crypto major course in the US. Hinkes stated:

“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”

Read more here

RippleNet Officially Active in More Than 40 Nations Across Six Continents

Yesterday, RippleNet has expanded to cover more than 40 countries across North America, Asia, Africa, Europe, and South America with a service that aims to provide better payment services in needy areas, according to a Ripple blog post on their cross-border payments solution. Ripple also wrote about the growing demand for fast low-cost payments as the remittance market continues to grow across the world. The Ripple team stated:

"An over 400 percent increase in remittance inflows over the last ten years has sparked new demand for faster, low-cost global payments. Driven by emerging market economies, remittances around the world totalled over 600 billion dollars last year. Across these same regions small- and medium-enterprises (SMEs), propelled by global payment flows, were responsible for for nearly 60% of employment."

Read more here

iCoinbay Rolls Out Trading Premium Gain Plan

On August 31, 2018, iCoinbay released a new trading campaign entitled "Trading Premium Gain"; iCoinbay is a tokenized, community-based digital asset exchange. This new campaign allows traders who use the platform to increase their earnings through normal trading activities. According to publicly released information, the plan can be summarized as follows:

• Issuance of TPG tokens worth 100% the value of transaction fees

According to their released "TPG White Paper", iCoinbay thinks that users’ normal usage of the platform should count as a contribution to the community. With each transaction, a corresponding amount of the platform’s token, TPG, will be issued to the trader(s).

• 70% of exchange income distributed to TPG holders

As described in their white paper, holders of the platform’s TPG tokens have the right to income distribution. Each week, iCoinbay will distribute 70% of previous week’s income to community members, based on the proportion of TPG held.

• Pioneer insurance system designed specifically to protect TPG value

The interesting part is that iCoinbay has also rolled out an insurance system. In order to better protect TPG holders from price fluctuations on the secondary market, iCoinbay’s campaign includes an insurance policy specifically made for TPG tokens. No matter how the market moves, after 100 days, holders of TPG will be able to exchange them for stablecoins at their originally issued price.

iCoinbay uses the theory of a token economy as the basis for their platform and develops each aspect of their business with three values in mind: joint development, joint success, and joint responsibility.

Although tokens and blockchain are two different things, the driving force behind blockchain’s recent explosion in popularity has actually been the token economies that developed around Bitcoin, Ethereum, etc. Another way to put it is that blockchain is the stage for a new world, and tokens are the main actors on this stage. Based on this, iCoinbay is concentrating on building an exchange that allows community members to trade safely while using traditional financial measures (such as insurance) to protect the value of traded assets.

Visit Website: https://www.icoinbay.com/

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