Market Analysis Report

25 September 2018

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,647.77 yesterday at 5 pm (GMT) and has since dropped 10.60%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $6,397 representing a loss of 4.13% in the last 24 hours. More than $390 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 dropped 10.98% over the past 24 hours and is currently sitting at $209, with over $220 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 20% market share of the daily trading volume.

See live charts here and here 

Taiwan Regulators Considering Allowing Convenience Stores to Facilitate Crypto to Cash Transactions

Yesterday, Taiwan’s financial regulator, the Financial Supervisory Commission (FSC) chairman, Wellington Koo, recommended that digital currency-related cash transactions be allowed “under daily limits”. Local crypto firms have advised that the maximum daily limit be “set at NT $100,000 (3,260 USD) to NT $20,000 (652 USD)”. Kao Shih-ching, a reporter from TaipeiTimes news stated:

"With appropriate risk-control measures, cash transactions of cryptocurrencies under daily limits could be allowed in convenience stores in Taiwan, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said on Thursday."

Read more here

Pax Stablecoin Has Controversial Backdoor That Allows Paxos To Seize Funds

Recently, a member of the Ethereum community, John Backus, discovered a backdoor that gives Paxos the capability to freeze or seize tokens if they are required to do so by law, including by court order or other legal processes. Numerous stable coin projects have been announced and launched in the past year, including two which were approved by US regulators this month. One of those projects, Paxos (PAX), will be listed on Binance. Backus stated on his twitter:

"Wow, wtf? The PAX stablecoin gives **admin write access** to law enforcement. Basically, the government can FREEZE and BURN anyone's coins!"

Read more here

Ebang Launches New Line of Uber-Efficient Bitcoin Miners

Recently, the China-based Ebang Communication, one of the world’s largest manufacturers of application-specific integrated circuit (ASIC) chips for bitcoin miners, has unveiled the next generation of its flagship product line, complete with an upgraded chip that makes significant strides in energy efficiency. Ebang made the announcement at the World Digital Mining Summit in Georgia, stating that the Ebit Miner E11, E11+, and E11++ will be available for preorder soon. On their website, Ebang stated:

"It's because of it--EBANG brings Ebit E9 + +, E10 anded in Hangzhou.In anticipation, opened its mysterious veil:Independent developed 10nm chip, ideal hash rate can be 14TH/S and 18TH/S. High computing power, low power consumption, leading the industry pioneer.The whole scene was cheering for it."

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)

The Apollo Foundation Presents Invention for Overhauling Decentralized Blockchains

The Apollo Foundation has presented a mechanism for secure updates of blockchains with the release of their Updater, which is designed to update the blockchain using a transaction on the blockchain itself, allowing the blockchain to avoid hard forks and to ensure the stability of each node contributing to the blockchain.

Victor Konovalov, Director of the Apollo Foundation, spoke about the capabilities of its product:

"This update will allow us to quickly and efficiently integrate smart contracts, as well as add new features to the blockchain".

The CTO of the Apollo Foundation, Sergey Rohvarg also stated:

"With the help of the Updater, we added digital signatures to our network. Thus, we prevent the network from being overloaded with fake signatures and transactions. Now we update critical parameters without hard forks, which speeds up the blockchain. The Updater allows us to avoid errors when launching the automatic update algorithm, which is included in the transaction from the nodes of the Apollo Foundation."

The Apollo Foundation launched the first all-in-one cryptocurrency focused on the integration of every useful cryptocurrency feature, and it hopes to combine those features with unsurpassed privacy. Apollo aims to become the most multifunctional cryptocurrency on the market and the authors of the project will release their second major update soon, Hermes 1.0, making Apollo one of the fastest cryptocurrencies available.

To stay tuned visit Apollo's Website, Twitter, Facebook, Telegram, or read the Whitepaper here.

Press Release

State of the Crypto

Bitcoin is down 4.13% at $6,397.570 with a volume of Ƀ60.7k - $398.2M on the USD pairs.

Ether is down 6.94% against Bitcoin at Ƀ0.03287 per Ether and down 10.98% against the dollar to $209.82 with average volume Ƀ63.3k on the ETH/BTC pair.

Bitcoin Cash is down 21.16% to Ƀ0.05693 with volumes of Ƀ36.0k and down 7.33% against the dollar at $439.31.

Ripple is down 17.04% to Ƀ0.00006999 with volumes of Ƀ37.0k and down 20.65% against the dollar at $0.4468.

Zcash is up 4.8% for the day to Ƀ0.0201 per ZEC and up 0.52% against the dollar to $128.7 with an average volume of Ƀ7.9k for the 24 hour period.

Litecoin is down 4.68% against the dollar for the day at $55.76 and down 0.67% to Ƀ0.008706 on volumes of Ƀ15.2k.

Dash is down 2.15% at Ƀ0.02906 with Ƀ9.6k volume and down 5.9% against the dollar at $186.04.

Iota is down 0.43% to Ƀ0.00008376 on Ƀ1.4k volume.

Ether Classic is down 5.44% to Ƀ0.001686 with volumes of Ƀ10.3k and down 6.64% against the dollar at $10.55.

Monero is down 5.88% against the dollar at $112.65 and down 2.01% against Bitcoin at Ƀ0.01759 on volumes of Ƀ2.0k.

Neo is down 3.73% for the day to Ƀ0.002708 per NEO and down 7.76% against the dollar to $17.35 with an average volume of Ƀ3.9k for the 24 hour period.

Waves is down 3.56% to Ƀ0.0003226 on Ƀ1.1k volume.

Stratis is down 1.69% to Ƀ0.0002271 on Ƀ314.027 volume.

Cardano is down 8.46% to Ƀ0.00001191 on Ƀ3.1k volume.

NEM is down 3.07% to Ƀ0.00001422 on Ƀ764.988 volume.

EOS is down 7.95% to Ƀ0.0007996 on Ƀ20.8k volume.

Tron is down 6.45% to Ƀ0.00000319 on Ƀ5.3k volume.

Stellar is down 8.56% to Ƀ0.00003655 on Ƀ7.6k volume.

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