Market Analysis Report

17 June 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,808.09 yesterday at 5 pm (GMT) and has since risen 1.07%.

See the live index here

Market Update

Bitcoin’s price extended its recent gains today, spiking above $5,500 for the first time in over five months. At the time of writing, the Bitcoin price is sitting at $5,289 representing a gain of 4.98% in the last 24 hours. More than $360M worth of BTC were exchanged in the BTC/USD market representing a 12.5% share of the global daily volume. The pair with most volume was the BTC/USDT with a 76% share.

The Ethereum price has risen 3.34% over the past 24 hours and is currently sitting at $176, with over $80M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 4.5% market share of the daily trading volume. The largest ETH trading pair was the ETH/USDT with a 54% share.

See live charts here and here

Coinbase’s Political Action Committee Shuts Down

Coinbase is moving to shut down its political action committee (PAC) without ever raising a cent. The San Francisco-based crypto exchange filed a Termination Report for its PAC on April 3, 2019, according to publicly available documents on the Federal Election Commission’s website (FEC). The move means that the exchange wants to shut down its PAC, though it was not immediately clear if the committee had actually been shut down.

A Coinbase spokesperson confirmed that the exchange had filed to shut down its PAC, but could not say if the FEC has granted the request yet. PACs are typically formed to raise funds on behalf of specific candidates for public office or business and ideological interests. However, the Coinbase PAC did not raise any funds, nor did it back any candidates during its 10-month lifespan, public filings show.

Read more here

Bittrex Denies Claim of North Korean Users on Its Platform

American cryptocurrency exchange Bittrex has said that claims of North Korean users trading on its platform are false in a tweet posted yesterday. In the post, Bittrex stated that it had examined two accounts which allegedly belonged to users from North Korea, noting that it had investigated the same accounts back in October 2017. The exchange claims that South Korean residents mistakenly choose North Korea in the country dropdown menu.

Bittrex said that it determined where the users were from through country identification, and physical and IP addresses, concluding that “there are no users from North Korea trading on our platform.”

Earlier in April, Bittrex was denounced by the New York Department of Financial Services (NYDFS) for allegedly inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) standards. The NYDFS thus denied a BitLicense application from Bittrex.

Read more here

JPMorgan Blockchain Project With 220 Banks to Include Payments

Investment banking giant JPMorgan Chase is planning to expand an existing blockchain project to include settlement features as it seeks to fend off competition from payments upstarts such as TransferWise and Ripple.

The blockchain-based Interbank Information Network (IIN), set up in partnership with Australia’s ANZ bank and the Royal Bank of Canada back in 2017, currently allows its over 220 banking members to quickly address payments that contain errors or get held up for compliance reasons – problems that can take weeks to solve with multiple banks being involved across the payments chain.

The Financial Times reported Sunday that John Hunter, head of global clearing at JPMorgan, said the IIN is fast developing and that the bank is “looking at the ability to do more at the point of settlement.”

Read more here

State of the Crypto

Bitcoin is up 4.98% at $5,553.760 with a volume of Ƀ67.2k - $364.7M on the USD pairs.

Ether is down 1.71% against Bitcoin at Ƀ0.03167 per Ether and up 3.34% against the dollar to $176.29 with average volume Ƀ113.5k on the ETH/BTC pair.

Litecoin is up 4.08% against the dollar for the day at $79.38 and down 0.9% to Ƀ0.01427 on volumes of Ƀ85.1k.

EOS is down 1.65% to Ƀ0.0009661 on Ƀ57.8k volume.

Bitcoin Cash is up 0.79% to Ƀ0.05498 with volumes of Ƀ34.9k and up 5.82% against the dollar at $305.76.

Ripple is down 4.99% to Ƀ0.00005884 with volumes of Ƀ27.4k and down 0.06% against the dollar at $0.3273.

Tron is down 3.61% to Ƀ0.00000454 on Ƀ11.4k volume.

Ether Classic is down 1.35% to Ƀ0.001095 with volumes of Ƀ10.8k and up 3.57% against the dollar at $6.1.

Zcash is down 0.47% for the day to Ƀ0.01264 per ZEC and up 4.49% against the dollar to $70.44 with an average volume of Ƀ8.5k for the 24 hour period.

Dash is down 2.53% at Ƀ0.02239 with Ƀ8.0k volume and up 2.45% against the dollar at $125.06.

Monero is up 2.4% against the dollar at $70.07 and down 2.63% against Bitcoin at Ƀ0.01258 on volumes of Ƀ7.5k.

Stellar is down 2.6% to Ƀ0.00002063 on Ƀ6.5k volume.

Neo is down 2.75% for the day to Ƀ0.001982 per NEO and up 2.21% against the dollar to $11.08 with an average volume of Ƀ5.7k for the 24 hour period.

Cardano is up 3.76% to Ƀ0.00001435 on Ƀ5.3k volume.

Waves is down 2.3% to Ƀ0.0004797 on Ƀ1.2k volume.

Iota is down 3.35% to Ƀ0.00005513 on Ƀ768.263 volume.

NEM is down 2.75% to Ƀ0.00001167 on Ƀ550.514 volume.

Stratis is down 4.33% to Ƀ0.00019 on Ƀ309.901 volume.

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