Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,237.66 yesterday at 5 pm (GMT) and has since increased by 2.5%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,923 representing a gain of 0.14% in the last 24 hours. More than $240M worth of BTC were exchanged in the BTC/USD market representing a 14% share of the global daily volume. The BTC/JPY pair represents a 9% share.

The Ethereum price has decreased 3% over the past 24 hours and is currently sitting at $143.8, with over $100M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 7.5% market share of the daily trading volume.

See live charts here and here

Canadian Judge Appoints Legal Representatives for QuadrigaCX Customers

Yesterday, Nova Scotia Supreme Court Judge Michael Wood rendered a decision that Miller Thomson and Cox & Palmer will act as lead counsel to represent the representative committee of users of Canada’s major cryptocurrency exchange Quadriga. Specifically, the representative counsel will be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users, and advocating for user privacy.”

In the filing, Wood says that the proceedings should concentrate on efficiency and cost effectiveness and that the counsel should not have open-ended retainers and undertake inquiries where they can exact fees from the exchange’s assets. The filing further explains:

“Representative counsel can make the proceeding more efficient and cost effective for all parties by providing a clear mechanism for communicating with the stakeholders and avoiding a multiplicity of potentially conflicting retainers.”

Read more here

Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money

Elon Musk, founder and CEO of Tesla and SpaceX, has officially gone public with his opinion that cryptocurrencies offer an improved alternative to conventional money. Yesterday, in a podcast interview with investment firm ARK Invest, Musk spoke about his views on the future of his companies and responded specifically to questions about his thoughts on cryptocurrency. Musk said he believes Bitcoin’s structure “is quite brilliant,” adding:

“It [crypto] bypasses currency controls. Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Read more here

BitGo Offering $100 Million in Crypto Insurance

Crypto security company BitGo is facilitating insurance for digital assets by providing $100 million of cover against theft or the loss of cryptographic keys via the Lloyd’s of London insurance market. The announcement comes in the wake of the QuadrigaCX debacle, where the exchange announced it could not access its cold storage wallets following the death of its founder and CEO, Gerald Cotten, as he was the only company employee to know its private keys.

Custodial assets held in BitGo business wallets or in its qualified custodian arm, BitGo Trust Company, will be covered against third-party hacks or the theft of private keys; insider theft by employees of private keys; and physical loss or damage of private keys, the company said. Mike Belshe, CEO of BitGo, said in a statement that “this is the most complete insurance offering in the industry,” adding:

“It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy are essential for building trust in the market.”

Read more here

Arweave and Loki Partner to Build Privacy Layer for the Permaweb

Internet surveillance and shutdowns are now a thing of the past thanks to SILO: a private and anonymous decentralised web. Privacy network Loki and on-chain data storage platform Arweave have teamed up to create SILO, allowing users to share information permanently on the internet without having to run a server, and maintain totally private websites.

Read more here