Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,150.56 yesterday at 5 pm (GMT) and has since dropped 2.16%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,811 representing a gain of 0.41% in the last 24 hours. More than $170M worth of BTC were exchanged in the BTC/USD market representing an 11% share of the global daily volume. The BTC/JPY pair represents a 9% share.

The Ethereum price has dropped 0.76% over the past 24 hours and is currently sitting at $137, with over $90M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 6% market share of the daily trading volume.

See live charts here and here

Coinbase Users Can Now Buy and Sell XRP

Cryptocurrency exchange Coinbase is launching support for XRP, the third-largest cryptocurrency by market capitalization. Yesterday, the company announced it would be listing XRP on its professional trading platform, Coinbase Pro, in “transfer-only” mode, meaning customers can only deposit tokens, to begin with. After a minimum of 12 hours, the company plans to activate other trading services, though this timeline is variable. A comapny blog post stated:

“The [XRP] ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.”

Read more here

US Government Returns BTC Retrieved Following 2016 Bitfinex Hack

Bitfinex has announced that some of the Bitcoins stolen in a major 2016 hack have been returned after they were retrieved by the U.S. government. In a blog post published yesterday, the exchange said that around 27.5 BTC have been received from the U.S. government, and come as the result of U.S. law enforcement efforts. Thanking the U.S. federal law enforcement agencies for their efforts in investigating the attack and returning the stolen funds, Giancarlo Devasini, the chief financial officer at Bitfinex, said:

“Over two years following the hack of the Bitfinex platform, today we see the results of a clear and robust response strategy and the efforts of the U.S. government. It gives us great pleasure to be able to reimburse the traders that were loyal to us and believed in us at a very difficult time.”

Read more here

Indian Court Gives Government 4 Weeks to Produce Crypto Regulation

Yesterday, the Indian supreme court reportedly addressed the matter regarding cryptocurrencies in India. According to Twitter account Crypto Kanoon, a platform for blockchain regulatory news and analysis, the court gave the government four weeks to come up with a clear regulatory framework for cryptocurrencies. After that time, the court will make a decision on the crypto banking ban by the country’s central bank, the Reserve Bank of India (RBI). Crypto Kanoon tweeted:

"Supreme Court has granted 4 weeks to the Indian government as the final opportunity to bring about a policy (rules and regulations) on cryptocurrencies."

Read more here