Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,314 yesterday at 5 pm (GMT) and has since increased by 0.2%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,849 representing a loss of 5.6% in the last 24 hours. More than $330M worth of BTC were exchanged in the BTC/USD market representing a 20.7% share of the global daily volume. The BTC/JPY pair represents a 10.5% share.

The Ethereum price has dropped 10.7% over the past 24 hours and is currently sitting at $136, with over $110M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 12.4% market share of the daily trading volume.

For a detailed market analysis click here

Venezuela to Collect Tax in Cryptocurrency 

Yesterday, a decree was issued by the Venezuelan government stating that those conducting business in Venezuela, involving either cryptocurrency or foreign fiat money, must also pay taxes on that business using cryptocurrency or foreign fiat money respectively. Specifically, article one of the decree in question - number 3,719, of gazette number 6,420 - states that:

"The taxpayers who carry out transactions authorized by the Law in foreign currency or cryptocurrency, which constitute taxable events generating national taxes, must determine and pay obligations in foreign currency or cryptocurrencies"

Read more here

Pakistani Bank Partners with Alipay to Launch Blockchain-based Remittance Payments Platform

Yesterday, the Telenor Microfinance Bank, a Pakistan-based subsidiary of Norway’s multinational Telenor Group, has introduced a blockchain-based cross-border payments solution. The new blockchain solution is the result of a partnership with Chinese payments company Alipay. Pakistan’s Telenor bank has become the first institution in the Islamic republic to launch a distributed ledger technology (DLT)-powered remittance service. Commenting on the innovative initiative, Tariq Bajwa, the governor of the State Bank of Pakistan, remarked:

"This puts Pakistan on the map of very few countries in the world that have launched International remittance using blockchain technology. At around $20 billion per year, international remittances are important from the perspective of overall macroeconomic stability and their positive spillover in improving lives of millions of families."

 Read more here

US Department of Energy to Fund Blockchain Research Projects

Yesterday, the U.S. Department of Energy announced federal funding of up to $4.8 million for universities working on R&D projects, including those related to blockchain. Projects under the initiative are aimed at achieving various objectives, including the development of early-stage technologies for more affordable domestic energy resources and improved electric grids, the department said. One of the areas being targeted for funding is blockchain technology, which could easily:

“secure process signal data and other information flows within distributed sensor networks for fossil-based power generation systems.”

Read more here