Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 1,906 yesterday at 5 pm (GMT) and has since dropped 5%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,574 representing a loss of 2% in the last 24 hours. More than $160M worth of BTC were exchanged in the BTC/USD market representing a 16% share of the global daily volume. The BTC/JPY pair represents an 8.1% share.

The Ethereum price has dropped 5.4% over the past 24 hours and is currently sitting at $118, with over $80M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 7.7% market share of the daily trading volume.

See live charts here and here

Bitmain Texas Mining Operations Put On Hold 

Yesterday, it was reported that Chinese mining giant Bitmain decided to temporarily suspend operations in Rockdale Texas, partially due to the significant drop in cryptocurrency prices. The news comes amid reports a new CEO would be named to replace co-founders Wu Jihan and Zhan Ketuan. One of the residents in Rockdale still hopes Bitmain will fulfill the hopes of the town:

“Can they actually do it? Because it’s been said before and things go up in flames and don’t last long, (...) It’s about, can they prove themselves when they do come?”

Read more here

ETC 51% Attackers Return $100,000 to Gate.io

Yesterday, the group responsible for the recent 51% attack on Ethereum Classic (ETC) have reportedly returned $100,000 worth of stolen funds to an affected cryptocurrency exchange, Gate.io, after the firm tried to contact the attacker. Gate.io still hasn't heard back from the attacker but stated:

"We still don't know the reason. If the attacker didn't run it for profit, he might be a white hacker who wanted to remind people the risks in blockchain consensus and hashing power security"

Read more here

Blockchain Companies in China Will Soon Face Wide-Reaching Censorship

Saturday, it was announced that blockchain firms in China will soon be working under new regulations designed to keep them in check. Beginning on February 15, new rules will force blockchain companies to register their domain names and server addresses with the Cyberspace Administration of China (CAC). These regulations will not just be used to track blockchain firms, as they will also be used to control and censor blockchain content:

"The new regulations are not intended to control the content of various blockchains directly, which would be a monumental task. Instead, the regulations are targeting firms that provide unapproved blockchain services, adding another brick to the Great Firewall of China. (...) Non-compliance will carry a fine of 5000-30,000 yuan ($737-$4420 USD), meaning that the law may only discourage unapproved blockchain activity, not stop it outright."

Read more here