Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,139.49 yesterday at 5 pm (GMT) and has since increased 0.18%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,861 representing a gain of 2.83% in the last 24 hours. More than $170M worth of BTC were exchanged in the BTC/USD market representing a 9% share of the global daily volume. The BTC/KRW pair represents an 8% share.

The Ethereum price has increased 6.38% over the past 24 hours and is currently sitting at $137, with over $110M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 7% market share of the daily trading volume.

See live charts here and here

New EY CAAT Technology Facilitates Cryptocurrency Reporting and Compliance

Last Monday, one of the "Big Four" accounting firms in London, Ernst & Young LLP, announced the launch of the EY Crypto-Asset Accounting and Tax (CAAT) tool, a technology solution that facilitates accounting and tax calculations for cryptocurrency transactions. The firm explained that the tool could be used either by institutional clients that have crypto-assets on their balance sheets or individual clients who trade such assets on a smaller scale. Michael Meisler, partner and EY Global Blockchain Tax leader, said:

"The initial validation we have received from the market has been phenomenal, but it only represents the beginning (...) EY professionals and clients alike are eager to leverage this technology. EY CAAT is the hallmark of our efforts in crypto-assets and blockchain from a Tax perspective globally, and we will continue to work hard to make it the product of choice for EY clients."

Read more here

TrueUSD Stablecoin to Add ‘Real Time’ Monitoring of Dollar Backing

Yesterday, TrustToken has announced a new partnership with the accounting firm Armanino that reportedly will allow traders using its regulated stable coin, TrueUSD (TUSD), to have a “real-time” view of the U.S. dollars backing the token. According to the announcement, Armanino has developed a dashboard that provides a third-party view of TUSD in circulation and their related collateralized fiat funds by being connected with the escrow bank accounts holding TrustToken’s U.S. dollar collateral, as well as running ethereum nodes to monitor TUSD supply. TrustToken co-founder, Rafael Cosman, stated:

"This sets a new standard not only for stablecoins, but for all tokenized assets in the future. With real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value."

Read more here

Futures Trading Nears $1 Billion in First Month at Kraken Crypto Exchange

Cryptocurrency futures provider, Crypto Facilities, as seen an exponential increase of their futures trading volume since last month when it was acquired by Kraken for $100 million. Sui Chung, the subsidiary’s head of indices and pricing products, explained that the trading volume has increased more than 500 percent and in total nearly $1 billion in crypto futures has been traded across all five products offered by the firm: bitcoin, ether, XRP, litecoin and bitcoin cash. Chung commented on the acquisition's impact:

"On average [looking at] the five days before the announcement and five days after, the liquidity for our contracts increased by over 200 percent and some of the minor [coin] contracts increased by over 1,000 percent.”

Read more here