Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,229.00 yesterday at 5 pm (GMT) and has since dropped 0.99%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,982 representing a gain of 0.14% in the last 24 hours. More than $90M worth of BTC were exchanged in the BTC/USD market representing an 8.4% share of the global daily volume. The BTC/KRW pair represents a 2.4% share.

The Ethereum price has increased 0.13% over the past 24 hours and is currently sitting at $138, with over $35M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 3.5% market share of the daily trading volume.

See live charts here and here

Stellar Lumen (XLM) Listed on Coinbase

Yesterday, Coinbase announced that it was about to launch the digital asset Stellar Lumen (XLM) on Coinbase Consumer (i.e. Coinbase.com), its platform for regular retail investors/traders, as well as on Coinbase's mobile app. This is how Coinbase's post described XLM:

"Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. Stellar aims to connect banks, payment systems and individuals quickly and reliably. Since its launch in 2014, its vision has been to unite the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses, and people. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money."

Read more here

Japan Introduces New Regulations for Margin Trading

Japanese financial regulators have reportedly introduced new regulations for cryptocurrency margin trading, local news agency Nikkei reported yesterday. The Cabinet of Japan, the executive branch of the country’s government, has reportedly approved draft amendments to Japan’s financial instruments and payment services laws, limiting leverage in cryptocurrency margin trading at two to four times the initial deposit.

Following promulgation of the new regulations, entities dealing cryptocurrency will ostensibly be monitored similarly to securities traders in order to protect investors. Additionally, cryptocurrency operators will be divided into groups to identify those engaged in margin trading and those issuing tokens through initial coin offerings (ICOs). With this move, regulators reportedly aim to secure investors from getting caught up in Ponzi Schemes, as well as encourage legitimate companies to practice offerings as fundraising tools.

Read more here

Crypto Exchange Bithumb to Reduce Staff By Up to 50%

Bithumb, the largest cryptocurrency exchange in South Korea, plans to cut its staffing levels by up to 50%, according to a report issued yesterday, a move that would reduce its number of employees from 310 at the start of March to around 150. An official at the company confirmed the 50% figure, adding that it expects those departing will mostly be employees who already want to leave the company.

“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”

Read more here