Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,716.98 yesterday at 5 pm (GMT) and has since risen 1.35%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $5,389 representing a gain of 2.97% in the last 24 hours. More than $180M worth of BTC were exchanged in the BTC/USD market representing a 9.75% share of the global daily volume. The pair with most volume was the BTC/USDT with a 77% share.

The Ethereum price has risen 3.05% over the past 24 hours and is currently sitting at $164, with over $60M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 4.2% market share of the daily trading volume. The largest ETH trading pair was the ETH/USDT with a 46.3% share.

See live charts here and here

Tether Lawyer Admits USDT Now 74% Backed by Cash & Equivalents

The USDT stablecoin is only about 74% backed by fiat equivalents as of April 30, says its issuer’s general counsel. Tether, the company behind USDT, holds about $2.1 billion in cash and short-term securities, wrote its general counsel Stuart Hoegner in an affidavit yesterday. Hoegner is also general counsel to Bitfinex, a crypto exchange which shares executives and has overlapping owners with Tether.

The two companies are at the heart of allegations by the New York Attorney General, who says Bitfinex borrowed more than $600 million from Tether after losing as much as $850 million to a currency converter.

Hoegner confirmed that USDT is no longer backed 100% by cash or liquid assets, saying:

“As of the date [April 30] I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totalling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers.”

Read more here

Waves' Team Announces New 'Decentralized Token Rating System

The developers of Waves (WAVES), a leading platform for creating decentralized applications (dApps), have proposed “a new protocol for decentralized asset verification.” According to Waves’ development team, the main “idea is that, alongside other data providers such as BetterTokens,” the blockchain network’s “community itself will provide information” regarding whether (or not) “tokens are safe and reliable.”

Users also have the option to update their vote “with a different score” in the future (if they feel it’s necessary). According to Waves team’s blog, all user “votes will be applied after 24 hours so there may be a delay in updating the token’s score.” As mentioned by the Waves platform’s management:

"In the future, this ratings system may be integrated with Waves’ decentralized exchange (DEX), though for now it is just a standalone website. We have [also] implemented the Token Rating oracle that records each token rating to the Waves blockchain using DataTransactions! This means that third-party projects on Waves will be able to make use of a transparent and public token rating system in their dApps and other blockchain-enabled projects. [At a later point,] we may also consider using ratings data to manage suspicious tokens in the Waves client."

Read more here

Nasdaq Introduces XRPLX Index, a Real-Time Reference Rate for XRP

Today, Nasdaq will start sending real-time XRP "index level information" on its Global Index Data Service (GIDS). According to Nasdaq, the new index, which is called XRP Liquid Index (XRPLX), is "designed to provide a real-time spot or reference rate for the price of 1 XRP, quoted in USD, and based on the most liquid ends of their markets."

XRPLX was developed by New Zealand-headquartered blockchain-focused data and research company Brave New Coin (BNC), and according to a blog post, it "will allow users to track the price of the XRP token with far greater transparency than before."

Read more here

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