Market Analysis Report

Last Chance to Vote for CryptoCompare!

Voting for the TradingTech Insight Awards – North America 2019, where CryptoCompare is shortlisted for "Best Overall Market Data Provider", closes today at 5 pm (GMT). We can only win with your support so please take a moment and place your vote - after filling in your details, you do not have to vote in every category for your vote to be valid, find us in category #12 - Best Overall Market Data Provider.

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,910.91 yesterday at 5 pm (GMT) and has since dropped 0.90%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $5,891 representing a loss of 0.98% in the last 24 hours. More than $290M worth of BTC were exchanged in the BTC/USD market representing a 10.8% share of the global daily volume. The pair with most volume was the BTC/USDT with a 74.7% share.

The Ethereum price has dropped 4.36% over the past 24 hours and is currently sitting at $170.7, with over $110M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 5.7% market share of the daily trading volume. The largest ETH trading pair was the ETH/USDT with a 50.5% share.

See live charts here and here

Binance Gets Hacked: 7000 Bitcoin Stolen

Yesterday, at 23:40 UTC, digital asset exchange Binance announced that it had suffered a major security breach—discovered at 17:15 UTC that day—as a result of which it lost 7000 BTC.

The first sign of trouble came at around 19:06 UTC when Changpeng Zhao (aka "CZ"), co-founder and CEO at Binance, sent out a tweet to announce "some unscheduled server maintenance". Then, approximately, four and a half hours later, Binance sent out a tweet to explain why despots/withdrawals had been disabled:

"Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet. The hackers were able to withdraw 7000 BTC in this one transaction"

Read more here

Social Media Giant WeChat Bans Crypto Transactions

Yesterday, according to a tweet by Dovey Wan, founding partner of Primitive Ventures, the Chinese social media company WeChat released an updated payment policy which states that it will terminate merchant accounts that participate in cryptocurrency transactions.

Wan argues that most of China’s over-the-counter (OTC) cryptocurrency trades occur on WeChat, so the ban could have a significant effect on the local market:

"Wechat just updated its payment policy. Can’t serve any token issuance/fundraising or crypto trading activities, otherwise, the account will be terminated. Given most OTC transactions are happening in wechat, this may impact local liquidity to quite some extent"

Read more here

Bitmain Discloses 88% Reduction In Mining Power

Bitmain’s internal Bitcoin mining operations are generating 88% less computing power than a month ago, suggesting that the industry giant has cut back on capacity.

According to the hashing power disclosure that the company releases each month, as of May 7, the hash rate of all Bitmain-owned hardware running the SHA265 algorithm – which the Bitcoin and Bitcoin Cash networks are based on – had dropped to just 237.29 quadrillion hashes per second (PH/s). Just a month ago, it was at 2,072 PH/s.

Partly as a result of that drop, Bitmain’s share of the bitcoin network’s total computing power has also shrunk from 4% to now just 0.4%.

Read more here

How to buy Bitfinex’s LEO tokens with Eidoo

Eidoo has just announced that - thanks to its established network of accredited investors - it is possible to participate in the LEO private sale through their app. On the Eidoo app, in fact, you are now able to buy even $100 of LEO tokens through an IOU on LEO token.

Citizens or residents of the United States of America, Canada, North Korea, China, and other restricted countries according to the Eidoo AML policies are excluded.

How to buy LEO Tokens

LEO IOU enables you to receive LEO Token when it will be issued.

You will be able to buy the LEO IOU from the Eidoo hybrid exchange with ETH. Then, once LEO tokens will be distributed by the iFinex subsidiary to the private offering investors those will be redistributed to LEO IOU token holders - for each LEO IOU, one LEO token will be received.

In the event that LEO Token is not issued by the iFinex subsidiary, or that for any reason they are not available to be redistributed, every LEO IOU will be refunded at the IEO Token Price of $1.00 (paid in ETH).

Eidoo reserves the right to suspend the IEO of LEOIOU at any time even in the event of a partial sale of the tokens issued or before reaching the IEO End Date.

LEO IOU Initial Exchange Offering will be done through the Eidoo App. Eidoo is available on iOS, Google Play and on all desktop devices such as Linux, Mac and Windows. Once you have downloaded the app and your identity has been verified, you can transfer ETH to your wallet and proceed to buy LEO IOU.

More info can be found on the official Eidoo website here.