Market Analysis Report

17 June 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,769.24 yesterday at 5 pm (GMT) and has since dropped 0.78%

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $7,949 representing a gain of 0.62% in the last 24 hours. More than 480M worth of BTC were exchanged in the BTC/USD market representing an 11.4% share of the global daily volume. The pair with most volume was the BTC/USDT with a 72.3% share.

The Ethereum price has risen 1.42% over the past 24 hours and is currently sitting at $253, with over $150M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 6.5% market share of the daily trading volume. The largest ETH trading pair was the ETH/USDT with a 51% share.

See live charts here and here

IRS Says It Will Issue Crypto Tax Guidance

The U.S. Internal Revenue Service is working on its first tax guidance for cryptocurrency since 2014, the agency’s commissioner stated yesterday. In a reply to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future. Rettig wrote:

“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance."

Read more here

SEC Delays Decision on VanEck/SolidX Filing

The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a Bitcoin exchange-traded fund (ETF) proposal. In a new document filed Monday, the SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.

The new deadline for the SEC to make a decision is August 19, and it can delay one more time for a final deadline of October 18, according to attorney Jake Chervinsky. The regulator has yet to approve any Bitcoin ETFs in the U.S. and has so far either deferred making any decisions or outright rejected proposals over the past few years. In the past, the SEC has cited concerns with market manipulation, liquidity, financial crime and other issues as reasons for its rejections.

Read more here

Coinbase’s ‘Earn’ Expands to Over 100 Countries

Cryptocurrency exchange Coinbase has expanded its Earn program to 103 countries. Now users from the U.S., U.K., much of the EU, Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea and Taiwan can sign up to earn cryptocurrency rewards for learning about the tech, Coinbase announced in a blog post last Friday. The company stated:

“The rationale behind Coinbase Earn is that as we progress from mining cryptocurrency to buying it to earning it, we open up new opportunities for people to learn about blockchain technology."

Read more here

Wall Street Strategist Thomas J Lee of Fundstrat Global Advisors to Give Keynote at CryptoCompare Digital Asset Summit

Stellar line-up of speakers confirmed including Bank of England, HM Treasury and FCA

London 21 May 2019: CryptoCompare, the leading provider of cryptocurrency data and indices, today announced that Thomas J Lee, Co-Founder and Managing Partner of Fundstrat Global Advisors, will be giving the afternoon keynote speech at this year’s CryptoCompare Digital Asset Summit, taking place on the 12th June in London.

Fundstrat’s Thomas J Lee joins a stellar line-up of speakers including Andreas M. Antonopoulos, best-selling author and one of the world’s foremost bitcoin and open blockchain experts; and cryptocurrency experts from Coinbase, Binance, London Stock Exchange Group, Nasdaq, Refinitiv, UBS and VanEck. The conference will also feature a regulatory panel comprised of representatives from the FCA, HM Treasury and the Bank of England.  

The event will bring together more than 800 industry practitioners to explore developments in the cryptocurrency markets including: the future of stablecoins; derivatives and exchange-traded products; bridging the gap between finance and crypto; regulation; the future state of the digital asset class; and exchange market integrity and consumer protection. The full agenda can be viewed here.

Charles Hayter, CEO of CryptoCompare, said:

“We have seen fantastic interest in this year’s Digital Asset Summit and are delighted by the calibre of speakers joining us for the event. The crypto industry has seen significant changes over the last 12 months, from the development of stablecoins to institutional investors exploring crypto assets and regulators developing ways to encourage innovation in this space while maintaining consumer protection. We look forward to discussing all of this and more at the CryptoCompare Digital Asset Summit on 12th June.”

The event will take place at the Old Billingsgate Market in London. For full event information please visit the event homepage. For updates on the conference, follow @CryptoCompare and #CryptoCompareSummit.

Press Release

State of the Crypto

Bitcoin is up 0.62% at $7,949.580 with a volume of Ƀ61.4k - $483.4M on the USD pairs.

Ether is up 0.76% against Bitcoin at Ƀ0.03181 per Ether and up 1.42% against the dollar to $253.1 with average volume Ƀ86.2k on the ETH/BTC pair.

Litecoin is up 0.37% against the dollar for the day at $91.41 and down 0.35% to Ƀ0.0115 on volumes of Ƀ68.6k.

EOS is down 0.24% to Ƀ0.0007859 on Ƀ42.3k volume.

Ripple is down 1.05% to Ƀ0.00004977 with volumes of Ƀ23.8k and down 0.28% against the dollar at $0.396.

Bitcoin Cash is up 0.76% to Ƀ0.0517 with volumes of Ƀ22.9k and up 1.44% against the dollar at $410.77.

Dash is down 2.96% at Ƀ0.02066 with Ƀ14.4k volume and down 1.76% against the dollar at $164.16.

Tron is up 2.61% to Ƀ0.00000354 on Ƀ14.0k volume.

Zcash is down 0.63% for the day to Ƀ0.009493 per ZEC and up 0.45% against the dollar to $75.37 with an average volume of Ƀ13.3k for the 24 hour period.

Neo is up 6% for the day to Ƀ0.001501 per NEO and up 6.9% against the dollar to $11.93 with an average volume of Ƀ10.2k for the 24 hour period.

Ether Classic is down 0.49% to Ƀ0.0009315 with volumes of Ƀ8.8k and up 0.27% against the dollar at $7.4.

Stellar is down 1.45% to Ƀ0.00001695 on Ƀ4.5k volume.

Cardano is up 1.53% to Ƀ0.00001063 on Ƀ4.2k volume.

Monero is up 4.65% against the dollar at $91.84 and up 3.68% against Bitcoin at Ƀ0.01156 on volumes of Ƀ2.6k.

Waves is down 0.78% to Ƀ0.0003054 on Ƀ1.8k volume.

NEM is down 1.15% to Ƀ0.0000112 on Ƀ614.434 volume.

Stratis is up 4.41% to Ƀ0.0001159 on Ƀ206.726 volume.

Iota is up 0.12% to Ƀ0.00005126 on Ƀ102.041 volume.

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