Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 3,829.91 yesterday at 5 pm (GMT) and has since dropped 2.33%

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $7,586 representing a loss of 4.36% in the last 24 hours. More than 460M worth of BTC were exchanged in the BTC/USD market representing a 12.1% share of the global daily volume. The pair with most volume was the BTC/USDT with a 72.4% share.

The Ethereum price has dropped 8.79% over the past 24 hours and is currently sitting at $234, with over $170M 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 52.5% share.

See live charts here and here

Israeli Courts: Bitcoin Is a Taxable Financial Asset, Not a Currency

A central district court in Israel has reportedly ruled in favour of the nation’s tax collection department, which has categorized Bitcoin (BTC) as a financial asset - but not a medium of exchange (MoE). According to the court’s ruling, the Israeli tax department may impose and collect taxes on transactions involving Bitcoin, the world’s most dominant cryptocurrency. The court’s decision on the matter was announced last Monday.

Read more here

Japan's Financial Regulator to Increase Oversight of Crypto Exchanges

Japan’s financial regulator, the Financial Services Agency (FSA), is reportedly planning to closely monitor cryptocurrency transactions due to heightened concerns regarding their use in financing illicit activities. According to the Nikkei Asian Review, the FSA is “stepping up its countermeasures” in order to prevent money laundering. The countermeasures include conducting more extensive inspections of the operations of local cryptoasset exchanges.

At present, the FSA is inspecting the business operations of local exchanges, in order to ensure that they’re adhering to appropriate know-your-customer (KYC) and anti-money laundering (AML) policies. The Japanese regulatory authority is also looking more closely into the day-to-day operations of traditional financial institutions to ensure they’re complying with the relevant guidelines.

Read more here

EU Authorities Shut Down Bitcoin Transaction Mixer

The Dutch Financial Criminal Investigative Service has seized the website of a Bitcoin transaction mixer in a crackdown involving Europol and other authorities. Calling it the “first law enforcement action of its kind against such a cryptocurrency mixer service,” Europol said in a statement yesterday that the seizure of Bestmixer.io followed an investigation that began last summer. As part of the move, police seized six servers based in Luxembourg and the Netherlands. The agency stated:

“The Dutch FIOD has gathered information on all the interactions on this platform in the past year. This includes IP-addresses, transaction details, bitcoin addresses and chat messages. This information will now be analysed by the FIOD in cooperation with Europol and intelligence packages will be shared with other countries.”

Read more here

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