Blockchain Market Update #69

NKB Group
NKB Group
Jul 15 · 6 min read

15 July 2019 / #69

SUMMARY

  • Bitcoin’sdominance is up by 5.8% (65.8%), the total market cap is down by 15.3% ($277bn)‚ and overall volume is up by 43% ($88bn) on the previous week. Bitcoin is down by 11%, Ethereum by 26%, XRP is down by 21%, and Litecoin by 26%. The best performers among the top-30 crypto were V Systems (16.2%) and Bitcoin Gold (4.6%).
  • Fed to Probe Facebook’s Libra as Powell Points Out Concerns
  • US Lawmakers Draft “Keep Big Tech Out of Finance“ Bill
  • Goldman Sachs Ramps Up Development of New Crypto Project
  • Fed Chairman Powell: Bitcoin Is A Store of Value Like Gold
  • Turkish Central Bank Prepares to Issue Crypto Money
  • China’s Central Bank Developing Own Digital Currency in Response to Libra
  • Donald Trump’s First Public Mention of Bitcoin
  • Blockstack Token Sale Becomes the First SEC-Qualified Offering in US
  • Commercial Debt Market Cadence is Live

MARKET MOMENTUM

After a short recovery, which sent the total market cap above $350bn, digital assets experienced another correction, which started on Wednesday and as of this morning, wiped out more than $70bn in total (-24%). Bitcoin is hovering around $10,000 after sliding to $9,840 during the hours of the Asian markets, which represents a drop of more than 21% on the past week. The rest of the top-30 coins are bleeding more significantly, Ethereum is down 27%, Bitcoin SV is down 40%, Litecoin 26%.

Figure 1. The performance and market capitalisation of top-30 cryptocurrencies (by MktCap)

Figure 2. Worst performing digital assets with Market cap (7 days)

Figure 3. Best performing digital assets with Market cap (7 days)

Figure 4. Top-30 digital assets by Market Cap valuation

CRYPTO MARKET NEWS

Bitmain Co-Founder Wu Jihan Launches New Start-up

Co-founder of the world’s largest crypto mining farms, Bitmain Technologies Ltd., is launching a new one-stop platform for over-the-counter trading, lending and custody for digital assets called Matrixport. Wu is a major shareholder along with a clutch of global venture capital firms and Bitmain itself, according to CEO Ge Yuesheng. Headquartered in Singapore, Matrixport has a team of about 100 staffers, dozens of whom were let go from Bitmain.

Mt.Gox Customers Can Sell Their Bitcoin Claims for $900 to Fortress Investment Group

Creditors of Mt Gox waiting to get their bitcoin back from the long-defunct exchange can now get pennies on the dollar by selling their claims to Fortress Investment Group.

We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation.”

Crypto Firm Diginex Reaches Deal to Go Public in the U.S.

The Hong Kong-based cryptocurrency and blockchain services company is going public through a reverse merger with 8i Enterprises Acquisition Corp.Diginexwill be listed on Nasdaq following the deal with 8i, a so-called blank-check company, the companies said. The deal is poised to value Diginex at about $276 million including debt, according to a press release.

China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported.

Turkish Central Bank Prepares to Issue Crypto Money

Turkey also joined the countries included in the crypto money eco-system. According to the 11th Development Plan, the Central Bank of the Republic of Turkey is preparingto issue crypto money.

Donald Trump’s First Public Mention of Bitcoin

I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,”Trump wrote on Twitter. Trump also mentioned Facebook’s Libra project adding: “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”

Goldman Sachs Ramps Up Development of New Crypto Project

A new job listing from investment banking giant Goldman Sachs reveals apparent intentions to pursue digital asset development. The listing seeks a Digital Asset Project Manager under the aegis of the bank’s GS Accelerate in-house incubator program.

Fed Chairman Powell: Bitcoin Is A Store of Value Like Gold

During the second day of Jerome Powell’s testimony, he noted that bitcoin is already increasingly taking over gold in the global economy as a store of value. Lawmakers also mentioned their uneasiness regarding bitcoin’s possible long-term challenge to replace the U.S. dollar as the world reserve currency. Powell admitted that this was in the realm of possibility, albeit only in the long term.

Powell:“Don’t assume USD status as reserve currency permanent“.

Japanese Crypto Exchange Bitpoint Loses $32 Million in Hack

Japanese cryptocurrency exchange Bitpoint suspended all services after losing about 3.5 billion yen ($32 million) in a hack that involved Ripple and other cryptocurrencies. Almost three quarters of the stolen funds belonged to customers while Bitpoint owned the rest.

SECURITY TOKEN NEWS

Blockstack Token Sale Becomes the First SEC-Qualified Offering in US

The Securities and Exchange Commission (SEC) gave blockchain start-up Blockstack the go-ahead to conduct a $28 million digital token offering under Regulation A+, the first token offering of its kind ever approved by the SEC, according to the firm.

1X Platform Officially Launches Trading

Singapore-based security token exchange 1X has officially launched.

Commercial Debt Market Cadence is Live

Cadence, a Coinbase-backed commercial debt marketplace, is now open to all institutional and accredited investors, who can now contribute funds that help businesses cover any short-term costs.

REGULATORY NEWS

Fed to Probe Facebook’s Libra as Powell Points Out Concerns

U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed. According to Powell, Libra raises “many serious concerns regarding privacy, money laundering, consumer protection and financial stability”.

During the second day of Jerome Powell’s testimony, he noted that bitcoin is already increasingly taking over gold in the global economy as a store of value.

Keep Big Tech Out of Finance Bill

US lawmakers are mulling a new bill that will prohibit tech monopolies from launching their own cryptocurrencies. The draft entitled ‘Keep Big Tech Out Of Finance’ surfaced online, apparently originating from within the United States House of Representatives Financial Services Committee. The primary directive is to prevent internet and technology giants becoming financial institutions. It also aims to prohibit these firms “establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value,” as defined by the Board of Governors of the Fed.


Market Data Source: Coinmarketcap.com as of 10:00 BST 15/07/2019

This report is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information contained in this document has been prepared from sources believed to be reliable, but we give no representation or warranty that the information is complete, accurate or current. Past performance is not a reliable indicator of future performance. Not for further distribution. Investments in cryptocurrencies are associated with essential risks, including risk of losing 100% of value. Not for distribution in countries where digital assets are recognized as illegal. NKB Advisory Limited is registered in England and Wales with registered number 11313961 whose registered office is at 1 Connaught Place, London, W2 2ET.

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NKB Group

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NKB Group

NKB Group is a full-service investment banking platform focused on blockchain technology.

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