Blockchain Market Update #71

NKB Group
NKB Group
Jul 29 · 6 min read

SUMMARY

  • Bitcoin’s dominance is down by 1.1% (64.5%), the total market cap is down by 7.7% ($265bn)‚ and overall volume is down by 5.9% ($48bn) on the previous week. Bitcoin is down by 9.1%, Ethereum by 5.4%, XRP is down by 5.1%, and Litecoin by 8%. The best performers among the top-30 crypto were V Systems (14.3%) and Maker (1.2%).
  • Circle is Moving Majority of Poloniex Operations Offshore
  • Iran to Legalize Crypto Mining
  • Daimler is Building Hardware Wallet
  • GitHub Starts Blocking Developers in Countries Facing US Trade Sanctions
  • The Amount of Untouched Bitcoin for at Least Five Years at All-Time High
  • Fundament Receives Green Light to Issue Tokenized Real Estate Backed Bond
  • ICO, STO, IEO Funding Nearing All-Time Lows
  • Facebook Won’t Rule Out Libra Launch without US Approval
  • IRS to Send Warning Letters to Crypto Owners

MARKET MOMENTUM

The correction phase after a parabolic rise of digital assets still continues as the majority of the top-30 coins ended the week in negative territory. Bitcoin has seen a continuous drop from $10,500 to $9,150 as of early this morning, although is bouncing back immediately above $9,500, which is where it was trading over the weekend. The total market capitalisation has fallen by $20bn to $267bn, trading volume has slipped by $3bn to $48bn and Bitcoin’s dominance has reduced by 0.7% to 64.5%.

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 MktCap valuation

CRYPTO MARKET NEWS

Circle is Moving Majority of Poloniex Operations Offshore

Due to mounting regulatory pressures in the United States, the crypto company Circle is moving the majority of its exchange operations offshore. Circle announced on Monday that it received a full Digital Assets Business Act licence in Bermuda for its crypto exchange Poloniex.

Iran to Legalize Crypto Mining

The Iranian government’s Economic Commission has approved a mechanism of cryptocurrency mining in the country, that will later be discussed at a Cabinet meeting.

TradingView Hosts 2.5 Million Bitcoin Traders

Charting service platform TradingView is now hosting 2.5m crypto traders. The base has rapidly recovered, after it fell from 5m users around its December 2017 peak, to 1.25m users in 2018.

Daimler is Building Hardware Wallet for Cars

Daimler, the German multinational corporation behind the Mercedes-Benz brand, has partnered with European blockchain interface solutions start-up Riddle & Code to provide an open car hardware wallet solution. Car wallet have a wide variety of use cases, such as car-sharing, autonomous vehicles, real-time exchange of secure traffic data and with smart city environments to reduce congestion and lower insurance premiums.

NY Times to Combat Fake News Using Blockchain

The New York Times and partner companies will run a proof-of-concept on Hyperledger from July until late 2019 to find a way to maintain trust in digital files. The project aims to store a news item’s “contextual metadata” on a blockchain, including when and where a photo or video was shot, who took it, and information regarding how it was edited and published.

GitHub Starts Blocking Developers in Countries Facing US Trade Sanctions

The microsoft-owned platform, which serves developers as a code repository, has recently announced restricting changes in order to comply with US trade control laws.

The Amount of Untouched Bitcoin for at Least Five Years at All-Time High

The amount of bitcoin which has not been moved for the past five years is nearing 4 million

Bitcoin Network is 8 Times More Powerful than it was at 2017 Peak

SECURITY TOKEN NEWS

Fundament Receives Green Light to Issue Tokenized Real-Estate Backed Bond

The Berlin-based firm has obtained approval from Germany’s financial regulator, BaFIN, for the 250 million euro ($280 million) offering. By virtue of being regulated, the token will be open to any retail investor anywhere with no minimum investment restriction. Fundament’s token will be backed by five separate construction projects, three in Hamburg, one in Frankfurt and one in the university town of Jena. The portfolio, including residential, commercial and hotel properties, would total more than 680,000 square feet upon completion. The token will yield an annual dividend of 4–8%.

Nomura to Develop Blockchain Securities Platform

International financial services company Nomura is working on a blockchain securities platform, focused on tokenised corporate bonds and other securities which will follow later.

ICO, STO, IEO Funding Nearing All-Time Lows

REGULATORY NEWS

New NYFDS Division to Oversee Licensing for Cryptocurrency Start-ups

The New York State Department of Financial Services (NYDFS), the financial regulator for the state of New York, is moving its in-house team supervising cryptocurrency businesses to a new division, the Research and Innovation Division at the Department of Financial Services. It will track emerging financial technologies and be responsible for licensing and supervising virtual currencies.

Facebook Won’t Rule Out Libra Launch without US Approval

As Facebook is facing immense pressure from US regulators over its plans to launch a digital currency, David Marcus, the Facebook executive of its currency project, was brought in front of two US congressional committees last week to answer concerns.

“I want to be clear,” “Facebookwill not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

IRS to Send Warning Letters to Crypto Owners

The IRS has begun sending letters to taxpayers who potentially failed to report income and pay taxes on cryptocurrency transactions, the agency said on Friday. The IRS said it obtained the names of the taxpayers through “various ongoing IRS compliance efforts.”


Market Data Source: Coinmarketcap.com as of 10:00 BST 29/07/2019

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

Written by

NKB Group

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

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